MINING.

Evening Star, Issue 14036, 17 April 1909, Page 5

MINING.

River height this morning, Oft lin; weather mild.

T;ie dredge-master of the New Roxburgh Jubilee Company wires that owing to the high river and drift travelling there will be no wash-up this week. ,‘V °f per share was made by the Waihi Extended Company on Thursday. The secretary of the Otago Company reports there will be no wash-up from either dredge this week. The stale of the river both this week and last was quite unsuitable for dredging. The river is beginning to fall, and it is thought will now settle down to the winter level. The Golden Bed dredge at Ettrick is now beginning to cut its" way across the public road. This will bring it into the paddock at the foot of the hills, where there is said to be a. lot of gold. ' While the main road is blocked the traffic will make a detour on a temporary road. RETURNS. Chicago : 220z Idwt 6gr, 119 hour;-. Muddy Creek : 14oz 3dwt, 130 boms Blackwater River : 28oz sdwt, 120 hours Rising Sun : 420z 17dwt, 154 hours. Punt : 19oz 2dwt, 136 hours. New- Trafalgar : 330z 15dwt, 135 hours bandy Point : 21oz Bdwt, 124 hours. Waikaka United No. 1 ; 260z 2dwt, 129 hour*. Waikaka United No. 2 : 21oz lodwt, 153 hours. Olrig : 6oz 18dwt. week. Rise and Shine No. 1 ; 102oz sdwt. 138 hours. Rise and Shine No. 2 : 2Coz 16dwt. 151 hours. Riley’s Revival : 19oz 7dwt, 127 hours. THE SHARE MARKET, DUNEDIN EXCHANGE. I Quotations : Alexandra Eureka—Sel 3/. Central Charlton—Sel 6/6. Chicago—Buy 7/. Electric—Sel 5/. Enterprise—Buy 0 1 , sel 5/. Golden Bed—Buy 6/5. ' Hartley and Riley—Buv 15-6 sel 22/. Masterton—Sel 50/. Manuherikia—Sel 13 5. -Mystery Flat—Se) 33/. No Town Creek— But 11 3. Olrig—Buy 2/. Rising Sun—Buv 51/. Sailor’s Bend—&el 12/6. Barewood—Sel 16/. Talisman Consolidated— But 47 6, sel 49/. Waihi Grand Junction—Buy 29/3. sel 30/ Bank of New Zealand—Buy 172/. National Insurance Co.—Buv 29/, sel 29/3. Standard Insurance Co.—Sel 213. Union Steam Ship Co.—Se! 55/6, Westport Coal Co.—Buv 127/, sel 130/. Westport Stockton—Sel 9/. N.Z. Drug Co., Ltd. (£2)—Sel 47/6. Donaghy's Rope and Twine—Buv 19-9, scl 21/ % D.T.C. (pref.)—Sel 22/3. N.Z. Paper Mills—Buy 21/9. Dunedin Stock Exchange Proprietary— Buy 50/. NO TOWN CREEK. The annual general meeting of the No Town Creek Gold Dredging Company was held in the secretary’s office yesterday, Dr Robert Martin (chairman of directors) presiding. Following is the annual report presented by the Board of Directors, and adopted on the motion of the chairman, seconded by Mr H. Hawes :—The directors have pleasure in reporting another year’s good work, the claim having yielded 1,8140z 7dwt 6gr of gold, valued' at £7,166 13s lid. Notwithstanding that the dredge during July and August underwent an extensive overhaul, including the erection of a new tower, involving an expenditure of over £250 and occupying five weeks—during which time there were no gold returns—the directors have been enabled to pay the usual six dividends of Is each, and at the same time maintain the reserve a t_ £2,000. Shareholders have now received £24,6C0 in dividends, and, as advised by the dredge-master, they may continue to look forward to good returns for another four years. The dredge-master requires some new buckets, and the directors have contracted for thirty-ekht, which are in course of delivery.' The balance-sheet showed a credit balance of £2,847 7s Id.

The dredge-master submitted a report on the year's operations, from which the following is taken : —During the year forty-three weeks’ dredging was done and 5 3-5 acres of ground worked, with an average depth of 36ft. The dredge is working down stream in a westerly direction, operating on a face 7 chains wide. The distance from the face to the lower boundary of the claim is 22ch 7yds. Shouli the ground prove payable to "the lower boundary with the with of face we are working, and with the strip of ground that is left between the south side of the worked ground , and the south boundary of the claim, which is from 2 to 4 chains wide, ,ihere will be close on four years’ work in the claim yet, and from boring tests ahead of the dredge and from prospects on the south side of the worked ground there is every indication of satisfactory returns being won during that time. The ground being of a cemented nature, with large stones embedded therein, it is difficult to break, an doonsequently very severe on all gear connected with the ladder. Teh acres of bush have been felled, and the half of it cleared of scrub. I think it right to mention that as we dredge down stream towards the lower boundary the ground will deepen, as has been proved by the bore holes put down, and it is quite probable that in four or five months’ time the ladder will have to be lengthened and small pontoons put on to the bow of the dredge to support the extra length. This will cause a stoppage of five or six. weeks and maybe longer. Mr J. 0. ?mith was re-elected to the directorate, and Mr T. Chalmer was reappointed auditor.

It was decided to give the crew of the dredge a week’s pay as a bonus.