MINING.

Otago Daily Times, Issue 12366, 30 May 1902, Page 6

MINING.

the dredgemaster of (he Golden Run dredge leports a return of 590z lOdwt for three days' wort, dating from Monday last. Tho repairs to the Elc-ctric dredge have keen completed, and work wa3 resumed 011 Wednesday morning. The dredgemaster oi the Wainmmu Extended dredge reports that there will be no wash-up this week, as his time has been occupied lji fixing the dam. A special meeting o[ the directors of the Leaning Rock Gold Dredging Company was Sicld yesterday, when it was decided to instruct the dredgemaster to shift the dredge down the claim at once unless ho strikes payable gold iu the meantime. The repairs to the Point d'Or dredge have row been completed, and the local director wired tho secretary yesterday that dredging was started again on Wednesday, hut bottom had not been reached. A later'telegram was received from the dredgemaster stating that lio started shifts 011 Wednesday, but as the paddock was dull of drift there will be 110 wash' up this week. The river is verv low at present, and the dredgemaster thinks "he will have a good chance to bottom, as it is still falliii". The directors of the Canadian Flat Hydraulic Sluicing and Electrical Power Transmission Company do not see their way to continue, and have accordingly called a meeting of shareholders to consider the question of voluntary liquidation. A balance sheet has been issued fcr the period ended Mnv 20, showing a debit balance of £104!) 19s 8d to profit and loss. The nominal capital is £9000, but 2G25 shares have been unallotted, while the amount of arrears is £1317 15s 011 1750 shares. There are sundry creditors to the extent of £K>) 10s Bd, against which there is £4 Us !)d in the bank. Other asselr are—Pi.tce construction and plant, £1812 Cs Gd; limber at Outrani, i'ill'J lis ud; horse, saddle, etc., £20. We are informed that (lie directors of the No Town Xo. 2 Gold Dredging Company have fcrieited all sliare3 upon which arrears of call.) ere due, and that the forfeited shares are open for sale at over par. Shareholders whore J.iiares are forfeited may redeem them W paving the balance due with 5 per cent, added, "pin° vided the.t the shares are not previously sold. The success attending the Xo Town Creek Company's dredging operations, which claim immediately adjoins the Xo. 2 claim, will no doubt raise tho claim iu the estimation of the public. A good liumberof shares have been applied tor in the Xew Kawarau Bridge Gold Dvcdving Company, but there pre stii! some shares available for application. The dredge, was purchased from the old commnv {6r £1150, and a subscription capital oi £1830 will suffice to submit the claim to a thorough test. The proposed capital is small (£4030), and as subscribers receive one paid-up share for every contributing share taken up they have a good opportunity of retrieving their losses iu the old company should the claim prove payable. The dredge is ready for work, and if shnrohoWers intend to make application for shares they should <3o so without delay as the river is very favourable for profitable working at present. The claim is held by a good many to be rich in the precious m»'al, and thev "are : sanguine that payable results will be obtained, i .A contributed article appeared in the "West ' Coast Times ot May 22 dealing with dredging ; and dredgiug machinery on the West Coacf, i and as there is a large amount of Otago capital

