MINING.

Otago Daily Times, Issue 11795, 26 July 1900, Page 6

MINING.

The Secretary of the Vincent Dredging Company reports a ieturn of 3Spz for three days. The dredgemaster. reports: "Mats looking middling well!". ■• • .

The Hartley and Riley Company's dredge resumed dredging yesterday morning. In accordance with the resolution of shareholders at an extraordinary meeting held recently, the directors of the Golden Gutter Dredging Company have called upon the vendors to make a. further prospect of the claim, and we understand steps are being taken in this direction. It will be remembered that as soon as the board were appointed they took steps to have the company's property tested by boring. The results were submitted to experts and to two engineers, whose reports were considered so unsatisfactory that the directors at once called the shareholders together and supplied them with all the information they had obtained,, with the result above stated. AVhile it is undoubtedly the ivnty of vendors in all cases' to thoroughly test their properties before putting them upon the market, a similar duty devolves vipon directors, who are elected to safeguard the interests of shareholders. If similar action to that of the Golden Gutter board had been taken with other companies now being wound up, probably considerable losses to shareholders might have been saved. Their action-and that-of the broker (Mr D. G. Davidson), in offering to refund a portion of his commission. when the reports were brought down, is worthy of the highest commendation. AYe are informed that the boring is being proceeded with. Further shipments' of machinery for the Golden Falls Dredging Company (Limited) are being landed per s.s. Mokoia at Rattray street wharf, and Messrs Johnson and Sons advise that another shipment will "'follow by ■ next boat. Manganese and steel for nibs not being to hand has caused a little .delay, 'but they have received advice that-it is coming per the Port Victoria and Da-ra,.. which will-arrive shortly, when they will do all they can to. hm-ryon and finish off their contract.'. -" :" -

The Austral Otis Engineering Company (Limited),.of South Melbourne, aplvise the secretary of the Kni-ora Gold' Dredging Company that they aro making.- excellent progress with their contract for machinery.

The directors of the Inch-hoimo. dredge have decided to. put on 'tin, elevator, .'and 'in the meantime the dredge has stopped work. Mr E. Roberts, consulting engineer, reports under date July 25, to the secretary of the Ahaura River Gold Dredging Company:—The contract for pontoons is Hearing completion; the contractor for machinery states that all the material for ladder, buckets, elevator buckets, links a»;d pins, is expected in Papanui. The screen is ready for riveting, screen castings finished, all buckets fcr screen and elevator drive cast and .pulley fitted; .winch frames finished, all winch patterns made, castings partly done, winch engine half .finished, condenser riveted, belt pulleys fast, pump intake, cast and mountings completed. Sheaves cast for fairlertdr, and ladder lifting gear-; hangings for ladder lifting gear on hn'*cl; castings for fnirleads under way. The Kata-ura Ensi-rri states that the-AVa-i----■miiir-u Queen dredge has obtained a return of 14oz 37dwt Ggr gold for 178 hours' work. The Cromwell Argus hears that Mr-Thomas Shaw, has been avspointc-I i-lred-remaster of the Alpine No. 2 dredge. The Richard's Beach dredgo is well forward. The crown and driving wheels are, in position, the winches arc'up, and {he boiler in position; the ladder is aboard,-and the gantry finished. The work of "edting the miinhinerv on the 'Electric Extended is well forward, The -winches aro in petition, the Ir.dder is. aboard and put ■together, and the boilov m position. The engine is also aboard an'l ih's gpnti-y np.^Croniwcll Argus. ' • ■ •

The directors' report to be submitted at the annual meeting oE shareholders in the WaikskoQueen Dredging Company shows'-that of the contributing capital of 4950.shares, 440 remain unallotted. The directors have received an offer of par value for these, but deemed it'advisable to retain them on behalf of the company in the meantime. The sum of .-61970 has been paid on account of the dredge, leaving'a balance due of £1530. Every endeavour to expedite the construction of the dredge has. been used by the directors, but owing to the difficulty in obtaining the raw material from Home, it has not yet started work. However, the contractors (Messrs A. and T. Burt) promised to have everything in readiness for a start by the end of August. The retiring directors aro Dr.G. A. Copland and Mr E. G. Gresham, who are eligible for re-election. All of the landowners who put in claims for compensation in Ihe event of the Waikaka bt-ing declared a sludge channel have received intimation from the Government, offering certain sums in settlement of their claims,) with-

