MINING SUMMARY

Otago Daily Times, Issue 12036, 7 May 1901, Page 2 (Supplement)

MINING SUMMARY

The present condition of the dredging Industry is anything but satisfactory. Having eowcd the wind, mining investors arc reaping the whirlwind, and deep depression prevails whoro prosperity should insure public' confidence. Tho burden which the investing publio have taken upon tliemsclve3 •in the shape of dredging shares represents a nominal capital of tome three and throequarter millions sterling, and the amount paid up approaches a couple of million pojinds; while the amount liable to he called up must represent nearly another million. Obviously the diversion of such n large amount of capital into a channel which, while it offer* a prospective return, is nonproductive for -a longer or shorter time, is a. strain upon tho purse-strings of the investing public which is felt to be very burdensome. Tho pressuro of calls affects a large number of people, and the financial teneion will not be relieved for some time to' come. Yet the directors of dredging companies have no option in the matter but to call up the capital required to meet the contracts let for dredges and maehinory. The number of dredges in process of construction is so great that Eome considerable timo must elapse betore tho pressure upon tbo contractors will ease off, and meanwhile capital is being steadily called up. In short, the present is a time of ennsiderab'o dejirepsion, which is in marked contrast with tho elation of the boom time ovpr a year ago. Then the public entered into engagements with a light heart,. ami now find dredging shares a millstone about tlioir necks. Yet, in epite of the mistake* that liavo been made, the gold dredging intlustry presents a wide field for legitimate enterprise; hut before an era of prosperity can be entered upon the wceding-out process must be unsparingly applied. Clearly a number of concerns cannot carry on, and the sooner these aro placed in liquidation the belter for the industry as a whole. Of some 440 .gold dredging companies and allied concerns that have been registered, it seems highly probable that from 20 to 25 per eont. will bo unable to carry on. About. 40 companies have already either gone into liquidation or have practically decided to do- to, and others will doubtless have to do likewise. If after tho wreck ii cleared up 300 going concerns remain, the investing public may consider themselves very lucky. Aftor that tho industry will develop on sound lines, and it is quite possible the number of paying dredges will considerably exceed tho present number of registered companies. Unfortunately, the present position of affairs is respiting in tome !ofs, ■whereas had the principles that guidn ordinary commercial enterprise been followed the dredging industry would bo to-day one of. tho most important in the colony. In not a few case* contracts for dredges have benn lot for claims that have not been tested, and when too late the discovery has been made that the dredge is unsuitable for tho ground it ie wanted to work. Consequently a number of well-designed dredges have been eold as second-hand articles before doing any work at all, or after a mere trial run. Wo have not heard the last of this disappointing experience, and a good many dredges will be sold at a considerable reduction on cost price. In the unwise haste of tho dredging boom contracts were let at almost any price tendered, and many companies now find that they aro paying to<s much for their dredge. A good many companies which woro floated before the sharp advance for machinery, etc., now find their capital insufficient, and the directors are placed in the awkward position of having accepted contracts beyond the means of the company to carry out. The directors 3iave tho alternativo in such cases of guaranteeing overdrafts from the bank or of advising an increase in tho capital. But many of the shareholder? arc not in a position to take up additional shares, and the directors find themselves in an awkward fix. The other alternativo is the issue of preferenco ehaics to cover the indebtedness of the company, which in somo cases has been done. Tho principle is ono that ought to bo discouraged by all means, unless the ordinary shareholders aro in a position to take tip the new issue in proportion to their previous Folding. Otherwise those who tako up tho profcrenco chares control the earnings of the company to the detriment ot the ordinary shareholders, and tho depreciation of the value of the shares.

But, in spite of the disabilities with which iho industry is hampered, tho future of gold dredging in New Zealand is promifing, when once it has been placed on a sound financial basis. The unsatisfactory experience of some of.'the dredges docs not affect tho value of the claims. Tho gold is still there, mid Tvbera (he common -tease precaution of prospetting tho ground has been taken, tho prospective value of tho claim is known, and its requirements in the nature of a dredge a matter of certainty. Very considerable area? in Otago, Southland, and the West (_'oa j t await development, and in time to coma the industry will prove highly remunerative, besides affording employment to a largo mining population.- At the. present time there are 8 number of valuable properties held for flotation; but until the industry is fet upon n more satisfactory footing the?o cannot be placed upon the market. The riparian difficulty is another drawback to the dredging industry, and whore the agricultural interest is important the claims for compensation prohibit the proclamation of the streams for mining purposes. The following have beim proclaimed mtercoureee for Hie deposit of tailings, debris, aud waste water resulting from mining operations:—Awamoko, Kyoburn, Hogburn, and Bannotkburn .(Streams, and tho Fraser, Tuapcka, Cnrdrona, Arrow, Sboto'ver, Nevis, and Dart Rivers. In other forms of mining there is nol much new to report. Some very fine Minnies of antimony have been taken from the Alexandra Antimony Syndicate's mine near Alexandra. Tho lode formation ha? been opened up 12ft wide, carrying a vein 9in to 2ft 6m in thickness, and the lode has been proved for a length of 1500 ft. According to an txpert, there arc now somo 40,000 tons of ore in sight, so that the syndicate's prospects are very encouraging.