ittVKtai 111 wnjijjilirfj carryjt? on ortnUwn " mn t iS! rt °r ,a ' r -*?™ "tract's shou'd p e interesting. J?lie writer states that in Sto hl S th " niot i« power been siißßi with river dftp33its end in i»n case ta, moro ,j lau 60 per Quantity oeen dealt with, Some iIW *?i >y r" made lt<lr uji3la *f "t this kind then tL dr^f * WHB P" 1 ( ' n ' although «£i ft tnen large sums were paid for oxntrl evi. xtiice us to the nature o( the ground and the ?i~ q ,T, dl .° wor f : it; *«tS»twith.taSaiSs tliD repeated failures m the early stages of the Mrm aiirl Sv» 13 contendKl lllat «'e want of poter and the consequent* inability to dfal With the quantity sei out in th» engineers' «ti ?o at fn ( h r C ?i ,s ;- d 1 m "» b « ° f S3e?to u i r lqU l^ acrn > a,l<J the low price (£373) on'"cWms^whe 11lo 15 ™ M ™*»ne- The writer goes on to maTe p-or'ThtStrtXSK i i] :: m t° vritU-the screed,, X, W T'cZ the Kelron'&eek ''I"V 3 Sh °" 11 hy ihc tlint ine Aeison Creek dredge is now using her third r&ss»^T#4 safe ™- • 01 »"«y i™ Wi'iM'bribS the upper bottom The wlmi« i„t 7i , the second bottom would afso'pa™ o,f j./'tU «g actions oi the boulders and rock,th. »»M ami replacing a cylinder. Thin lrinJ i . red^X e the!%w q t?™!e "'I? fn P buuT"mvei a "i W P ]" e coilld bo S» matter rt?nli ? e nest buckets, a, d poi ? ap ° ° f , U,e dre , dl > ,c Place of the r* ad , V<,cated in U corti'Hcd th,,t ?! atra, g h Wippcd ones. It grent lIS IXZ^T^ 3 ( °° tern to pieces with ? c ' t,Sn J " ''"I'-" " ro «tonv v'lcii „k' strain of opera-tin? in SJJwsusts st~iioM V\ ? ,1Q a smull of others, buckeU COu!d * wAh the

DUJUJDre stock exchange. ami il,!!"! i Was ? ot 4uil<> 80 activ « yesterday 111, nw Um i er of , s:llc3 ™ s smaller than for I nevertheless 3 1 h - aU - hy tonc prt ' vailed I were V.. ' e of t! ' e stock, . pJr«Az ™,uuner\. At the afternoon coll the chair. Oald^'n^'d^i^ 0 rMtESe^dSS^wSSTThe SSfSWAtSS'B' fn = i W Leac,s «» steadv, and AWuV Snnf i w " e '" market at a, > th f best response being Is. Bendigoes ,«' ere a liltl sabot K y t Mkwalet H «w» I'ordejietl. A sale of the Intter was made at 3s Gd dis and the closing quotations were 4s and g'd j;, o ff Un t n .i oll<l3 .l vere «™. "»'l Kleclric, were offered at 39s without response. First Chances at AT i"," S t f ndc . !,c . v . sales taking place able at t) a «" H ' • 'i® more wef * obl"'n--4 s 3d V™ J b but, ut .closed at 4S 3d Fourteen-mile Beaches were steadv but Gentlo Annies foil back; while Gold K« had tiii W m " g i™ dy - Tho llrC(1 2 e niasler of il' n ?i • te ?? ris that tl,c was, > is improving on tho inside of the cut, so the return may bo better than usual. Golden Rivers eased, blit (joldon Runs hardened as a result of the excellent return. Two sales of Ihi while th°o k "l'"" at 1C | and anot,ler l»s, Sid m'> b .S2- ? 10ns Were U ' 9d Md I. j r?l° !ot ? of hartley and liilevs chan-ed hands at t»s, alter which buyers elised at C2s 6d, and seders at C7s. The Hokitika River Company being free from debt, it was only to be expected that the shares' would improve, t OJ '? ns , wore rccor dcd at 12s and two at l.s 3d, and there were more buyers at the former figure, but holders wanted 12s 9d. Loaning Rocks recovered a little, an J Leviathan preference shares hardened, the closing quotations being 6s and Cs 3d. Meg and Aniies were steady, and Monte Cliristoos were firm»r as aso were 2Co Town Creeks. Two lots ot the last-named changed hands at 31s 3d, at which price more shares were wanted, but holders would not accept less than 34s Cd. A sale of Olrigs was made at 23s Cd, after which buyers closed at 03s 3d and sellers nt 23s 9d There was a sixpenny market in Puctolus shares, with buyers at G9s Gd and sellers at 70s. Ri-e and onmes were inclined to ease, and lioyal Maoris were weaker, a sale tailing place at. 93, with further buyers at 8s 3d and sellers at 10s 6d. Umlys were a little easier, but good business wa> done iu tlieni, one lot changing hand 3 at -Is, two at 20s Gd, and another at 20s 3d, wliilc tho closing were 20s and 21s Sales were recorded yesterday at the following prices:—Black-water River, 3s Gd dis • First Chance, Is 9d and Gd; Golden Run 13s Cd ami IK; Hartley ami Bilcr, Cos: Hokitika River, lis and 12s 3d; Ao'Town Croek, 3is3d; Olrig, 23s Gd; Royal Maori, !)s; Unity. 21s, 20s Gd, and 20s 3d. Tho following are • yesterday's latest quotations, subject to the usual brokerage: — Alexandra Bonaina (paid)— Sellers 14s Gd. Alexandra Lead—Buyers 4s Cd, sellers 4s 9d. Blackwatcr liivtr—buyers 4s, sellers 2s »d di 3. . -

