MINING.

Evening Star, Issue 14164, 14 September 1909, Page 6

MINING.

River height this morning, sft 6Ln ; weather mild.

The South Waikaia Company's machine had a very fair week’s run of 136£ hours. Tho ground is still poor, with very little wqeh showing, the depth being from 27ft to 25ft, and the bottom of “Maori” formation. The dredge pushed ahead five chains for 'he week, and since washing up on Wednesday the "master reports having dredged two chains on the up-stream side, to see which was the best part of the cut All the gear is working well. The cross-out on the top end of the block on tiro Waikaia Company's claim is now nearly completed, and the master, writing on the Llth inst., said he expected to be able to turn the dredge down-stream on Tuesday (this) evening. The main river channel has been blocked out of the face, and there will now be only two lower channels to contend with. It will be some time before the dredge is able to get down to them. The ground continues almost barren. which is more than usually surprising when it is remembered that good gold was got all round the block. Ihoro niay bo small patches on the down cut which will be worked more quickly than the upcut. Fairly good progress has been made with the La.mormoor Sluicing Company s race-construction, about seven miles having been completed, with about four miles to complete, including a mile and a-half of the main race. Twelve men are presently engaged on the works, and that number will be increased to twenty by the end of this month. Some difficulty has been expinicnced in getting men for the race work, as few care to put in a winter on the Lammerlaws; but with the summer coming on and the mildness of the season, this trouble is now being overcome. With a full complement of hands and a favorable season, it is expected that the race work will bo put through towards the end of January or early in February. Mr David Weir, formerly of the Island Block, and a mine manager of many years' experience, is in charge of operations, and it can be relied upon that not only will a iirst-class job be carried out, but that no unnecessary time will be lost by him in its completion. The company have a fine sluicing and elevating plant on the ground, and it is intended to have same placed in position and at work at an early date, so as to take advantage of the water-supply from the mountain streams handy to the claim. A large area of the ground comprised in the company’s lease has been thoroughly prospected, and the opinion of those competent to speak is that the company have an extensive and very valuable properly, possessed of the redeeming merit of permanency. A considerable outlay will be incurred in race-construction, but as two never-failing streams are being tapped, it is merely the initial cost that has to be faced. The headquarters of the company are in Dunedin, where several of the principal shareholders reside. The claim, it may be added, is in the Lammerlaws. towards the head of the Taieri Liver, and within the jurisdiction of Maniototo County.

Writes our correspondent : —The Messrs O’Brien Brothers, who are sluicing at elevating at Post Office Creek, about eight miles below Waipori township, are on a splendid run of gold. They have taken up a special claim forming part of the defunct Enfield Dredging Company’s claim, in which there is a deep run carrying gold in rich quantities. Apparently the dredge when on tire ground was unable to bottom, and it is now left to,the hydraulicker to come along and make his pile. (Messrs Munro and party hold a claim higher up the creek than the O’Brien’s; and have been doing well in it for years. There is no doubt that there are some rich leads in the neighborhood of Post Office Creek, but the absence of water in sufficient quantity to work them is the drawback. After fitting some new timbers to the top tumbler frame, the Golden Treasure dredgo-master either commenced work again yesterday or will do so within a short time. A fall week’s run is almost assured.

The master of the Central Charlton dredge reports that last week's return was obtained from section No. 3, and is about the same amount as that which has been usually got from that portion of the claim of late. The machinery is running well at present. The ‘Thames Star’ of last Thursday states that the manager of the Hauraki Freeholds mine lodged 131b of specimens in the Bank of New Zealand.

In the rise which was put up ou the leader close to the Moanataiari Company’s property in the WMioiahi mine the reef was broken down on Thursday last.

The manager of the Waihi Beach mine telegraphed to the Thames on Thursday last : —“ Opened the dam. Air is too bad to see the face. The water is nearly off the level.” Considerable interest is being manifested in the operations in the New May Queen mine at the present stage, especially at the I.COOft level in the Queen of Beauty section, lb is anticipated that the Queen of Beauty lode will soon be intersected, and that good values will be secured when the lode comes to hand.

Mr Burgess, warden, in delivering judgment in a case at Thames yesterday, where, after a decree of forfeiture had been granted, the applicant claimed to have repegged the ground by formally placing his hands on the existing pegs, stated that -this was not sufficient to constitute a, proper marking out—new pegs required to be put in. Their coincidence in the position of the previously existing pegs could not he regarded as marking out. •The magistrate held that the claim had not been marked opt according to law, and refused the application. Prospectors and speculators are busy over in Fiji. A mining surveyor of repute. who has .been prospecting in the Pacific Islands.' writes to a friend in Perth to say that during his sojourn he has discovered no less than eight reefs, which ran from 6ft to 30ft. An option has been secured on" behalf of a strong Sydney syndicate of 30,000 acres, - with a six months’ concession. The price paid is stated to bo £IO,OOO and one-tenth interest. Already £l5O has been paid on interim development. Samples assaved went, it is said, from lOoz to 4oz of gold per ton. up to 40 per cent, copper, and as mnch as 500oz of silver. The country, he says, is full of lodes and formations. Areas for prospecting can be taken up to 10,000 acres at £5 per thousand, with the-sole right for two years. The Rising Sun dredge-master "reports

for the past week “Dredged 126 hours and worked 9ft ahead on a cut 200yde wide, Lost one ehift through a alight mishap to the engine. The bottom consisted of clay and sandstone. Prospects continue fair, and the maheinery is running well.” RETURNS. Riley’s Revival: 450z sdwt, 128 hours. Enterprise : 19oz 2dwt, 128 hours. : THE SHARE MARKET. —Dunedin.— Only two sales were made on ’Change up to noon to-day, Rising Suns at 35s and Waihi Extenaeds at 6s changing hands on the first call. Sales were reported in t 1 . !\ r ., .A_Vi.,V and in Talisman Conkolidateds at 56s 9d. Mining stocks were firm generally, one or two lines showing a slight improvement. Fallowing are the quotations to midday :

