MINING.

Evening Star, Issue 14525, 29 November 1910, Page 6

MINING.

The work of dismantling tho old Roxburgh Jubilee dredge is proceeding. It is tho intention of tho purchasers to use the dredge on the Waikaka United claim. Tho present two dredges manage ground to a depth of about 20it. When the Jubilee dredge is reconstructed, ground will be worked to a depth of close on 50ft. "T cannot nuke out why the roturn is so small,", says the master of tho Karaunui dredge in his weekly roport. Ho thinks that tho opening out of the cut on both sides and tho baling of a considerable quantity of tailings have something to do with it. If tho returns do not improve, it is the dredge-master's intention to pull ahead and open out a.fresh cut. Tho Good Chance dredge is working on ground that is very rough. It contains a number of large stones, which are very sevore on the machinery. The ground is somewhat patchy. Tho Olrig dredge last week worked out the corner of ground where the dredge was built. A few hours were lost. The water is beginning to slacken off. At the Masterton claim tho wash is showing a slight improvement generally, but is not yet very promising. The ground on tho western cut is .-till deep, but across tho centre and "along most of the eastern cut it is inclined to be shallower. Tho roturn from the Chicago dredge is 16oz 6dwt, obtained in 112 hours. Tho following is taken from tho Wellington 'Free .Lance':—"Early in the week a fairly active demand set in for Waihi Grand Junction shares, and this was duo to rumors that the drills wero into quartz. Grand Junction shares are extremely sensitive, and the least bit of good news sends them soaring. A good many speculators liavo greeat faith in tho Grand Junction, and it is confidently expected that the mine will repay its supporters very handsomely. Development work is being carried out very carefully, and interesting news may come along at any time." Tho twenty-fourth dividend of the Talisman Consolidated Gold Mining Company —viz., Is 6d per share, together with a bonus of 3d per share, and proportionate rato on tho new issue scrip—was paid on Friday last. This will absorb £27,234 7s 6d, and will bring the total dividends and bonuses paid by the ,-ompanv (since reconstruction) to £480,984 7s *6d. Of the amount distributed, colonial shareholders will receive £19,531 15s. there being 1,127 shareholders on the Dominion register, holding 214.992 old issue shares,, and 973 shareholders holding 52,913 new issue shares. As there were 1,156 shareholders on tho colonial register, holding 222,242 shares on August 27 last, when tho Inst dividend was paid, it will be seen that during the past threo months the number of colonial shareholders of old issue scrip has decreased by 29 and the holdings by 7,250 shares. THE SHARE MARKET. DONEDIN EXCHANGE. Thoro were no sales of any description this morning. Two sales wero reported at yesterday afternoon's sitting—May Queens 3s 6d, Milburn Limes 40s. The following are tho morning quotations : —Dredging.— Blackwate'r (cont.) Buv 9'. sel 12 '. Rising Sun—Buy 42,', sel 44/6. —Sluicing.— Island Block-—Bin- 6/. sel 7/3. Muddy Torrace—Sel 22/. Roxburgh Amalgamated (paid)—Sel 7'. —Quartz. — Consolidated Goldfields-Sol 20/6. May Queen—Sol 3/7. N.Z. Crown Alines—Sel 4/6. New Sylvia—Buv 3/9, sel 3/10. Old Haimiki—Buy 1/9, sel 2/2. Talisman Consolidated Rights—Sel 53/6. Watchman—Buv 2/10, sel 3/2. Waihi—Buy 120/, sel 122/. Waihi Grand Junction—Buv 31/, sel 31/6. —lnvestments. National Bank of New Zealand—Buv 116/, set 119/. Union Rank of Australia, Ltd.—Buv £65. National Insurance Co.—Buy 34/. Union Steam Ship Co. —Buy 36/6. Westport Coal Co. —Buy 137/. . Moegiel Woollen Faet-ory—Buv 66/6. N.Z. Paper Mills—Buv 23/, sel 24/. N.Z. Consolidated DJntal—Buv 21/9. ■ Auckland (las—Sel 69/. M'Leod's Soap—Buy £l4. CROMWELL NOTES. [From Oun Own Cokkkspondknt.] The river is still too high for tho gorge dredges. Tho Cro.mwi.-ll syndicate's dredge is the only one working on the Kaw;u-iu River, on a beach near the mouth of the Baunockbum Creek. Un thf- Clutha the two Shines and the Rising Sun are the orJv dredges in active operation. The lr.Hirn horn No. 1 showed a groat falling oil', but that from No. 2 was up to tho mark. The Rising Sun is doing remarkably well, her return of 630z being an incretise of 7oz on her previous week's. As it will takeover twelve months to reach, with the present cut, her top boundary—where the little Punt dredge did so well—good returns may naturally be expected all the time Wiien the boundary is reached the dredge will drop down to the lower boundary, and follow up the rich runs of gold the two Shines ;ire working on now. Tho Clutha River dredge is now being warped up the river to replace the I.owbnru dredge, lately burnt, but a large b'.uo of money must be spout on her liefoie dredging can. bo started. SAILOR'S BEND COMPANY. The anuu'il inert inn of shareholders in the Sailor's Bend Gold Dredging Company was held yesterday .ifternoon. Captain Sinidstriini, chairman of directors, presided, and eight shareholders wero present. The Chairman referred to the year's work, and expressed disappointment at the results, lie attributed a great deal of the misfortune to the state of the river, which. was always fluctuating. The year's operations had been commenced tit- the top of the boundary in hist July, and tho work was very intermittent until the end of September, when operations iiad to bn suspended altogether. Unfortunately their anticipation of working the top boundary had not been realised. When the dredge finished last year they were on really good ground. It was expected that the ground would hold to the top bomndary. hut such was not the case. It was foui'd (hat it had been partly worked before. When they got to near the top boundary they struck gocd gold, and if the river had continued favorable then they, no doubt, would have been able to recoup themselves and shortly dedaro a dividend. 'Hie dredge-master anticipated from 40oz to 60oz from the present ground. It, was impossible to say when the dredge would resume. It might not be until May or June. The directors were doing their best to nurse the company through. Referring to the financial aspect, i-he'""Chairman said, that since the balance-sheet had been compiled all sundry creditors had been paid off. The directors hoped during the incoming year to pay off tho levy recently imposed, with interest. The directors had not drawn any fees, preferring to wait until the company had better funds. He moved tho adoption of the report and balance-sheet. Mr Fi. R. Smith seconded the motion. Ho made reference to the fact that operations had no sooner been started than mishaps occurred to tho machinery. Tho dredge could hardly have been kept in good repair. Other shareholders also voiced this opinion. Tho Chairman said that the directors felt the position at that time- as keenly as tho shareholders. Mr Kylo went up to investigate tho matter, but found that the mishaps were 6uch as could hardly be anticipated before operations were proceeded with. . The report and balance-sheet wero adopted. Mr A. Kyle was re-elected director on the motion of Mr Kempthorno, seconded by Mr Throp. Messrs Bare, Leary, and Co. wero re-elected auditors. "Votes of thanks wero accorded to Mr Kyle for unremuncrated services as secretary, and to Captain Sundstrum fox 'the use of his office.. ~