out prejudice. The amounts in all csiEes arc. very much below those applied for, and it is probable the offers will be declined in. the.meantime with the object of securing a. better adjustment by arbitration. Mr W. Connor, pro-prietor-of the East Gore swimining'baths. who claimed .£B4O, is offe.ed £50, as also is Mr C. G. Thurston. who asked for £1000 as compensation for the extinction of hi* plan to establish a fellniongery. etc., at East Gore. We .understand that the Government nre negotiating with Messrs !R. and F. Wallis, with a view to adjusting that firm's difficulty in the way of procuring clean water from the AVaikaka for woolscourir.g purpose;:..—Mataura Ensign. The Manager of the Girilambone Copper Mining Company reports under date July 9: — OeOft level: Drove Bft south, total from main shaft 50ft. There is very little alteration in the ground passed through. The veins'of ore vary in size from day to day, but keep about the samp general value. In the No. 1 and No. 2 levels above there is a l.arron bar of ground seme 30ft thick dipping southward. This has not yet been cut in the 3Goft level, but will when met with have, to bfi driven through, and then the drive will be. hi the lode, showing on the hill. South-west Drive: Drove sft, total length of drive 10ft. Trie men engaged here will now go back to the south drive, as the south-we3l ore seems to bo only a branch from

the main ore body. -140 ft level crosscut: Drove 7ft for week, total from main shaft 143 ft. The country driven through is the same as last week, and dip 3 about 40 degrees to the eastward, much less than usual.

DUNEDIN STOCK EXCHANGE,

Sales took place yesterday at the following premiums:—Boundary Creek, 3s 9d; Gentle Ar>nie, 9s; Kelly and Casey, 7s 9d; Kelson Creek, 18s Gd; North Beach, 3d; Pactolus No. 2, 9d; 'Saltwater Creek, 3d; Victory, 3s. Sales were also effected at the following prices: — Central Electric, £3 17s 6d; Chatlo Creek, 235, 23s 6d, and 235; Clyde. £4 17s; First Chance, 18s; Gold Queen, 38s and 38s 3d; Junction Electric, £2 4s; Leviathan, 355; Mokoia, 21s; New Alexandra, 21s: Second Magnetic, 365; Vincent, £3 14s, £3 13s, £3 12s, £3 13s, and £3 13s Gd; Vincent Extended, £2 -is 6d. Dart River shares were sold at 2a Gd discount.

The .following are yesterday's latest quotations, subject to the usual brokerage: — Alexandra Lead—Buyers ss, sellers 6s Gd p. Alpine Consols—Buyers £1 16s Gd, sellers £1 ISs. ■

Alpine No. 2—Buyers £1 15s, sellers £2. Arthur Point—Sellers 2s dis. Bendigo—Buyers 9s 6d,' sellers 11s p. Blue Bell—Sellers Is 6d dis. Britannia—Buyers Is dis. Cairnmuir —Sellers lls Gd p. Central Electric—Buyers £3 17s Gd, sellers £4. Charlton Creek—Buyers £1." Chatto Creek—Buyers £1 2s Gd, sellers £1 4s. Clyde—Buyers £4 17s, sellers £-1 18s. Dart River—Buyers 2s 3d, sellers Is dis. Dobson No. 2—Sellers £1 0s Gd. Dunedin : —Sellers 9s. Dunstan' Lead—Sellers £2. Eclipse—Buyers 10s, sellers lls p. Electric—Buyers £2 14s, sellers £2 16s Gd. Enterprise—Buyers £5 15s, sellers £G. Extended Fourteen-mile Baach—Buyers Is p. First Chance —Buyers ]7s Gd. Foley's Creek—Buyers 2s Gd, sellers 3s Gd p. Galtee More—Buyers 5s 9d, sellers Gs. Galvanic—Buyers £1 3s, sellers £1 ss. Gentle Annie—Buyers 9s, sellers 9s Gd p. Gold King—Buyers 3s, sellers 6s p. Gold Queen—Buyers £1 18s, sellers £1 18s Gd.

