MINING.

Otago Daily Times, Issue 11923, 22 December 1900, Page 10

MINING.

The Secretary reports that- the return from ■the, Eamscleugh No. 2 dredge was 730z lGdwt for 90 hours, and from No. 1 dredge 17oz 14dwt.

The Secretary reports that the return from the Gold Queen dredge was <)7oz lGdwt for 102 hours. Ths dredge was stopped for 24 hours •owing'to one of the rollers of tho ladder breakin*'. The Secretary oi tho Junction "Electric Gold -Dredging Company reports a return of 14oz Jldwt for four days' dredging. - Uq dredge is now shut down for the holidays.

The Secretary of the Chatto'Creek Dredging ■Company reports that the clredgemastcr washed up 16oz"l5dwt. The Hartley and Riiey Beach Dredging Company (Limited.) obtained s£o: of gold for five lays' dreasing. The Central Mataura (No. 2 dredge) reports a return of 220!s odwt for 96 hours' work.

Tho Manager of the Champion Gold Mining Company (Limited) reports that ha washed up at the end of last week for a return of 15oz 19dwt Ggr of gold, of the value of £61 9s. The total gold yield from the mine for the last three weeks'has been -Mo;-. 12dwt 3gr, valued at £156'6s '3d.' ' '

The Secretary of the Last Chance Hydraulic Sluicing, Elevating, and 'Dredging Company (Limited) - reports a return ■ of. 70o;: for four' weeks' sluicing. ' The Majestic dredge, Miller's Flat, will commence dredging operations in the second week of January. Everything is nov, in readiness ■for a/start,' but it has been deemed inadvisable to commence until the holidays are over.

Mr V. Thompson, of Port Chalmers, has secured the contract for erecting the machinery on the Waitahuna Gully dredge, which is expected to be ready for work early in February. Mr C. H. We3tneld, of Fail-field, has been appointed working manager, of the Coal Creek Collieries Company's pit at Coal Creek. There ■wera'ii large number of applications .for the position.

The Secretary of the Magnetic Dredging Company reports' that tho dredge has not bottomed since "Wednesday. The river has risen, and the dredge has been shut clown. The prospects are good. The Dredgemaster of the Enfield dredge reports:—" We are getting on very well with the fltting-up of the dredge, all the bulky parts of machinery being on board. The engine is ready to screw down in position when the bolts arrive. The boiler is in position, and partly fitted; winches also in position, and the fitting well advanced; air and feed pumps also in position." There have been a number of unexpected hindrances to the construction of the dredge, but it is expected Ehe will commence work early in January. MrW.B, C. Reid, secretary of the Great Woodstock Gold Dredging Company (Limited), Hokitika Biver, hands us the following report from Mr F. W. Payne, the company's engineer, dated 21st December:—" Machinery: The Austral Otis Company, of Melbourne, have all the patterns finished; plummer blocks and soles cast, casting fair leads; top tumbler in sand; screen gear being cast, also ladder fittings; ladder plates and angles cut, and punched ready for setting,' also bulkheads, sides of elevator together; punching bulkheads; marking out buckets; the manganese pins have been ordered •from England. Pontoons: Tho contractor (Mr Pearson) is now on the ground, and is making arrarigerajnts for commencing work immediately after the holidays. The boiler is being made in "Wellington. The engine (16 horsepower, Marshall's) is now on the way out. The dredge should be at work within six months.' Tho claim ie situated about five miles, by good road, from the Hokitika railway station or wharf, and has one mile of river frontage about 60 chains above the Hokitika Hiver Company's claim. An advertisement appears in this issue from secretaries of dredging and mining companies notifying the days of closing of their offices lor the Christmas and New Year holidays.