Davis's Bend-Sellers Is dis. Dunstan' Lead—Buyers ss, sellers us Cd. Enterprise—Buyers' 'i'l 'ss, 'sei'ers £1 7s 9d. First Chance—Buyers 4s 3d, sellers Is Cd. Fourteen-mile Beach—Buyers 14s lid, sellers 18s. (Jeiitle Annio—Buyers 7s Gd, sellers 12s. Gold King—Buyers 4a 3d, sellers ss. Golden Bed—Buyers 10s 3d, sellers 12s Sd. Golden Gate—Sellers £4 15s. Golden Biver—Buyer? (Is Gd, sellers 7s. Goldenßun-Buyers lis 9d, sellers 15s Cd. Great Central—Buyers 2s, sellers ss. Great Wocdstock—Sellers 7s fld. Hartley and Riley-Buycis £1 2s Gil, sellers £2 7s. •• • Hokitika River—Buyers 12s, sellers 12s 3d. Junction Electric—Buvers £1, sellers £1 -'s 3d.

Lady Roxburgh—Buyers 4s Cd, sellers 3s dis. Lafranchi's Freehold—Buyers 9s. Leaning Hock—Buyers 6s, sellers Bs.. Leviathan (preierence)-Buyers Cs, sellers Cs 3d.

Leviathan—Buyers Is Cd, sellers 2s. Long Valley—Sellers 10?. Magnetic—Buyers Is 6J, sellers 2s Cd. Majestic—Sellers 17s Gd. Matuu—Sellers £1 4s. Meg and Auiiie—Buyers 14s fld, sellers 15s Cd. Molyneux Hydraulic—Bnvtra :1s Ud, sellers lis Gd.

Molyneux Kohirioor—Buyers 16s 3d, sellers 7s 3d di--. Monte Ciiristo—Buyers £1 4s 3d, sellers £1

Mystery Flat-Buyers X'l 13s, sellers £2 10s. Nelson Creel:— fluyera £3, sellers £3 Gs. New Halfway House—.Sellers Bs. Xo .Town Creek—Buvers £1 14s 3d, sellers £1 14s Gd. Oirig—Buyers £1 3s 3d, sellers £1 3s 9d. Otago—Buyers 12s Cd. sellers 14s Gd. Pactoli'.s—Buyers £3 9s lid, sellers £3 10s. Perseverance—Sellers £'i Is. Hiley's Beach—Sellers 8s p. Rise and Shine—Buyers £1 2s, sellers £1 3s. Itoyal Maori—Buyers Ss 3d, sellers 10s'Gd. Sailor's Bend-Buyers £1 14s Cd, sellers £1

17s. 'J'eviot—Buyers ts 9d. solleis as. Trafalgar-Buyers £1 26, sellers £1 4s Cd, Unity—Buyers £1, sellers 11 Is. Upper Magnetic—Bnveis 7s 9d, sellers Bs, Vincent Extended—Sellers us.