Tl:e discovery of ft diamond field «omewhere in the South Island has been reported, but the locality has not been disclosed, pending the result of an application for a reward wider the Mining Act for the discovery of a now mining field. The mineral wealth of New Zealand h varied, and if diamonds are to be addod to the list our colony will compare favourably with any other part, of the wrrld of equal extent in mineral resources. The returns from the various goldfields for

the first four months of the current year slion , t> gratifying improvement, the increasp <-ojnpared with the corresponding period' of last year being 21,6030z. The following Auckland results have been •published:—Tlie Waihi Company treated 1285'loiW of ore for a. return valued at £J1 380 for the- month of March, and 1610 touVfor a return valued at £2961 for the four weeks ending April 28. The New Zealand Crown-Mines treated 2836 tons of ore for 'bullion valued-at &M2. .... _

The Reeftou returns [or April were: — Keep-it-Dark; 'Battery, 2570z from 1020 i tons; cyanide, 1420z 15dwt, making a total return of 400oz ot gold. The Kjnvan's Reward claim obtained 4430z lOdwt from 412 tons of stone. RETURNS. • SunciNd asd Hydraulic Euv.vriso COMrANIES. Oz. dwt. gr. Deep Stream Amalgamated ..100 3 o (Also Coz amalgam for four weeks' work.) Bakery Flat (4 weeks) 140 0 0 Round Hill (5 weeks) 3G7 0 0 Golden Run 23 0 0 Big Beach Hydraulic (10 days) .. 10 10 0 Golden Crescent (2 weeks) .... 30 0 0 Roxburgh Amalgamated ~ ~ 74 7 19 Quaiitz Mines. Golden Blocks, Collingwood (ISO tons) .. 300 0 0 Shotovcr (amalgam, from 35 tons) 50 12 0 Xirwin't Reward, West Coast (412 tons) 4(3 10 0 Keep-it-Dark, Reefton 400 0 0 During the week ended Tuesday, April 9, returnß were reported from the following 47 dredges, the total yield being 1G440z 9dwt 4gr, or an average ot about 350z per dredge: — Oz. dwt gr. Electric, Cromwell (4 days) .. 213 8 0 Cromwell, Cromwell .'.... 14G 11 0 Earnscleugli No. 2, Alexandra (128 hours) 114 8 0 Hartley and Riley, Cromwell (120 hours) 80 17 0 Matau, Clyde 71 0 (1 Perseverance, Alexandra .... CO 0 0 Junction Electric, Cromwell (4 days) .. CO 0 0 Enterprise No. 1, Alexandra (122 henrs) 54 1 R Empire, Waipori (2 dredges) .. 50 10 0 Electric Extended, Cromwell (5 days) .. .. 44 5 0 Golden Bed, Miller's Flat .. .. 43 17 0 Meg aud Annie, Kawarau River (128 hours) 43 7 12 Success, Waipori (131J hours).. 41 3 0 Alpine No. 2, Cromwell (132 hours) 40 G 13 Nevis, Nevis River (120 hours).. 40 5 0 Golden Gate, Miller's Flat (C days) 3G 10 0 Manuherikia, Alexandra (118 hours) 33 0 0 Charlton Creek, near Gore (129 hours) 1.. S2 10 0 Waimumu, near Gore (122 hours) 32 1 0 Clyde, Alexandra 25 0 0 Waimumu Central, near Gore (128 hours) 2.1 C 8 Enterprise No. 2, Alexandra (90 hours) .' 23 2 12 Enfield, Waipori (120 hoars) .. 22 10 0 Inch Valley, near Palmerston (143 hours) 20 6 0 Tuopeka, Tuapeka Flat (120 hours) 19 14 0 Magnetic, Cromwell 18 0 0 Waimumu Queen, near Gore (123 hours) 18 0 0 Evans Flat, Tuapeka 18 0 0 Otago, Miller's Flat (4 days) .. 