' In connection with the dredging industry a good deal of valuable work has fallen to the share of Messrs Morgan, Cable, and Co., of Port Chalmers. That firm have just completed some alterations to the dredge Success at the Lower f'Waipori. This consisted of a new steel boiler iof the usual dredging" typo and of 20 horsepower. This piece of work was promptly con- | strnctcd, as only three weeks were sppnt in completing it and handing it over ifor the necessary Government inspection. At the same time the dredgemaster took advantage of her receiving a new boiler to have the engines thoroughly overhauled, and the cylinders were accordingly lifted and forwarded to Port Chalmers. They arrived there by the 2.30 p.m. train on Wednesday, and were at once taken in hand. The cylinders were bored out, the valve faces planed, while two new pistons and rods, with three new valve spindles, were supplied, and the whole of this gear was despatched from the firm's factory at Port Chalmers for Waipori at 4 p.m. yesterday. Mr Henley, the dredcemaster, deserves credit for the way m which he manages the dredge, and his determination to keep her up to date. The Kumara correspondent of the Holutika Guardian supplies particulars of the demand in the statement of claim Tansy v. George Henry Lawson, in' connection with the Folcy's Extended Gold Dredging Company. Briefly, the statement alleges that defendant, being the owner of a one-fourth share or interest in a prospecting area at Foley's Creek, granted an option to.George Neill (of Dunedin). The company was formed, and defendant alleged he was entitled to receive 228 fully paid-up vendors' shares and £59 in cash. The plaintiff purchased defendant's shares and the right to the £50 ifoi £160 cash. The claim was said to 1)3 about 100 acres in extent, and proved by prospecting to be exceedingly rich in gold. Since paying the purchase money tho plaintiff says lie has discovered that the prospecting area contains only 47 acres 2 roods instead of 100 acres as represented, and has also discovered that the area contains little or no gold, and that it is absolutely valueless for /.-orking by a dredge. The plaintiff further alleges that he has discovered that the 2-2S fully pajd-un shares and £50 cannot be obtained. 'Plaintiff claims the return of the £IGO paid to defendant, a declaration that the sale is void and may be set aside, and £250 as damages and such further or other relief as the court may consider him entitled' to. A similar comnlaint. Tansy v. William A. Lav/son; c.sim of £135, is also pendfhe Mount Benger Mail says the Golden Bed dredge go., down to her claim on Thursday, and started dredging. The machinery is running very smoothly. Mr Robinson, of the Arrow Junction dredge, had a trial run of the machinery by the use of belting (says the Lake County Press). The machinery moved like a clock. Our Greymouth correspondent telegraphs: — " At a farewell banquet to Mr Goldsworthy, manairei of tlm. local branch of the Bank of Now Zealand, the chairman cf directors of the Grey River dredge gave it to be understood that tho return this week would exceed last week's to no inconsiderable extent." An Auckland telegram says:—During the four weeks ending December 15, the Nananu Gold Mining Camnnnv treated 160 tons ore for bullion valued at £1245. Thirteen tribute parties wo'king mi the May Queen mine cleaned 'up for last month's work J3O.1. tons general ore treated, getting bullion worth .£1074. The abridged prospectus of the Twelve-mile Gold Dredsing Company appears in our advertising columns this morning-. Tho capital is £10,000, iv shares of £1 each, and the claim is situated on the Grey River. Reports by Mr James Bishop and Mr \V. Griffiths accompany tho prospectus. Conies of the full prospectus may be had from Messrs Baker Bros., Dunedin, Christchurch. Wellington, and Auckland, or from Mr E. Wicks, Greyniouth. DUNEDIN STOCK EXCHANGE. Sales were effected at the following premiums yesterday:—Aldinga, Gs; Caledonia, 3s; Central Mataura, 2d; Erickson's Reward. 7s 3d; Greenstone, is; Grey Rivnr Consolidated, 4s Gd; ICohirtoor, 9s; Long Valley, 12s Gd; Maori K"ig, Is; No Town Creek, 7s Gd and 7s 3d; North Beach, 4s; Pactolus, 33s Gd and 335; Pactolus No. 2, 3s 3d; Teremakau, par; Trafalgar, lls Gd and lls 3d; Victory, 9s 3d, 9s, Ss 9d, and Ss Gd; Warcatea, 4s. Sales were also made at the following prices: —Boundary Creek, 24s Gd and 24s 3d; Central Charlton, 16s; Dobson No. 2, 27s 9d. 28s 3d. and 30s; Electric, £2 7s 6d; Electric Extended, £2 3s Gd; First Chance, 27s and 27s 6d; Ford's Creek, 25s Gd and 25s Od; FourteenTinile Beach, 345, 33s 9d, and 345; Gentle Annie, £2 6s Gd; Gold King (paid), 16s; Gold Queen, R2s Gd and 32s 3d; Greenstone Creek, 35s 6d and 355; Grey River, £3 19a Gd, £4 Is, £4 Is 6d, and -£4 2s Gd; Halfway House, £2 ss, £2 5s 3d, and £2 ss; Hartley and Riley, £5 19s 6d; Junction- Electric, 30s; Kelly anil Casey, 31s; Leviothan, £2 4s; Magnetic. 