MINING

Otago Daily Times, Issue 11524, 9 September 1899, Page 6

MINING

A meeting of shareholders in the Golden Gravel Gold Dredging Company (Limited) was held in the Stock Exchange Hall last night. Mr Hugh Crossan occupied the chair, and there was a good attendance. The following directors were appointed:— Captain Hod^c, Messrs Keast, Holgate, and Pearce. Mr Wm. Reid was appointed auditor, and Mr J. J. Ramsay secretary. After the meeting of shareholders the directors met, and decided to instnict Mr Roberts, the consulting engineer, to prepare plans and specifications for a suitable

dredge at once. Mr J. J. Ramsay, the interim secretary oi the Premier Waikaka Gold Dredging- Company, repbrts the successful flotation of • that, company, which has been considerably over-sub-

scribed. Mr Ramsay had'to wire to Wellington' last evening to stop the further sale oi

shares there, the list being full early in the afternoon. Messrs J. C. Ponsonby and C. W. Harvey were iho brokers. •

The Ahaura River Gold Dredging Company has now been registered under the provisions of "' The Companies Act, ISS2," and a meeting of provisional directors will be held early next week to allot shares. ;

The Golden 'Falls Gold Drgdging Company has also beenp registered under the Companies Act. The shares in the company cannot, howover, be allotted."until the .country lists come in, but the shares have . been greatly oversubscribed. ■

From a return published in the Kalgoorlie Miner, it transpires that the. total output of gold from the field since it was opened lip to July 31, from 652,159 tons of stone, was 1,252,2970z. . . ...

: Two- portions, of the Arrow River have been pegged off for dredging claims—one at the junction, of-the Kawara\i River and the other near the. township. -

TW Patearoa correspondent of the Mount Ida Chronicle states that the prospecting campaign has been .resumed at Patearoa Station flat, and the battle against the water is to be fought with vigour and Tangye pumps. The other dredging claims and prospecting areas around have- not as yet had. anything done to them in the way of prospecting, but in all probability work on those on our creek flat will be begun shortly. '■■,]■

The Victoria dredge struck good golS-bearing wash on'the First Chance claim last Saturday. Unfortunately, the coal ■ boat was lost during the week, and this will probably caiise f stoppage until another boat can be secured.— Alexandra, Herald.

An Auckland telegram, states that .the WaihiSilverton mine crushed 1075 tons' for gold valued at £1772. . . *

The Jubilee dredge washed up oh Saturday for somewhere about 40oz. .There was a good deal of broken time, otherwise the return would have' been much more, probably about GOoz. The -wash is very tight, and about Bft deep. The Pleasant Valley Gold. Mining Company washed up at the end of,last week for a fortnight's work for lOloz.—Mount Benger Mail. The Gibbston correspondent of the Lake County Press writes:—''The Eclipse Company are boring in their claim to find out what length of ladders^ will be required. They struck, payable gold on a false, bottom at 23ft. over ldwt. Bottom was struck at 40ft, but the water being too heavy the pumps would not bring/up anything. Two more holes are to be bored.

A deputation consisting1 of Messrs Fleming, Grigor, Wilson, and :Jefconta waited- on the Clutha River Board on Thursday with respect to certain applications lodged for prospecting claims .on the Clutha. River. , Mr . Fleming stated that in pegging out the claims they had no desire to act hostile" to the board. They recognisec! that the board had full.control over the river, "and any prospecting or .'dredging done would be under the control of the board or any regulations they might make. He also expressed the opinion that dredging;' under proper regulations, would,'be a benefit rather than a detriment to the channel. Messrs "Wilson and Grigor spoke.in support of.the application, and the- deputation then withdrew. Mr Anderson moved—"That no more objections be taken to general applications for dredging claims." In support-of his .motion he pointed out the great importance of the mining industry, and especial]}' of the dredging operations" at the present time. He thought the dredges would carry everything before, them, and the'river would be dredged down to the mouth.' Mr Rutherford seconded the motion. Mr Stewart moved' as an .amendment—" That Mr Crooke be instructed to appear in support of the objection to Mr Fraser's claiml or any other application for dredging claims. If the decision be against the board, then Mr Crooke be authorised to appeal to the Supremo Court if deemed advisable." Mr Mitchell (chairman of the board) seconded the amendment, and Mr. Sim also spoke against the motion. On being put the amendment was carried.

