MINING.

Otago Daily Times, Issue 11798, 30 July 1900, Page 6

MINING.

Mr W. J. Hopkins, of Christchurch; writing from Oamaru on Saturday, informs us. that his firm has purchased Craig's freehold near Hokitika. From this property about £81,000 worth of gold has been obtained, and the returns still keep up. Mr Hopkins states that his firm have a company, with a capital:of; £30,000 underwritten. The intention ;s to work the' terraces as at/present, and-to put. on .three dredges to work the rich terrace leads that'run into the .flats. The other properties to go-with the freehold have been purchased, making altogether 650 acres. The wash at present being treated goes up to 12dwt to the load, but as mxiohas soz to the load has been obtained. Mr James Craig, the owner of the property, lives in Oamaru, and Mr Hopkins has completed the whole business satisfactorily. It is not yet known if the underwriters will piit the property on the market.

The return from the Golden-Run,pipes last week was 340z. '.' ' . "

The Molyneux River is 2ft above the socalled normal mark. ' :

. The Manuherikia'is somewhat high,, causing a good deal of drift, which hampered,dredging operations during the week. The directors of the Upper Magnetic .Company for some unaccountable reason allowed the contractor ,for the dredge to build their dredge on the. Gentle Annie .claim instead of on their own ground as is the; usual and.more satisfactory custom. It was expected that the dredge, when built, could be taken down to the claim on which she is to work through a 1 narrow rock-bound gut. But it now-appears that the gut is too narrow to permit of the dredge getting through, with the result that the rocks along the passage will have to be blasted to allow of the dredge getting ■ away. Naturally enough the shareholders are not pleased that such a stupid arrangement should have been permitted by the directors, arid they very pertinently ask on whom the responsibility willfall should the dredge sustain any damage— whether on the shareholders or the dredge contractor? Possibly the directors have taken to Safeguard the .interests of the shareholders.- If not; sliarehoiaers have valid grounds'of complaint against the manner with which their affairs have .bee'ri managed.— Tuapeka Times ..-. .•;■- ■'. ■ ' •

An Auckland telegram states -that the Waihi mine return for the month is the largest since January, 8405 tons of ore were-treated for bullion valued at £23,382. \ . . ■ An extraordinary general meeting of shareholders in the Golden Point Dredging Company will be held to-morrow evening.

REPORTS FROM WORKING DREDGES

The Secretary, of the Enterprise Dredging Ccmpany reports a return of 390z 4<2wt for the past week., . " ■ "

The Secretary of the Alexandra Eureka Diedging Company reports, a return of 61o'z. The Secretary of the Chicago Dredging Company reports a return of looz 7dwt 12gr. The Secretary of the Golden Gate Dredging Ccmpany reports a return of 55ez 17dwt for six days' work.

The Secretary of the Charlton Creek Gold Dredging Company reports a return of 17oz for 120 hours' work.

The ■Dredgemaster of the . Golden Beach Hydraulic Elevating and Dredging Company reports that he washed.up G3oz ISdwt gold for 117 hours' dredging. . '~ . The Secretary of the'Chatlo Creek Dredging Company reports'a return of 250z ldwt. The Secretary of the Golden-Point Dredging Company' repoits a return of 2<loz ddwt. The Secretary of the Vincent Dredging Company reports a return of 4Goz lOdwt for the week. - .

Tiio Secretary reports a return of 450z for four and a-half days' work from the Junction Electric No. 1 dredge. The Dunedin .Stock Exchange report the fol-' lowing .returns for last week-:—Golden Treasure Company, 21oz 12dwt; Otago Dredging Company, 120z.. ;-

Mr Lawrence Ryan,. Alexandra, reports the following, returns for last week:—Nil Desperandum, lloz 7dwt 12gr; Molyneux Hydraulic, 40oz lldwt; Perseverance, 220z for two days' dredging. ' | Mr J. J. Gibson, Lawrence, reports that the Success dredge's return for last week was 250z 3dwt 18gr for 136 hours' work.' '