Golden Falls—Buyers 4s Gd p. Golden River—Buyers la, sellers Is Gd p. Great Central—Sellers 10s p. . Greenstone Junction—Buyers Is p. Grey River —Buyers 13s 9d, sellers 14s Gd p. Grey Kiver Consolidated —Sellers Is p. Hartley and Riley—Buyers £10 11s 6d, sellers £10 15s. Hokitika River—Buyers 2s, sellers 3s p. Inch-holme—Sellers Is p. Island Creek—Buyers 3s, sellers Is 6d dis. Junction Electric—Buyers £2 3s Gd, sellers £2 ss. . Kelly and Casey—Sellers 7s 9d p. Klondyke—Buyers 11s, sellers 13s. Lady Cardrona—Sellers 6:1 p. Leaning Rock—Sellers 3s dis. Leviathan —Buyers £1 14s 6d, sellers £1 15s 3d.

Magnetic—Buyers £3 Is, sellers £3 4s. Main Lead Hercules—Buyers 3d dis, sellers 3d p.

Manuherikia —Buyers £5 10s, sellers £5 15s. Meg and Annie—Buyers .-S'2 Gs, sellers £2 7s Cd.

Moa Flat—Buyers £1 2s, sellers £1 2s 9d. Mokoia—Buyers £1 0s 6d, sellers £1 Is. Monte Christc—•Buyers 10s, sellers lls <lr,d p. Morning Star —Buyers ss, sellers 10s. T\'ow Biver—Buyers 3d, sellers 3s p. North Beach—Buyers 3d p. Orwell Creek—Sellers 7s 9d p. Pactolus—Buyers 13s 6d, sellers 14s 3d p. Psctolus No. 2—Buyers 6d, sellers Is 3d p. Pactolus No. 3—Sellers 3d.p. Perseverance—Sellers £5 10s. Ponsonby—Buyers Is dis, sellers par. Eiver Molyncu::—Buyers 9s 9d, sellers 10s Gd p. Eoxburgh Jiibilee—Buyers 4a, sellers 5s 6d p. Sailors' Bend—Buyers £2 10s, sellers £2 13s. Saltwater Creek—Buyers 3d dis, sellers 3d p. Second Magnetic—Buyers £1 16s 3d,, sellers £2. Shotover—Sellers 2s 6d dis.

Upper Magnetic—Buyers £1 Gs 6d, sellerS'£l 8s

Vincent—Buyers £3 12s Gd, sellers £3 13s 6d, A rincent Extended—Buyers £2 4s. Waimumu Queen —Sellers £1 2s 6d. Waipuna—Buyers 3s 3d p.

OTAGO STOCK EXCHANGE,

Sales were made yesterday at the following premiums:—Cairnmuir, lls; Great Central, 9s 6d. Sales also took place at the following prices: Central Electric, £3 15s; Cromwell, £4 17s 6d; Electric, £2 16s 3d; First Chance, 19s Cd; Galtee More, 5s 3d; Golden Bed, £1 3s; Hartley and Eiley, £10 17s 6d; Junction Electric, £2 ss; Manuhcrikia, £5 14s; Sailors' Bend, £2 12s 6d.

The following are yesterday's latest quotations:—

Alpine Consols—Buyers £1 17s 6d, sellers £1 19s.

Alpine No. 2—Buyers £1 17s Gd, sellers £1 19s 6d. Beaumont Lead—Sellers Is dis. Bendigo—Buyers 10s, sellers 12s 6d p. Boundary Creek—Buyers 3s, sellers 5s p. Brandy Jacks —Sellers Gd p. Cairnmuir—Buyers 9s, sellers lls 6d p. Central. Electric—Buyers £3 12s 6d, sellers £3 17s 6a. Central Magnetic—Sellers Is 6d p. Charlton Valley—Sellers par. Chatto Creek—Buyers £1 2s. Claughesy Freehold—Sellers par. Coal Creek Flat—Sellers 9d p. Cromwell —Buyers £i 15s, sellers £i 19s. Dart River—Buyers 2s Gd dis, sellers par.. Davis Bend—Sellers 10s p. Day Dawn—Sellers Cd p. Dumbarton—Sellers Gd dis. Dunback—Sellers 6d p. Dunstan Lead —Sellers £2. Electric—Buyers £2 12s 6d, sellers £2 17s. Electric Extended—•Buyers 15s 3d, sellers 17s