DREDGING RETURNS.- ' The return: from the Hartley and Riley Company's dredge, which it is understood is the result of five days' work with two shifts, and one day's work with,one shift, is 4700z, 7dwt. The Golden Terrace Dredging Company's return for the week ending yesterday was 19oz lSdwt 21gr. -~. ■■'" . ■■:'•' ' '■ The secretary of the Inch Valley Company reports a return of 15oz for the week. '.THE STOCK EXCHANGE. Yesterday-was one,of the busiest days in the history of the Dunedin Stock Exchange. The attention of investors is devoted almost entirely to dredging stock.-,- So anuch is^this the case that we were unable/to■obtain quotations for investment stocks. * -."■ • "- ;- 'Sales were made at the. Exchange" .yesterday at the following premiums:—Alexandra Lead, 10s 3d, 10s Cd, 10s lOld, and 10s 9d; Alpine Consols, 9s 6d and 10s 6d; Alpine No.'2, 12s Gd and 12s 4Jd; Bannockburn Creek, 3d, Is 3d, Js 6d, and Is 9d; Boundary Creek, ss, 5s 6d, 4s' 6d, 4,s' 7Jd, ,4s. 9d,..and ss; Cardroaa' No. 1, 41d; Central Electric, 19s ;■' Dobson No. 2, Is Gd," Is 3d, and Is; Dunstan' Lead, £1 Os Gd and 10s 7Ad; Electric Extended, 6s Gd,- Gs 9d, 7s/ 7s Cd, 7s 3d; and 7s lid; Fraser Flat, 7s, Gs 9d and 6s 3d; Galvanic, 4s and 4s 6d; Golden Bed, 3s Gd and 4s 9d; Gold Queeni 8s 6d;- Golden Link, 4s 3d, 4s. Gi, 4s 9d, 4s-6d, and"'4s ,3d; Great.Central, Gs and ss"9d; 'Halfway House, ,9s Gd and 9s 4Jd; Klondj'ke, Bs;' Moa.Flat, 3s 9d and 3s;6d; Monto''Ch'risto,' os';-- Oirig, ,1s 3d and Is; Eichards's Beach, 8s Gd; Sailor's Bend, 11a, lls 3d, and'lls; : Second Magnetic, 9s Gd; Springvale, 4s 3d; Upper.Magnetic, Gs 3d; West Matau, par. Sales were also made at the following prices.:—-Clyde, £3 18s and £2 19s;- Golden Point £1 ..16s" 3d; -Hartley, and .Riley, £6; Magnetic, £2 16s ;■ Ur>per Waiuori, :2s ljd. ■ ' ' . ■.■'.". ■-,\.': * The following are yesterday's latest quotations, subject to the usual brokerage:—."■ ■ . " ' DREDGIKG-; Alexandra Lead—Buyers 103 6d, sellers lls preimum'.:." : . ... . ■:; : . Alpine. .No. 2—Buyers 125;.3d, sellers-12s Gd premium.' ■>■..- ■-.--.'." Barmockbum Creek—Sellers' is 93 premium. ■ Blue Ducfc-Buyers 3s Bd/sailers 4s'.""' : . Boundary Creek—Buyers,. 3s sellers 5s 3d. Cardroria No. I—Sellers 4JA preraiuni. Cardrona_Valley—Bikers. Is 3d; "premium. Central Electric—Sellers 19s premium. Cromwell—Buyers, £2 9s (paid);/?!,' , Dobson No. 2—Sellers Is premium.. Earnseleugh No. 3—Sellers Gd premium. ) Electric Extended—Sellers 7s premium. Fraser Flat—Sellers Gs ,6d premium. Galvanic—Buyers 4s premium. Gold Queen —Buyers" 7s Gd premium. Golden Bed—Buyers 4s 9d, sellers 03 3d* premium. ■ '. Golden Point—Sellers, £1 17s Gd. Golden River—Buyers .2sj sellers 2s 3d premmm. . : Golden Terrace—Sellers 19s. ' 1 .. Great Central—Sellers 5s Gd premium. "Half-way House—Sellers-9s 3d premium. Hartley and Riley—Buyers £& ss, sellers £Q 7s Gd. ' . ■ Inch Valley—Sellers £2 -Is 6d. Klondyke—Buyers 7s 6d premium. Macraes Flat—Sellers lls. .'■ Magnetic—Buyers £2 18s 6d, sellers £3. Matau—Sellers £5 10s.. ■'.-.:..■... Moa Flat—Sellers, 3s ; 9d.;pfomiumlr <• Molyneux Hydraulic-: Co.-"Dredge; B^-Sellers £1 15s 3d. ' ":v; '■' "■ '.:;, ,

Mokoik—-Buyers _4s/,'J33, sellers 5s 3d. promfum. r\-..' '.'. ■■ '■• -■' - ".'■ ■'■■ .".'.■ , . Monte- Chrjsto—Buyers 8s Gd premium'/ .; Nelson 'Creek—^BuJ'fers 4s 9d, sellers os". premium.,,- . • ~:■ .. ':l-.\ •.