SIA'ICIS'd. Roxburgh Amalgamated (paid)—Buvers 4s Gd, sellers is. DEEP STREAM AMALGAMATED HYDRAULIC SLUICING COMPANY. The annual general meeting of the Deep Stream Amalgamated Hydraulic Sluicing Company v;as held at the company's office*, 11 v.-li street, yesterday afternoon." Mr G. VenwicL-, chairman of directors, presided, and there were 11 shareholders present.

The Chairman, in moving >lie adoption of the report (already published) and balance, sheet, said he regretted that the outlook was not more cheerful. During the past year every, thing had been dead against tlum, ami had mado wurlc difficult to carry on 11:1 account of such lliin;.;a as floods, meeting wiih bars of reef, shallow and poverty-stricken ground. The result was that tbe outcomc of the year's operations was much worse than that of any year yet iu which tlio company had been existing. Operations were first commenced in IK)S, In tho tirst year liio i;o!d won was 2150z ill two or three months, and tbe value £S;!4 Is ]od. Jn isra 12130z was j:;et, valued at £4700, and the dividends paid were £17afi. In 1000 the gold amounted !<> FiMoz, valued si X.OTS. ar.d the dividends paid were .£120?. In 1001 970o;:, valued al e.IBOO, , vcre £ jr lS( ) j )a j (t dividends. In 1302 the sold amounted to Glßo-, valued at £2376, and dividends amounted to £600. The total amount pni<l iu dividends

amounted to I*soso—certainly nothing like the j rcjnpiiny was t-xpected to pav wh»n at was j floated. The report* of the manager, however, 1 < e now ftuch as to give the hoi>* that- much t heller years were in store. One" of the-iuo?,t [ disappointing futures of last vwr'n work was Unit Hint portion of the ground kn 'jwn.as the , company s island turned out hwily, wml from 1 this expevls and shareholders aiike'had espeut-d the largest yields. There whs syi i»iinip|is(» junouut of shallow trnuud in it, .Wi a groat l>ar«cropped up and altogether lbs island had turned out quite unpayable. The gave good repoYts of the ground further ahead, end tliey.had a large length oi creel; uml a considerable area of ground, all of whichjhad Ijcen prospected satisfactorily; so there was reason to hope they had got over the worst part, and won.d soon get on to ground that would vield satisfactory returns. 'Hie whole of the company s pipe-line had been removed from the island to this ground. As indicating the reason why good prospects should lie unlippttteil he would instance the Kosburgh Amal-gamated-Sluicing Company, which, thou»h a snort time back anparently'work-pd out. seeresd now to have taken a fresh lease oMiie, and during the past months had been tailing out excellent yields. With regard to the lyjlur.ee sheet, the total expenditure during tlie year was £-2070 14s 4d, exclusive oi fCOQ dividend?. The gold ficcoimt realised £3340 J9« Gd. AVilii regard to capital and liabilities, there liiid liceii some additional- expondituro for plant, etc. during the year. ' The motion for the adoption of the report was carried unanimously. Mr 0. Fen wick, the retiring director, was reelected, and'. Mr Bartleinan was re-elccted auditor. There was no further business. FEDDERSEX GOLD DREDGIXG COjrPAXY. Tlie following report will be submitted to shareholders in the Feddersen Golit Dredging Company at the lirst aiiuunl meeting: —