31s Gel and 31s 3d; Metallic, 27s Gd and 2Bs Gd; Miller's Flat.Electric, 25s 6d, 255, and 25s Gd; Morning Star, ss; Nelson Creek. £2 IGs; Reeves Proprietary, 28s, 295, 29s Gd,' 29s | 9d, and 30s; Rich'ards's Beach, 21s Gd, 21s, and 20s Gd; Three-mile Greenstone, 2Gs and 275; Vincent, £2 2s; Vincent Extended, £2 ss; Waipuna, 31s, 30s. 20s Gd, 295, 31s. 6d, 325, 32s 3d, 325, and 31s 9d. In addition to the above, sales were made at the following rates of discount:—Alexandra Bonanza, Is Gd; Arthur Point, 2s Od. The following are yesterday's latest quotations, subject to the usual brokerage: — Al—Buyers Is p. Ahaura River—Buyers IOJd, sellers Is 6d p. Aldinga—Buyers Bo 6d, sellers 5s 9d p. Alexandra Bonanza—Buyers Is Gd, sellers fid Alexandra Eureka—Sellers £1 15s. Alpine Consols—Buyers £2 4s 3d, sellers £2 ss. Alpine No. 2—Buyers £2 2s, sellers £2 ss. Arrow Junction—Buyers £1 7s 3d, sellers £1 9s 9d. Arthur Point—Buyers 2s 9d, sellers 23 3d dis. Big Fiat—Buyers Is Gd, sellers Is dis. BigneU's No Town—Sellers par. Boundary Creek—Buyers £1 4s, sellers £1 5s Gd. ■Brandy Jacks—Sellers Is dis. Cairnmuir—Buyers £1 13s, sellers £1 14s Gd. Caledonia—Buyers Ss 41d, fellers 3s 9d p. Central Charlton—Sellers £1. Central Electric—Buyers £3 lls 6d, sellers £-1. Central Magnetic—Sellers 3d p. Central.Mataura—Buyers l»d, sellers 3d p. Charlton Creek—Sellers £1 18s. Ciaughesy Freehold—Buyers 3d dis, sellers par. Dobson No. 2—Buyers £1 10s 6d, sellers £1 113. Electric—Buyers £2 7s 6c]. sellers £2 Bs. Electric Extended.—Buyers £2 2s 9d, sellers £2 3s Gd. Endeavour—Buyers £1 2s <k], sellers £l 4s. Erickeoirs Reward—Buyevs 7s Od p. First Chance—Buyers £1 7a Gd, sellers £1 Ss Ford's Creek—Buyers £1 sfi Gd. sellers £\ Gs. Fourteen-mile Beach—Buyers £1 13s 6d, sellers £1 16s. Galvanic—Buyers £1 13s, sellers £1 Ha 9d. Gentle Annie—Buyers £i Gs Gd, sellers £2 7s 3d. Gibbston—Buyers Gd dis, sellers 6d p. Globe—Buyers 6d dis. Gold King—Buyers 3s Cd. sellers 2s Gd dis. Gold Queen—Buyers £1 12s, sellers £1 -13s; Golden Bed—Buyers £1 7s, sellers £1 7s Gd Golden Falls—Buyers £\, sellers £1 <1 8 . Golden River—Buyers Is M, sellers 2s p. Golden Run—Buyers £2 6s, sellers £2 9s Od. Grand Junction—Buyers 7s 3d, sellers 7s 4Ad Great Central—Buyers £1 13s, sellers £1 18s. Great Greenstone—Sellers Is p. Great Lead—Sellers £1 fis p. Great Woodstock—Sellers 3d p. Greenstone—Buyers 3s 9d, sellers 5s p. Greenstone Creek—Buyers £1 Ms, sellers £1 • los C:!. Greenstone Junction—Buyers £1 ss. Grey River Extended—Sellers 2s Od p. Grey River—Buyers £1 2s, sellers £i 2s Gd. Grey River Consolidated—Buyer.s 4s Gd, sellers i% 9d p. Halfway House—Buyers £2 4s, sellers £2 5s Gd. Hartley and Riley—Buyers £G 19s Od, sellers Hokitika River—Buyers 13s, sellers ,15s p. Junction Electric—Buyers £1 Ss. Ka.warau Bridge—Buyers 5.% 3d, sellers 3s 9d PKelly and Casey-Buyers £1 13c Gd, sellers £1 13a 9d. Kohinoor—Buyers 8s 3d, sellers 10s p. Leviathan—Buyers £2 3s Gd, sellers £2 4s 6d. Lioness—Sellers par. Long Valley—Buyers 12s Gd p. Magnetic—Buyers £1 lls. Majestic—Buyers £1 Is, sellers £1 ss. ■ Malono's—Buyers 2s Gd, sellers Is Gd dis. Maori King—Buyers Gd p. Manuherikia—Sellers £3 15s. Marsden No. 3—Buyers par, sellers 3s p. Matau—Sellers £i lbs. Meg and Annie—Buyers £5 7s. .' Merrimac—Buyers £1 16s Gd, sellers £1 19s. Metallic—Buyers £1 Gs 9d. Miller's' Flat Electric—Buyers £1 ss, sellers £1 Bs. Moa Flat—Buyers 19s, sellers £1. Mokoia—Buyers £1 Gs, sellers £1 7s Gd. Monte Christo—Buyers £1 14s Gd, sellers £1 1 p s Morning Star—Buyers 4s 3d, sellers ss. Morvcn Ferry—Buyers 3s, sellers Is Gd dis. Mosquito—Buyers par, sellers.2s Gd p. Nelson Creek—Buyers £2 IGs,'sellers £3 4s. New River—Sellers 3s p. No Town Creek—Buyers 7s 3d, sellers 7s Gd P No Town No. 2-Buyers 2s Gd, sellers Gd dis. North Beach—Buyers 3s 9d p. Nugget—Buyers Is 3d, sellers Is 6d. Orwell Creek—Buyers 5 3 p. Pactolus No. 2-Buyers 2s 9d. sellers 3s 3d p. Perry's Reward—Buyers 6d dis, sellers 9d j>. Premier Waikaka—Buyers 17s. sellers £1. Reeves Proprietary—Buyers £1 10s, sellers £1 lls. Richards's Beach—Buyers £1 0s Gd, sellers £1 2s Gd. Rise and Shine—Buyers Is dis, sellers par. River Molyneux—Sellers 4s Gd p. Ross Day "Dawn—Sellers Is dis. Ross Flat—Sellers Is Gd dis. Roxburgh Jubilee—Buyers 3s 6d p. Sailor's Bend—Buyers fl 18s, sellers £2 Is. Saltwater Creek—Buyers 6d dis, sellers Gd p. Second Magnetic—Sellers £1 13s. Sixteen-mile Beach—Buyers 15s. Teremakau—Buyers 3c! dis, sellers par. Three-mile Greenstone—Buyers £1 7s Gd, sellers £1 8s 3d.

