MINING NEWS.

Evening Star, Issue 12873, 24 July 1906, Page 6

MINING NEWS.

The Wostport Coal Company's output last week was 10,288 tons.

The Otago No. 2 dredge has been shifted, having worked out the narrow strip of good ground which had to be left on a former occasion until the river was high enough to work it. There were no returns from the Waikaka and Waikaka Queen dredges last week, both being under repair. The report and statement of accounts of the New Perseverance Company, just, issued, show that for the year ended June 30 the two dredges won 2.5090z lOdwt gold, valued at £9,742 18s Zd. The total expenditure was £6,110, and out of the difference the directors paid £2,100 in three dividends. The remainder was used to extinguish the balance to debit at profit and loss (£370 19s 9d) with which the financial year began, the result being a credit balance of £1,151 18s 8d at the end of the year. The cost of production has been reduced to the low sum of £ll7 10s per week for the two dredges; being a total of 15oz sdwt per dredge per week. Although all the machinery is in a thoroughly efficient state, it has been found that before long some provision must be made for considerable improvements to the hulls to enable them, later on, to cope with the bank portion of the claim. The banks show excellent indications practically throughout their length (says the report). These improvements, when made, will necessitate a considerable expenditure, for which the Board have already made some provision. The balance-sheet shows the company to be in a sound state financially. There is a deposit of £6OO at call, and another of £B7 10s, besides a deposit of £4 14s 9cl with the Railway Department. Sundry debtors owe the company £lO. Beyond the liquid assets there is an item of £BOO for unused plant and stores, which, no doubt, is what was referred to above in the statement that the Board have made some provision for necessary improvements, involving considerable expenditure. Against this the items on the liabilities side of the bal-ance-sheet show that sundry creditors are owed £3OB 4s 3d, and the current account at the Bank of New Zealand is overdrawn by £32 Is lOd.

Owing to the severe frosts experienced in Central Otago during the past few days, the Molyneux River has been falling very fast. Our Miller's Flat correspondent informs us that the river fell over a foot between Saturday afternoon and Monday morning. The Mill Creek Dredging Company, whose claim is at Croydon, not far from Gore, are now on a very good run of gold. The directors have just declared a Is dividend, which makes 5s per share up to the present retained to share-, holders. Out corresooTident informs us that one of the winchmen. named Moncrieff. for a long time employed on the Golden Treasure dredge at Miller's Flat, leaves early next week for the Fraser River, in British Columbia. He is to act in the capacity of winchman on a dredge, now in course of construction, on the river in question, which is owned chiefly bv residents of Port Chalmers. They hold two mining leases on the Fraser River, and have had Mr Walter Williamson, a wellknown and experienced dredge-master from Miller's Flat, looking after 'their interests for the past eighteen months in British Columbia. Mr Williamson is superintending the erection of the dredge, which he will manage as soon as it is ready to commence operations. Mr Isaac Stevenson (of the well-known firm of Stevenson and Cook, of Port- Chalmers) is the leadine spirit in the venture. • We are given to understand that ther*" is a probability at an early date of the Island Block > y: hiJcmg Company taking steps to extend their water race along the high faces on the east side of the river overlookmgthe Molyneux Valley, and of shifting their pipe-line and carrying tlieir water supply across the river at Horseshoe Bend. If this were done, it would shorten the pipe-line and largely increase the pressure at the face where operations are now carried on, awl make the working oi the upper portion of the ciasm very much easier. The working by water-power of the company's dredge, which has been lying idle for many months, is also contemplated in the scheme for extending the water race and shifting the pipe-line. Our Miller's Flat correspondent writes: —The Golden Treasure dredge got a start, after several weeks' enforced idleness consequent on the high river, early last week, and washed up on Saturday for which must, under the circumstances, be regarded as very satisfactory. The dredge is now workins: in the river a little distance, above the Milter's Flat bridge, on ground that formerly belonged to the Otago Gold Dredging (taopany, raid -which is being worked partly on a percerrrbage basis. The Golden Rim's 37£oz for 123 hours' dredging last week was above the average of the preceding three or four weeks. I am satisfied the dredge wffl before long pick up the heavy lead of gold which it was operating on some , months ago. - The Majestic dredge has closed down pending the sharebokleiß cominji together affld agreeing to