]?• • Ettrick—Sellers 2s Gd p. Evans Flat—Buyers 18s, sellers £1 4s. Excelsior—Sellers 2s 6d p. First Chance—Buyers 17s Gd. Galtee More—Buyers 5s 3d. Gentle Annie—Buyers 7s 6d, sellers 11s p. Gibb's Beach —Buyers 15s, sellers £1. Gibbston—Sellers par. Gold Creek—Sellers 15s. Gold Deposit—Sellers par. Gold King—Buyers 5s 3d, sellers 7s 6d p. , Gold Queen—Buyers £1 17s, sellers £1 19s. Golden Banner—Sellers Gd p. Golden Gate—Buyers &1 15s. Golden Glen—Sellers par. Golden Horeshoe—Sellers Gd p. Golden Point—Buyers £1 3s 3d, sellers £1 ss. Golden Ripple—Sellers lOd p. Golden River —Buyers Is, sellers 2s p. Golden Run (paid)— Sellers £2 ]o.=. Groat Central—Buyers 8s 9d, sellers 9s Gd p. Great Woodstock—Sellers Gd p. Grey River Consolidated—Buyers 2s 9d p. Harris Beach—Sellers 6d p. Hartley and Riiey—Buyers £10 15s, sellers £10 17s 6d. Hokitika Extended—Sellers Is p. Inch-holme—Sellers 5s p. Junction Electric—Buyers £2 4s, sellers £2 7s Gd. Kelly and Casey—Buyers 7s 6d p. Klondyke—Buyers Ss. Lafranclii—:Scllers par. Leviathan—Buyers £1 lls Gd, sellers £1 15s, Magnetic—Buyers £3 Is, sellers £3 ss. Malone's—Sellers Is p. Maimhcrikia —Buyers £5 10s. Metallic—Sellers £.1 3s. Mikoimi River—Sellers par. Miller's Flat Electric—Sellers £1 10s. Miner's Lead —Sellers liar. Moa Flat—Buyers £1 2a, sellers £1 4s. Mokoia—Sellers £1 Is 3d. Moonlight—Sellers Gd p. Nevis—Buyers £1 4s Gd, sellers £1 10s. No Town Creek—Buyers Is, sellers 3s p. Orwell Creek—Sellers 7s p. Otago—Sellers £1 10s. Otama—SellerS Is p. . Prince Arthur—Sellers Is dis. Remarkables—Sellers par. Richards's Beach—Sellers £1 Gs 6d. Rh-erbank—Sellers 16s. Ross Flat—Sellers Gd p. Tloxlr.'.r»h Lead—Sellers Gd p. Royal Maori—Buyers Is, sellers 2s 4id p. Handy Point—Sellers £G. S'-otia. —Sellers par. I Second Magnetic—Buyers £1 12s 6J, sellers £1 16s Gd. Stillwator Creek—Sellers par. Taeon's Cardrona—Sellers Is Gd p. Teremakau—Sellers par. Triumph—Sellers Gd p. Tucker Flat—Sellers 2s 3d p. Upper Magnetic—Buyers £1 4s 9d, sellers £1

103 Vincent—Buyers £3 10s, sellers £3 14s. Vincent. Extended-Seller.-. £2 7s Gd. Wattcrson's Consols—Sellers Gd p. West Matau—Sellers par. AVot Lead—Sellers par. WiUoughby Cardrona-Sellers Is p AVoodstook-Buyers 2s, sellers 4s p. Waipori King—Sellers Is p.

THE EQUITABLE STOCK EXCHANGE Tales" Mo* WPlaI 21s fid; River Molyneu* 8s p• Teviot, Is 6d p; Vincent Extended, £2 4s- Vincent, £3 13s. Buyers : Central Electric, JE3 10s ; Cromwell, M 17s- Gold Queen, II lGs; Golden Cnam, 3s aii-' Golden Falls, (Is Gel p; Golden Point, 23s- Grey River Consolidated, 3s p; Hartley and Riley, £W 15s; Hokitika River 4s p; Junction Electric, £2 2s; K.lonayke, 0s Ul, Leviathan, £1 16s; Moa Flat, 21s; River Molyneus, 7s Gd p;-. Second Magnetic, £1 13s Gel; Vincent, £3 ICs; Vincent Extended^ £2 3s Gd. Sellers: Bald Hill Flat, 5s dis; Blue Bell, par; Central'Charlton, par; Central Electric, £\; Coal' Creek Flat, par; Cromwell, M 19s; Part River, 2s 6cl dis; Dunedin, Us; Electric, "j 18s Gd; Klcetric Extended, 17s 6d p; Excelsior, 2s p; First Chance, ,-fil; First Taieri, 2s dis; Ford's Creek, Is dis; Galvanic, J&\ Gentle Annie, lls p; Gibbston, Gd p; Golden Chain, par; Golden Falls, 7s p; Golden Horseshoe, Gd p; Golden Mile, 2s dis; Golden .Reward, par; Golden Ripple, Gd p; Golden. K«n>