17 0 8 Golden Treasure, Miller's Flat (5 days) 10 12 0 Waikaka Forks, Waikaka (120 hours) .. .. 15 0 0 Naumai, Upper Kveburn (135 hours) 14 12 0 Waimumu Extended, near Gore (123 hours) . .. • 14 0 18 Ngapam No. 3, Nevis River (130 hours) • 13 13 0 Central Electric, Cromwell (100 hours) 10 14 4 Lawrenco 10 12 0 Olrig, Manuherikia (5 days) .. 10 G 0 Golden Link, Alexandra .... 10 1 0 Alexandra Eureka, Alexandra .. 10 0 0 Molvneinc Hydraulic, Alexandra 9 10 0 Globe, Waikaka (120 hours) .. 9 7 12 Inch-holme, near Palmerston (3 days) 8 0 0 Chatto Creek, Manuherikia .. 7 0 0 Morning Star, Manuherikia (nbcut 45 hours) G 13 0 Miller's Flat Electric, Miller's Flat (84 hours) 5 14 0 Vincent, Clyde (134 hours) .. 5 10 0 Central Malaura No. 1, Maiaura, 83 hours (amalgam) 14 11 0 Cardrona No. 1, Cardrona River, 00 hours (amalgam) 7 10 0 Total , ICII 9 4 The Wr.sT Coast. Neison Creek (138 hours) .. .. 49 0 0 Mokoia 30 0 0 Buller Junction (100 hours) .. 22 0 0 Pactoius (200 hours) 17 0 0 New River (101 hours) 15 14 0 Reeves's Proprietary (118 hours) 14 0 0 Ford's Creek (5 days) : 10 1G 0 Leviathan .... 5 14 0 During the week ended Monday, April 15, returns were reported from the following 19 dredges, the total yield being 17130z 17dwt 12gr, or an average o! OJoz per dredge ■ — Oz. dwt. gr. Electric, Cromwell 310 0 0 Earnscleugli No. 2, Alexandra (103 hours) 11l 4 0 Golden Beach, Alexandra (174 horns) 83 5 11 Electric Extended, Cromwell (128 hours) 70 5 0 Cromwell. Cromwell (57 hours) .. (W 12 0 Matau, Clyde 63 0 0 Alpine Consols, Cromwell (71 hoiirß) ' CO C 18 Empire, Waipori (2 dredges) 52 11 0 i Enterprise No. 1, Alexandra (128 hours) 49 14 12 Alpine Consols, Cromwell .... 48 5 0 Meg and Annie, Kawarau River 46 14 12 Success, Waipori (135 hours) .. 40 7 23 Cromwell, Cromwell 43 5 0 Perseverance, Alexandra .... 40 18 0 Clyde, Alexandra 39 0 0 Golden Gate, Miller's Fiat (6 days) 31 14 0 Alpine No. 2, Cromwell (130 hours) 29 12 14 Golden Bed, Miller's Flat (124 hours) 28 11 0 Nevis, Nevis River (122 hours) .. 28 0 0 Upper Waipori, Waipori (148 honrsl 26 12 0 Enterprise No. 2, Alexandra (130 hours) 20 5 12 Waimumu, near Gore (127 hours) 21 10 0 Waimumu Queen, near Gore (112 hours) 23 O 0 Chicago, Alexandra 22 0 0 Charlton Creek, near Gore (130 hours) 21 10 0 Second Magnetic, Cromwell (258 hours) 21 2 0 Otago, Miller's Flat 20 3 0 Central Electric, Cromwell (115 hours) 20 2 0 Alexandra Etirci:a, Alexandra .. 20 0 (l Evans Flat, Tuapeka 19 6 0 Waimumu Central, near Gore (120 hours) 19 0 0 Tuapeka, Tuapeka Flat (118 hours) 18 5 0 Enfield, Waipori 16 10 0 Ngapara No. 3, Ncviß River (110 hours) 16 0 0 Gabriel, Tuapeka Flat (170 hours) 15 5 0 ' Golden Treasure, Miller's Flat .. 14 18 0 Magnetic, Cromwell 14 0 0 Waimumu Extended, near Gore (126 hours) 13 12 0 i Waikaka Forks, Waikaka (106 hours) 13 0 0 Wrence, Tuapeka Flat (5 days) 11 10 0 Inch Valley, near Palmerston (75 hours) 10 7 0 Molyneux Hydraulic, Alexandra 9 5 15 ! Olrig, Manuherikia (4J days) .. 9 2 9 1 Golden Run, Island Block .. .. 