The .Secretary reports tliat the return from the Cromwell Gold Dredging Company's dredge for 130 hours' work was 770z lOdwt. Ground rough ;, prospects fair

The-Secretary of the Electric Gold Dredging Company reports that there was no wash up last week. .. ■ • ::;■

The Secretary .of the..Junction Electric Diedging Company reports a return of 89oz Sdwt trom No. 2 dredge. ' The Secretary of the- Magnetic . Dredging Company reports a return of 20oz for' 92 hours' dredging. ■" .•-•". The Secretary of the Waimumu Extended Dredging Company reports a return of lOoz 13dwt for 14 hours' dredging. The Secretary reports.a-return-of 520z lOdwt f.'om the Earnsckugh. No.- 2. dredge, and 3Goz ldwt from the No. 1 dredge. ' -'- The Secretary of 'the Waimumu Central Dredging Company reports' a return of 220z 3dwt for 129 hours' dredging. ■ . . The Secretary of the Morning Star Dredging Company reports a return of' 9oz ldwt for 118 hours' work during the week enc&d on Friday. The Secretary of the Tuapeka Dredging Company reports a return of 7oz lOdwt for ]02 hours dredging. . - '■ . . We are informed' by the secretaiy of the Inch Valley Gold Dredging Company .(Limited) that the repairs to the dredge will ba completed by Lhis afternoon, when the dredge will resume work. . •

r , T I I 1 10 T ,Dr 1 e<*gemaster °f the Waikaka Forks i^olcl JJreclgmg Company reports having tried the machinery, and expects to be dredging this

THE WEEK'S DREDGING RETURNS. During the week ended Saturday, July 28 returns were reported from.' the. .following dredges:— . ■. ■: . °

Junction Electric (No. 2), Cromwell' 89' ' ? 0 Cromwell, Cromwell (130 hours).. 77 10 0 Uolden Bead), Alexandra (117 ' hours) Alexandra Eureka, Alexandra Hartley and Rilc-y, Cromwell (50 hours) Golden Gate, Miller's Plat (G Earnscleugh (No. 2), Alexandra.! 52 V) 0 Vincent, Clyde 4G 10 0 Junction Electric (No. 1), Cromwell m days) Molyneux Hydraulic, Alexandra.' Enterprise, Alexandra Earnscleugh (No. 1), Alexandra .. Success, Waipori (136 hours) Chatto Creek, Manuherikia Golden Point, Alexandra .. .. Waimumu Central, near Gore (129 hours) "22 8 0 Perseverance, Alexandra (2 daya) 22 0 0 Golden Treasure, Miller's Flat ..21 12 0 Magi.-etic, Cromwell (92 hours) ..20 0 0 Charlton Creek, near Gore (126 hours)

63 13 0 61 0 0

60 12 0

45 0 0 40 11 0 39 i 0 3G 1 0 25 3 18 25 ■ 1 0 24 4 0

17 0 0

Chicago, Alexandra. 15 7 12 Otago, Miller's Flat 12 0 0 .Nil Desperandum, Manuherikia ..11 7 12 Waimumu Extended, near Gore (114 hours) ~ .. 10 13 0 New Alexandra, Alexandra ... 930 Morning Star, Manuherikia (118 hours) 9 1 0 Tuapeka, Tuapeka- Fiat (102 hours) 7 10 0 Shotover, Shotover River .... 6 3 0 Total , ~ 92G 1 18

DUNEDIN STOCK EXCHANGE.

Sales were effected at the. following premiums on Saturday:—Aldinga, 6d; Bendigo, 10s 3d and 10s; Electric Extended, 16s 6d; Gold King, 63; Hokitika River, 3s Gd; Main Lead Hercules, 3d; Nelson Creek, 18s. Sales were also made at the following prices :—Alpine Consols, 36s 6d and 375; Dunstan Lead, 28s and 28s Gd; Evans Flat, 22s 6d; Galvanic, 23s Gd; Gold Queen, 395, 40s, and 39s 3d; Golden Run, 555; Hartley and Riley, £10 15s and £10 16s; Leviathan, 39s Gd; Saltwater Creek, par and 3d dis; Second Magnetic, 365; Vincent, 69s and 69s 3d.