Trafalgar-Buyers 10s p. Upper Magnetic-Buyers £1 15s Gel, sellers £1 Victory—Buyers Ss 3d, sellers Ss 9d p. Vincent—Buyers £2, sellers £2 2;; Gd. Vincent Extended—Buyers £2 ss, sellers £2 5n Gel. Waiora—Sellers par. Waipuna—Buyers £1 lls Cd, sellers £1 12s 3d. ' ' Wareatea—Buyers 4s Gd, sellers 6s p. Yellowstone— Buyers Is dis. OTAGO STOCK EXCHANGE. Sales were made yesterday at the following premiums:—Ahaura River, Od; Caledonia, 33 3d, 4s, and -is 3d. Sales were also recorded at the following prices:—Alpine No. 2, £2 0s Ocl; Cairnmuir, !!3s 9d; Gentle Annie, £2 6s Gd; Golden Bed, 27s .'id; Kelly and Casey, 33s and 33s 3d; Upper Magnetic, 3Gs; Waipuna, 31s Gd. Leaning Rock shares were sold at 4s discount. The following are yesterday's latest quotations : — Ahaura River—Buyers 6d, sellers 9d p. Aldinga—Buyers ss, sellers 0s 3d p. Alexandra Lend—Sellers 19s. Alpine Consols—Buyers £2 -Is 3d, sellers £2 5 s fid. Alpine No. 2—Buyers £2 0s Gd, sellers £2 3s. Anow Junction—Buyers £1 ]os, sellers £1 lls. Bendi«o—Buyers -Is 3d, sellers 5s 3d p. Boundary Creole—Buyers £1 3s, sellers £1 4s Gd. Cairnmuir--Buyers £1 13s, sellers £1 Ma. Caledonia—Buyers 3s 3d, sellers is Gd p. Central Electric-Buyers M 13s Gd. Charlton Creek—Sellers £1 19s 3:1. Cromwell-Buyers £3 15s. sellers £1 2s 6d. Davis Brad-Sellers 4s p. Dobson No. 2—Buyers .61 7s, sellers JEI 9s. Eclipse—Sellers .£1 IGs Gd. Electric—Buyers £•?. 7s 3d, sellers £2 Ss. Electric Extended—Buyers £2 2s Oil, sellers £•?. ss. Erickpon's Reward—Sellers 7s p. Ettrick—Buyers <ls Gd, sellers Is Gd dis. Evans Plat—Sellers £1. Ford's Creek— Buyers .El ss, sellers ,C 1 Gs. Fourteen-mile Beach—Buyers £1 13s, sellers SI IGs. Galvanic—Buyers £1 lls 3d, sellers £1 14s 3d. Gentle Annie—Buyers £2 5s Gd, sellers £2 Gibliston—Buyers Is dis, sellnro Bd p. Gold Queen—Buyers £1 lls Gd. Fellers .Cl 13s. Golden Banner—Buyers Is !)d dis, sellers par. Golden Beach—Buyers £1 2s 6d, sellers ,-Cl -is Cd. GoMen Bed—Buyers £1 7s, sellers £1 Ss. Golden Falls-Sellers £1 is. Golden Gate—Buyers £G 10s. Golden Link—Sellers Ifis. Go'dcn River—Buyers Is, sellers Is Gd p. Golden Run—Buyers £2 -Is. Grand Junction—Buyers Gs Gd, sellers 7s Gd n. Great Central—Buyers £1 lls, sellers £1 17s Cd. Grey River Consolidated—Buyers 4s, sellers 5s Gd p. Halfway House—Buyers £2 -Is 6d, sellers £2 5s Gd. Hartley and Ri!.-y—Buyers £G ISs. sellers £7. Hokitika Extended—Sellers Is 3d p. Hokitika River—Buyers 13s Gd, sellers los Od p. Junction Electric—Buyers £1 Bs, sellers £1 11s 6d. Kawarau Bridge—Sellers 3s Gd p. Kelly and Cosey-Buyers £1 13s, sellers £1 15s. Klondykc—Sellers Bs. Loaning Rock—Sellers 3s dis. Magnetic—Buyers £1 lls 9d, sellers £1 12s Manuherikia—Bnvers £3 53, sellers £3 15?. Mataii—Sellers £.1 lls. Meg and Annie—Buyers £3 Gs. sellers £3 10s Merrimac—Buyers £1 Us, sellers £1 15a. Moa Flat—Bnvcrs 19s, sellers £1 Is. Monte Clu-ifto—Rollers £1 16s. X-.'umai—Sellers 19s. Nelson Creek—Buyers £2 las. No Town Creek-Buyers ss, sellers Gs Gd p. Orwell Creek—Buyers Is, sellers Gs n Reeves Proprietary—Buyers £1 7s Gd, sellers £1 IDs. Richards's Beach—Buyers £1, sellers £1 2s Ocl. Royal Maori—Sellers Is Gd r>. Sailor's Bend—Buyers £1 15s, sellers .€2. Second Magnetic—Biivers £1 12s. sellers £1 Ms. Tercmakau— Sellers pai. j Upper Magnetic—Buyers £1 15s 9d, sellers £1 17s. Victory—Buyers Ss 6d. sellers 9s 3d p. Waipuna—Buyers £1 Ss, Boilers £1 lls. Wareaten—Buyers 2s, sellers -Is p. Yellowstone—Sellers Is p. THE EQUITABLE STOCK EXCHANGE report as follows: — Sales.—Ahaura, 7d p; Aiding, 5s 3d p ; Bannockbnrn, los; Cairnmuir, Ms Gd; Charlton Creek, 33s ; Electric, -17s 9d ; First Chance, 28s ; Ford's Creek, 25s Gd; Gold Queen. 33s Gd; Golden Banner, par; Kawarau Bridge, 2s 9d p; Maori King, Gd p; Reeves Proprietary, 2Ss Gd, 295, 295, 59s Gd. 30s, nnd Ms; Snl't- ■ water Creek, Is 3d p; Second Magnetic, 345; Magnetic, 33s Gd: Pactolus No. 2, 2s p. Buyers.—Al, 2s Gd p; Ahaura, 3d p; Aldinga, 5s p; Alpine Consols, 42s Gd: Baunockhurn, 12s; Central Electric. 70s; Electric. 47s 6d; Galvanic, 30s; Garibaldi, 4s dis; Gcnlie Annie 455; Gold Deposit, 5s dis; Golden Banner, Gd dis; Golden Kd, 21s; Greenstone, 2s Gd p; Hartley and Riley, 132 a Gd; Knwarau Bridge. 2s p; Leviathan, 40s; Magnetic, 31s; Meg and Annie, Gss; Merrimac, 31s Gd; Nugget, Is 6d; Reeves Pronrictsiry, 295: Roxburgh Jubilee (paid), 20s; Saltwater Creek, Is p; Second Magnetic, 325; Sixteen-mile Beach, 15s 6d: Upper Magnetic, 345; Victory, 8s 3d p; Wnikaka Forks, 12s; White Star, 38s; Halfway House, 455. Sellers.