MINING NEWS.

Evening Star, Issue 12875, 26 July 1906, Page 6

MINING NEWS.

A contract has been let for the removal of what used to be the old Dunstan dredge from Clyde to Waikaia, where the machine is to be re-erected to work the claim of the Switzers Dredging Company, a recently formed venture. The Electric Company’s dredges should soon reappear on the return list. The No. 1 dredge started opening out at the beginning of last week, striking rough ground on one side of the cut, while on the other (the north) it is expected that good ground will be worked into. The No. 2 dredge reached bottom on Tuesday night, and completed a cut across the paddock on Thursday morning. As with the No. .1 dredge, the No. 2 strnck good ground on the north side of the cut. Some of it was very rough, but good prospects of fine dark gold were got. From a private source we learn that Mr W. Moore, who was engaged in pastoral pursuits at Lower Waipori for some time, and who subsequently, with others, became interested in a number of mining concessions in Borneo, is well satisfied with the success he has • already met with there. His party have one dredge at work, which recently obtained 1,1170z of gold for five weeks’ running, the assay value of the gold being £3 16s per ounce. They have another dredge in course of construction, and are arranging for the building of two more powerful dredges. This points to the fact that the jSirty consider they have a real good thing in the concessions they held. Our Lawrence correspondent advises ns that the,Kelso syndicate’s dredge (formerly the Happy Valley), which has been at work for the past four or five months on an old course of the Pomahaka River, a little distance from the Kelso railway station, closed down yesterday, and a meeting of shareholders has been convened to decide as to future operations. Some of the shareholders'met an evening or two ago and resolved to a levy of Is per share, wherewith to continue further operations ■’ but as some of those who agreed to this course subsequently withdrew tbeir support, the directors had no option other than to call an extraordinary meeting- of sharehclders. A feeling prevails among a number cf the shareholders that the claim has not had

a fair trial, on account of the dredge not having worked on the bottom all the time. There is also a doubt whether Ifie ladder, as it is now in position, is long enough to properly work the ground. There are matters, however, that will be thoroughly discussed at the extraordinary meeting of shareholders. The majority of the shareholders are residents of Lawrence and Heriot. An Invercargill message states that news comes from Cuttle Cove, Preservation Inlet, that a, reef has been struck, samples from which assayed Boz to the ton. The reef is said to be a continuation of the Morning Star line on the other side of the inlet. THE WAIHI COMPANY. WAIHI, July 26. The Government having refused the Waihi Company’s application to secure 1 water-power from the Horahora Falls for the purpose of the cheap treatment of lowgrade ores, the company have decided to import an immense gas-producing plant from England to take the place of the elec-trical-power plant which has been ordered THE SHARE MARKET. OTNKDIN' KXCHANGE This morning’s sales:—Sailor’s Bend, 10/. Quotations; — Alpine No. 2—Buy 1/6, sel 4/. BigneU’s No Town—Sel 4/. Dunstan Lead—Buy 1/6, sel 4/. Electric—Sel 24/6. Enterprise—Buy 5/6, sel 7/. Ettrick—Buy 2/9, sel 4/9. Golden Bed—Sel 14/. Golden Run—Buy 14/9. Island Block—Buy 4/, se] 4/9. Nelson Creek—Sel 16/6. New Alpine Consols—Buy 7/6, sel 9/3. No Town Creek—Buy 11/, sel 14/6. ‘ Otago—Sel 46/6. Pactolus—Buy 57/. New Perseverance—Buy 5/. Prise and Shine—Buy 19/,’ sel 21/. Rising Sun —Sel 18/. Sailor's Bend—Buy 9/9, sel 10/6. Sandy Point—Buy 21/, sel 22/6. New Trafalgar—Sel 21/. Roxburgh Amalgamated (pds.)—Sel 61. Big River—Sel 4/6. Nokomai Hydraulic—Buy £l2, sel £l4. Talisman—Buy 23/9, sel 24/6. Bank of New Zealand—Sel £8 16s. National Insnrance—Sel 24/. New Zealand Insurance—Buy 73/, sel 78/6. Standard Insurance—Buy 19/6. New Zealand Oil and .Coal —Buy 1/9, eel 5/. National Mortgage—Buy 60/. Mosgiel Woollen—Buy 60/. Donagby'a Rope—Sel £B. STOCK EXCHANGE NOTES. The Molyncux remains at the 7ft 4in mark at Alexandra. The weather is overcast, but cold. A sale of Rise and Shine shares at £1 at yesterday afternoon’s call, and the exchange of a parcel of Sailor’s Bend shares at half that figure this morning, cover the business of the last two meetings of the Exchange. The mining market shows little sign of improvement, and the investment market is quiet.