The following are Saturday's quotations, subject to the usual brokerage: — Ahaura River—Sellers Gd p. Aldinga—Buyers 6d, sellers Is p. Alexandra Lead—Sellers 4s 9d p. Alpme Consols—Buyers £1 16s 9(3, sellers £1 17s Gd. Alpine Wo. 2—Buyers £1 lGs, sellers £1 16s Gd. Arrow Junction—Sellers. Is 6d p. Arth' Point—Sellers 3s dis. BencL^G —Buyers 9s 9d, sellers 10s 9d p. Cairumuir—Buyers 9s, sellers 10s p. Central Electric—Buyers £3 IG3, sellers £3 17s 6d. ■ Chatto Creek—Buyers £1 0s Gd, sellers £1 4s. Claughesy Freehold —Sellers Gd dis. Clyde—Sellers £4 9s. Cromwell—Buyers £4 12s Gd, sellers £4 14s. Dart River—Buyers 2s Gd, sellers Is 9d dis.

Davis Bend—Sellei-3 10s p. Dobson No. 2—Sellers £1 Is. Dunstan' Lead—Buyers £1 8s 3d, sellers £1 8s 9d. Electric—Buyers £2 12s Gd, sellers £2 15s. Electric Extended—Buyers 16s, sellers ISs p. Endeavour—Buyers 8s 6d, sellers 11s p. Enterprise—Buyers £5 13s, sellers £G. Extended Fourteen-mile Beach—Buyers 2s Gd, sellers 3s 6d p. • Evans'Flat —Buyers £1 2s, sellers £1 ss. First Chance—Buyers 18s 9d, sellers £1 ss. Foley's. Creek—Buyers 2s 6d p. Fourteen-mile Beach—Sellers £2. Gentle Annie —Sellers 10s p. Gold King—Buyers Gs, sellers 8s p. Gold Queen—Buyers £1 19s, sellers £1 19s 6d. Golden-Bed—Sellers £1 3s Gd. ' Golden Chain—Sellers Is dis. Golden Link—Buyers 15s, sellers 16s 9d. Golden River—Buyers is 3d, sellers Is 4§d p. Golden Bun—Sellers £2 15s. '■ Golden Terrace—Buyers 7s. Great Central —Buyers 7s Gd, sellers 10s p. Grey River Consolidated—Buyers 2s 6d, sellers 4s. p. Gun tern's Beach—Sellers par. . Halfway House—Sellers £1 18s. Hartley and Riley—Buyers £10 15s, sellers £10 ]?s. Hokitika River—Buyers 3s p. Inch-holme—Buyers 3s dis, sellers par. Island Creek—Buyers 3s 6d, sellers 2s dis. Junction Electric—Buyers £1 19s, sellers £2 2s.

Jutland Flat (vendors)— Buyers 3s. . Kelly and Casey—Buyers Gs 9d, sellers 7s Gd p Klondyke—Buyers 9s Gd. Kohjnoor—Buyers 3s 6d, sellers 6s p. Leviathan —Buyers £1 17s Gd. Maerewhenua—Sellers 6d dis. Magnetic—Buyers £2 18s, sellers £3 4s. Main Lead Hercules—Buyers 3d, sellers Is p Manuherikia—Sellers £6. • Meg and Annie—Buyers £2 ss, sellers £2 7s Gel. V