—Ahaura, Is p: Aldinga, 7s p; Alexandra Bonanza, Is Gd dis; Alpine Consols, 475; Bannockburn Creek. IGs Gd; Bignull's, 6d dis; Blue Bell, par; Broad Creek. Gd dis; Cairnmuir. 365; Central Electric, 77s Gd; Cornish Point, Is dis; Crown Diamonds, Is p; Dart River, Is p: Davis Bend, Gs p: Dobson No. 2. 2Bs; Dome Cre-k. Is p: Eldorado, Is p; Electric, 48s; Electric Extended, 14s; Evans Flat, 21s; Ford's Creek, 2Gs Gd; Galvanic, 335; Garibaldi, par; Garvey Burn, par: Gentle Anns ', 475; Gold Deposit," 2s dis; Gold King (paid). 17s; Gold Queen. 31s; Golden Banner, Gd p; Goldon Beach. 265: Golden Bed, 28s; Golden Reward, Is p; Golden Ripple, Gd dis; Golden River. 2s p; Golden Vein, Gd p; Great Lead. 21a Gd; Grea' Woodstock, Is p; Greenstone, 5s p: Grey River Consolidated, 5s Cd; Hokitika Extended, 2s p; Horowai, war; ITorseshos Bend, par; Kawarau Bridge, siM p; Kawarau Consolidated, Is p; Kia-Ora, par; Lady Charlton, Is dis; Loaning Rock, 2s dis; Lower Enfield, 2s p; Magnetic, JMsGd; Main L«id Hercules, par: Maori King, Is p; Marsden No. 3, 5s p; Metallic, 30s Gd ; Mikonui, isp; Moa Flat, 21s; Moke Creek, 4s dis; Nelson Creek. IGs; No Town Creek, 2Gs Gd; Oceanic, par; Orwell Creek. Gs Gd p; Pactolns No. 2, Is Gd i>; Pcrrett's Junction, Gd p; Reeves 'Proprietary. 31s Gd; Rise and Shine, 2s dis; Ruby, Gd dis; Saltwater Creek, 2s p; Second Magnetic, 3os; Sixteen-mile Beach. 18s; Teremakau, par; Upper Magnetic, 40s; Victory, 9s Gd p; Watterson's Consols, 2s p; Westland, Is p; Grey River, 85s. HOKITIKA RIVER GOLD DREDGING COMPANY. The first annual meeting of the Hokitika. River Gold Dredging Company was held at the registered office. Morton's Buildings, Christchurch. Mr G. King (chairman of directors) was in the chair, and1 tnuro were 10 shareholders present. In moving the adoption of the report and balance sheet, the Chairman corrected a statement in the report about the horss-power of the The renorl and balance sheet were adopted. The Chairman said that during the past 12 months the directors had been busy making arrangements for the dredge and machinery. The first specifications provided for a dredge costing £13,000, but it had not been decme.i advisable to accept it. Other specifications had been obtained, and Messrs Fraser's tender for the machinery had boon accepted. The following telegram from Mr H. C. Michel, one cf the, Coast directors of the company, had been received :—" Visited claim last Thursday. Everything progressing satisfactorily. Pontoons should be launched next week." He (the chairman) had had a talk with Mr Cuttcn, who had expressed the opinion that he had never seen better built pontoons. Instead of being bolted, as is customary, they had been joined naturally, with the result that their strength had been increased. The emrinos were expected to arrive Ibis month, nnd,''so far as ho could see, the dredge would be working in February or early in March, the question of installing the electric light, costing between £103 and £200, would require to b-.- <-:-i- I :d'-«r1 by the directors. A<t*r m-.1.-;-- *>•■«■ ■■■■-■ "•■ a'lot of stores, and making full provision for the erection oi the dredge, he estimated that the ronipniiy would coiii>ih'm<.t 0,. ; ..- ■ , £20D to the good. i Dr Jennings and Mr ,T. Staiiies wero':v-e!e;-!i':l directors. Mr R. O. Duncan was roiippointed auditor. A hearty vole of thanks to the chairman and directors and to the secretary (Mr W. Ro.'litt) brought the proceedings to a close. ROXBURGH JUBILEE DREDGING COMPANY. The annual meeting of the Roxburgh Jubilee. Dredging Company (Limited) was held at the 'Dunedin Stock Exchange last night. Air H. Adam, chairman of directors, presided, and there were about 20 shareholders present. The annual report, which was submitted to the meeting, contained the following clauses: — " Shareholders are aware that the company k-.is floated in Roxburgh, that the shares were allotted there by the provisional directors, that th» registered office was fixed there, and that Ml J. IT. Wr.i[jl.h. jim., was appointed interim aecretarj-. The first gcuer.il meeting of shareholders was held in Dunedin on 32th December, 1699. At that meeting the permanent directors wore appointed. It was also resolvrd that the office of the company should bs transferred from Roxburgh to Dunedin, and that Mr John Davie should be secretary. At a board meeting held on 3rd January, 1900, it was found that Dr Buvt, who was appointed a director at the gt-i'crul meeting of shareholders, was not on the, register, and consequently did not hold the necessary qualification; the directors, thereI fore, in virtue of their powers under the articles

