MINING NEWS.

Evening Star, Issue 12868, 18 July 1906, Page 6

MINING NEWS.

The annual report that was to have been considered yesterday by shareholders in the Blackwater River Company showed that during the year ended 31st May last the gold won (2,045£0z) waa. worth £1,508 more.than what was obtained the previous year, while the expenditure was £714 15s 4d less. The reserve fund was increased to £750 by the addition of £350, while 6s per share (absorbing £2,842 10s) was.paid in dividends, as against 3s per share the previous year. These results were achieved in face of a long stoppage to replace the poppet heads and gantry, and of a falling off in returns, for the last three months of the year. This diminution, due largely to the manner in which the cut has to be worked up the claim, is not, however, expected to continue. The claim has been extended by the purchase of dredging righto-over land adjoiniiy' this as well as other items having been charged to revenue and not to capital account. Altogether £l5O has been included tJhis year in working accounts and paid out of profits that could equitably be regarded as capital expenditure. Presumably the state of affairs tins disclosed was regarded by shareholders as so satisfactory that they did not trouble to tend the annual meeting. No rjucrum could be raised, and the meeting was adjourned for a week. The statement of affairs of the Waihi Gold Mining Company, printed in the last Government 'Gazette*' affords rather interesting reading. The nominal capital is £500.000, of which £495,907 is the amount actually subscribed. At present the market value of each £1 share is between £8 15s and £8 16s. The mine is therefore valued bv the public at over four millions and a-quarter sterling. Of the 495,907 shares allotted, only 32,495 are on the colonial register. These are distributed among 358 holders. The number of men employed by the company is set down at 1,460. During the ■"ear 1905 the mine produced bullion worth £728,521, at an expenditure of £356,366. Up till the end of last year the total output was bullion worth £4.573,701. and the expenditure has amounted to £2.628,785. The total amount of dividends paid is not stated, but some idea of it would be obtained from the difference between the last two sets of figures. Roughly, it approaches two million sterling, out of which only £79,780 has been paid in this colony. This, however, is a snlendid return on the amount of capital actually paid up in cash in the colony viz., £19.212. When the mine was acquired the vendors received £53.333 in paid-up shares and £48,637 in cash. The Molyneux Kohinoor dredge is to stop work on Friday for a week's repairing. Last week the dredge was opening out, and as good prospects were got off the bottom as any yet obtained from any other part of the claim.