Merrimac—Sellers £1 8s G5. Moa Flat—Buyers 19s, sellers £1 2s. Morning Star—Buyers ss. Nelson Creek—Buyers 18s, sellers 18s 3d p. . Nevis—Sellers £1 7s 6d. New Alexandra—Sellers £1 ss. New River—Buyers Is, sellers 2s 6d p. Ngapara No. 3—Buyers ,£l. Is. North Beach—Buyers par, sellers 3d p. . Pactolus—Buyers 12s Gd, sellers 15s p. Pactolus No. :2—Buyers Is p. . Pactolus No. 3—Buyers par, sellers 2d X'Perseverance—Sellers £5 10s. Ponsonby—Buyers Is, sellers Gd dis. Richards's Beach—Sellers £1 6s. .-■ Rise and Shine—Sellers Is p. River Molyneux—Buyers 8s 6d, sellers 9s 6d p Roxburgh Jubilee—Sellers 6s 3d p. , Royal Maori—Buyers Is dis, sellers 2s p. ■*■ Sailor's Bend—Buyers.£2 Ss. • Saltwater Creek —Buyers 3d dis, sellers 3d p. Second Magnetic—Buyers" £1 12s Gd, sellers £1 16s. ■ ... Victory—Buyers 2s 6d, sellers 3s 3d p. •' Vincent—Buyers £3 9s, sellers £3 9s Gd. ; Vincent Extended—Buyers £2 3s, sellers £2 5s Waimumu —Sellers £1 Ss. Waipuna—Buyers 3s 9d, sellers 4s 6d p. OTAGO STOCK EXCHANGE. . .Royal Maori shares were sold at Is premium on Saturday. Sales were also effected at the following prices :—Gold Queen,3ss Gd, 365, and 365.6 d, Hartley and Riley £10 17s Gd, Moa ■ Flat 21s, Upper ■ Magnetic 28s, Vincent £3 9s Gd. The following are Saturday's quotations: — Ahaura River—Sellers Gd p. Aldinga—Sellers Is p. Alexandra Bonanza—Sellers £1 7s. Alpine Consols—Buyers £1 lGs, sellers £1 19s. ' ■-:■:■' -•.-■.■ '

Alpine No. 2—Buyers £1 17s 6d, sellers £1 19s. . ' .

Boundary Creek—Sellers 5s p. Caimmuir—Sellers Us p. . ■ Central Electric—Buyers £3 10s, sellers £3 17s Gd. -Charlton Creek—Buyers £14s. / Central ■ Magnetic—Sellers Is p. Coal Creek Flat—Sellers Gd p. Cornish Point—Buyers 2s 6d, sellers Is dis. Cromwell—Buyers £4 10s, sellers £i 15s. Dunedin—Sellers ljs. Electric—Buyers £2 11s.

• Electric Extended—Buyers^ 34a, sellers 18s Gd p. Endeavour—Buyers Ss Gd, sellers 103 Gd p. Evans Flat—Sellers £1 4s. First Chance—Buyers 18s 9d. Extended 4 Fourteen-mile Beach—Sellers -Is--6d p. Galtea More—Buyers 5s 3d, sellers Gs. Galvanic—Sellers £1 ss. ; Gibbs Beach—Buyers 15s, sellers 17s. Gold Czar—Sellers par. Gold Creek—Sellers 15s. ■ Gold, King—Sellers Gs p. Gold Queen—Sellers £1 18s Gd.Golden Bed—Buyers £1 2s, sellers £1 Gs. . Golden Gate—Buyers £7 iOs. ' Golden Glen—Sellers par. Golden Grey—Sellers Is p. Golden Horseshoe—Sellers 6<l p. Golden Point—Buyers £1 Is, sellers £1 sa. Great Central—Buyers 7s 6d p. Grey Rivet Consolidated—Buyers 2s 6d p. • Halfway House—Sellers £2. Happy Valley—Sellers 6d p. Harris Beach—Sellers 3d p. Hartley and Riley—Buyers £10 10s, sellers £10 17s Gd. Inchdalc—Sellers 6d p. Inch-holme—Sellers Is p. Leviathan—Buyers £1 15s, sellers £2. Malone's Beach—Sellers Is p. Meg -and Annie—Buyers £2 4s, sellers £2 83. Mop. Flat—Sellers £1 2s. Nelson Creek—Sellers £1 Is p. New Alexandra—Buyers £1, sellers £1 3s. Nc Town Creek—Buyers Is Gd, sellers 3s p. Otania —Sellers Cd p. Perseverance—Buyers £5 2s Gd, sellers £5 12s Gd.