of association, appointed Mr H. Shrimpton to fill tho place qf Dv Bnrt. Shareholders will remember that the provisional directors agreod to take over with the claim the old dredge known as the " Edina," paying £500 for her. Your directors advertised the dredge for sale by auction without eliciting a bid. Subsequently they succeeded in effecting a sale for £500—the amount paid. Shortly after the formation of the company your directors found that the title to the special area of seven acres at the junction of the Teviot and Molyneux Rivers, stated in the prospectus to be then under application, required to be completed. The applicant was Mr Pitchers, who unfortunately died before his.application was heard by the warden, and as he died intestate a difficulty arose as to how this area could be made good by the vendors to the company. On the advice of the company's solicitor, Pitcher's application was withdrawn, and the area was repegged and applied for iv the name of the company direct. This occasioned some little delay, but the claim has now been granted to the company by the warden, and the title only awaits the formal consent of the Minister of Mines to be complete. Your directors, shortly after entering into office, ordered a Marshall engine, which has since arrived, and is now at the claim. They also placed themselves in communication with the company's engineer, Mr Roberts, with the view of getting him to prepare plans and specifications of machinery and pontoons. Tenders were called for pontoons, and at a board meeting held on 13th March, 1900, Mr Roberts submitted a list of tenders, the lowest being that of Mr Watson Rhodes, £1570, and this tender, on the recommendation of the company's engineer, was accepted. At the board meeting on 10th April Mr Roberts forwarded a letter from Mr Rhodes stating that in furnishing his tender he found he had made a clerical error of £300, and intimating that he must decline to carry out the contract unless the company undertook to pay him an additional sum of £260, making the contract amount £1830. On referring the mattor to Mr Roberts, hi. advised your directors that Rhodes had notified a similar clerical error to othei companies, and that these companies had agreed to concede the additional amount required, and strongly recommended your directors to consent to pay the extra amount. This was accordingly agreed to. In connection with the pontoons, your local directors, Messrs Hart and Waigth, after consultation with Mr Rhodes, agreed that there was no suitable place within the company's ground on which to erect the pontoons, and suggested that the Roxburgh Lead Company should be asked to allow the ponloon.s to be erected on their ground. An application was accordingly made to tho company, ancl (hey generously gave, the required permission. Most of the timber is new on the ground, and the contractor confidently expects to have the pontoons finished within the. contract time—viz., Bth February, 1901. In the mattei of machinery, your directors, with a view to secure the cheapest and best contract, instructed Mr Roberts to invite tenders from 'Frisco, Melbourne, Syd-r-e.y, Auckland, Wellington, and Christchurch, iv addition to oui local foundries, the result being that Messrs Anderson and Sons, of Chri-.tehnreh, were found to be the lowest at £1591). Our engineer advises that the contractors are making Rood progress with the work, and he had no doubt that they will have everything finished within contract time, viz., 10th Jnmiarv, 1901.'

