MINING NEWS.

Evening Star, Issue 12883, 4 August 1906, Page 8

MINING NEWS.

The return of the Roxburgh Amalgamated for July was 2320z. There was no wash-up this week on the Clutha River dredge. The Kildare claim and plant at St. Bathans, over which there has been perpetual litigation between John Ewing and the Scandinavian Water Race Company, have been purchased by the latter, who expect to start sluicing on it in sis or eight weeks. By this acquisition the Scandinavian Company hope to double their yield, which for a long time has averaged lOOoz monthly. The Majestic Company have gone under. Failure to get gold, pressure of creditors, and the unwillingness of shareholders to put more capital into the concern were the causes. At a meeting at Lawrence on Wednesday it was decided to wind up, and Mr R. Pilling was appointed liquidator. The Otago No. 1 dredge is to resume work on Monday. Tho wash the Electric No. 1 dredge is now on is improving. Tho ill-fated Wakatipu dredge, one© the Prince Arthur Company's machine, has again changed hands. Offered at auction a week ago at Queenstown, she realised the unpretentious sum of £33. The purchaser was Mr Gillies, of the engineering firm of M'Gregor and Co. The New Fourteen-mile Beach Company have been marking time for a considerable period. They are, however, in tne happy posi.tion of having a considerable reserve behind them. As tho final sentence in tho directors' second annual report (just issued) says, ."reference to the balance-sheet will show that financially the company are sound, but the present position emphasises the wisdom of making provision, while returns permit, for a season such as we are experiencing." The result of the year's working did not quite come up to expectations. Nevertheless, one dividend of 5s per sharo was paid during the year, but this was earned before the dredge closed down at the end of last season. After dredging was stopped in 1905 .ie dredge was dropped down towards the foot of the claim, the ground upon which she had been working since the formation of the company being exhausted. A start was mad© on the 4th of April last, and dredging was continued for about three weeks. No more work was done until 29th June, when it was resolved to try some ground ahead, notwithstanding the high river. This ground is quite dredg able, but up to the present tho returns, though showing an improvement, have been disappointing. The dredge is now in firstclass order. The balance-sheet shows that cash on deposit with accrued interest totals £1,141 ss, and the credit balance at current account on June 30 was £llß 4s 3d.. Against this sundry creditors were °Y*d £7B 18s 9d, and there was a liability of £32 19s 6d for accrued Income Tax. During the financial year the dredge rather more than paid expenses. She won 6740z of gold, worth £2,648 18s lid, and £SO 8s received as interest on the fixed deposit brought the receipts up to £2,709 6s lid. The year's expenditure (exclusive of £1,198 5s paid in a dividend) was £2,613 Bs. A resolution in favor of winding up the Majestic Gold Dredging Company, Limited, was passed at an extraordinary meeting of shareholders held in Lawrence an Wednesday afternoon. The poor "old returns won by the dredge for some weeks, largely due to the phenomenally high state, of the Molyneux River, along with sundry creditors pressing for payment of their accounts, forced the shareholders to take this step. Wo learn that the Ardmore dredge, which is privately owned, and at work on Ardmore Estate, a few miles from Kelso, is averaging from 30oz to 350z of gold per week. The dredge, which is under the control of Mr T. Gillespie, was at one time the property of the Coal Creek Flat Gold Dredging Company, who relinquished ownership at the behest of the liquidator. The shareholders of the Kelso Dredging Syndicate, whose dredge has been at work for the past four or five ninths on an old coarse of the Pomahaka River, not far from the Kelso railway station, have raised a levy of 2s per share over and above the called-up capital of the company, and agreed to keep the dredge in commission. Mr Wm. Cummings, who has had a good deal of experience in dredging, is now in charge of the dredge, and is more than satisfied that the syndicate's claim will turn out before long to be a dividend-paying concern. Under Mr Cummings's direction, some improvements in the gold-saving appliances on the dredge are to be effected, and an effort also made to lift the wash overlying the false bottom.

