MINING.

Otago Daily Times, Issue 11962, 8 February 1901, Page 6

MINING.

Tlie Mine Manager of tho Shotover Quartz Mining Company (No Liability) reports that he has rison 9ft from the roof of the last otopc. When tho rise was started the stone was only a few inches wide; ai the point now reached thero is 3ft of clean etone, with gold risible in it. It is good, rising country.

Tho final shipment of machinery for the Grey River Consolidated Dredging Company

Australian Tin, Tasmania.—The Manager reportß under date January 24:—" Resumed wofk on the 7th, after holidays. Removed about 4000 tons overburden. Splendid make of ntone going in northerly direction, Crushed 105 tons for 25cwt tin, equal I.l9—best result for months past." Mount Rex, Ben Lomond.—The Manager reports under date January 28:—" Crosscut from No. 2 level driven sft for weok, making a total of Gift 6in from main ehaff, 12ft of whichJs in the ore body, and is payable for that distance. Winue iu chamber has been sunk a furthor distance of 2ft 6in, making a, total of 41ft, in payable ore. There is 41ft to sink to connect with the No. 2 level." Am now constructing a large ore paddock. Battery: Making good progress -with trestling and tram lino from maia shait to battery;.commenced rhaking largo settling tanks for slimes; made tank at head of pipe line for peltons; connected firat pipe ready for laying suno."

The North Otago Times has b,eard from Macrewhenua that the Mecrewhenua dredge has bottomed at 23ft, and that coarse gold has been found on the bottom. The dred«o is now opening up towards the head of tho claim.

DUNEDIN STOCK EXCHANGE. Sales took placo yesterday at tho following premiums:—Ahaura River, Iβ; Grey River Consolidated, 4s Hi; Mosquito, 5s 3d and 5s 6d; Wareatea, 4s 6d. Sales wero also effected at the following prices:— Boundary Creek, 22a 9d; Electric Extended, 38s Od; Ford's Creek, 15s 6d; Gold Queen, 34s and 35e; Jutland Flat (contributing), lOJd; Magnetic, 82s; Majestic, 245; Morriniac, 39a 9d; Metallic, 23s 8d: Moa Plat, 2-18; Mokoia., 265; Nelson Creek, £3 83; New. Alexandra, IBs 6d, IGs 3d, 16s, IBs 6d, 15s, Us Gd, Ms 3d, mid Us ; Sixte«n<mile Beach, 17s; Waimumn, 60s and 293. In addition-to tho above sales wore made at the following rates of discount:—Gold King, 6d; Rose Day Dawn, Is.

Tho following nro yesterday's latest quotations, subject to the usiinl brokerage:— Al—Buyers £1 Is, sellers £1 7s Gd. Ahaura. Eiver—Buyers Is, sellers Is Id p. Aldinga—Buyers 63 6d, sellers 7s 6d p. Alpine Consols—Buyers £2 2s, sellers £2 3s. Alpine No. 2—Buvers £2 3s Cd, sellers £2 4s. Arrow Junction—Buyers £1 12s 63, sellers £1 13s Ed. Arthur Point—Sellers 17s. Big Plat—Sellers par. . Boundary Creek—Buyers £1 2s 6d, sellers £1 3s 3d. Buller Junction—Sellers 6s p. Caimmiiir—Buyers £1 Us, sellers £115s Gd. Caledonia (paid)— Sellers £1 Is. Centrn] Electric—Buyers £1 Us Cd, sellers £3 19s.

Central Mataura—Sellers pnf. Cha-rlton Creek—Buyers £1 10s, sellers £1 13s Gd. Chatto Creek—Buyers 9a. Clnugliesy Freehold—Sellers 6d dis. Cromwell—Buyers £i. Digger's Pride—Sellers 3s dis. Dobson No. 2—Buyers £1 4s, sellers £1 6s 9d. Dnlre of Wellißgton—Sellers pur. Duns'tan Lead—Buyers £1 3s 3d, sellers £1 is. Electric—Buyers. £2 11s 6d, ."ellirs £212 a 6d. Electric Extended—Buyers £1 18s, sellers £1 19s.