Premier Waikaka—Sellers Is Gd p. Prince Arthur-—Sellers Is'dis. » Remarkables—Sellers par. Richards's Beach—Sellers £1 4s 6d. Rise and Shine—Sellers Is p. Rivcrbank—Sellers 14s 9d. Ross Flat—Sellers Gd p. Roxburgh Lead—Sellers Gd p. Royal Maori—Buyers Gd, sellers Is p. Second Magnetic—Buyers £1 11s, sellers £1

Shotover —Sellers par. Teremakau—Sellers par. Triumph^—Sellers Gd p. Tyson's Beach—Buyers 2e, sellers Is 3d dis. Upper Magnetic—Buyers. £1 6s, sellers £1 Ss Gd.

Vincent—Buyers £3 9s 3d, sellers £3 17s Gd. " '

Vincent Extended—Buyers £2 7s 6d. Waipuna—Sellers 3s Gd p. Wet Load—Sellers par. Willoughby Cardrona—Sellers 6d p. Yellowstone —Sellers Is p.

THE EQUITABLE STOCK EXCHANGE report- as follows: — Sales.—Bendigo, 9s 6d p; Electric, £2 12s; First Taieri, 4s dis; Gentle Annie, 8s Gd p; Orwell Creek, 5s 6d p. Buyers.—Alpine No. 2, 355; Bendigo, 9s Gd p; Central Electric, £3 15s; Cromwell, M 10s; Electric, £2 10s; Electric Extended, 14s p; Gentle Annie, Ss Gd p; Gold Queen, 355; Golden Falls, 4s Gd p; Golden Point, 225; Golden River, Is p; Grey River Consolidated, 2s 9d p; Hokitika River, 2s Gd p; Junction Electric, £2; Kelly and Casey, 4s Gd p; Klondyke, 9s; Leviathan, 335; Meg and Annie, £2 ss; Orwell Creek, 5s p; Second Magnetic, 33s Gd; Sixteen-mile Beach, 2s p; Vincent, £3 7s:' Waimumu Extended, 17s Gd.

Sellers.—Ah aura River, Gd p; Alpine No. 2, 30s; Bendigo, 10s 6d p; Boundary Creek, 4s Gd p; Caimmuir, 10s Gd p; Central Electric, £5 19s; Cromwell, £4 15s; Dart River, 2s Gd 'dis; Dunedin, 9s Gd; Electric, £2 13s; Electric Extended, 18s Gd p: Excelsior, 2s p; First Taieri, 3a dis; Garibaldi, Is dis; Gentle Annie, 9s Gd p; Gold Queen, 395; Golden Falls, 7s p; Golden Gravel, Od p; Golden Horseshoe, Gd p; Golden Mile, par; Golden River, 2s p; Golden Run, £2 16s; Great Lead. Is p; Great Western, 19s; Greenstone, 2s 9d p; Grey River Consolidated, 3s 3d p; Harris Beach,_Gd p; Inch-holme, par; Junction Electric, £2 ss; Kia-ora, 2h dis; Leaning Rock, 2s dis; Magnrlic -S3 2s G<l: Meg and Annie, £2 10s; Moa Flat, O2s- Mokoia, 225; Olrig. 235; Orwell Creek, Gs Gd p; Ola#o, 25s;' Otrwna, Is dis; Premier, Waikaka, Is Cd p; Reeves' Proprietary, £1. 0s Grl; Roxburgh Jubilee, 7s Gd p; Sailors Bond. £2 9s; Shotover, Is <Ha; Sixteen-mile Beach, tc p; Teviot, 2s p; Triumph, 3d p; Upper MnwKio. 275; Vincent, 70s: <"™v™" Contrnl, Rs fid p; Waimumu Extended, J«» "«i: Wet Lead, 2s di's; Woodstock, 3s p.

NOTES FROM ALEXANDRA.

(From Oub Own Correspondent.)

ALEXANDRA, July 28. The Molyneux is falling again, most cf the flood waters having been drained from the lakes, since yesterday. The drop is about Sin. The Manuherikia is also..going down. The dredging returns are expected to bo about the average. The Alexandra Eureka dredge obtained 61oz thi3 week.