Tho Progress mines (West Coast) crushed 5.095 bore; of stone in June for a return valued at £6.410. and cyanided 3,160 torn of sand for a return of £1,028, making the yield for the month £7,438. Tho Wealth of Nations mine yielded .cold worth £1.441 from a crushing of 1,070 tons, and tho cyaniding of 710 tons of sand vielded £437, the month's total output being valued at £1 879. Tho following additional reborns for last week are reported :—Molyneux Hydraulic, 260z 15dwt; Jamieson's Reward, 230z;; Slab Hut, 21oz 9dwt. The two latter dredges oro West Coast concerns. The New Fourteen-mile Beach dredge stoooed work yesterday owing to a steam i!tv> breaking. It is being repaired at Alexandra. On the Junction Electric dredge the screen-drive pinions str'moed last week, and prevented a wash-up. The Emu Bay Railway Company, who own the lino from Burnie to Strahan, contimie to make satisfactory head-way financiaJlv. The secretary of the Dunedin Exchange has been notified that their receipts for Juno were £4,718, as against £3,789 for Juno, 1905, malcing the re-oeir-tK for the first six months of 1906 total £30,128, as against £25,035 for the corresixmding oeriod of 1905. Burnie is the nearest port in Tasmania to Melbourne, and the line gives communication to the Mount Bischoff tin field and the Mount Lyell copper field. The company have their own branch to Mount Bischoff from Waratah, which is about midway between Burnie and Zeehan. The Mount Lvell Company have their own railway communication to their mino from Strahan, THE SHARE MARKET. mmrorv exchange This morning's sales:—Sailor's Bend, 8/6, 9/. Quotations : Alpine No. 2—Buy 1/. sel 4/. Electric—Sel 24/6. (t olden Bed—-Sel 14/. Golden Run—fray 10/6, sel 16/. Hartley and Rifev—Sel 26/. Island Block—Buy 3/9, sel 4/6. Molyneux Hydianlic—Buy 2/, sel 4/6. Molyneux Kohinoor (contrib.) —But 4/, sel 7/. Mystery Flat—Boy 25/, sel 30/. New Ahpine Consols—Buy 6/3, sel 9/. No Town Creek—Buy 10/, sel 14/6. Pactolus—£uy 34/6. Riley's Beach—Buv 3/, sel 4/. Rise and Shine—Buy 20/, sel 21/9. Sailor's Bend—Buy 9/, sel 9/6. Sandv Points-Buy 20/6. New' Trafalgar— Sel 21/. Roxburgh Amalgamated—Conrribs., buy 4/9, sel 5/9; pds., buy 5/, sel 6/. Big River—Buy 3/, sel 5/6. Keep-it-Dark—Buy 30/6. Talisman Consolidated—-Sel 23/6. National Bank (new issue) —Sel 98/. National Insurance—Buy 23/9. Standard InfTirance—Buy 19/6. Weatport Coal—Buy £6 14/, sel £6 18/. Dalgety—Buy £5 14/. Milburn Lhne (10/ paid)—Sel 12/6. Mosgiel Woollen—Buy 54/, sel 60/. STOCK EXCHANGE .NOTES. River height, Bft 4in; hard frost, The making of bricks without straw has been regarded as a rather thankless and disheartening enterprise ever since the sojourn of the Israelites in Egypt and their discouraging experiences with Pharaoh. As regards the Stock Exchange, the supply of the requisite ingredient had quite given out the past day or two, but a favorable wind blew a couple of straws on to a very bare market thia morning in the shape of exchangee of Sailor's Bend shares. The fictitious values quoted iiirtil recently by holders have been readjusted, and a parcel was quitted thia morning at 8/6. Buyers then disclosed themselves, and after another parcel had been secured at 9/ there was vain inquiry at the same figure. It is understood that the company have funds enough in hand to supply working expenses for a couple of months, when the dredge starts work. After such a long wait it would indeed be miserable hick if the dredge did not locate good gold before this little stand-by is swallowed up. Under such circrnnatances —a very short prospective season with not ranch of a cash reserve to como and go on —it requires a great deal of judgment on the part of the management, whether ch edge-master or airectors, to decide when to begin dredging. Starting work too soon —boiore bottom can be kept fairly continuously^—may mean only" the slow filtering of the money in hand. Too long a delay, on tie other hand, may leave the dTeags-mastcr with the season over and not a blow struck. It is a delicate situation, which shareholders, in this as in other companies similarly situated, might do well to bear in mind if they feel inclined to carp and eriticraß. Thrrning to other stocks, markets show a tendency—very slight, it is tore—to dose tip & Utile. Both buyere an? sellers are inclined to concede ground, and tho late ridiculously wide margins between the two are being narrowed down. There is. however, plenty of room still for a contnraanceof this rapprochment. Matters appeared quiet in tho investment stock department. ANTIMONY ORE TO THE KDITOK. Sir, —In your issue of the 13th July there appeared an article under the above heading, referring mainly to the existence of an antimony mrne at Alexandra, and the possibilities of that mine. Some statements b

the article seemed curious to me, requiring further explanation. No doubt you have verified.the htatements, but still they are not convincing. Regarding Jihe price of antimony, the present price is given as over £IOO per tort This is true, as latest quotations give the price as ranging from d&HO to £l4O per ton, but five years ago the article states that the price was £lO per ton. Now the mineral industry gives the price for the years 1900 to 19031 inclusive as ranging between £3O and £45 per ton. Again, it is stated that five years apo the cartage from Alexandra to Wedderburn, about fifty miles, was £8 ppr ton, whereas now the price from Alexandra to Omakau, eighteen miles, is. 15> y.ex ton.. Consider ing the road between Alexandra, and Omakau is the worst part of the journey between the former place and Wedderburn, the charge seems-excessive. . \ ... ,-

The article next gives figures relating to output, costs, and profits. In the first place can 100 tonr of ore, containing 40 per cent, metallic antimony, \>s guaranteed, and for how long? Then the lode, averaging 3ft to 3ft 6in in width, is Kiid to run a distance of 800 ft Does it contain antimony ore of the above-mentioned value for that distance? If this is the case, H. seems strange that the Alexandra people have let it ah'de in peace so long, well known as the existence of the lode is. Further, if there is snch a body of ore as the article describes. it is rather surprirm-g to hear that a company has to be formed to raise; money to open out an old shaft, where water has to be dealt with. If the ore runs for 800 ft, and is, say, 3ft thick, then why not bug the outcrop and ship to London ai once, leaving the shaft alone. If the ore onlv goes? down one foot, then the 800fb would yield one ton of ore per yard in length, or a total .on the whole length ofl 266 tons. I cannot understand the owners wanting the public in. In the calculations given the freight to London is stated rather high, as ore can he shipped to London at the present time for £l, instead of £2 per ton, so that the profits would be better than tbe article gives.—I am. etc, Nbw CrruM. July 18.