MINING.

Otago Daily Times, Issue 11922, 21 December 1900, Page 5

MINING.

ROYAL MAORI GOLD DREDGING COM-

PANY;

The first annual meeting of the Royal Maori Gold Dredging Company was held at the Dunedin Stock Exchange hist night. Mr W. T. Talboya, chairman of directors, presided, "and there wore five other shareholders present.

The annual report, which was submitted to the meeting, contained the following clauses"lmmediately after the statutory general meeting held last year instructions were given to the company's engineer, Mr F. W. Payne, to proceed with the construction of the dredge and contracts were let for the pontoons and machineiy, to ho completed in October and December respectively. Along with all other companies this company has suffered by .prolonged tie ays, and tho estimate given by the engineer thnt contracts would he completed by the end of the current year will, unfortunately not be realised, but the directors feel confident the dredge will start work, by the end of March next. The engineer reports that most of the timber for the pontoons is now on the site and the contractor hag been advised that the penalty clause will be enforced if the work of construction is not immediately commenced. Tho machinery is practically completed and being prepared for shipment by the Austral Otis Engineering Company, Melbourne, and the engine and boiler are now on the way out from Marshall and Sons, England." The Chairman, in moving the adoption of the report and balance sheet, said there was one good feature in connection with the company, and that was that the arrears were small For instance, the arrears of calls up. to the date of the balnnse sheet amounted to .5475; but tho secretary informed him that £277 had since been paid up, leaving a balance of £108 in arrear. That srmke well for the Rtabilify of the company, and also for the energy displayed by the secretary. The secretary also informed him that J2MG of the seventh call now due had been paid. Tho company could, therefore, congratulate themselves upon having n j»ood share register. He was up at the claim about three weeks r.go. They had then stn.rf.erl with the rjontoons, which would probably he launched and ready for the machinery by the time it was on the pround.

In reply to n shareholder, the Chairman said he oxnected the machinery would be on the ground about the purl ot April. Mr Rhodes seconded the motion for the adoption of the report and balance sh"et.

The Secretary read a report from the company's engineer (Mr F. W. Payne), who stated that his insneetor (Mr Peek) visited the building site last Fridny. All the heavy timbers, tin frnme pieces, and most of the" planking were then on the ground, and the framing was being proceeded with. None of it was as yet bolted in position; but the tennonine was in progress. 'Mr Peak arranged for the fitting in of the water-tight steel hulkhsinV which were being constructed at the Olago Foundry, and would be completed this week and sent on to the site. The machinery was now completed, and his representative" in Melbourne had his instructions re shipping. The cartage, customs entries, etc., would be undertaken by Messrs Tonkin and Co.. their tender having been accented. The engine and boiler were in the Aotea, which was expected daily. The motion for the adoption of the report and balance sheet was then vnl nnd carried.

Messrs Talboys and Rhodes were re-elected as directors, and Mr R. T. Wheeler, jun., was re-elected auditor.

MOUNT LYELL MTNTNfi AND RAILWAY

COMPANY.

MELBOURNE. December 20. The manager of the Mount Lyell Mmm" and Railway Company reports thnt from November IS to December 12 inclusive the total quantity of 21,(112 tons ore was treated, in addition to 4370 tons rmrchased ore and metal-bearing fluxes. Tlie converters produced during the same period 711 tons blister copper, containuir—copper, 703 tons; silver, .18,2630z; gold 20350z.

THE MATATJRA DISTUICI. (From Our Own Correspondent.)

GORKI. December 20. The Otp.ms dredge ban closed onerntions to allow tho ladder to be lengthened pwlfieientlv to "ope with the deep wash. The Central Matanm returns from the prospecting dredge caused some cxciteraen,t locally, and the flats in the vicinity of where the two latest returns have been secured are being sought sfter by speculatovs. It is considered Hint this present week's return will lie about Qmz. Tf the dredge were capable of lifting SO tons per hour instead of about 20 as she does at present, T feel confident the returns would be very handsome.

The balance of machinery for the Central Mafaura dredge is arriving in Gore, and the dredge should bo working by the end of January.

NOTES FROM CROMWELL. (From Our Own Correspondent.)