NOTES FROM REEFTON. (Per United Peess Association.)

GREYMOUTH, July 29. Gold Returns:— Keep-it-Dark returns for July: battery, 1970z gold from 976 tons ; cyanide, 1520z gold; .total, 3490z; Kirwan's Reward, 2140z retorted from 182 tons; Snowy Creek, 71oz amalgam from 63 tons (top plates); Consolidated dredge, 13oz 3d\yt gold for 120 hours; Buller dredge, 19oz sdwt gold for 250 hours.

SHOTOVER QUARTZ MINING COM-

PANY.

The following is extracted from the mine manager's report of 23rd July:—- Last week I reported finding gold in the hanging wall formation. To make sure of it this week I cut into the wall 18in, and got gold all the way. The gold is in further yet in places. This will make the block of stone of larger extent than I expected."

ELECTRIC EXTENDED COMPANY.

The annual meeting of the Electric Extended Gold Dredging Company was held in Messrs Sievwright Bros.' rooms on Friday evening. Mr K. T. Wheeler, jun. (chairman oi directors), piesided, and there was a good attendance oi shaieholders. .The annual report and balance sheet (already published) were taken as read. -- The Chairman, in moving the adoption of the annual report, explained that at the close of the statutory general. meeting last year the directors held a meeting, and at once took steps to place a dredge upon the company's claim. The plans and specifications were prepared by Mr Leslie Reynolds, the engineer, and everything possible was done to urge on the completion of the dredge. Unfortunately, they were not yet able to 'say that the dreage had been completed. There had been a variety of drawbacks from one cause and another, and tho directors regretted exceedingly that they were not able to say that night that the dredge was at work. Tenders were' let, but it was impossible to get a first-class man to tender and give a price with a penalty, so it was agreed to accept a tender without time being specially stated as regards the. machinery. The pontoons were finished in time, but as no time was stilted' respecting the machinery they had had to wait, although they had had good work turned out, and the company were now possessed of a dredge worth fulJy i'SOOO. The dredge would cost thorn about £0000, B o that, although they regretted the delay that had occurred through the great pressure of work in the dredging world, and the delay in cartage—a 'matter which was at present in their solicitor's hands —they had this consolation: that their dredge, judging by the present market rates, was worth £2000 more than it had cost <to build. They had called up 16s per share, and it was quite possible that they would have to strike a call of another Is. That wouid yive them an ample margin to cover all costs. lie thought that that was very satisfactory, for anyone connected with dredging imist know that nine cut of every 10 dredges commenced Work in debt. It was very gratifying indeed to think that tho Electric Extended Company would start work with at least 3s of uncalled capital to their credit. With regard to the claim lie (the chairman) had paid a visit to it. Mr Johnstone, another director, had also been over the ground, and they were all thoroughly satisfied with it, He might say that he recognised, in connection with any dredging property, that it was difficult to get an unbiassed report, and he was desirous of putting before the shareholders at that meeting something that came from an untainted source.

Many people who went in for dredging never had an opportunity, of visiting the claims they were interested in, and ho thought that if one could obtain an unbiassed report it gave a clear idea of what ilieir property was'like. With that object in view, he arranged with Mr Wylie, tha engineer constructing the dredge, a gentleman who held no shaves in the company, and had' no interest in it whatever, to send him a report, wliich he had done. The report, which was dated 16th July, 1900, was addressed to him, and read' as follows :—" At your request, I now submit the following report upon the prospects of that.portion of your claim situated on the Kawarau. Kiver. The upper boundaiy, of your claim crosses the river at an angle some' distance above the gorge. The first part of the claim has a well-deniiert beach for a considerable distance down' stream. At the lower end of the beach the river contracts, forming two bluffs of rock, on the down stream side of which- there is another beach: At the lower end of this beach, for a shore di'stafi'ce, there'are stones in place of the beach, while somewhat lower down there- is another bsach just above the entrance to the gorge proper. I estimate the distance from, the upper boundary to the bottom end of the lower beach at nearly 500 yds, the remainder of the? distance to the lower boundary of the claim,- about 350 yds, being a-river gorge. For nearly the: whole distance on the west.side of the river, abreast of the. beaches, there are extensive old,sluicing workings, and at a considerable height above the river level; the same remark aipplies to a part'of the east sida of tb> river. ' I am of opinion tliat the'beaches re-ferred-to will prove highly payable, .more especially'when the fact of the late good returns from the 'Electric-No.' 1 diedge are taken into consideration. At present, tka-i dredge, is work ing about two dredge 'lengths above tbc tipper bouiidaiy of your.claim, The dredge referred to lias only got buckets of. about 2A'cubic feet