El T)orado—Sellers par. Emnire—Scllors £4 ss. Endeavour—Buyore £1 Ss 9d, sellers £1 fa. Kntfrprise—Buyers £5 23 Gd, sellers 5s 10s. Ericltfon's Reward—Sellers 8s p. Extended Fourteen-mile Boach—Buyers fld n. First Chance—Buyers £1 7s 9d, sellers £1 9a. Ford's Creek-Sellers JCs. Fourteen-mile Beach—B\iyers £1 9e, sellers £1 Uβ. Oslvimic—Buyers £1 12a 6d, sellers £1.165. Gentle Annie—Buyers £2 7s. sellers £2 Bs. (ribb's Beach-Buyers 15s 3d. Gold King—Buyers Iβ dis. Go'd Queen—Buyers £1 15a, sellers £115s 63. Golden Bed—Buyers £1 9s. Eellcro £\ 10r. Oolden Molyneux'— Buyers 3s, sellers 2s dis. fioldjui Hippie— Sellers 2a dis. Golden Biver—Buyers Gs, sellers Cs 3d. Golden Hun—Sellers £2 10s. ffraud Junction—Buyers 6s M, sellers Cs 9i p. Great Greenstone— Sellers Cd dis. Greenstoiic—Buyers 2s, sellers is p. ■Greenstone Creek-Buyers £1 10s, sellers £1 13s'.

Greenstone Junction—Buyers £1 6s. rt-rey River No. 2—Buyers 2s 6d p.. Grey River—Buyers Si Us. sellers £214 a 9d. Grey River Conoolidntecl-Buyors -Is 3d, sellers h 6d p. Halfway House—Buyers Hi h Gd, bollws £2

Of 3d. .... ' . . . ■ ' Hartley aid Riley—Buyers £6 15s, sqliers £T, Hokitika River—Buyers 11s, Belters Us 9d p. Horseshoe Bend—Sellers 4s dis. Tnch-ho'.uie— Sellers 6s. Tsland Creel;— Sellers 8s p.

Junction Electric—Buyers .£1 7s 6d, aoilcra £1 10s. ■

Kawarau Bridge—Buyers 11s .".d, sellors lia^ Kolly and Casey-Buyers .£1 9s Cd, sellers £1 Us 3d. Kohinoor—Sellors 10s 3d p. Tieanin? Rock—Buyers 7s, sellers Js 9d dis. LeviathiiD—Sellere £2. ■ Long Valleys-Buyers 12s 3d, : sellers'l4s p.. ■ Us fid. seller £1 Us 31 HaJCTtio-Buytts £1 its, sellers £1 6s. ■ ♦ Aff.ori King—Buyers 2s, sellers ?s 9d p. Meg and Annie—Buyers ,?3 6n 6d. - Mem'mnc—Buyers £i Ms. aellera £?. sretallic-B\iycra fl 2« 6d, sellers £1 4s 6d. Miller's Plat Eleclrir-Selle.-P £ 1 5s M. JToa -Flat—Buyerß f 1 4s. eellcrs fl ss. Mokoia-Buyev3 J!l 5s Cd. sellers JEI 7b. Monte Cliristo—Buyers f.l 12s, eelleie £1 14s Cd.

' Moonlisht—Sellers pri. • Mosquito—Buyers 6s, sellers 5s Del p. Nelson Creek—Buyers £i 7s Gd, sellers £3 9s.

Nevis-Sellers £]. New Alexandra-Buyers 13s 9d, sellers 14s. New River—Sellers Us 6d. No Town Creek-Sellers Gs p. North Beach—Buyers 3s, sellers 3s Gd p. Nugget-Buyers Iβ 3d. Oceanic Steam—Sellers 2s dis. ■ Orwell Creek—Sellers 4s Gd p. • Pactolus—Buyers £1 11s, nellers £1 15s p. . Pactolue No. 3—Sellers Od p. Panl'B Beach—Buyers 9s, sellers 6s dis. ' Ponsonby—Sellers 6d p. Reeves , Proprietary—Sellers £1 4s 9d. Rilcy's Beach—Buyers £1 2s 6d. Roxburgh Jubilee—Buyers 4s 3d, sellers 4s fid a