What brings the colour to the check Of those that suffer and are weak, Whose ailments have but made them crave To be released and in the grave? What now has given such desire To live again, you may inquire, Consumption cannot well endure . The strength of Woods' Groat Peppermint Cure.

£2 3 6s; Golden Vein, par; Great Central, 10s p; Greenstone, 2s 6d p; Grey River Consohdated, 4s p; Hartley and Rilcy,. £11; Inr-h----holme, 2s Gd p; Klondyke, 12s Eel; Leaning Heck, 2s dis; Lioness, 2s dis; Magnetic, £3 <^ Gd; Main Lead Hercules, par; Manorburn L&rd", .-,ar; Meg and Annie, £2 10s; Moa Flat, iil ?h Cft- Mokoia, £1 3a; New Alexandra, 2os; No Town No. 2, 3d p; Orwell Creek, Gs p; Oi.ama, par; Premier Waikaka, Is Gd p; Reeves Proprietary, 20s 9d; Richards s Beach, 28s ; River Molyne'ux, 9s Gd p ; Ross i lat, par ; Roxburgh Jubilee, 7s p; Shotover, Is dis; Teviot,"2s p; Triumph, 3d p; Vincent, £i; Vincent Exteiv.VJ, £2 10a; Vulcan, par; Vaimumu Extender:. £1 : "West Matau, 2s p; \Vet Lead, par; Wooc!s'.o?k, 3s p.

MAGNETIC GOLD MINING COMPANY.

The ar .ml general meeting of shareholders in the Magnetic Gold Dredging Company (Limited) was held in the Board Room, Agricultural Ha1';, yesterday afternoon. Mr T. K. llarty (chairman of directors) presided, and there were about a dozen .shareholders present. The annual report presented was as follows: — - The directors, in laying before you thenreport for the year ending 31st May, regret that the returns this winter, so far, have not come up to their expectations, owing to the continued-high state of the river. Frost having now set in, there is every prospect of the continued increase of the returns. The dredgemaster reports having crossed a reef, and in nowgetting into deeper' ground. The dredge is in excellent order. Opportunity of making alterations and improvements was taken advantage of during the rise in the river while dredging operations could not be carried on successfully. The Hon. William Bolt and Mr Duncan are the retiring directors, and offer themselves for reelection. Mr Chalmer, auditor, also retires, and seeks re-election.—For • the Board: T. K. Haiity, W. T. Talboys, directors. Dunedin, 29th June, 19*." The Chairman, in moving the adoption of the report, said that. Mr Duncan had.asked him to apologise for his unavoidable non-attend-ance. Although th,e report was headed as being the third annual.report, the dredge had only been about IS months at work, and when the balance sheet was drawn up was 16 months at work. The first annual, meeting was merely for the appointment of directors and officers. At the time of the second annual meeting the dredge had only been at work for four months. In regard to the present leport and balance sheet there was little room for remark. During the year gold had been obtained to the value of £7124 13s 3d, and out of that 19s in dividends had been paid. There were four dividends— namely, 10s, ss, 3s, and Is. In the previous year,'for four months' work, 2s was paid, maitimr in all 21s paid per share in dividends. Over and aßovo that there was written off £2697 11s 9d. It would be within the memory of shareholders that the number of subscribing shares was £5000. The dredge cost £7G00,. thus they had to write off £2600, and the property of the company, including t'nc dredge, now stood in the books at £7000. 'Although experience went to show that the expenses during the second year of a dredge were higher than these of the first year, the company's expenses in the year past had been about on an average with the expenses during the four months of the preceding year. The directors' policy had been to keep the dredge up-to-date aa regarded repairs. Of the sum. set down under general expenses, £700 represented money expended for new parts. Mr Kitto, who was the dredgemaster from the sfart, resigned, and Mr M'George commenced in.his stead on Monday: and the last reports indicated that the character of the gold was somewhat better, although the ground was deeper. There was every hope that the dredge would keep up its former record. "With these few remarks, ho moved the adoption of the report and balance sheet. Mr J. 'Isaacs said he supposed that of the £700 for new parts, some of it would be for repairs. Ho thought these items should be kept separate. . . The Chairman replied that the new parts .-p----presented £G97 Is id. The balance of the £1214 would be made up of iron, oils, tools, life-saving apparatus, etc. If they compared the balance sheet with other balance sheets they would find that the expenses, heavy though they looked, were really lower than in one or two cases ho knew of. In one instance, the cost was £96, against their £71-for the week. Mr Isaacs said ho noticed that it took 19 ounces to run the dredge, against 17 ounces of other companies. The Chairman: On the Kawarau ? ,