The directors beg to submit their annual eport and balance sheet (first) for the year riding aoth April, 1902. As will bo remem>ered, the registration ot the company took '•ace in March, 1901. The directors decided iot to enter into any contracts tor Machinery iil they were satisfied as to the financial posiion of the company. As well as this, the itles to the company's proporty were assailed 11 two occasions, aud the directors were not •rcpared to go on with the company till these >cre in order. For the above reasons, tho ontract for jnaehinery was not finally entered nto till January of this year. Exception was aken to the delay by some shareholders, but directors feel satisfied that the majority f shareholders would uphold the course taken >y them, The directors also satisfied t hemelves that of the dredges that were offered or sale none filled the requirements to suitbly work the company's claim. The inspector ntrusted with, the building of the pontoons, eports that Tie expects to have Ihcm in the .'ator by the end of May. A good part of the uschinery is already ori the company's claim nd tenders pre now Whig called for its ereelon. • While it is not safe to make any promise, he directors hope to see the dredge at work nrly in August. Every care has been taken to upply the dredge with the latest inwoveuents, and it 13 safe to say that when the Ircdge is ready it will be as complete 5 machine s has yet been built. Referring to the balunce wet, the company lias ken put to considerblc expense by some shareholders in collectng calls, and this must account for a considerole portion of "legal costs." Added to that, lie cost of resisting the attack on the claim :as been considerable. It is not possible to ivc the exact figures as to how the company /ill stand on the day that work is commenced, nit, in nearly ell cases, tile cost has been under mv engineer's estimate, and there is good loiiud for saying' that, the company will start rork free of debt. In conclusion, tiie directors cqucsl those shareholders who .ire in arrears .•ith their calls to forward same as early as iMeible to enable the company to keep faith 'ith its engagement*, following is a report rom Messrs Cuttcn Bros., engineers to the ompany:— 1 We have pleasure in reuortin" hat the various contracts for yeur dredge are logressing moat, satisfactorily. The macbipry is practically finished, and a considerable mount is now on the claim, and the balance J win? shipped in convenient quantities for lie carters. Messrs Bnrt have made a fjpleu- , lc machinery, and have quite upcld their reputation for good workmanship, he pontoons ara rapidly neaviug completion, nd who is in charge, is making 11 excellent job. and hopes to have the ship float by the end of May. The steel.gearing nd tumblers ordered from Home are due ere by the end of May, and unless something mte unforeseen happens your dredge should »e 111 working order early in August, as we are ow calling I'm* tenders for ereciiou. In this redge we have endeavoured to give you all the ales! improvements with the best material and he strongest of gearing and when coiunlete ue machine will undoubtedly be the best of icr type we have had built to'onr designs, and re feel satisfied, judging from the prospects nd splendid returns now being won from the duller Biver, tbat rich returns will be forthloming from your claim/ The retiring directs r.re Messrs A. G. Fenwick and T. A. iuntsr, and Mr A. Bartleman is the retiring mditor. All are eligible for re-election." The preliminary expenses amounted to £119 ISs 6d, and the cost of boring the claim was £131 12s sil. while current expenses, etc.. rente ®'23 5s W. malting the aggregate expenditure £7(9 IBs 3d. Against this the company vereived £33 0 s !l)d in interest, thus leaving a ilebit balance cf .iTtO !li 7d to profit ?nd loss. When the books were cloned the arrears of calls amounted to £674 10s, but part o: tills lias since been paid. The amount of calls paid in auva-uco is £13fi. There '.»\e sundry creditors to the extent of il'il 2< 7d, awl there is debited to the expense account. The siuu of £3339 Us was expended on plant up to April 30, and the cash in lnvnd and in the banli was '£1279, while there were debtors to the amount of £]G.

PRINCE ALBERT GOLD DREDGING COMPANY. An extraordinary general meeting of shareholders in the Prince Albert Cold Dredging Company was held iu the Coffee 3 3 alace last evening for the purposo of considering the financial position of the company. There were 10 shareholders present, and Mr J. 11. Hancock (chairman of directors) presided. The Chairman said the story was very told. The one difficulty which caused tli'e directors to come before the shareholders was that the returns had not been sufficient to meet expenses. The sum expended on wages ttnd coil was JJ759 2s Id, and the value of the gold won was £683 C«j Sd, so that thpre was a loss of £175 15s f»d over the rthole period, apart from repairs and other expenses in connection with llis dredge. They were somewhat in debt at starting, but with fair returns in the early history of • operations the directors hoped to pull through, but when the returns fell off und tho dredge had to be stopped for repairs tho difficulties soon became apparent, and they found that before going on again it was n°res« sary to call tho shareholders and debentureholders together. Personally, ho was afraid ■they would not be able to raise sufficient money to get them out of their difficulties, Ono of the debenture-holders, who had debentures to the extent of £>00, wanted his money, and to meet that gentleman's request was a difhculty the directors could hardly see their way to overcome at present, and at- the same time find sufficient monev to further prospect the claim, With regard to the work at tho claim, :l was disappointing from tinio to time. Sonio weeks the dredeoinaster had got good returns, but othor weela the results wero not encouraging. Great difficulty had been experienced on account of black sand, of which there was a great, quantity, and it was very hard to save the fino gold. They had an excellent dredge, and to all appearances the claim "bowed 110 difficulties in the way of working Lack oi sufficient gold was tho only cause of their faihiro up to the preseui. In reply to questions by Mr J. Rhodes, the Chairman stilted that debentures to the extent of £1500 had been tuken up. Pour liens had been registered uaiinst the company for wages to the amount of about £Bj, but "there were other wages due to tho extent ot about £1411. These were the only liens prior to the mortgage.