Sailor's Bend—Buyers £1 ]8s Gd, sellers £2. Smith's Creek and Banoockburii—Buyers 6s dis. Tcviot—Buyers Is 6d die. Three-mile Greenstone—Buyers £1 4s, sellers £15s_3d. Trafalgar—Buyers Ss 3d, sellers On Sd p. Vincent Extended—Bnyers £2 6s 3d) sellers £2 Bs. Waimumu—Sellers £I'lOg. , Waimumu Central—Sellers £1 Ss 9d. Waimumu Queen—Sellers £1 2a. Wiiipuna—Buyers £1 3s 6d ( sellers £l-ss. Wareatea—Sellers •Iβ Gd p. Watterson's Consols—Sellers Is 9d p. OTAGO STOCK EXCHANGE. Sales were recorded yesterday at the following prices:—Alpine No. 2, £2 ,3s 3d; Arrow Junction, 335; Ford's Creek, los, 14s Od, and 15s; Gold Queen, Hβ and 34a 6d; Hartley and Eiley, £G 16a; Kelly and Casey, 31s; Magnetic, 31s 6d; Mcrrimac, 2Ss 3d; New Alexandra, 15s; Sailor's Bend, 38s 3d; Vincent Extended, £2 6s Gel. ; ' The following are yesterday's latest quotaAliaura River—Buyers 10d, sellers la 3d p. Aldinga—Sellers 7s 3d p. Alexandra Lead—Scllore 17s. Alpine Consols—Buyers £2 2s Gd, sellers £2 3s fid. : ■• ■ Alpine No. 2—Buyers £2 2s, sellers £2 4s. Arrow Junction—Buyers £112s, sellers £1 13s Gel.' 'Bendigo—Sellers 6s 6d p. Blue Duck-Sellers 16s 6d. Boundary Creek—Buyers £1 2s 3d, sellers £1 3s. Puller Junction—Sellers 5s p. Cairmnuir-Bu'yera -£1 ; Hβ, sellers £115s 3d.. Caledonia—Buyers Is 6d, sellers 2s 9d p.. Central Electric—Buyers £X 12s Gd, sellers 13 17s Gd. Charlton Creek-Buyers £111s. sellers £1 14s od. Chatto Creek—Buyers 10s, sellers 17s. Cromwell—Buyers £3 19s. Davis Bend—Sellers 4s p. Dobson No. 2—Buyer.?' £1 ss, sellers £1 6a, Dunstan Lead—Buyers £1 3s Cd, sellers £1 69. Eclipse—Buyers £1 Us, sellers £1 18s. Electric—Buyers £2'los, sellers £3 12s 3d. . Electric Extended-Buyers £1 19s, sellers £2 2s. Endeavour—Buyers .41 3s, sellers £1 5s Gd. Erickson's Howard—Buyers Gs 3d, sellers 7s Gd p. '

Excelsior—Buyers 6s, sellers 3s dis. First Chance—Buyers £1 6s 6d, sellers £1 85 ea.

Ford's Creek—Buyers 15s, sellers 16s. Galvauic-Buyers £1 13s 6d, sellers £1 15s 9d. Gentle Annie—Buyers £2 6s 3d, sellers £2 8a 3d. Gold King—Buyers Is Gd, sellers 9d dis. Gold, Queen-Buyers £1 14b. sellers £114s 3d. Golden Beach—Buyers £1 2a 6d. Golden B'ed—Buyers £1 8s Gd, sellers £1 9s Od Golden Horseshoe—Sellers 2s dis. Golden Link—Buyers 14s, sellers £1. ' Golden 6j, sellers 6a Gd. Golden Run—Sellers £i 10s.. . Grand Junction-Buyers 6s 3d, sellers 7s 3d p. • Great Central—Buyers J!l Us. Great Woodstock—Sellers par. Grey River Consolidated—Buyers 4s 3d, sellers 4s 9d p. Hartley and Eiley—Buyers £6 16s, sellers £6 19s Gd. Hokitila Extended-Sellers M.p. Hokitika Eiver—Buyers 10s 6d, sellers 12s p. Inch-holme—Buyers Gs 3d, tellers Bs. Junction Electric—Buyers £1 6s, sellers £1 103. ' _ . ■JCawarau Bridge—Sellera 1H 6d. Kelly and Casey-Buyers £1 0s 6d, sellers £1 Uβ 63, Leviathan—Buyers £1 IBs, sellers £1 ]9s. Lower Enfi>!d—Buyers ss, sellers Is 9d dis. Magnetic—Bnyers £1 Hβ Gd, sellers £112s 6d. Majestic—Buyers £1 4s. Maori Kinp—Buyers' Is 9d, sellers 2s 6d p. JJatau-Scllers £? 83. Met; and Annie—Buyers £3 5s 6d, sellers £3'. 8s 6i Merrimac—Buyers £1 17i>, sellers £1 19s. KotftlTic—Sellers £1 3s 3d. Miller's Flat Blesstric—SeUtra £1 5s 6d. Won Flat—Buytr.i £1 3s 6d, sellers £1 4s. MoVpia—Buyers i\ 4s 6d. sellers £1 7s. Monte Christc— Sellers £1 15s 6d. Naiimai—Sellem £1. Nelson Creek—Buyers £3 Bs, eellers £3 8s 'IDJd. New Alexandra—Buyers 13s M, sjllcis 149 9d. No Town Crwk—Buy»rs i)» 6d, sellers 6s p. Orwell O«V—Sfllere 4a 9d n. Pactohiß No. 2—Buyers Iβ 3d, sfilltrs 2a 9d p. Reeves Proprietary—Buyers 19s Gd, sellers £1 <U 63. Richarda'B Bench—Sellers fl. Hoyal if»ori—Sellers £1 !a 6d. Sailor's Bend-Buyere £1 18s 6d, sellers £1 19.= oa. . • i Second Magnetic—Buyers £1 Hβ, sellers £1 12b 9d. Teremakau—Sellers 2d p. Three-mile Greenstone—Buyors £1 3s, eellers £1 U 3d. TTpticr MVsnetic—Buvers £1 18s. Victory—Buyers 9s 6cl. sellers 10s 3d p. Vincent—Buvers £118s 6d. Wnimurau— Buyers #1 Bb. sellers £1 9? 6rl. Wainuio— Buyers £1 3" 6d. cellars £1 63 6d. Wareatoa—Buyers 3s 6d, sellers 43 6d p. THE EQUITABLE EXCHANGE . reports as follows:—