CROMWELL. December 20. A very successful run was taken out of the Alpine No. 2 dredge by the dredgemaster ye?tevdny. The dredge will not be taken to the clnini till after the hnlHnvs

The warm winds of the post two days have put the rivers up a couple of feet.

NOTES FROM ALEXANDRA. (Fnoit Oun Own Corhesfondent.)

ALEXANDRA, December 20.

As a result of the violent and warm winds on Tuesday and Tuesday night the Molyneux commenced rising towards evening, and reached the height this morning of 7ft above normal. The rivers are now receding slowly. Most of the local dredges will he shut down during the Christmas and New Year holidays for a week or ten oiws.

The Olrig dredge is now working on a run of coarse, tight wash.

The machinery is now being erected on the Kelly and Casey dredge. The Dunstan Lead pontoons are expected to bf. finished this week. A portion o£ the machinery is lying on the ground. The Sramiherikia dredge is working again. The Most- is pulling ahead slowly, and seems to be getting over the ground.

The long-delayed sienna uipes for the Golden Link dredge came to hand this morning, also pipe lacing, driving rope, and new elevator link bushes of superior quality. Now that these necessaries have come forward it will not b* long before the dredge will be at work.

THE FOIXRTEEN-MIT,E BEACH GOLD

DREDGING COMPANY TO THE 7.PITOR.

Sir,—Noticing the statement in your issue of the Bth inst. that the directors had decided to flume the remainder of the water race, and having had considerable experience of water races—among others, having superintended the construction and maintaiiiinu of some ]0 miles of water race for the Bald Hill Sluicing Company, carrying on mining not far from Pour-teen-mile .Beach—and being unable to conceive ground so bad as to all need flnming, on Saturday last I visited the Fourteen-mile Beach to see for myself. I am one of the largest shoreholders in the company, and hold on through the times of high premiums, so naturally feel aggrieved at the dredge not starting, and at the way the prices of shares have been tumbling down. I found things as I expected. In ray opinion, there is no need to flume any large Dortion of the race—perhaps not any at all. It- has not hud a Fair trial, and the means adopted to make the race serviceable are not those I would adopt, nor do I think they would be adopted by anyone with any extensive experience. In my opinion, the race and pipeline can bo mnde perfectly serviceable by men accustomed lo such work, within a month for less than £60. I am sure had I been directing the work the race would have been right long ago. As regards the statement that the river is not likely to be low. enough until March to dredge, it is low enough now, and many of the beaches left by the early miners can be dredged now, when it would be impossible to do so in low river. I think the directors might give a little more information than they do as to the why and wherefore of things. They might, for instance, publish the dredgemnster's reports. It is not right that these should be. kept to themselves, or only available for the in formation of the select circle of their friends. I have seen many mistakes made with water races, and have made some myself. They are essential parts of our education. But, havin" learnt bow to avoid some of them, I cannot, in justice to the shareholders and myself, remain quirt while the property is being experimented with at such cost. I prefer management, by men whose experience has been paid for.—l am, etc.,

Tjiowas C. Donnelly. Matakanui, December 17.

THE OLD DUNSTAN GOLD DREDGING

COMPANY. TO THTS EDITOR.

Sip.,—ln answer to " Town Director," I still nay we are slow in comparison with the average dredges. I happen to know Mr Fache, whose courtesy I do not challenge. But is there any earthly reason why the office should be in Clyde? I should like to know if the calls are being paid regularly, and would like to see the books. It is ray intention to pay no more calls until proceedings are taken for their recovery from all, of which I hope.to Teceive notice. It appears that there is some truth in your correspondent's notes that tho bank claim cannot be dredged, as " Town Director " says it may or may not be dredged, and probably will not be dredged. Then why put it in the prospectus? This is what I complain about. I feel that I have been " had." I say again that vendors' shores are being hawked about at 10s; and no wonder, as these gentry know full well how to value ihe property.— I am, etc.,

Shareholder,

—Though tho bankrupt is so common among us nowadays, foiv know whence he derived his unenviable cognomen. It is among the most interesting of words with histories. Lombards, riiovjoy-changers of Venice, sat on