Mr Tlhodc-a then moved-" That the trustees for the- debenture-holders he asked to take possesion of the dredge, and be asked t<> give the company an opportunity of buying back the dredge and reconstructing tlio company nn avbasis.oC capital, ar.d thai this meeting be adjoimifd for a month." Mr Rhodes, in oxpmining his motion, said that the company would not liquidate, as they had no funds to do so. AH expanse? in the way of imprest, etc., would stop from the tiirte of the passing cf the resolution, and the only expense entailed would be the coat of sending out circular* and getting tho new company floated. The existing shared holdors should be given the first, opportunity to come in, and then the debenture-holders, the latter of whom ho proposed sliould be asked to take ui) sbnros in the new company in lieu of their debentures. Speaking for himsolf, ho was quit« prepared to take up 550 shares in the new company instead oi'tho debentures he hold at present. In answer to questions, tho Chairman stated that the dredge Imd b?e:i at wovl; fur a peiiod of [our and a-half months, and ii hud cost over iMW to win sold to the valuo of 800 odd. Some of the expense was, liovrever, ineidental to the working of a new dredge, fiieh as alterations. etc. He did not Ihi-.il; there would lie any difficulty in coalin? durinc the winter. The coal coat 403 per ton delivered at the claim. 'I'lio dredgemaater was acting as carctakcr at a salary of jM per week. Mr Baird, the r;:pinecr on tlio dredge, being asked' by the chairman to express his opinion with rogard to the value of the claim, Enid he thought it worth a further trial ol another two months at Joust. He believed parts of thf> claim would prove mors than pavnble if worked under favourable conditions. The best frroiind was <-r,ly struck at the end of 0 lend of wash, ar.il lli&re was a lead entering the big

flit, whioh, ho thought, would pay w.*U, and which could bo easily bored. There was plenty of ground in the! who!? claim. He kimv several parl:ts thai had worked 0:1 lb" beaches for JWi and tiny spoke vo;y hijhlv of the ground. .Some floury gold was lost by the dredge, hut he did not think any dredge could save it. 'I hero would li» considerable trouble If quicksilver were used for saving gold owing to (ho pre-.'auce of a large quantity of lead. Air 1!. M. Marks moved in an amendment— Thf.t the shareholders he requested lo psv a levy of Is per share lo enable the directors to thoroughly pro-peci the claim, such levy lo ne returned out of the first profits which inay be earned after paying interest on the debentures.

The motion was seconded by Mr Arthur, but on Tjoiug put to (ho meeting was lost. }!r motion was then put, and carried unanimously.

A vote oi thanks to the chair terminated the proceedings.

SHOTOVER QCARTZ MIS TNG COMPANY,

Tha adjourned nimuul meeting of 'the Shotover Quartz Mining Company wss held Just nielli. 13r Brown (chairman of directors) presided, and there voro present eight sharel)o|ter3 mm 20 proxies, representing 11.1 M siiares.