Sales: Ahaura. River, Is p; Arthur's Point, 17s Creek, 16s; Galvanic, 83e 6d; Gold Queen, 81s.; Golden River, 6s 6d;. Grey River, 53s 6d; Mas, Flat, 22s 6d. Buyers: Ahaura River, Is p; Aldinga, 5s 9d p; Alpino Consols, 403; Alpine No. 2,48e 6d; Arthur's Point, 3Ds; Boundary Creek, 225; Cairnmuir, 33s 6d; Caledonia, 3s p; Central Electric, 70s; Charlton CTeok, 30s 6d; Clyde, 755; Dobson No. 2, 26s 6d; Duke of Wellington, par; Electric, 50s; First Chance, 28s; Fold's Creek, 15s 3d; Galvanic, 335; Gold Queen, 325; Golden Bed, 27a 6d; Grand Junction, 6s p; Grey River, 63s 6d; Halfway House, 44a Gd'; Hartley and Riley, 132s 6d; Kawarau Brid»e, 11s 3d; Leviathan, 39s 3d; Magnetic, 31s; Metallic, 36s Gd; Miller's Flat. 245; Mokoia, 25s 65; New Alexandra, 15s sd; Beeves Proprietary, 17s Gd; Royal Maori, 2s dis; Trafalgar, 9s p; Vincent Extended, 46s 6d; Waimumu, 265; Waimumu Central, 21s 6d; Woodstock, 2s 6d p. Sellers: Ahaura River, Is 3d pr Alpine Consols, 43s Gd; Alpine No. 2, 44s 6d; Arthur's Point, 31s; Bendigo, 83 p; Boundary Creek, 255; Broad Creek, 2s. dis; Cairnmuir,, 365; Caledonia, 5s ,p; Central Electric, 78s 6d; Charlton Creek, 355; Clyde, 80s; Davis Bend, Gs Digger's Pride, par; , Dobson No. 2, 2Ss; El Dorado, .6d p; Electric, 53a; Electric Extended, '425; First Chance,- 235; Feud's Creek, 16s ed; Galvanic, 3Gs;' Garibaldi, par; Gamy Burn, war; Gen tie. Annie,-483-; Gibb's Boaeh, lCs; Gold Queen, 34s 9d;.Goldon Banner, par: Golden-Bed,'29s; Golden Chain, Is p; Golden Falls, 265; Golden Gate, 150s; Golden Gravel, Is p; Golden/Mile, par; 'Golden Reward, fid p; Golden Ripple, par; Golden Standard, 4s dis; Golden.Treasure, 105b; Grand Junction, Cs 6d p; Greenstone Junction, 2fa 9d; Grey »ltivcr,'s4s Gd; Groy River Coanolidated, 43 ffd p; Halfway House, iU;' Hartley and Riley, 140s; Island Creak. 7s 9d p; Junction Electric, 30a; Kawaiau Bridge, 12s: Kawaraa Consolidated, Is t>; Kia-Ora, par; Leaning Rock, 2e dis; Leviathan, 40s 6d; MaareTshenua, la p; Mapwtic, 3fls 3d; Maori King, 2* fri t>; Me" and Annio, Th\ Mcrrimac, 395; Mttnllic, 255"'9(1: Minor's Flat, 26s 6d; Moke Ciwk, 2s dis; Mokoiii, 275; Monte Chiisto. 365; Hornin? Star, 10a; Moonlight, la p; Naumai, 5Ws; Nelson Creek. 70s;, Alexandra, 17s; Nfrarara No. S, Gs; Oceanic Steam, Is p: OJriff, 15a; Orwell Creek, 5s p: Otama, lie: Percottfe Junction, Gd p; Princo Tmporial. 2s-dis; Rcpves Proprietary, 22s Gd; Rernarkablfß, 4s dis; River MoIyDCUX, 5s p; Roxburgh Jubiloe, 5b 3d p; Royal' Sovereign. 23 dis: Buhy, par; Saltwater Creek, 2s i>; Second Magnetic. 33h:

Sixtew-railo Beach, 19s; Shepherd's Creek, 27s Rd; Teviot. Is i>: Trafalgar. 11s p: Upper Magnetic, 40s: TJppor Waipori. 2Gs; Vincent, 4*s: Vincent Kxt»r.d»d. 4»b; Waimurav, 31s; Waiciumu Confrat, 275: Waimumu Extended. lGs: Whiow. 3d p; Wotterson's Consols, Is M p- ffostland. Is p: Wilimjehby'e Caidrona, 2s p; Woodstock, 3s Gd p; Yellowstone, par. ALEXANDRA. BONANZA. GOLD DREDG- ■ JNG COMPANY. A general meeting , of shareholders •in the Alexandra- Bonanza Gold ■Dredjuug and Sluicing Company was held in the Dunodin Stock Excbango building last evening, Mr Wm. Brown occupying the chair.. Tho following'was the report presented by.the board of dircctorir.— . ,

" Yoiu directovs submit to the. shareholders for their approval tho attached balance sheet, as at 81st December, 1900, witli. iwofit. and . loss account for the 1G months ending on that date. Since the meeting of shareholders on 18th September, 1893, your directors havp from time to time by circular acquainted them with what was being done in tho interest of the company. Shareholders will remember that when the company was. floated the water supply acquired was a right to 20 heads, but circumstances arose which enabled your directors to increase tho rights by GO heads, and this larger concession necessitated the co'mvrauy's engineer being requested to reconstruct hie estimates. These proving beyond the capital of the company in its original state, a general meeting of shareholders was forthwith called, and the various schemes submitted to them. It was unanimously decided, after full explanation and discussion, tn increase the capital of the company to £30.(100 by the creation of 15,000 shares, 3000 of which were t« be hold in reserve, and the balance', 12,000, offered to the shareholders. Of these shares 6393 wore taken up, so that_at present tho actual "umber of contributing shares allotted in the company amounts to 21JM3. The circular. addressed to tho shareholders on ?!flt TVemW advised them of the stens taVou by the directors to prove tlu trrouml nnd of the results obtained. A report by Mr Stevens at the termination of this work it appendud hereto The results of the prospecting amply justify the company going forward with the work, and. as already ronorted, a considerable area can be worked to bottom by ground sluicing, and the rest stripped to half its depth in advance of a dredge. The directors therefore instructed the engineer to coll for tenders, and, in the abwmce of any tender at the estimate, to employ the necessary labour to construct the dam and race. In accordance with tho articles of association of the company, two of the directors—viz., Messre Bobert Glnndir.ins; and (i. H. Oatway, retire. Mr Rlenrliniufr. being eligible, offers himself for re-election, but- Mr Oatwny, being absent from the colony,

has tendered his resignation. His place on the board therefore requires to be filled up. Mr A. J. C. Brown, auditor, also retires at this time, and being eligible, offers himself [or reelection." Mr Christopher Steveus reported as follows: " I have nov, , finished the prospecting of the claim as instructed by your board of directors. You have my weekly reports and (lie prospects obtained. These prospects spenk for themselves, nnd I have only to say that I have never seen better sluicing ground in iny life. Tile top stuff is all small, and will go away quickly ar.d easily. The wash, though heavy, does not contain any large quantity of big stones. The bottom could not be better.; it is composed of red sandstone, and can 138- cosily cleaned up. The gold runs right through from lop to bottom, and you can get a docenlJ prospect right on the surface or anywhere you like to try. I have now prospected 11 different places at big distances apart, and find pretty well all the same right through. ; I am satisfied that if this claim is properly worked it will bo one of the biggest things we have in Otngo, and there is such a.large extent of it that you.'mny say it will be everlasting. The beauty of it is that, as is proved by the prospecting, it rims eo even right through that it will give iv steady return month by month.