find more funds to keep things going or of' liquidating. Where the dredge now lies there is, 1 am satisfied, a good run of gold, -but the ground cannot be worked to the best advantage with, a high river. A big slip occurred a few days ago in the high face, away from the river, on -which the Gold King dredge was at work. Fortunately, no damage resulted to the dredge, but for the good of life and property the dredge-master thought it xrfer, while'there was so much current agaanst the face, to fall back on the river workings, and accordingly pulled out into the stream. JPe learn that Mr C. C. Rawlino was in the Teviot distrbt last week arranging matters on behalf of a Dunedin syndicate in connection, with the prospecting later on of Anderson's Flat and of Hercules Flat. Experienced miners have long held the opinion that the country in question carries highly payable gold,, but 'the trouble in the past, has been to raise the necessary capita] to thoroughly and systematically 'prospect the ground. 'This, we understand, is to be done at an early date, and if the results approach expectations the prospectus of a substantial company will be placed before the public. It is not unlikely that the syndicate will arrange with the owners for the_ leasing of the Hercules water rights, which command both the Hercules and Anderson's Flats. CROMWELL NOTES. . [Fbom Our Own The hard frosts being experienced now have bad the effect of rapidly reducing the volume of water in the rivers, consequently the Electrics have been able to resume dredging. The river is stiLl far too high for the Alpine Console to work. On the CTutha, as the river is now steacK and the travelling drift has ceased, the Rising Sun dropped back into her old cut in the current, and, although two davs were consumed in baling cut the silt,"a very good return of over 370z was won. TJie ground is deep, but shows sign of improvement, there being a tight layer a few feet above the bottom, which is rising in the west corner. Having only one corner to take out, tho returns should be fair. The Rise and Shine No. 1 is dredging on the high reef, to enable the coal boat to load at the bank. Shine No. 2is evidently on a patch of poor ground just now. Tho Clutha River dredge was only dredging three days, so her return of 18oz was not so bad. This week should see the last of the tailings shifted. The river will then bo running alongside the face. Just now the Revival, Riley's Beach, Alpine No. 2, and Morning Light dredges are all laid up. ' <., The cold weather is likely to continue for a couple of months yet. A NEW DREDGING FIELD. GORE, July 24.—A new development in the dredging industry of this district has taken place. A Waikaia syndicate, after surface prospecting, have secured options over a very large area of agricultural land on the Waimea Plains, in the vicinity of Riversdale. It was not previously "suspected that any payably auriferous ground existed within many miles of 'iie district referred to. If the final tests by boring confirm the expectations of the syndicate, it is understood that several dredges will be placed in commission to work the new field.

THE SHARE MARKET. DTTNEDIV KXCHAKOE. Quotations: Alexandra Eureka —Sol 9/3. Alexandra Lead—Sel 3/9. Alpine No. 2—Buy 1/6, sel 4/. Chicago—Sel 15/. * Electric—Sel 25/. Enterprise —Buy 4/3, sel 7/. Ettrick—Buy 2/9, sel 4/9. Golden Bed—Buy 13/, sel 14/. Golden Run—Buy 14/. sel 16/. Golden Hartley and Rilev—Sel 24/. Island"Block—Buy 4/. sel 5/. Moryneux Kohinoor—Pds., buy 6/, gel 8/ ; ctbs., buy 5/6, sel If. Mystery Flat—Sel 30/. New Alpine Console—Buy 7/9, sel 10/. New Roxburgh Jubilee (pds.)—Sel 9/. No Town Creek—Sel 14/6. Otago—Buy 43/6. Pactolns—Buy 35/. New Perseverance—Buy 5/6 sel 8/. Sailor's Bend—Buy 10/.' eel 12/. Roxburgh) Amalgamated (ctbs.) —Buv 5/, sel 6/. Nokomai Hydraulio—Buy £l2. . Big River—Buy 3/, sel 5/. New' Four-in-Hand—Buy Bd, sel 1/. Talisman Consolidated—Buy 23/6. sel 24/. National Bank (new issue)—-Sel 98/. Standard Insurance—Buv 20/. Westporft Coal—Buv £6 14s 6d. sel £6 17s 6d. . * New Zealand Oil and Coal—Buy 1/9, sel 2/6. National Mortgage—Buy 60/, sel 63/. Milburn Lime (10/ paid)—Sel 12/6. Mosgiel Woollen—Buy 59/6, sel 65/. New Zealand Drug (40/ paid)— Buy 47/. Donnghys Rope—Sel £B. D.I.C. (pret)—Buy 1/9. STOCK EXCHANGE NOTES. River height, 7ft 4in; weather overcast. No public transactions have taken place at the last two call-overs. Demand for mining scrip tlris morning was not good. In the investment department there was pretty general inquiry, mostly at late ratea Buyers are now offering the even £1 for Standard Insurance shares. v