The Chairman, in moving* tfr* nSoplion of tho report, said, tho balance sheet, showed that the arrears of calls on November 30 amounted to £341 Is. Since the issue, Oi the balance sheet this sum had bren reduced by £383, leaving £358 dv«, of which £125 was due on the 11th of December. It showed that the shares were very well held, and that the property was highly thought of when the calh were paid up no promptly. The company had £200(1 ou deposit bearing "interest, and also .£I2OO in the bank; but the bank balance had been reduced by the payment on pontoons, and there was another payment paid that day for £1200 for machinery. .So (hat £1800 was taken out of the company's hands during the past week. The directors had just received a report from the engineer. which was as follows.--" I visited the dredge building silo on the 7th inst. The whole of the blucgum timber for framing them had been delivered on the site, also, a portion of the kauri timber, and a quantliy of boles and tar. The contractor had commenced the work of preparing and Titling the framing together, ancl will no doubt make rapid progress with the pontoons. I ali-o visited the works of the machinery contractor (Mr J. Anclcrton) at Clirislchurch and Lyttelton on the 13th and 20th inst. Nearly all the material, consisting of plate?. Ws, etc., imported from Home, have been delivered at the contractor's promises. The following is a list of the work at present in hand:—The main bucket links have all been forged to the correct shape, ami the bolts are being bored in same: the coupling links for main buckets have been forged, and a conridenible portion bored out, the remainder being in process of boring; the bucket-links for elevator are all forged the ends bored (or bushes, and rivet holes'-also drilled; all the manganese main bucket pins are cut into lengths and partially headed; all the manganese steel bushes are ready for coupling links of main buckets; the steel castings for lower tumbler have been imported, and are now being machined; the' patterns for all the large pin wheels, upper tumbler, sole plates, and phunmer blocks and friction year are ready, and are now in process, of making; the large spur wheel for top tumbler is cast; full-size templates have been made for the elevator frame; the framing blocks have, been made for elevator ?nd main buckets; all the bucket plates have boon cut to shape; the boiler ends am. flanged. Messrs Anderson inform me. that by the end of next month they will have the spur wheels and shafts and plummer blocks all ready for delivery, ancl that they will also be well advanced with the construction of ladder, elevator irame, screen, buckets, etc. The engine is landed ancl forwarded out to claim, also centrifugal pump.' It seemed from the report that the contractor would not be up to date, with his contractviz., on the 30th of January. In reference to the contract price of the. dredge, the engineer went very carefully into the matter, and ho estimated" the whole dredge would cost £8511. It would therefore b? seen from the balance sheet that there would be a deficiency of £1000 at least, and the. directors would like an expression of opinion as to how this money was to be provided. Mr Shrimptou seconded the motion for tho adoption of the report. In repiv to Mr Youngman, the Chairman said the engine for the dredge was 20-h.p., and the contract price £375. Mr Youiißman said, seeing that the contractor for the pontoons had only got his contract started, he thought it would have been more prudent if the directors, instead of accepting a, lender for £1830 for the. pontoons, had delayed a bit. They would then have probably saved £700. He thought £1000 or £1050 was "ample for the contract. The Chairman said the directors had accepted the tender on the recommendation of the engineer. Before shareholders attacked the directors on the ground of imprudence they should bring their authority as to the cost of pontoons. He maintained that the contract could not have been let at a less price. After some further discussion with regard to the matter of the pontoons, the motion for the adoption of the report and balance sheet was put and carried. Messrs A. C. Broad, John H, Waigth, Henry Youngmau, and John Bell worn nominated for the position of directors, and on a ballot being taken the first two mentioned were declared elected. ~, Mr D. G. Davidson was re-elected as auditor. It was resolved that it be- left to the directors to raise such an additional amount as may be required to complete tho dredge, it being understood that in raising such amount the capital of the company be not increased. NOTES FROM CLYDE. (From Our Own Cohrespohdent.) CLYDE, December 21. The Kelly and Casey pontoons have just been completed, arid Mr Sparrow's men have taken possession and start fitting up to-day. Mr Chandler is in charge on behalf of Mr Sparrow. , . The Monte Christo pontoons having got slightly aground, the men are getting them afloat to-day. I have not learnt of any move being made to fit the machinery on the Great Central ponThe Alpine Consols dredge has got about 100 yards from the building site. The dredge has fully three miles to go before the claim is reached. The contractor had to suspend operations at the Leaning Rock pontoons, owing to the tun- , her not coming forward fast enough. NOTES FROM ALEXANDRA. (Fitosr Oun Own Corhespondent.) ALEXANDRA, December 21. The Molyneux fell a bit rapidly last night in proportiou'to the quickness of the rise, and today is about 6ft Gin above normal. ihc first section oi tho ladder for the Frascr l-'Vt dredge was delivered on the chum today. ! GOLD DREDGING IN VICTORIA. j By Onlooker. MELBOURNE, December 7. Matters in dredging in Victoria hiivo not made any great progress, nor have 1. heard any favourable accounts of dredging generally in this colony to warrant me in changing my views on the subject—namely, that gold dredging in Victoria will not be a success. Only recently I have, got solid information from a very trustworthy source—two gentlemen connected with the Victorian Mines department, who have both had some practical experience iv dredging affairs in New Zealand, and, I regret to say, to their own sorrow. From these gentlemen I gather that the department here is very much against fostering the industry, as it sees the ultimate result will be failure in the majority of oases. At the same time other practical dredging men concur with their opinion, and some say the rivers in Victoria are not rapid enough to wash down the gold, whilst others say that it is not in the rivers in sufficient quantity to remunerate the shareholders in any tangible form. Others complain that the machinery constructed for the purpose in Victoria is in almost every case wrongly constructed, and unsuitable for its work, no all this goes to strengthen my opinion, particularly when expert the know," who, I am pleased to say, are not prejudiced, but have "an axe to grind," being connected with some of the companies as shareholders. . .