The Chairman said it fell to him to move the adoption of tho report and balance sliest, with the details o f which shareholders would have made themselves familiar. He proceeded to refer to tho items in the balance sheet, and said that they would remember that at then previous meeting the capital was increased, siicl that it was resolved that tho sum of £3000 ha held in reserve. When the new issue of shares was put on the rnaiket a good many people were somewhat tired of pnyirig' calls, and the shares were consequently not taken up very, rapidly. Of course,-they would recognise that during the time occupied in proving tho company's property the directors had not pressed for calls. The original contributing shares were paid up to 12s, and Hie new issue to 'Is, and as they had now had an opportunity of proving the ground thoroughly, it would be necessary to almost immediately begin to call up the capital. The directors, had felt that they had a big problem to solve in connection with tho company, and .'few were aware of how much they had had When they .came to know the extent of the territory, the water rights, and the extended rights obtained after tho settlement of the jumping case, they found they had a great deal to consider. That the property was a rich one they were satisfied, but they did not think it wonld be wise to enter into great expense until the claim had been thoroughly tested. First, the depth o£ the ground was entirely unknown; then the quality had to bs ascertained,' nnd they had to be satisfied that they could carry out ,the works projected in tho engineer's report? It was not until April that the shares were taken up, and consequently they felt a, little in doubt as to tho best metho'd of procedure, and decided to bore the ground before entering upon any large expenditure to work it. In order to get a thoroughly reliable man they sent' to Canterbury for someone who was skilled in the boring of artesian wells, but of course he did not know anything about washing up," and they employed a very reliable man—Mr Christopher Stevens—to do this, and ascertain the quality of the gravel that was taken out of the shafts and bores. The samples upon the table wore obtained by him, and were open for examination by anybody. The upper burden 'was not so rich aa ft was at the bottom, anMr Stevens's final report was printed in conjunotion with the report of the directors, nnd from it all would agree that a more favourable report could not be obtained. It must be borno iu mind that Mr Stevens had no interest in the claim, and had an experience of some 35 years as a digger. ' The directors had thought it better to he a little slow in the work than bo soriy afterwards, and he mentioned this to account for any delay that had occurred. It was not bofore April that they were able, to get this expert borer, and as delay occurred in the washing up he contracted with another company, and thero was considerable time lost before they could get the machinery back to the claim. However, that was past,:, and they had the report of the result iu the circular, and in the samples of gold on the table. PinaJly, he might report that they had instructed the engineer to proceed with the preparation of plans and specifications—he meant with the preparation of the final plans and specifications, because partial plans had been prepared. Tenders were called for, and he regretted to state that none came in oxcept one, and the engineer put his foot on it as being excessive, in amount. Its acceptance was refused, and the engineer was instructed to go on /with the whole of the work on day wages, and by. this course they would save at least £3000. They might, therefore, now expect that there would be no further delay in the prosecution of tho work. The decision finally arrived at, after the levels tfcro ■drawn out by the engineer, was to attack ,at Hansen'3 face, and the best way was' by a water supply by ground sluicing. They recognised that ground sluicing would be the cheapest way to work the ground, and the work being put in hand now was bringing in a water race from the Greenland Swamp and the making of a dam. The idea was to sluice the upper portion and then dredge, and if they did that they would require a very much smaller dredge. The level was 73ft deep, 'and if they took away 30ft or 40ft by ground sluicing, they would very much reduce the expense of working by means of a dredge burning coal's and wearing itself out all the time. Something like £10,000 would be spent on the dam and bringing in the water, and they proposed to call up the capital on the old and new shares to an equal point. The calls on the now shares were Is per month, and on the old 2s per month. Six shillings of the capital would be available at the timo the dredge was required, and the stripping process would have to be proceeded with before they wanted that. Mr W. Wood seconded the motion for the adoption of the report and balance sheet, which was carried unanimously. Messrs R. Glendining and W. Wood were elected directors, and Mr A. J. C. Brown auditor. < Mr Johnston mentioned the matter of the secretary receiving the transfer fees, and moved that they should bo handed to him: but tho Chairman pointed out that it was business that the meeting could not consider. He thought, however, the matter • might very fairly be left to the directors.

