MINING NOTES.

Mataura Ensign, Issue 1137, 17 January 1903, Page 4

MINING NOTES.

central matauka gold dredging COMPANY. The following is the report to be submitted to the annual meeting:— "In submitting the report and balancesheet lot the year ending 30th Nomember, 1902, being the second year of the company's existence, your direotors regret that the results have been so unsatisfactory, and that the anticipations ol improvements with which the year was entered have not been realised. The dredgemaster'e report appended shows that the tight nature of the ground.haa oaased great tear and wear, Involving many stoppages and heavy outlay lor repairs. The frequent recurrence of floods oaasing the river to remain at a high level has also hindered work very muoh. The screen having become worn out, it was decided to replaoe it with slufoe boxes, as not only being more economical, but more efficient. The result of the year's operations are as follows :—Bl4oz gold won, of the value of £295112s 2d; sale of parts No. I dredge, £3; wages, coal, cartage, and repairs, £2386 8s 9d; general expense?, interest, rents, and taxes, £834 Os 9d—resulting in a deficit of £65 12s 4d. Shareholders will notice that the increase to the debit pf profit and loss account, in addition to the debit resulting from tbe year's work of £65 12s 4d, is £1127 12s, representing the amount written off on account of the loss of the No. 1 dredge by sinking and the smithy by fire, referred to in the first year'B report. They will also observe that tbe sum of £llsO has been paid of the mortgage aocount, which now stands at £1350. Last September an attempt was made by Mr E. P. Graham, a relative ol the vendors, to deprive the oomp&ny of theii No. 3 claim, by lodging objection to its being granted, and making an application for himself. Fortunately the company's olaim was recognised by the Warden, and renewal o! license issued; but the incident i odicates one of the difficulties the board has had to deal with, and involved the company in consider able expense. The dredge may now be con sidered in very good working order and re pair, and should ran for a considerable lengtl of time without the further need of mud expense being incurred. The future entirel; depends upon the ground, in which point tb< dredgemaater considers the outlook satisfac tory, and the ability to be able to work frei frotu interruptions, accidents excepted, ii largely climatic. Copy of dredijemaster's re port:—' I beg to submit herewith the follow ing report on the year's operations. For thi first quarter the returns kept at a very en couraging average, tbe dredge doing goo( work. The bottom being shallow, we weri able to put through a greater amount of gold bearing wash. Unfortunately tbe dredgi came against a shallow coal bar, and iu con sequence I had to abandon the greater part o the paddock. This meant opening out again wing dams had to be erected, and return just reached to paying point, but i)nprove< on reaching the No. 2 claim. This clain turned out fairly successful, but the work ha been hindered by the continuous high rive and the tailings of No. 1 dredge having to,b< again treated, which meant redticing tbe re turns considerably. Repairs were required as, tbe wash being of a hard cementy naturs breakages were frequent. The screen beini very much worn, it was replaced by a sluio box, which is working satisfactory and staok ing the tailings at a greater huight thun thi soreen would do without an elevator. Thii is necessary, as, the upper, halt of the clain ) being dry land away from the river, the tail ings must be stacked a good height to enabli the dredge to work satisfactorily. Tie dredgi is now about 250 yards from the lowtir end o the claim, and- as No. 1 dredge got gooc prospects ahead of where the dredgi i is nov working, the outlook for the future is verj encouraging. The upper tumbler is beinj repaired, and a new lower one pla.oed ir position, and other necessary repairs carriec out, which will make the dredge in ;good re pair.. During the year No. 1 claim beinf worked was abandoned, also No. olaim 3 Nos. 3 and i were repegged, and are nov p held by the company.—Wiixiam Shoee 1 dredgemaster.' Owing to the ntimeroui special meetings held last year, ;four directorf have all deoided to retire. Messrs Barr, Leary and Co. are the retiring auditors. All are eligible for re-eleotion."