MINING.

Evening Star, Issue 14185, 9 October 1909, Page 5

MINING.

No river wire to band this morning. Yesterday the 6ft lin mark had been reached. The Pant dredge-master intends shifting up the river on Monday. No wash-up is reported from the New Trafalgar dredge. Everything ie working well. A dividend of Is per share (the fiftythird) was payable to ehoreholdens in the Waikaka United Gold Dredging Company to-day. The following cable from Manila reached Mr Harman Reeves last evening : “ Paracale dredge, firkt week on bottom, 41oz gold; still opening out, but had to stop, to effect repairs.” This return is considered, highly satisfactory for a dredge just starting operations. Hhe master of the Now Trafalgar dredge reports having stopped last week owing to an accident to the top tumbler, and took advantage of the opportunity to do other necessary repairs. He wired stating that he had resumed dredging on Thursday afternoon. He is doubtful if the returns will improve for a while, but as the ground is very broken a change may come in any time, as the gold has been a very heavy sample lately. The improved return of the Olrig Company last week, says the ‘ Alexandra Herald,’ is indeed gratifying to shareholders after a long absence of fair returns. The dredge is now crossing a spot where good returns were formerly obtained, and it is the opinion of the manager that a run of gold passes through the flat at this point. The return was unexpected, as no word bad been received that the dredge was on good gold, and it caused quite a flutter of excitement when the wash-up was reported. The dredgemaster (Mr Johnstone) is deserving of a word of praise for the manner in which hie charge is kept going, and the improved return should give shareholders renewed vigor. In all probability the returns will continue high for some time to come, whilst the dredge is working on the present run of gold. THE SHARE MARKET. —Dunedin.— A Largo amount of quoting was put through on ’Change this morning, and sales were made in two mining and one dredging stocks. The sales were in Golden Beds at lie 3d, in Talismans at 50s and 49s 9d, and in Waiotahis at 5s 4d. A sale was reported in Grand Junctions at 50s 9d. Following were this morning’s quotations : Dredging Bed—Buy 10/9, sel 11/5, sale Hartley and Riley—Buy 15/5. Island Block—Buy 1/3. Molyneux Hydraulic—Sel 5/. Muddy Creek—Sel 79/. Mystery Flat—Sel 57/. Olrig (ord.) —Buy 3/. Pactolus—Buy 6/9, sel 7/6. ' Rising Sun—Buy 37/, sel 40/. Sailor’s Bend—Buy 4/3, sel 5/6. Stanley Paracale—Sel 24/. Sluicing. Ross Goldfields—Sel 11/3. Quartz. The New Alpine—Sel 5/6. Royal Oak—Buy 2/9, sel 3/. New Sylvia—Buy 5/6, sel 6/8. Bare wood—Buy 14/. Knrunui Caledonian—Buy 1/3, sel 1/9. May Queen —Buy 4/10, sel 5/, Talisman Consolidated—Buy 49/9, sel 50/, sales 50/, 49/9. Tairua Broken Hill—Bny 2/2. sel 2/3. Tairua Golden Hills—Buy 6/4, sel 11 Waihi-Buy 193/6. 1 Watchman—Buy 2/9, sel 2/10. Waihi Consolidated—Buy 5/6, sel 5/8 Waihi Extended—Buy 5/, sel 5/3. Waihi Grand Junction—Buy 50/3, sel 51 /■ _ Waiotahi—Buy 5/3, sel 5/6, sale 5/4. N.Z. Crown Mines—Buy 6/3, sel 6/8. Tasmanian, Copper—Buy 4/3, sel 4/9 Consolidated Goldfields—Buy 19/6, sel 21/. Investments. National Insurance Co.—Buy 28/9. Union Steam Ship Co.—Sel 54/6. 26/9^ bUm ljim ° ;vnd Cemfcnfc (£l)—Buy Milburn Lime and Cement (10/) Buy 13/3. . J ? N.Z. Drug Co., Ltd, (£2)— Buy 46/, sel N.Z. Portland Cement—Sel 39/9. Donaghy’s Rope and Twine—Buv 20/9. N.Z. Paper Mills—Sel 23/ Dunedin Stock Exchange Proprietary Buy 55/. —Auckland.— Business at the first call to-day :—May Queen, ss; Monowai, 2s sd; Sylvia 5s ?d; Alburnia (pd.), 2s 3d; Waiotahi’ 6s 4d to 5s 7d; Pride of Tokatea, 1s Id • Mountain King (com). Is Id; New Waitekauri, Is 3d; Talisman, 51s and 50s 6d • Maoriland, lOd and lid. ’ THE ELECTRIC COMPANY. The tenth annual report of the Electric Gold Dredging Company states, mter aha;—“ The directors regret that the period covered by the report lias not proved profitable. The closing balance at credit of profit and loss is £Bl 11s 3d, as against £79 12s 3d at credit the previous year, thus showing a reduction of £7lO Is. Of this reduction £438 16s lid (less £37 5s 3d for won) was involved in putting the < No. 3 dredge, recently purchased, in commission, leaving £3OB 9s 4d as the apparent loss on working the other two original dredges. Since the closing of accounts on August 31, the gold to hand from the three dredges has been for four weeks:—From No. 1, in all 1770z; from No. 2, in all 367’0z; from iNo. 3, in all 6830z; total, 513/oz. These returns give hope of there being good ground ahead of the dredges in the present season. In view of the amount of ground already worked in the Kawarau claims, and the dredges there being strong and good, your directors deemed it advisable to invest part of the reserve funds in the purchase of the Alpine Consols dredge and claim the latter extending over two miles of river, very little of which had been worked. So far the No. 3 dredge (late Alpine _ Consols) has been working a part since ascertained to have been previously dredged, which extends for anly two or three chains, whilst there is a long stretch of unworked ground ■ahead. She is being pulled up nver to this ground so as to open out on the solid. The No. 2 dredge is at present on good ground, but the bottom is rough, and the forward cut is therefore small. But there is solid ground on both sides, and the face is therefore .wider. No. 1-dredge is working over again the claim above the Bannockburn bridge, taking the whole width of the river in a face, with very satisfactory results, the past four weeks yielding respectively 470z, 470z, oloz, and 38Joz. The gold won during the year amounted to 1,4720z 14dwt and realised £5,721 13s 9d. This increases the gross amount realised during the ten years since the registration of the company to £189,581 0s Id. The total dividends paid during nine years have been £4 14s 6d, as shown in last report. The directors regret that it has not been practicable to increase that amount during last year. The retiring directors are Messrs W. T. Talboys and Joseph M'George, who are eligible and offer themselves for reelection. Mr P. H. Power also retires as auditor, but offers himself for reelection.