The fo'lowinj resolutions wore iniaiiifflotuiy auopted: —

'• 1. That iho resolution passed at the extraordinary general meeting of tile company 011 23rd December, 1901, to increase the capital of the company by the creation of IiOOU new shares oi Ss each, be confirmed, together with the other resolution# passed at the same noting." " 2. That such new shares be ealied preference shares,"and that the holders thereof bo entitled to a preferential diviueud at the rate of i'l'i per cent, per annum 011 (he capital paid tip thereon, payable put of the profits of each year, without any right in case of deficiency to re?ort lo subsequent profits," J. V'nenever tue profits of the coiauauy in respect of any year shr.ll be more than sufficient to pay the preferential dividend aforesaid to the close of such year, and also a dividend for such year at the rate of 15 per rait. per annum on tho ordinary shares, the holders of the preference shall by entitled to partieinatc in thc-siirpliis pari passu with the holders of tho other shares."

"4. That in the event of the comnany being wound up the holders of the said'preference ."hares shall be entitled to have the surplus assets of the company applied, in the first place, in repaying io tlieni the amount naid up on the preference shares held bv them respectively, but shall not be entitled'to any further participation in such surplus ascots."

HOSS DAY DATVX COMPANY. An adjourned annual meeting of trie Root Day Dawn Gold Dredging Company was bold at the registered office, i 7 High* street, yesterday, when the Ciieiiman of Directors (Mi X. V. Wales) presided, and eight shareholders were present, -20:10 votes being -represented by proxy. The Chairman reported a conference between directors «i:d shareholders, at which it motion in favour n: liouidation and reconstruction hud been carried. It would be his duty to move that motion, but li; understood some other arrangement would b: arrived at. He trusted it would, and he certainly thought the outlook more encouraging Ho then moved-" That the company should go into liquidation and should be reconstructed, thai the capital should be ifiOOO, and that one paid-up share should be given with every share applied for, the shares 10 be first offered to present shareholders, and, if not'ail taken up by them, tlift shares to be offered to the. public, and also that the liquidator should be instructed to sell to the new company."

Mr A. Bums seconded the motion pro fonna. Ho was glad to hear that something tangible was likely to happen, aud he hoped the company would be able to persevere and start the dredge. It had seemed that the only wuy to start the dredge was to liquidate aiid reconstruct, but he was not wedded to that idea if something better could b? brought iorward. Mr Fisher asked the Chairman to explain flu' financial position. Tin question of finance was then dealt with extensively, The Chairman explained that the H3«eis amounted to £1363, and the liabilities totalled £2320, leaving a debit of £9G6. There were 1105 forfeited shares to be sold and ICO debentures to be issued, if necessary, to complete (lie authorised loan oi £1800. The while of the forfeited shares were taken up at 13s lOd, making the capital of the company fully paid, and also sufficient debentures to pay off within £100 of what the company owed.

The shareholders present expressed satisfaction at the position, end the motion was then put- and lost, no one voting for it. The Cliuirmau said he had no doubt the company would be able to go ahead now without any delay. He expected Mr Cable would take up a few debentures, and thus the machinery would be released. A letter to him from Mr Cable would arrive that evening, and he thought Mr' Cable intended to take up (lie debentures

The meeting closcd with a vote of thanks to the chair.

XOTES FROM CROMWELL. (Froii Our Owx Correspondent.)

CROMWELL, Hay 29. The weather is line, and the river is falling steadily.