9 0 0 j Inch-holme, near Palmerston (100 1 hours) 8 9 0 ! Naumai, Upper Kyebum (95 Uourß) 7 9 0 I Golden Link, Alexandra (80 hours) 5 11 0 ■ White Star, Cardrona (4 days) .. 210 0 i Total 1713 17 12 i Cardrona No. 1, Cardrona (88 hours, amalgam) 8 3 0 > Tire Wm Coast. ' Nelson Creek (130 hou,s) .... 71 0 0 ■ Mokoia (12S hours) 35 0 0 ! Buller Junction (lIG hours) .. 31 0 0 • Buller (two weeks) .. .. .. .. 28 0 0 i Pactolus (137 hours) 18 0 0 i Reeves Proprietary 15 13 0 . Four Rivers Plain (118 hours) .. 10 9 0 , Grey River 9 0 0 ! Grenstone Creel; 3 0 0 I During the week ended .Monday, 22nd April, • returns were reported from the following 4.1 , dredges, the total yield being 1011 oz 12dwt 9gr, , or an average o[ 2loz per dredge: — '. Oz. dwt. gr. Electric, Cromwell 117 15 0 Earnscleugli No. 2, Alexandra 1 (129 hours) lOG 5 0 1 Golden Beech, Alexandra (121 hour?) 76 0 0 Cromwell, Cromwell ("0 hours).. 57 18 0 > Empire, -Waipori (2 dredges) .. 38 15 0 ■ Success, Wainori 35 3 20 • Golden Bed,"Miller's Flat (105 I hours) 31 13 0 i Perseverance, Alexandra .. .. 2S O 0 [ Waimumu, near Gore (122 hours) 27 0 0 . Upper AVaipori, Waipori (130 , hours) 25 10 0 ', Ngapara-So. 3, Nevis River (130 ' hours) 23 0 0' Malan. Clyde (3{ davs) 24 0 0 ' Enfield, Waipori 23 10 0 ' Alpine No. 2, Cromwell (GS hours) 23 2 G ; Otago, Miller's Flat 22 11) 0 I Chicago. Alexandra (45 hours) .. 22 0 0 i Enterprise No. 1, Alexandra (80 f hours) 21 12 iG ) Nevis, Nevis River (127 hours).. 21 10 0 . Golden Gate, Millcr'.s Flat (3 . davs) 21 0 0 Golden Treasure. Miller's Flat .. 20 0 0 . Waimumu Queen, near Gore (115 . hours) 17 " 0 Electric Extended, Cromwell (5.1 ■ hoursl 17 5 0 Waimumu Extended, near Gore (108 hours) 10 8 0 ! Tuapeka, Tuapeka Flat (123 hours) . .'. 16 5 0 ' Charlton Creek, near Goie CI ' davs) IG 0 0 ! Globe, Waikaka (7J day.-) ■.. .. 13 14 0 ■ Evans Flat, Tuapeka .. .. ■.. 13 12 0 ! Golden Run, Islaud Block . . 15 11 0 •/. Waikaka Forks, Waikaka (12?

hours) 13 0 0 Gold Queen, Dumbarton Rock .. 14 12 0 Waimumu Central, near (lore (120 hours) 14 B 0 Enterprise No. 2, Alexander (120 I hours) 13 5 IS 1 Reliance, Tuapeka Fhl (8! hours) 11 C li Gabriel, Tuapeka Flat (12) hour?) 11 G 21 Central Charlton, near (lore (139 hours) .. .. 11 0 o Lawrence, Tuapeka Flat .. .. 11, U 0 Golden Link, Alexandra (134 hours) 10 12 0 Vincent Extended, Clyde .... 10 7 0 Xauruai, Upper Kyeburn (120 hours) 5 13 0 Miller's Flat Electric, Miller's Flat (00 hours) 800 Inch-holme, near Palmerslon (120 hours) 4 12 O Blue Duck, Tinkers (100 hours) .. 4 4 0 Total .. .. 1011 12 0 Cardrona No, 1, Caidtona (70 hours, amalgam) B 15 0 The West Coast. Nelson Creek (124 hours) .. ~ 73 0 0 Buller Junction (74 hours) ~ ~ 3S 0 n Pactolus (110 hours) 1!) 1:1 0 New River (110 hours) 15 10 0 Be eves Proprietary (120 hours) .. 13 12 0 Maori Queen (50 hours) !) IG I) Ford's Creek (150 hours) .... 