Mr Isaacs replied in the negative. The Chairman said people thought 10 or 12 ounces of gold sufficient" to v/ork a, dredge on, but it took 17 to 20 ounces in .res hty.". He asked if anyone seconded the adoption o£ the report and balance sheet.

Mr Isaacs seconded the-f adoption of the report and balance sheet, the motion being carried without further comment.

Tho Hon. "W. M. Bpltancl Mr Peter Duncan were re-elected directors, the remuneration cf the board of directors being fixed at 60 guineas per annum, that' amount to be divided as the board.-thought Tit; and Mr T. Clialnier was reelected auditor at tho same remuneration as before. Mr J. Arkle expressed the opinion that the affairs of the company were conducted very economically, as far as the directors were concorned, and the meeting terminated.

MOUNT REX TIN MINING- COMPANY.

"We learn, that tho.Launccston directors of the Mount Rex Tin Mining Company (No Liability), as the result .of have offered to grant an option * over their property on the following terms:: —This company to receive £50,000 cash and. a; 'one-fifth . interest fully paid up in any company or companies; not less than £'20,000 cash to be provided as a working capital: one -month from 10th July allowed for inspection and the payment of a deposit of £2000: eight months allowed from 10th July to complete purchase, and pay the balance of cash—namely, .£48,000, and deliver to the company scrip fully', paid up for a- one-fifth interest in any company or companies formed; all money expended during this option of purchase to be refunded to this company; a colonial register to be opened for the company. The deposit, £'2000, to be forfeited to this company if sbalance of money and shares are 3iot handed over within the specified time.

NOTES S-FROM ALEXANDRA. (Faoit Our Own CoauEsroNDENT.) ALEXANDRA, July 25. The Molyneus'and Ma-nuheriliia Rivers are both.a little lower.. -

Some ladder buckets. for the Manuherikia dredge have arrived. Another load: of timber for the Alexandra Lead dredge arrived to-day.

THE MINING .INVESTORS' GUIDE.

The. first number of the Mining Investors' Guide, published as- an. experiment, was so muck appreciated and so successful that it was decided to issue the publication quaiterly. No. 2 is now before us, and even the most cursory glance- will indicate why it has been such a success, and why. every investor should be aimed with a copy. The expansion of the industry is illustrated by the increased bulk.of the Guide, which, however, is still compact enough to he capable of being carried _in a pocket.' The compiler points out .that while on the Dunedin Stock Exchange list for January, 1899, there were 36 dredging companies, with a nominal capital oE £200,000; 12 months later there were 159 companies, with a capital of £1,330,000. By the beginning of July the number of companies had increased to 302, witli a nominal'capital of £2,370,000. The Milling Investor's Griiide gives information concerning 380 companies, of which 101 are West Coast Companies. It is thus evident that very few, if any, have escaped the compiler. The particulars given include the capital, names of directors, locality and nature of claim, the number of shareholders,- and, where the dredge is not at work, the latest particulars available ,as tp the progress being made with the machinery, and the°probablo date of starting. Last, but not least so far as the investors are concerned, comes the range of prices for the week ending July 8. Now that the Guide is available, shareholders will be able to see at a glance what the directors of companies in which they are interested are doing. There is a carefully compiled index, and a directory of directors, comprising some SGO names. The feature of the present number, however, which will probably be most appreciated is the map'of the Molyneux River and all its feeding streams, such as Moke Greek, Shotover, Arrow, Kawarau, Cardrona, Clutha, Hamihenkia, sho\vin"-the position of nearly all the dredgin<* claims in Otago. A pocket is made m the froiit cover "of the Guide. The letterpress is well executed, the binding strong. Mr A. H. Burton, the compiler.and editor, is to be congratulated upon the result of his labours, which will again be appreciated by all interested in the dredging industry. The "price of the Guide, it may be added, is 2s (3d.