!■ Yet amongst the many failures in.dredging I operations here, there are one or two dredges . giving a good account of themßelves. Take, | for instance, the Sailor's Creels Company-.* I drcd»e known as the "Auckland" dredge, which I mentioned in my report to your issue of 31st October as being almost a New Zealand company. Their first return was (up to 15th October) 42.'.0z. Since then the fortnightly returns have been respectively 350z, 4S.'.oz, and 51oz' l'ldwt, the last return being up" to %th November. Yet I fear the gold will give out, as in other cases, also that the shareholders will not got much for the risk they j run, as the genera! opinion is that the com- j panv is over capitalised. One thing I can- ! not" understand after all .the big returns re-, ceived from this dredge js the fact that hundreds of the shares were "'hawked" round at, fho original and paid-up price, bz 3d, which doc? not speak too well for the future prospects, and this was done by those closely connected with this dredging company. They actnallv wanted to sling thorn at one, but my nrlvirp" to New Zealand speculators in "tai hoa" (wait a bit) and watch future result, before you risk anything in dredging shares here, for a very litjle while will prove whether it is or not to be a paying gemo in Victoria. Re the Maori Queen Gold Dredging Association This company possesses a tract of. country 15 miles in length by a half to one mile in width averaging from 20 to 25 feet in depth. Since the inauguration of the company it has been reconstructed from an association of 1000 shares at £20 each (500 going to the vendors) into a proprietary company of 2500 shares at .420. At the present moment they are issuing 1000 of the fresh issue to the present shareholders, share for share to what they now hold, on terms of .SI application, £1 allotment, and calls of not more than M per month, keeping 500 in reserve. This has been done with the view to putting on more dredges, and nearly the whole of the new issue has been applied for. Since starting operations seven .montns ago the dred-e has won over 300oz of gold, and since the" 13th of August last has had regular returns, which total 2530/. (worth £i 2s m. Pc- o%), or nil average for the last 17 .veeks of ]soz (£GO odd) per week. ihc working cxnenses are equal to 12oz per week (iso odd), which' only leaves a profit of about £12 per week to be divided amongst the shareholders. This company has a good property and a fair drod°e which might have done a lot better had "the directors carried out the terms of (ie prospectus and employed a skilled dredging engineer (Mr C. M. Murison) from Otago, New Zealand, to carry out the work, instead of appointing a man who had practically no experience in dredging work. The company seems to have been a heap of mismanagemciu from the slart, but the directors' experience lias been a costly one to poor shareholders, thou-'h now things seem to be going along in a. more workmanlike manner. It is to he hoped however, that an experienced dredging engineer will be employed to guide them with their second dredge. I cannot close without saying that, with ;;:» vast scope of country and room for a number of dredges, with careful management, the Maori Queen Proprietary may yet turn out ;t remunerative investment. The original prospectus of the M.Q.A. I forward by this mail, end as Victorian dredge people arc following J'i'orilanders in this industry, it is to be hoped they will not be set a bad example. Many :.l\v Zcalanders here have burnt their liners vil" dabbling in "wild cat" shows, and are quite satisfied that gold dredging in this rr.nntry :s not Al. Other companies I shall report on Inter on which are making a big struggle o exist, but 1 cannot let my native lend ) eoplc be drawn into anything in the way of dredging without saving beware and be wi-.v in I'liu1. I NOTES FROM TUAPEKA. j (From Ouit Wktiiehstoxes CoitKEsrcranEJST.) "December 17.-The gully the Golden Crescent was working in became poorer ns they worked upwards. For the first fortnight, out of their last paddock, they got 18oz, which is more than payable. After a. few more days' I elevating this "paddock was finished, but I am j not aware whit amount of gold was obtained, j T'icy however decided to p.o no farther up, j and pvessuro is being lost as well. The pipes have been in process of being moved during the iiast tow dim over to the. next gully, on the north side of the Little tfallavnt Hill, where, I believe the ground will pay handsomely. A <-,tait will ho mode where the Golden Rise topped at their boundary. 'Che last paddock tho G.R. took off there was one of the best they got in the claim. The Golden Rise nearly finished the laying of their long string of pipes last Saturday. It will tnke the most of this week to erect their plant, and 1 don't think they will be able to commence elevating before Christmas. It will b" pome timo yet before the contractors make r. start building the Happy Valley dredge. At present they are up on the Dart River, building a dredge. The timber for the Happy Valley dredge is getting well seasoned in the meantime, for the company have two men employed turning it over about once a week. Mr"'J.\ Pope has not sold the freehold of the ground to the company, but only the right to mine or dredge the ground. He is meanwhile making use of the ground by cultivating it. It reverts to him when the company is finished dredging it. DREDGING IN THE WESTERN DISTRICT, SOUTHLAND. TO THE EDITOR. Sin. It was anticipated some timo asro that when the Great Western Company's dredge would be ready for work on the claim at Lake George the auriferous quality o( that part of the colony would be fairly tested, and its suit-, ability for dredging operations fully established. A large number oi claims were taken up, and capital to work thorn was forthcoming in abundance should the operations of. the pioneer dredge prove by any mean?, successful. It appears, however, that the apathy of tho directors of the Great Western Company has militated seriously against the success of (ho venture. The dredge has been built and fitted up, but has only been allowed to work for a. few days. Operations were suspended on the plea that the dredge could not cope with the timber in thn claim. Now, it appears that only one of the five director- visited the ground, and his solo object from first to last appears to have been to throw cold water on the project. For example, he reported to his confreres that no less than 200 cords of wood were taken out of the pond in which the dredge is located. The wiUWss of this exaggeration may be seen when it is known that recently a number of respectable Dunedin citizens visited fho claim and estimated the amount of wood taken out as being under two cords. But tho shareholders want to know the cause of this apathy and indifference on the part of the directors, each of whom received 50 fully paid-up shares, besides other remuneration, for their services. It was clearly their duty to visit the ground and ascertain for themselves how matters stood, seeing that not only did the shareholders run a big risk of losing their money, but other claim-holders were discouraged, and the mining interests of this goldbearing district suffered to a great extent. All visitors to the claim cordially agree that an injustice hns been done. Gold is present in payable quantities, as may be seen from the fact lhat W.'.oz of amalgam wore obtained for less than two days' work, while some Ggr or 7gr to the cubic yard were lost through a defect in the saving" appliances, which might be easily remedied? Mining exports are oil agreed that, tho claim is a good one and the dredge is first-class, while the timber does not penetrate more than 4ft or sft below the natural surface. So confident arc ths shareholders in the vicinity of the dredge of the richness of the holding tliat one of them offered to pay £10 a mouth and all working expenses for the use of the dredge for three months, in order to thoroughly test the ground and prove its auriferous character. His offer was declined by the directors. The dredge must stand idle and the machinery and pontoons go to ruin through exposure to "the weather, while the expenses are being heaped up through keeping a man to look after the dredge. I maintain that such conduct on the part of those entrusted with looking after the shareholders' interests is highly*reprehensible. It is the duty of those who are well paid for their services to inspect and thoroughly test the ground. It is well known that some of the directors are interested in other claims, but surely this should not influence them in any way or perjudice them against a claim which, if given a fair chance, would undoubtedly return a handsome dividend to tho shareholders, and would give an impetus to mining operations in this district.—l am, etc..

Disgusted Shareholder. Invcrcargill, December 20.