The Lady lUnfurly and Point u'Or dredges have both made a start again. Tho .Junction Electric' No. 1 dredge is losing time this week, so I anticipate there may ha a drop in the return. The Junction Electric No. i dredge lias not started yet. The R:i,pi and Shino dredge ;s reported to be on something pretty good, but the dredge is losing a good deal o! time. The Hartley and Riley dredge is working steadily, but I do not think she will have much over lost week's return. The Riley's Beach dredge is working steadily. The Royal Maori dredge is getting well up to where the will start. NOTES FROM CLYDE. '(From Our Own Correspondent.) CLYDE, May 29. The weather, after a light fall of snow, has cleared up again. The dredges in the vicinity of Clyde are workins fuH time. Seme objectors to mining values in the Assegment Court, Clyde, revealed the fact that some dredging companies on the river had small prospects of success. After hearing the evidence of one objector many intending objectors left the court rather than submit to the ordeal of exposing the prospects and financial position of their respective companies. THE WEST COAST. (Frosi Our Own Correspondent.) GREYIIOUTH, Muv 29. Very large returns aro not anticipated this week, although the aggregate should bo at least 20002 more than the preceding week. The Greenstone Junction drrdge should have a very fair yield. Tho mortgage of £1000, bearing 15 per cent, interest, will be finally dealt with on Saturday, the directors at last night's meeting lroving ordered payments, as the loan falls due on that date and the money is on 'hand to meet it. The loan, with six months' interest, will amount to £1720. Although the new screen and lost liuio have thrown the company back a little, it is anticipated that a very few weeks will suffice to square things once again.

That long-delayed but promising company Sullivan's Lead is showing signs of vitality. The pontoons are just abfmt completed, and it ia said that no further delay will take place.

The Cornwall claim is opening out very well, and, although no big returns need be expected —at least, not at present,—the ground should yield quite up to last week's return for some time to come.

Information received holds out hope that the Tic; 9 Day Dawn Company will be enabled to worecd willi v;or!i shortly, tho question of finance being about arranged. All Ross miners who have watched the limited dredging operations that have taken place on the Const are unanimous in Ilia opinion that the claim will prove a very lich one, v;hilc the area should certainly be easily dredgeable. An improved return in expected from the Hokitika River dredgn oil Saturday. Both the 'J'otara Flat and Maori Gully dredges are going to toko longer to get into work than was anticipated. Sales were reported to-day as follows:-Pac-tolus, 71a; 8s G:1 p.; No Town, 345; lieviatlnm Freeholds, 15s. The share market is dull. It has been raining all day, but it has had little effect on tho rivers yet.' NOTICE TO CORRESPONDENT. " Gibbston." — Tlie niticles of association should contain the information vou desire. MOIiYXEUX KOIUXOOH CLAIM. ' TO THE E 1)1X0?,. Sir,—ln your issue ot yesterday " Shareholder" socks information regarding the abovo dredging company, whose shares are quoted in the. daily list r.t equivalent to about nothing —and pay your own commission if you sell. The last statement of Uio company was n very satisfactory one, and since then tho dredge lias started work and yielded from 18o*/. to 20oz per weak. Yet the company are threatening to sue for the last call. It would bo interesting to shareholders to know if all previous calls are paid, as it would appear that getting out of a "gutter" into iho Molyneux is proving a pretty expensive business. Now that tie dredgo has started somo information of tho position of affairs would certainly bo accoptahlo to those shareholders who havo paid up all calls.—l am, etc., Country Shareholder. REMUNERATION OK MINING SECRETARIES. TO THE EDITOR.

Sir,—The pathetic plea of these gentlemen against "sweating" may justly bo entertained by shareholders if backed up by facta, Then why don't they give aw all the facts? They say that £375 per annum is not a living wago rainua office rent, telephone, wages to clerical staff, stamps, lighting, etc. Now, if all these etceteras knock, say, £200 out ot the £175. I admit tho soft impeachment. Even if they cost only. Xl3O r.o shareholder should he a party tff reduction. But our aggrieved mining Bc«cti\ric3 vpry pajxluUy iclm fro» tcllius;

us what amount these expense:-, involve Ytt the whole gist of the pleas for or against economical reduction oi office hau n s upon this information. *475 per annum is"* very geod screw, if the exponas are not too much.

By the way, we never heard this pica of sweating before from the secretaries— it was only from the dtedpelnen, and they did not want the half of i' 375; yet they, like the sciibos, wanted u living wage." Inference: a mining secretary io a jiiore expensive aiticle to keep goin» thiui the average dredgeworkcr— indeed, he is a relic of the boom time, himself, like many.cf the dredges.—l am, etc., Country Shareholder.