RE GOLDEN ROXBURGH DREDGING

COMPANY. TO THE EDITOK,

■ Sir,—Seeing that there is to bo a meeting oE the shareholder's of the above company on August 8, at i p.m., I trust that the shareholders will see to their interests by being piesont, and having the meeting postponed to a future date and later hour, say, H p.m., when there would be more chance of a representative meeting. I heartily concur with your correspondent of the 12th re liquidation of the company, for which I see no necessity. This company stands on the same footing as Conroy's Gully. When it. was found that this would not be a payable claim the money was returned in full to the shareholders. Why should there not be the same course ot action re Roxburgh Company? I nlso should be most willing to contribute my share towards legal advjqe, etc.—l .am, etc.,l July 24 Justice,

THE WEST MATAU CLAIM. TO THE EDITOR.

Sir,—l see by the Tunes that several shareholders are anxious to have the West Jlatau wound up. As. 1 live near the claim and am a contributing shareholder, I would like to say a few words through your paper to shareholders living at a 'distance from the claim. First, there is no doubt the claim is a, good one, but the difficulty of working it is the trouble. Tho No. 1 Matau has the river frontage,, and no doubt would like West Matnu to throw up the sponge,, so that I consider West Matau should play a waiting same, reconstruct the present company, get rid of tho heavy loading, and commence as a sluicing claim with their water. In. about two years .the No. 1 Matau will have

worked out their claim, leaving the West Matau in a position to work the claim by dredging to advantage, and then there- will be no better claim on the Dunotan Flat. If it were possible for the No. 1 Matau and "West Matau to amalgamate perhaps it would suit all parties best, but as a preliminary to this I think it would be only fair for the promoters of A\eat Matau to throw overboard some of the loading. —I am, etc.,

Survival, op the Fittest.

THE GOLDEN POINT DREDGING COMPANY.

TO THF. EDITOR. Sir, —I am a shareholder in this company resident outside of Gtago. Yesterday i received a circular signed by the secretary stating that negotiations were proceeding with a view to the amalgamation of the company with a company called the Enterprise Gold Dredging Company, the proposed terms being that the latter company should increase its capital to 8500 shares and allot the Golden Point Company 1500, of which 1200 should be transferred to shareholders pro rata, and 300 sold, and a portion of the proceeds applied towards payment of debts and the liquidation expenses, and the balance handed over to the shareholders. The circular then gess on to say that with the small capital proposed, and with two dredges at work on a river claim already proved, the shares to be received should assume a value in excess of that pertaining to the larger number held in the present company; and concludes by stating that the directors recommend the proposed scheme. This is the whole of the information supplied to the shareholders, many of whom probably never heard of the Enterprise Company until they read the circular; nothing is said as to the unworkccl areas or prospects of either claim, no information is given as to the value of either dredge, but upon the baldest outline of the proposal the shareholders are invited to act. Unless the directors of the Point Company supply their shareholders with further" information, I will take no part in the proposed movement; at the same time, even if the purchasing company is to receive 30s for every £ it concedes, I trust the proposal will be carried, as then the liquidation will make short shift of the present directorate and management of the Point Company. After such a disregard for the opinions of the shareholders as is evidenced by the circular, I am not prepared to take anything for granted, but when the liquidation takes place will take steps to have the whole of the past management looked into. —I am, etc., A Shakejioldee.

ELECTRIC EXTENDED DREDGING-

COMPANY. TO THE EDITOR.

Sip.,—A shareholder in the above company signing himself " Kawarau" asks in your columns of Friday, the 20th, if he has been rightly informed about the gold returns lately got with the 1 unction Electric No. 1 dredge on their claim, situated between the Cromwell and Electric Extended claims.

Yes, his informant is quite correct, the Junction Electric No. 1 dredge started dredging about seven weeks ago on the lower boundary of their claim, which is the upper boundary of the Electric Extended river claim, and the following ure the weekly returns since then:—idoz Gdwt, llSoz 15dwt, 490z odwt, 520z J3dwt, 6907., 640z 2dwt. I think I am fairly correct in the above figures.—l am, etc., Cromwell, July 24. K. Peetsch.