MINING.

Evening Star, Issue 14636, 4 August 1911, Page 8

MINING.

■ Advice from a private source states that the Molyneux River is now down to the 3ft mark at Alexandra-. This is undoubtedly the lowest the river has been for a number of years, and the prospects of the gorge dredges having a long run are looking particularly rosy. It is to be hoped that some large'returns will be wen while the chance is offering. There will be no wash-up from the Otago dredge this week, as it has been pulling ahead to the top of the claim, and rt is at present engaged in opening out operations. At the Saxon mine the reef has been broken down, and nice dabs of gold have been seen right up to the fare. Mr George HoUoway, who has. undertaken the contract for pushing on the No. 3 level of the Morning Star mine, returned from the Inlet by the last boat. Mr HoUoway says that work on this Jerri is proceeding smoothly, the object of it being to push the level along as far as No. 4 level, and thue to open up the reef between the two. When this drive is completed, stoping will be commenced, J and then it is anticipated crushing operations will proceed continuously. j The Majiuherikia dredge is experiencing i some difficulty in bottoming in the gap of j the basin. Old timber has been eneonn- ! , tered, and ite removal has necessitated | very heavy work, although the manager j was forced to leave some of it. The j ground is very deep, the dredge working j to a depth of 58ft without reaching bot- I torn.—' llernld.' j The Golden Beach No. 1 dredge has been stopped for want of water. The No. | 2 dredge is said to be on very good I groimdj and large returns are being ob- • tained. The company are working the j main road, but before doing this had to deposit £SO with the Vincent County Council as guarantee that the road would be again placed in good repair, as well as making a deviation for traffic. The wash j is very tight, and report has it that last i week's return was a record for the dredge. ; •After bottoming at Doctor's Point with i poor results the 1911 dredge was shifted I down stream to the foot of Shanty Creek. : I Jot torn waso reached, but unfortunately : the results were again poor, and the direc- j tors have now decided to abandon any i further trial of the top part of the claim, j The dredge ceased work on Tuesday, and { preparations were made to drop down j through the rip to the Golden Falls claim, i whore dredging will bo resumed. As this i claim is supposed to carry rich though ' somewhat rough ground, and has not pre- ! viously been given a trial, there is every j chance of the dredge striking payable j wash when a paddock is opened. The rich ground at the Chicago claim is reported to be still existing. A g>>"d supply of water is now going into the Molyneux Hydraulic paddock, and dredging will be' conducted under more favorable circumstances. .RETURNS j,

Koputai : lOoz 7dwt, 136 hours. \ Wiiikaiß : 18oz fkhvt. 126 hours. : THE SHARE MARKET. nrvnm.N - exchange. | SaJ? on 'Change: Electric, 3s Id. Sales (reported: N.Z. Drugs. 50s 3d; Milbtmi Lime, 40s 3d. Quotations : i '—Dredging.— | Electric—Buy 3', sel 35. i Golden Dod'-Sel 15'3. I Hartley and .Riley—Snl 16/. i No Town Creek—Buy 5/. Rise ur.d Shine—Sel 37/. Bailor's Bend—Buy 6', sel 6/6. —Quartz. — Saxon-Buy 2/4J, sel 2/6.',. Consolidated Goldfields—Sel 20.'. Kurantn Caledonian Sel 1/3. May Queeii Sel 2.3. New Sylvia- -Be! 5/8 Old Hauraki—Sel Talisman Consolidated--Bel 51/t). Waitiingi—Buv 3/1, sc! 3/3-J. Waiti—Buy 60/. Waihi Grand Junction—Buy 27/. scl 27.6. Tasmanian Copper—Sel 6/6. Here tiles—Buy 12/. . Insurance Co.—Buy 36 9. Standard Insurance Co.—Ri'y jl ~>. sel 51/4. Union Steam Bhip Co.—Buv 41 '5. Westj>ort Coal Co. —Sel 23/6. Milburn Lime and Content (£l:—Buv 40/3. sel 40/6. < ' Mosgiel Woollen Factory—Bay 71 . 15.7,: Drug Co.. Lid. (£2l— Buy 50'. N.Z. Paper Mills-Bel 21 6. I'erpelual Trustees Co.--Buy 22'5. ' Otago Daily Times' Co.—Buy 50,. AUCKLAND GOLD RETURNS. The returns reported from t.-rm gold wines in the Auckland district during the p.vt month reached ;j total of £88.175 5s 6d (says the 'Herald*!. This, when compared with the aggregate for the previous month.-.—viz., £9O/993 13s lOd—represents a decrease of £2.818 8s 4:1. This dwioa.seis solely owing to the smaller number of returns than usual being received i'roin the Thames and Coromandnl fields. Ak compared wij.h the total for the corresponding month of last year, the past month's yield shows a falling off of £18.990 4s lOd. The present returns complete the figures for the tirst- six months of 1911, and bring the total value of gold produced in Auckland Province during the period to the total of £595.288 17s lOd. Compared with the yield for the corresponding period of last year, this shows a decrease of £98.331 17s 4d. This shrinkage in largely accounted for in the fact that the output from the Waihi mine has been reduced. Of the pa.-t month's kit a I the Ohinemuri field contributed £87,536 15s 5.1 : the. Thame* field. £438 12s Id : and the C-oro-mandel field, £2OO. AUCKLAND NOTES. rSfECML TO ■JHK STAR.") AUCKLAND. August 5. As far as mining slocks are concerned, attention has centred this week to a gro.at extent upon shares in the Saxon gold mine. This was due to the fact that in the drive put in on the !p<-f rut in tho '"w l"v«! tunnel at I.oooft dowfi some really goodlooking stone has been got, in which strong blotches of cold can bo seen. Tho latest report is that the re-ef Is making stronger, with the result, that the price advanced from 2s 5d to 2s 7d, with subsequent sales at 2s 6d. Tt only require-; a decent hail of picked stone from workings at a- deplh of I.oooft to set the whole of the Thames going. Once more May Queen shares rule, easier in price, but Moa-natairis continue steady at last week's rates, A new reef was cut in the Sylvia mine, and these shares have changed hands at. 5s 8d and 3s 7d. The Monowai Company are working on a shoot, of ore that gives payable assays, and the directors are now shipping the concentrates for treatment. Coromande! mining shares are neglected in the absence of anv news of importa-nco from the- mines. New Zealand Crown shares sold down to 3s Id yesterday, and Talismans rule at about- 51s. Waihi stocks have continued dull since last report. The directors of the parent company have de- ; dared a dividend of 2s per share, pa.j-a.ble i on the Ist of next month. This is the beginning of the smaller dividends, rendered necessary owing to the poor stone i encountered in the. present low level, j Waihi shares changed hands at 61s 3d, and j Grand Junctions at 27s 3d and 27s 6d. j Although Talisman Consolidated shares are j not quoted on the list, it is stated that I free sales were) made this week on 'Change j up to 51s 3d. !