Our Tuapeka correspondent writes: The recent snowstorms, succeeded by severe frosts, have had the efFect of shortening the water supply of some of the sluicing companies in this district. The Blue Spur Consolidated Company and the Crescent Sluicing Company, who largely draw their supplies from the head waters of the Waipori have suffered most from this cause. The Crescent Company had a w/sshup last Saturday, but the return (9oz) was not very satisfactory. The Go'den Rise party are reported to be on heavy gold on that part of their claim which lies to the eastward of the Wetherstones traffic bridge. The Happy Valley Syndicate (Paulin and party) have had a very heavy slip from the hillside in their paddock, which, owing to their limited water supply, will take some time to run off. The Local Industry Mining Company are not meeting with that saccess in the lower part of Jabriei's Gully which was generally .vnthipated. There is ' nothing fresh to note '.ither at Blue Spur or Munro's Gully. '!ho Gore Syndicate's claim at Tuapeka Flat, which is* now worked by a party of tributers, is reported to be turning out fairly well. Some of the machinery is to hand for the Tamiti Sluicing Company's hydraulic claim, and is being placed in position as rapidly as circumstances will allow. The manager expects to start sluicing operations in about six weeks 'time. THE SHARE MARKET. DTOIBIS EXCHANGH. Quotations: Alexandra Lead—Buy 1/9. Bignell's No Town—Buy 3/, sel 4/6. Central Charlton—Sel 10/9. Dunstan Lead—Sel 3/6. Electric—Sel 25/6. Enterprise—Sel 7/. Ettrick—Buy 3/, sel 4/9. First Chance—Buy 2/. Golden Bed—Buy 11/, sel 13/6. Golden Run—Sel 16/6. Golden Treasure—Sel 56/. Island Block—Buy 4/, sel 4/9. Junction Electric—Buy 6d, sel 1/7*. Lidy Roxburgh (contribs.j—Buy 13/ dis, sel 10/ dis. Masterton—Sel 52/6. Molyneux Hydraulic—Buy 4/, sel 6/. Molyneux Kohinoor—Paids, sel 8/; contribs, sel 6/. Mystery Flat—Buy 28/, sel 30/. Nelson Creek—Sel 16/. New Alpine Consols—Buy 8/, sel 10/6. New Bendigo—Buy 1/. Otago—Buy 40/, sel 45/. New Perseverance—Buy 6/. Riley's Beach—Buy 3/, sel 5/. Rise and Shine—Sel 20/9. Rising Sun—Sel 17/. Sailor's Bend—Sel 11/. Sandy Point-Buy 21/. Roxburgh Amalgamated (contribs.)— Buy 5/6. Waihi—Sel £9 10/. Talisman Consolidated—Buy 24/, sel 24/6. Bank of New Zealand—Sel £8 15/. National Insurance—-Sel 24/. Westport Coal—Sel £6 17/. New Zealand Coal and Oil—Buy 2/3, sel 2/9. ; National Mortgage—Buy 61/, sel 62/6. Perpetual Trustees—Buy 18/. Milburn Lime (10/ paid)—Sel 12/6. Mosgiel Woollen—Buy 60/6, sel 64/. New Zealand Drug (40/ paid)— Buy 47/6, sel 48/. New Zealand Portland Cement (new issue)—Sel 20/. New Zealand Paper-mills—Sel 22/6. Donaghy's Rope—Sel £B. DJ.C, (pref.)—Buy 1/10* p. STOCK EXCHANGE NOTES. River height, 6ft lm; weather overcast and cold.

At yesterday afternoon's meeting of the Stock ExohaoJgß__ sales.were .effected in the

Stock Exchange Proprietary shares at 455, 44s 3d, and 445. As to this morning's call, business was nil. Many dredging stocks were quoted ; in very few were close markets made. For New Perseverance stock buyers opened out another shilling, for Junction Electric they offered 6d, and Molyneux Hydraulic and Mystery Flat shares commanded better inquiry. There was not much new in the investment department, but Coal and Oil stock remains very firm. Comment on the market in its present condition ;is daily becoming more and more superfluous.