; ..Nevis—Buyers il ; i2s, sellers £1 175.v05.-~i '< New Alexandra—Sellers, £l 7 s preimiUm. • ; .Number Two Matau—Buyers' ls"6d discount. : Olrig—Buyers Is :9d, sellers '2s '3d Ipremiuni. • .Ophir— Sellers : £l. , •'', '-,;{' ■ C,-1-' '■'•■ ■ i.' Richards's 'Beach—BuyersT^s; sellers 8s Gd premium. .'".-..' ■.]',- ~.:..■.;*', . ; Riyerbank-^Sell'ers 2s" discount. ; ■'Sailors' Bend—Buyers" 10s. lOld, sellers 11s 3a:.; /•■•;■■

; Second Magnetic—Buyers Ss Od, sellers 9s 3d iprenmim. .. "., ' . .

i ; Smith's Creek and Bannockbum—Sellers 6d ' . -. ■ Springvale—Sellers 5s 3d premium. "Upper Magnetic—Buyers Gs 3d, sellers 7s premium. Vincent—Bikers £3 10s, sellers £3 15s. Waikaka Porks—Buyers lid, sellers is Gd premium. Waiinuixm —-Buyers £1 63 6d, sellers £1 6s 9d. West Matau—Buyers 3d discount, sellers par. SHOTOYER QUARTZ MINING CO. (NO LIABILITY)._ Mr S. E. Brent supplies the following extract from the mine manager's report:—Machine level extended 9ft, making the total distance 834£t. Small quantities .of stone in formation during week carrying good gold. ~' „ " \ ■ A WORD TO MINING INVESTORS. .'_..'■ .: TO THE EDITOR. Sir,—The law is being most righteously enforced re the proper stamping of transfers, and it is the auty of buyers to see they get thenscrip, and a-lso see that they are duly entered on the company's share register; if not, they ma" some day awake and find scrip in omco was never issued or intended to be, and get left. The law prohibiting a broker being a secretary or legal manager should also he strictly enforced. What chance has the outside investor against the broker .who,, through the manager or secretary being pai-tners, is in the know long before the investor. Its "agin human .nature" to expect the broKer and his partner, manager, or secretary, not to utilise his qr their information in " bulling or

bearing," whichever suits their book best. To see the registers and note the transfers of shares, and see how the cat jumps, is the wise man's duty, and also to see that half-yearly balance sheets are published in terms of the act. Another harvest awaits the enforcement o£ this law.—l am, etc., Lynx,

GOLDEN REW'VRD GOLD DREDGING COMPANY. TO THE EDITOR.

Sir, —Will you please insert a few remarks re the above company, whose prospectus is a repetition of the recently floated Golden Gravel Company. Both these prospectuses state as follow:—"The engineer who reported on the claim writes," etc., etc. Would it not be more, satisfactory to intending investors to give the name of the engineer who so writes. Also, in common with many others, I have failed to notice in the quotations that Golden Gravels are now.at a uremiiim.

It will also be noticed that the vendors are silent about retaining .their shares until the dredge is at work. —I am, etc..

September 8.

Investor,

NOTES FROM LYELL. . (From Our Own CoitHEsroNDENT.)

LYELL, September 8.

The mine manager of the Alpine mine reports:—ln No. 9 level two men are now engaged driving north, and a distance of 10ft has been made. There is a small seam of goldbearing quartz in the bottom of the drive. The coxmtry is, however, hard. S toping has been steadily progressing at the back of No. 10 level. The reef now in the top stopes is 6ft in width in- the widest.- place, and the slight improvement in its quality continues. Sloping has also been carried on at the back of No. 11 level, north extension. The reef varies from 4ft to 14ft in width, but where, it is largest it is considerably mixed with mullock. On the north of the connecting uprise, where- the reef is small, the .stone is of fair'quality. r The No. 11 level, has been, driven ahead north for a distance of 10ft. -.-'On. Saturday last another make of stone 2ft wide.came in, and cut. out the lOin slab reported-'.last week. The stone is blocky, but has.improved in quality. as: it has been driven-upon!. The quantity of stone sent to the battery is 240 tons. ■ , . ;■