prince' albert gold dredging COMPANY. The first annual meeting of the Princo Albert Gold Dredging Company was held in the office of company, Exchange Court, Princes street, yesterday afteruoon, Mr J. A. D. Adams in the cHa;:.' The Chairman read the directors' report and moved its adoption. This was carried unanimously. Messrs Hancock aud Gill, the retiring directors, were re-elected. Mr D. Leslie was re-elected auditor. After the genera,', business tho Chairman lead a report from Mr L. H. Reynolds, tho engineer, which showed that the engine and boiler are expected to arrive' in a week from date; that tho pontoons will be completed in four weeks' time; that the purap-guard has been forwarded to the claim; .that the mcchinory is about completed, and will bo shipped within a fortnight' Tho contract for the buckets is well forward; tho winch and winch engine- will be completed in good time; the centrigugal pump is in hand; the wire ropes will , be forwarded to the claim uext week, and Mr F. W. Paterson has the boat in hand. Cartage tenders are being called for this work. The save-all, watersupply to tables, splash-plates, and engine bolta will be completed in three weeks. A meeting of directors was held immediately afterwards, when it was resolved to call for tenders for the erection, aud it is expected that tho erection o! tho machinery wiU comrounce very shortly. NOTES FROM ALEXANDRA. (Fnoii Oub Own CounEsi'ONnp.siT.) ALEX A'\ OKA, February 7._ Tho Molyneux has. fallen very little, and is 7ft 4in above normal. A load ot timber for the River Molyneux Comnany's dredge arrived bore to-day. LAFRANCHI'S FREEHOLD DREDGING COMPANY. TO TOE EDITOR. Sm,—Some considerableHimc ago I was hived into taking n number of shares in a concern known as "Lafranchi's Freehold Dredging Company. An elaborate prospectus wus prepared, setting forth the valuable qualities of tho claim, and also stating that sluicing operations would bo earned on in the interests of tho company until such time as a dredge was built to work tho claim, Now, Sir, I have heard nothing of this part of the agreement. If sluicing is being carried on, why keep the results so quiet? If not carried on, why not? It is my firm belief that this company should call a meeting and consider its position. I would suggest that tho company consider the advisability of selling tho property for sluicing purposes, as it seems very suitable for them. To place a large, valuable dredge on the property is to my mind but adding one more Klondyke to tha already overburdened list. A cl?.im may pay very well for sluicing, but, as has.already been proved, it may be a ghastly failu.i-0 {or dredging. I think it is a mistake to allow the company to proceed further, and tho sooner shareholders wake up to this fact the better.—l am, etc., Shareholder. Alexandra, February 4. FOKD'S CREEK DREDGING COMPANY. TO THE KDITOR. Sir,—ln these days of reform I think a little of the reforming might, with great' advantage, be devoted to the ways and doings of dredge companies' directors. One reform necessary is i\ law compelling directors to keep their shareholders posted up in tho actual condition of the claim as far as they know. ' In illustration of what I mean, let me state a caae in point. I refer to the claim known as Ford's Creek, on tho 'West Coast. A week before Christmas this dredge was working, and it was stated in the press-that- the wash-up would take place at the end of the week, and that the result would bo declared. Tho end of the week parsed, and the next also, and yet no results have been made known; indeed, up to tho present time the shareholders have been ■ kept quite in the dark as to what has taken place. It is true there have been several allusions to tho claim in the various papers, but no

official statement as far as I have Been, This, with the fact that the shares which were selling before Christmas at 303 hive since dropped to 13s 6d, and that without any known icason, has been enough to cause a. suspicion iu the minds of more than one shareholder that there is something not right with the claim. I may say that this state of things has given rise to various suppositions, ant! the directors ought to come forward and justify themselves. I- think it is time that shareholder were treated with j-oine consideration. They should not be kept unnecessarily in a stntc of anxiety witti regard to their investments. .Fearing that I have already taken up too much of your apace, I must reserve o ! hcr needed reforms for another letter, if I may bo so permitted.—l am, etc., Investos. Chrisklrurch, February 4.