Dredging. Blackwater (con.) —Buy 2/, sel 3/6. Electric—Buy 2/6, sel 3/3. Enterprise—Buy 2/6. Golden Bed—Buy 6/6. Hartley and Riley—Buy 15/, sol 16/6. Molyneux Hydraulic—Buy 3/3, sol 5/. Rise and Shine—Buy 34/6. Rising Su i—Buy 35/, sel 36 j; sale 35/. Sailor’s .Bend —Buy 3/. Sluicing. Ross Goldfields—Buy 14/3. Quartz. Golden Belt—Buy 7d, sel 1/. Mountain King—Buy 1/2, sel 1/7. W’atehman—Sel 2/. Royal Oak—Buy 2/9, sel 31. Harowood—Buy 14/6, sol 16/. Kurunui Caledonian—Buy 1/7, sel 2/. May Queen—Buy 5/7, sel 6/. Old Hauraki—Buy 3/2, sel 3/1, Talisman Consolidated—Buy 56/3, sel 57/3. W’aihi—Buy 190/. Waihi Extended—Buy 5/10, sel 6/1. Waihi Grand Junction—Buv 51/6. sel 52/6. " ' ’

Waihi Grand Junction '(option!—Sel 28/6. ’ 1 Waiotahi—Buy 7/8, sel 7/11. Hercules—Buy 7/6, sel 8/3. Consolidated Goldfields—Sel 22/6.

Investments

Nationrl Bank of Now Zealand—Buv 11.3/, sel 120/. Bank of Now Zealand—Sel 186/. National Insurance Co.—Buv 28/3. sel 29/.

Standard Insurance Co.—Buv 22/6 sel 23/. • ’

Union Steam Ship Co.—Sol 34/3. New Zealand Coal and Oil—Sel 3/. Milburn Lime and Cement (£1) —Sel 27/.

Lime and Cement (10/) Buy Alosgicl Woollen F’actory—Buy 54/6. New Zealand Drug Co., Ltd. (£2) — Sol 47/. Now Zealand Portland Cement—Sel 41/6. D.I.C. (prof.)— Buy 5/3. —Auckland.—

Business done at this morning’s call included May Queen, 5s lid; Saxon, Is 6d ; Waiotahi, 7s lOd; Watchman, 2s 9d; Blackwater, 27s 6d; Old Hauraki, 3s „2d and 3s 3d; Maoriland (contrib.), Is 2d; Grand Junction, 53s and 63s 9d; New Zealand Insurance, 78s 6d.

GOOD CHANCE COMPANY

A 10s DIVIDEND

Within anly four’ months from their commencing dredging operations, the Good Chance Gold Dredging Company have paid back half of tire original capital. The decision to pay a 10s dividend was arrived at by the directors yesterday, at a meeting over which the chairman of directors (Mr Thomas Glendining) presided. With their dividends shareholders are receiving a circular in which the directors state that it is with the greatest pleasure that they announce the payment of 10s per share dividend, being half the capital returned within four months from the starting of dredging operations on 10th May last, and when it is taken into account that since dredging was commenced up to the 29th ult. stoppages, amounting in all to 26£ days, owing to breakages, floods in the river, shifting up and down stream, etc., and which does not include ten days for opening up a paddock, the results arc most satisfactory. During one of the rises in the riier Dredge-master James Richmond shifted the dredge (the height of the river floating tho dredge over the reef), and pio'ed the bank claim, having dredged under old alluvial workings, and winning for tho two weeks 540z and 620z respectively. this proves that the company have a rich bank claim to work when the river height will rot allow of successful dredging operations _ being continued in the river! Tire financial position of the company on the 10th i-nst., after payment of the'first dividend of ICs per snare, payment of accounts, making provision for all sundry creditors (£BS 6s 2d), and an estimate for floating accounts, is a credit balance of £ls lls 8d in the bank, £BOO on deposit at interest, and £ls 9s cash on hand. It is the intention of the directors to build up a reserve of at least £2,000 for any contingencies. Shares can only now lie obtained at a very high premium. The dredge stopped operations on the 30th ult., so that necessary repairs could bo made to the machinery, and the master' wired yesterday Iris intention of restarting operations to-day. Writing under date the 12th inst., he stated that* the river was falling, and looked very thick, indicating that the drift was still running very heavy. He anticipated that it would trike about three days to bail out the paddock.

CROMWELL NOTES

[Fbom Oub Own Coeeespondent.]

Iho weather has been frosty and fine lately, and the river is falling fast.( Heavy snow fell at the Nevis, and thej frost was very hard, which will bind the?snow on the high ranges and prolong the' summer water supply. A Nevis resident informed me that the severest weather of the winter was experienced there last week.

On the Kawarau, Electrics Nos. 1 and 2 had bnt fair returns. No. 3 has not done much so far.

Hartley is straightening her ladder, previous to dropping down stream. On the Clutha, Shine No. 1 luul a good dead of broken time, otherwise she would have had three figures again. The return from No. 2 was not so good as the previous week’s.

The Rstng Sun, although she lost one shift, had her average return of over 50oz. The claim is wonderfully regular in the weekly return. ° The Riley’s Revival maintains her good steady returns, although the ground is very deep and heavy to work. The Punt dredge" is now in the river, and will proceed to her destination on Tuesday, when the lines of the traffic punt will be lowered to let her pass. ’’ The dredges on the Nevis are ready to start, but difficulty is being experienced to get coal carted to them.