MINING.

Evening Star, Issue 14633, 1 August 1911, Page 3

MINING.

"London [advises- that Waihi shares aro quoted as follows :—Buyers, 58s 3d : sellers, fils 3d. : Our Taapdka correspondent informs Us that’Messrs Johnston and party, of German Flat,, which is situated about a mile or so to the northward of the Forsyth railway station, have at length made a start with their elevating plant. For about 18 months tbo party (thro© in number) have been engaged in the building oi. a. dam for storage purposes towards the. foot of Bowbell Flat. The work involved considerable outlay, and baa boon a severe tax on the financial resources of the party, who bad also to acquire a good deal of additional plant, to assist, them in the better development of their property. A thoroughly good job lias been made of the dam, which is now full of water, thanks to the recent break in the weather, acid a start, was made last Wednesday with the elevating plant. Everything is working aatis- ; faitorily, and the party are hopeful of having regular and substantial wash-tips. THE SHARE MARKET. DUKEPIK EXCHAKGB, There, was no business either cn or off ’Change this morning. The following aro the morning quotations: —Dredging.— Electric —Buy 2/9, sel 5/6. Golden Bed—Sci 15,6. Hartley and Riley—Set 14/. Koputai—Sci 15/. Lady Roxburgh (contrite)—-Sol 4/. Mystery Flat —Sci 5/. No Town Creek—Buy 5/6. Rise and Shine—Sel 58 7 . Sailor's Bend—Buy 4/6, scl 7/. Worksop-—Buy 40/. —Sluicing.— Ross Goldfields —Buy 1/9, sol 2/5. —Quartz. — Consolidated Goldfields—Sel* 19,9. Knranui Caledonian—-Sci 1/4. May Queen —Sel 2/5. New Sylvia—So! 5/9. Old Hauraki—-Sel 2/5. Saxon —Sel 2/7. Waitangi—Buy 5/2, sel 5/4. ; Waihi—Buy 60/, sel 62/6. j Waihi Extended —Sel 1/10. _ | Waihi Grand Junction— Bnv 2i,\ sel ! 27/9. ' j Tasmanian Copper—Sel 6/6. Tairua Mines—Sci 2/5. | —lnvestments. National Bank of N.Z.—Buy 119/6. Bank of N.Z.—Buy £l2 9/. National Insurance Co.—Buy 57/. N.Z. Insurance Co. —Buy 91/. Standard Insurance Co.—Buy 51/., Westport Coal Co.—Sel 29/5. D.I.C. (ord.) —Buy 5/6, sel 6/. Dominion Rubber—Sel 6/ pm. Milbum Lime and Cement (£1) —Sci 406, Alosgiel Woollen Factory—Buy 70/6. N.Z. Portland Cement —Sel 55/. N.Z. Paper Mills.—Buy 21k sel 21'6. Christchurch Meat Co.—Sel £l6 3/. THE NEW DISCOVERY REEFS. PROGRESS oFTHE WORK. j A Greymnuth ‘Star’ reporter waited j upon one of the partv for the latest in- j formation regarding the progress of the I operation? at. the New Dif.ccvery reefy., and elicited that the owner? have decided j to continue driving upon No. 1 reef and ( the immediate erection of » shed to receive | the rich stone ponding tho erection of a ( snail batterv to crush same.

i The policy of the party is to exploit the | reefs thoroughly, and the erection of a, 1 sma.il battery will, with the stone available. I enable this to be dona The No. 1 reef j has now been driven upon 91ft, and lias 1 widened to 3ft 6in, carving rich gold. No. 2 reef in the same claim lias given extra - j ordinarily rich assay results, although the i gold shows little gold to tho naked eye. ! The party arc anxious to discount anyj thing in the nature of a boom, being more | concerned with the development of their i own property, and consequently decline to | give actual results of a frays, which are j often misleading in comparison, to bulk treatment. i Sufficient stone bus, however, been cxj pcsed to anticipate pronounced results in I the new find, and if the new finds prove : upon further development to extend it may ! be safely said that the new reefs will exceed in value anything yet discovered upon this coast. The reefs are only four miles from Recfton, and readily accessible. CROMWELL NOTES [From Ocb Own Correspondent.] Tho long-wished-for fall of snmv covered the ranges to a good depth last week, and the intense frost has hardened it. so if ,i mild rah; dees not supervene a. plentiful i supply of water for mining purposes is aei mired for the spring and summer. ■ There was a considerable fairing off in > tho returns from the gorge, dredges. SO9 | has evidently struck a patch of bard reef, i as her return was poor compared with her previous onus. The Hartley is repairing, and Electric No. 2 is evidently on poor ground. On the Clutha. the return from Shine No. 1. was only about half of the previous week's. I expect Messrs Miller will have everything in readiness this week to pump out and raise No. 2, There was a considerable improvement in tho Rising Sun's return last week. As soon as the ground shallows a bit tho steady good returns this dredge k famed for will eventuate. Tho Golden Sun's returns continue very disappointing.

GOOD CHANGE COMPANY,

The annual meeting of shareholders in the Good Chance Gold Dredging Company, Ltd., was held yesterday afternoon. Mr ITios. Glendiuing presided over a good attendance of shareholders.

In proposing the adoption of the report and balance sheet, the Chairman referred at length to the heavy expenditure of the year. He stated tliat when the previous dredge master resigned ha visited the claim, and found the dredge in a bad shite indeed. A number of things had to be. renewed, such as buckets, links, etc. Another thing '■which had caused the expenditure to bo so high was that the company had the misfortune to lose their boats the renewal of which cost about £SO. Then there were legal expanses over a dispute with the owners of the adjoining claim. This had cost the company £lB or £l9. The money could net he recovered, for that company -sent into liquidation. Referring to tho future outlook, the chairman said tiiat prospect* were looking well. The dredge was now working on ground which previous dredge® had been unable to bottom. If tho river continued at tho present level there was a chance of getting good returns. Every thing was looking bright for the future. Much; however, depended on tho river. The river had to bo below 6ft 9in for dredging tho present ground and above 9ft 10in before the dredge could work the bank portion of tho claim. Last year they had vejy little dredging done. The report and balance-sheet were adopted, Mr A. Anderson seconding tho motion.

The retiring director (Mr J. C. Short) was re-elected and the auditor (Mr E. R. Smith) was reappointed. On the motion of Mr A. Anderson, a vote of thanks was accorded the direct ora for the manner in which they had looked after the interests of the company.