MINING SUMMARY.

Otago Daily Times, Issue 10621, 17 March 1896, Page 2

MINING SUMMARY.

The mining returns for the past month are as under:—

Sew Hoy Big Baaeh Gold Mining Company (Limited) —M»rch 2, 25>z 17dwt; March 3, 61oz 17dwt 12j!r ; March 10. 670z 2d»t 12 b 'r.

Mafeibitftki Gold D: edging Company. — March 2. B'/Z lldwfc.

The Upper Waipori Alluvial Gold Dredging Company (Limited). —March. 3, 13oz lSdwt 12f,T ; Maroa 10, 16oz.

Jutland Flat (Waipoti) Gold Mining Company (Limited). —March 3, 30jz 4dwt; March 10, 21,z.

Ofcago Gold Dredging Company (Limited). — March 3, lljoz ; March 10, 15..Z.

UNITED HERCULES SLUICING COMPANY

The annual meeting of the United Hercules Hydraulic Sluicing Company was held on evening;. of the 26th, at the Chamber of Commerce, when the following report was, togethorwith the balance sheet, adopted:—

Your director?feel that there is no necessity for a very lengthy report to accompany tha balm.ee sheet, Betting forth the result of the last yeir'a work

Unfortunately tha expectations regarding the payabla nature of the back Eround on your claim were not realised. The gronnd was thoroughly tested by a cut risht across the claim, with results that were most disappointing, the returns besuming poqrar as we weut further back. The minaicr, teing thoroughly satisfied tuat it was quits useless to proceed further in that direction, work for some month* his been proceeding in ground in the middle of the claim with somewhat hetter results. The agreement with the men a" to worning being continued, your directors regret to say, however, that throughout the whole year the men have been working for considerably less than full wages, and that, of coarse, there baa never been any surplus for the company. As will bo seen from the statement of profit and loss account, the whole of the small return from gold has beeu piid in wages, after paying for necessary renewals and repairs to plant, which have been keut very low. The other expenses necessary— such as office expenses, rates, and licensesamount to £211 8-t Id, and a comparison with last year will show how rigidly economy lias beeu practised.

Referring to the balance sheet, it will be seen that ths bank overdraft has been practically paid off. To enable your directors to do this, and to pay other imperative demand?, a call was made in July last. The result of the year's work has, of course, increased the liabilities, and your directors feql it to be absolutely necessary to call uv the shilling uncalled to enable them to pay off the more pressing of these, such a3 wages iong OuSstanding.

.Negotiations have been proceeding for sonia time for the purchase of the company's water rights and plant, and recognising ttiat there is little or no hope of finding payable ground on tha claim, your directors have entered into an agreement giving the right to purchase, within a given time. If this right is exercised, there is reason to expect the result (at a price fixed) will be a return to the shareholders of something like 4a per share. If the purchase, however, is not completed, there is no other course open but liquidation, which rany result less favourably. Mr Robert Wilson was re-elected as a director and Mr E. R. Smith as auditor.

A letter was read from Sir Robe't Stout suggesting that aome other shareholder Bhould be elected as a director ii; his place on account of his absence from Dunedin, and Mr H. Stokes was unanimously appointed accordingly.

. THE WAIHI MINE. I Auckland, February 14. The WaihiCompany, owing to the uxoeptionally dry season, only had an average of 73 stampers wording out. of 00 at the buttery, otherwise the return would have been still lareer. For the period between January 3 and February 8, 3060 tons of ore were treated, yielding bullion valued at £11,140. In addition to this, 230 tons of tailings were treated, yielding another .£2405, making the total returns for the period £ 13,515. THE BAREWOQD QUARTZ MINING COMPANY. The secretary of the Barewood Qnartz Mining Company (Limited) reports having received a nice cake of gold, 87oz 14dwt from 90 tons of quartz, for the month's work. The stone is looking well, aud shows every prospect of good returns.

The value of bullion from 400 tons crushed, from the Grown mine, for the month was i2OOO. The Beaumort correspondent of the Danstan Times reports that the Golden Gate dredge is on very good gold no*'. It has averaged for the last month 8002 Der week. The directors hava

declared & dividend of 'Ss par share. Another twt months' run liko the above- will recoup the lucky ehareboldois and putbuckinthev pickets all that they liavs'spent on tho di-dt(e. The Tuapeka dredge U »v«raeing fvoro. IGoz to 20ozper week. In the Inangairaa mining enterprises last year 29,0510b of gold were obtained, aud the dividends paid aggregated £20.287. The return from the "Woodstock mine gives bullion of the value of £S9S from 224 tons, an increase on last mouth.

The Bannockburn correspondent of the Dunstan Times hears that tho Pipeclay Channel Company finished washing up, and obtained lS9oz. The same paper states that Mr W. Anderson, of Waikerikeri, washed up and obtained 990z 3dwt. Thß gold i« lumpy, rough, and nuggety. Mr W. Anderson, at Waikerikeri Valley, washed up l*st week, and obtained 990z. The Pipeclay Channel Company, at Bannochbum. washed up last WceK, aud obtained ISlcz. The Electric dredge, at Banuockburn, is still on good gold, and all softs Of are current as to the returna, ranging from MOoz to 300oz a week.—Dunßfcan Times.