MINING NEWS.

Evening Star, Issue 12767, 21 March 1906, Page 6

MINING NEWS.

The following official notification is to hand that mining companies have been struck off the register -under the provisions of the Companies Act, 1903:—Cornwall, Croesus Paparoa, Erickson's Reward, Ford's Creek, Garibaldi, Grand Junction, Great Central, Great Lead. Great Woodstock, Nf-w Royal Maori, Robert's Naumai, Raby, Abatira River, Aldinga, Dooian's Creek Coal Company, Molyneux Falls, Moonlight, New Fairdown, New Golden Beach, New Paul's Beach, New Prince Arthur, Shetland Terrace, Success, Waitahuna Ckmabar. Instead of declaring a dividend this month, the directors of the New Perseverance Gold Dredging Company have inaugurated a reserve fund by placing a substantial sum on deposit. The gold returns from the Auckland district mines for the past three weeks reach the satisfactory total of £loo,s7o—an amount only exceeded in value for a threeweekly period on one occasion when the yield was £104,134. In last week's Government 'Gazette' appear the statements of the affairs of two dredging companies whose head offices are at Port Chalmers and of whose doings little or nothing is regularly published. TheKiaOm Victoria Cold Dredging Company last year won 2,5140z 9dwt, valued at £10,172 4s 2d, the expenditure having been £6,004 lis 7d. In all 8,8220z 7dwt 'gold has been won since registration and £10,920 paid in dividends. At the end of the year there was £9lB 5s at the Bank, and there were no liabHitms. There are thirty-five shareholders in the company. The other company is the Livingstone Creek Gold Dredging Company, in which there are twentyfour shareholders. This showed a 6maH profit for 1905. as the gold won (9270z lSdwt) was worth £3.447 3a 3d, and the expenditure was £2,965 9s. An amount of £175 was declared in dividends to the end of 1905, when cash in the Bank was £628 6s 7d, and the company owed £4OO, besides the current accounts for December. THE SHARE MARKET. OTT}TEDr>J EXCHANGE. This morning's sales : —Electric, 25/, 25/; Golden Bed/ 16/; Molyneux Koitmcor (contribs.), 9/. Quotations: Alexandra- Lead—Sei 4/6. Alexandra Bonanza—Sel 8/9. Alpine No. 2—Buv 8/, sel 9/. Bignell's No Town—Sel 7/9. Biaekwater (paids)—P.uv 24/. Central Charlton—Sel iO/6.' Chicago—Birr 12/6, sel 13/6. Dunstan Lead—Sel 4/9. Electric—Buy 24/6. kl 26/. Enterprise—Buv 7/6, sel 9/6 Ettrick— Buv 3/3, sel 3/9 Firrt Chance—Buy 7,', eel 8/. Golden Bed—Buy 15/6, sel 16/6. Golden Run—Buy 25/6, sel 28/. Hartley and Riley—Buy 19/, sel 23/6. Hesscy's—Sel 23/. Island Block—Buy 4/3, sel 5/3. Junction 2/9. Ladysmith (contribs.) —Buy 10/3. Moiyneux Kohinoor—Paid*, buy 9/, sel 12/3; contribs., buy 8/9, sel 9/5/ Mystery Flat—Sel 32/. New Alpine Consols—Buy 10/, sel 12/. New Roxburgh Jubilee (paids)—Sel 14/. New Perseverance—Sel 15/. Riley's Beach—Buy 4/6, sel 6/. Rise and Shine—Sel 21,'. Waikaka Queen—Sel 4/6. Roxburgh Amalagamated—Paids, 4/ ; contribs.. buv 3/6, sef 4/. Waihi Extended—Sel 6/. Big River—Buy 4/. eel 6/. Talisman Consolidated—Buy 24/3. sel 25/9.- ' National Bank (new issue) —Buy 23/, sel 32/. Bank of N.Z.—Sel £8 14s 6d. Standard Insurance—Buy 18/. Commercial Property—Buv 6/6. Dalgetv—Buv £5 7s. N.Z. Portland Cement—Buy 30/, sel 35/. Donaghy's Rope—Buy £B." STOCK EXCHANGE NOTES. River height, 6ft 9in. A little business was done on 'Change this morning, distributed over three stocks. Prices still show a tendency to sag. One explanation is that the market has been depressed by the recent sinking of two dredges, and there is no doubt that a sensitive market such as obtains at present is liable to be influenced by any such untoward happenings. Golden Bed values have now dropped back to 16/, while buyers for Hartley and Riley shares, who have made another move now that the dredge has again begun work, seem disinclined to bid up to par. There was no particularly good inquiry for any mining stocks this morning, and the investment market was not animated either. TUAPEKA NOTES. Our Lawrence correspondeut sends the following mining items:— The Taniwha dredge was closed down on Saturday last. The week's gold return was between 6oz and 7oz, and this, along with the poor returns for several weeks preceding, induced the directors to issue a closing-down order 5 . The ground which the dredge for some time strove to reach, and which has been worked for the last three or four weeks, proved to be very poor; and as there was apparently no hope of improvement there was really no alternative other than the one which has been taken. The dredge since the company was registered has returned £2 16s per share in dividends. The Kelso Dredging Syndicate's dredge, formerly the Happy Valley Company's, got to work last Saturday, "and the "dredgemaster reports that the' machinery was then running very smoothly. The "syndicate's claim lies about half-a-milo beyond the Kelso railway station, and at one time formed part of the bed of the Pomahaka River. The claim has been well prospected, and the shareholders are satisfied that they are possessed of a valuable, property. The manager of the Local Industry Sluicing Company has lost very little time in shifting his plant from Wetherstones and getting it placed in position for working the company's claim in GabrieFs Gully, outside the Lawrence town boundary. The pipes connecting with the penstock have been laid down the hill to the lower end of the cla'.m, and in the course of a few days everything will bo in readines to start elevating. There is a feeling that the company will get some very decent returns in the lower portion of their claim. The Golden Crescent Sluicing Company, after shifting their plant, got to work elevating on Tuesday of last week. The manager is opening out a paddock towards the gully on the north aide of Ballarat, Hill, where a lot of gold • was got by the miners away back hi the sixties and seventies. The Gore syndicate have at length got a start in their sluicing claim on the terraces above Docherty't, bridge, at- Tuapeka Flat. Their race is carrying a fairly decent supply of water at present, and "it is intended to work two shifts per day while the water is plentifuL The Tamiti Sir icing Company are making good progress with the erection of their dam on the Tuapeka River, about six miles from Lawrence. When completed the dam wiU be about 30ft above the present level of the creek, running straight across the bed of the stream from hill te bill. The object in controlling the waters of tho stream is to drive a Do Leffel turbine, which in turn will drive a high-doty centrifagal pump, which will raise water for