0 0 0 During the week ended Monday, April 20, returns have been reported from the following 39 dredges, the total gold yield being 8230z ladwt 22gr, or an average of over 21oz per dredge : — Oz. dwt. gr. Junction Electric, Cromwell .. ..83 0 0 Earnsclcugh No. 2, Alexandra (90 hours) GS 12 0 Golden Beach, Alexandra (103 hours) 48 15 0 Empire, Waipori (2 dredges) ~41 4 0 Alexandra Eureka, Alexandra ..39 0 0 Golden Bed, Miller's Flat (128 hours) 3G 2 0 Waimumu, near Gore (123 hours) 31 2 0 Golden Treasure, Miller's Flat (week) 29 10 0 Perseverance, Alexandra ~ ~ 27 7 I) Charlton Creek, near Gore .... 27 0 0 Success, Waipori (137S hours) ..20 1 0 Upper Waipori, Waipori (I.'IG hours) 23 0 0 Enterprise No. 2, Alexandra (135 hours) ~ 22 3 6 Ngapara No. 3, Nevis Hiver .. 22 0 0 Otago, Miller's Flat (week) ..22 0 0 Waimumu Queen, near Gore (120 hours) 20 10 0 Nevis. Nevis River (107 hours) .. It) 4 0 Manuhorikia, Alexandra, ~ ~ IS 13 12 Enfield, Waipori (week) .. .. IS 12 0 Molyncux Hydraulic, Alexandra .. 18 7 12 Wnimumu Extended, near Gore .(100 hours) 18 6 0 Enterprise No. 1, Alexandra (122 hours) 10 9 0 Tuapeka. Tuapeka Flat (12G hours) 15 !) o Globe, Wuikaka (130 hours) .. 13 12 14 Waikaki Forks, Waikoka (120 hours) 13 12 O Evans Flat, Tuapeka (115 hours) 13 10 0 Waimumu Central, neat Goro (ill hours) " 12 1 0 Reliance, Tuapeka Flat (10S hours) 11 11 0 Arrow Junction, Arrow (two days) 11 10 0 Golden Link, Alexandra (week) .. 10 G 12 Arthur Point, Shotorcr (4 days) ~ 10 0 l) Chatto Creek, Monulicrikia .. 8 10 9 Central Charlton, near Gore (12G hours) S 0 0 Inch-holme, near Palmerston (134 hours) , 7 10 0 Lawrence 0 8 G Xaumai, Upper Kyeburn (115 hours! 5 15 0 Blue Duck, Island Block (35 hours) 4 11 o Lady Charlton, near Gore ,„ ~ 4 5 0 Total Si! 15 22 The West Coast. Nclfod Creek (132 hours) ~ „ G3 o 0 Pactolus (124 hours) ~ ~,.. 29 111 0 New Hiver (90 hours) ~, .. ~ 12 12 0 Grey River (180 hours) ~ ~ ~ 12 0 0 Greenstone (150 horns) 8 0 I) Ford's Creek G 5 0 Dobson No. 2 4 0 0 DIVIDENDS. The following dividends have been declared: Perseverance. 2s; Hartley and Riley, ss; Electric, 4s; Roxburgh Amalgamated, Gd; Charlton Creek, Is; Electric Extended, 2s; Cromwell, 2s Gd; Waimumu, Gd; Empire, 3s; "Meg and Annie, Is; Golden Bcaeli, Is; Tuapeka", Is; Nelson Creek, Is; Upper Waipori, Is; Malmi, 2s; Success, 4s; Golden Gate, 2s Gd; Golden Treasure, Is; Deep Stream, Gel. SUMMARY OF OTAGO RETURN'S. The following (able shows the gold returns from the dredges whoso returns are public since the beginning of the present year, with tho return for corresponding week oi last year;-— 1901. 1900, Dredges Oz dt gr Dredges Oz dt gr First week .. 14 203 3 1 9 232 13 3 Second week 22 532 915 25 Gl3 18 9 Third week.. 29 Gl7 19 15 32 1021 313 Fourth week 31 722 11 9 37 1197 1 0 Fifth week ..39 823 4 G 35 002 312 Sixth week . 34 820 1111 29 G93 0 2,1 Seventh week 42 1027 1 0 31 774 018 Eighth week 43 094 022 28 893 17 0 Ninth week 42 1153 114 37 1020 3 7 Tenth week 48 ICO4 15 3 32 914 814 Eleventh week 41 1417 12 22 34 1251 13 7 Twelfth week 40 1317 14 1 32 2074 15 5 Thirl'ntli week 44 IGOS 018 34 1572 10 7 Fourt'r.th week 47 IGII 9 4 34 8(0 812 Fifteenth week 49 171.1 17 12 32 790 1 3 Sixteenth week 43 104112 9 3S 85,111 0 Sevcnt'nth w'k 39 823 15 22 35 1235 719 Total ~. .. 18,195 319 1G,91G 17 14