capacity, while the Eiee.iric I'Jxtenaed buckets have a "capacity of about-4$ cubic feet. Therefore, assuming that the ground is as rich as

Electric No. .1 (of.! which I have, very little doubt), your dretlge will 'more than double the return of gold won, per week when it starts work. With reference to the part of the claim in the gorge proper, I think the run of gold will extend', down t-lid gorge. The two main points to be taken into consideration in dredging the lii-cr are the depth of water and the nature of the bottom. . As far as the first is concerned, I do not think it will prove to be very deep. The only way to determine the nature of the bottom will be to test the same by means of the dredge. It' the stones on the bottom arc not too large, the gorge part of the claim will Wo clrcdgeablo. There is one thing in its favour

—viz., at various places soft.bars of rock cross the river; therefore when the, buckets touch bottom they .'will bring up a considerable depth of the rock bottom where it is soft, raid at the same time lift the gold.which may be lodged in the crevices." Proceeding, the chairman said it was always best to get an unbiassed report about a claim, and Mr "Wylie's report, lie might state, fully bore out his-own opinion. In connection with the completion of the dredge, the directors expected that it would be completed within three or four weeks' time.—.(Applause)..

Mr A. James, in seconding the motion, said that the position of the company was very satisfactory indeed. There had been occasional attempts to run the property down, but he did not think that they had been successful. The majority of the shareholders had stuck manfully to their shares, being of opinion that they had a good property. It was also very gratifying to hear that they would be able to start work without calling up all their capital—(hear, hear), —and that the dredge would be in full

swing in about three weeks.

■ Mr Johnstone was of opinion that when the diedge commenced-work-it would bo one of the best in the district. It was likely to start right

away on good gold. The .Electric dredge, & small one .with 2?, ft buckets,'which had been getting so many good returns, had been work-

ing on this company's boundary for the last two months; so close, in fact, that they had been told that she was working on their claim,

and the director living in the district had been told off to watch their interests.

In answer to a question as to what the banks woro like, Mr Johnstone replied that they had sufficient work in the river to keep them going for five or six years without touching the banks at all. It would be time enough then to decide whether they should tackle the banks or riot. "If. the Richard's Beach Company proved their ground to be good they would be opening the. way for them to go and work their bank claim.

The motion was then carried. Messrs if. Protseh and A. James were elected directors, and Mr John Davie was appointed auditor.

The meeting closed with a vote of thanks to the chairman and directors.

THE CROMWELL GOLD DBEDGING

COMPANY (LIMITED), TO TITK EDITOR.

Sir, —I am credibly informed that a very large number of shares in the above company have been oversold by certain so-called speculators, with the result'that a decline, has taken place in the price of the shares notwithstanding the eminently satisfactory returns fiom the dredge, averaging nearly GOoz per week sirce she started six weeks ago. Now, this is not as it should be, and advice to shareholders is to "ait tight." These oversold shares must be bought, and the shareholders are the only people who can sell. Therefore, shareholders protect your interests, and don't allow yourselves to be persuaded, to accept the present market prices, and you will soon see the result on the market. This soiling of stocks that the vendor does not hold, in the hope of buying in at .a cheaper rate and. delivering when" the market is knocked over should, in my opinion, in every way be discouraged. The market made by over-selling is a false one.—l am, etc., Shareholder.