WEEK’S MINING NEWS.

Lake County Press, Issue 982, 3 October 1901, Page 5

WEEK’S MINING NEWS.

The Arrow Junction started dredging last Monday. The King Edward Company washed up on Tuesday. We understand that the return was very satisfactory. Mr W, Patton, manager of the Gleurock Consolidated, Limited, reports as follows : —This company cleaned up for the month of September and obtained 1270zs 9dwts lOgrs smelted gold from 240 tons crushed. * j The country in the incline face has * become more favorable, and good progress is being made. The reef formation is now about 2ft wide, and looks more promising. 1 lie reef in the stopes continues much the same as usual, varying in width from Gin to 2ft. The balance of the debentures issued by the directors of the Upper Magnetic Company have been placed and they are now all taken up.—Times. The Meg and Annie dredge did not wash up Saturday. The dredgemaster reports that the bottom is still hard, and that the travelling drift was very troublesome during the week. The Camara Mail states that the Maerewhenua dredge, which cost neatly iMOOO, lias been sold to a southern firm for £320. Messrs Park, Reynolds and Co. have been entrusted by the liquidators with the sale of the Cart River dredge.

I Pin' i- aim and dredge are to be sub- | mit t'-il li: s; in one Inf. The i'(i ■■ lg" is i prael ir.ii iy :i in «• one. The uiihU'il g neral meeting of mi'iiil) is of til" Merrim.ie <i.l). C-i. j was held in (.hi: regi-t-ivd ofliec of tin' j company, Lawrence, on Thursday | evening last, when then; were twelve shareholders present The chairman of directors (Mr J. II Jackson) presided. The report and balance-sheet were unanimously adopted. The following is the full text of the re-port: —"The directors submit herewith the accounts for the twelve months ending 31st August, 1901, and in doing so regret the want of success which has attended the company's efforts to strike payable gold. Early in November last tho dredge commenced work near where she was built and before the rise in the river won a few ounces of gold in deep ground. She was unable to explore the bottom satisfactorily before it became necessary to shut down fur the summer. In March of this year the dredge, with the concurrence of your local directors, was moved tu the bottom end of the claim and dredging resumed without success either in rinding payable wish or keeping on the bottom. The dredge has since worked up stream to a little above the starting poin% still unsuccessfully. Unless better prospects are met with immediately, your directors will have to again close down and seriously consider the propriety of taking steps to liquidate the company. On your authority the capital of the company was increased during the y3ar by the issue of 2, 500 preference shares. Of these, 2,400 shares have been taken up by SO shareholders, leaving 100 unapplied for.'' The balance-sheet showed capital and liabilities totalling £10,515 3s 2d, the assets showing a debit balance of £1,174 Is Id ; towards this however there were calls on preference shares to come in amounting to £992 ss. At an extraordinary meeting held immediately afterwards, it was unanimously decided to go into voluntary liquidation.— Tuapcka Times. DREDGING RETURNS. oz. dwt. Electric .. 130 5 Clyde 00 0 Crcmwcll __ ... ... 00 15 Unity 00 10 Golden Gate GO 3 Electric Extended ... 50 5 Earnscleugh No. 2 ... 48 IS Monte Christo 4S 0 Perseverance No. 1 ... 37 10 Alexandra Eureka ... 37 0 Manulurika .._ ... 36 5 Alpine No. 2 ... ... 32 JO Molyneux Hydraulic ... 32 10 Perseverance No. 2 ... 32 4 Golden Run ... ... 32 0 Golden Gravel 31 2 Otago 31 0 Earnscleugh No. 1 ... 28 11 Success ... ... .... 2S 3 Chailton Creek 27 10 Central Charlton .. ... 27 2 W.iinuuiiu Extended ... 2lj 3 Olrig .. 25 19 Golden Bid 25 1 Inch Valley 23 14 Junction Electric No. 2 ... 22 0 Magnetic 22 0 Chicago 21 3 First Chance ... ... 21 1 Golden Treasure ... ... 20 10 Spec Gully 10 10 Lawrence ... ... ... 20 3 Alpine Consols .. ... 19 15 Gold Queen 19 7 Wahmnnu ... ... ... 19 1 Empire ... .., ... 18 0 Beudigo 18 0 Central Mutaura No, 2 ... 17 (! Shepherd's Creek... ... 10 3 Naumai ... .. ... 15 13 Paul's Beach 14 7 Hartley and Riley ... 14 G Lady Charlton 11 0 Golden Link 10 18 Gabriel 10 10 Waikaka Queen 9 9 Inclidale SO Long Valley 7 0 Golden Leach 0 4 Dunbaek ... ... ... 5 1 Golden Reward ... ... 4 0 West Coast. Al 45 17 Duller Junction ... ... 22 5 Greenstone Junction .. 21 l(i Grey River 20 0 Grey River Consolidated IS 10 North Beach ... ... 17 10 Pactolus 10 0 Maori Queen 12 11 Ford's Creek ... ... 12 0 Greenstone Creek... ... SO