hydraulic sluicing. In other words, a large volume of water at a low.. pressure will be utilised to develop power to impart a high pressure to a comparatively small volume of water to carry on (sluicing operations. A GOODLY NUGGET. The manager of the Star of Loddon nunc, at Newbridge, telegraphed on the 13th inat. that a nugget of gold, weighing 3350z, bad been found in tile mine at the Nick-of-Time rush. It is almost a clean, solid ball of gold, and turned the scales at 335a©z, but as it contains a small quantity of cement the weight will probably be reduced to 300oz. The nugget was discovered in the western workings of the mine. The management were just considering the advisability of shutting down the mine when the lucky find was made. Since the opening of the Nick-of-Time lead, about three years ago, gold to the value of £135,000 has been won from it. It is all alluvial, the bottom being at a depth of 94ft. The lead, bo far as it has been tested, has a length of about three-quarters of a mile, the mines at either end being the Irvin's Reef and Star of the Loddon. Tarnagulla has been the scene of the discovery, of several nuggets. On July 17, 1889, Smith's Magnum Bonum nugget, weighing 4200z 16dwt sgr, was found 4ft from the surface, and was sold for £1,683 10s lid. Four other nnggets, weighing respectively 451b, 4&b, 381b, and 321b, in the rough, have also been found there.—' Argus.'