MINING.

Otago Daily Times, Issue 12393, 1 July 1902, Page 6

MINING.

Mr Laurence Ryan, Alexandra, reports that tho 'Perseverance No. 2 dredge "obtained 7BJoz last,week. It will take all.this week to complete tho repairs to tho No. 1 dredgo. The dredgemaster of the Charlton Valley dredge reports a return of Boz sdwt for four days\ dredging. The smallness of tho return la owing to the top tumbler shaft being broken, but it is «xpected this will bo replaced about Thursday next. Tho Globe dredge was erroneously repotted to have obtained $bz Gdwt for four days' work, whereas the return should havo been 13oz lOdwt for fivo days' work. The Ahaura River dredge has been closed down pending a dooision being arrived at as to I tn© future of the company. j The dredgemaster of tho Upper Magnetic dredgo wires that there waa no wash-up last w m.' , Hc struck a false bottom on Friday. Ihe dredgemaster of the First Chance dredgo wired yesterday that be resumed work at midnight on Sunday. All tho machinery is working well, but tho drift is proving troublesome. At a meeting of the directors of the Clyde Dredging Company on Friday Inst tho financial statement submitted ,by tho secretary allowed that there was a balance of'£37s in hand. Of this •' amount £100 was placed, to the reserve fund, and the remainder was carried forward. The necessary material for the extension of the ladder of the Alpine No. 2 dredge left Dunedm yesterday, and as everything else is ready to enable tho alterations to be procecdod with as fioou as the machinery now in transit arrives at its destination there should b& no delay in getting the dredge to work again. Anangements for a supply of coal to the ?fi 8 ? onßols dredge aro about completed, and the dredge -was expected.to start work again either yesterday or to-day. Over 6000 shares had been applied for in tho new company up to yesterday, and a meeting of the provisional directors will be held this afternoon for the purpose of allotment. Tho riso in tho river last week proved rather detrimental to some of tho dredging companies in forcing a temporary cessation of operations, but it proved a boon to tho Golden Glen ComPjny.who have been waiting patiently for some ™ « m o for a rise to enable the dredgo to be shiticd, that work being impossible while the river remained so low. The secretary has received a telegram from the dredgemaster stating that lo has shifted the dredge, and started ballasting her yesterday. j As tbo operations of the Central , Electric dredge on the Boyal Maori claim have not proved so successful as was anticipated, it has been decided to abandon thc tribute agreemont, win tho dredge is to bo given another trial on the former company's bottom claim. The dredgemaster reported on June 20 that he commenced that afternoon to shift the dredge down to the company's bottom claim. Ho stated that he would shift all the mat 9, and stream down as soon as he bad fixed up the water pipe, which carried away the previous morning. .There was however, very, little gold to stream down, as tho ground was too rdugh to enable the bottom to be worked, and ho could not take the risk of having the machinery broken. A telegram received *by the secretary yesterday atatcd that the dredge had been shifted to tho Tiottom boundary, and would bo ready to start work to-day. . A, meeting of tho shareholders in 1 tho Extended Fourteen-mile Beach Gold Dredging Company (in liquidation) was held last night for the purpose of appointing a liquidator. After some discussion on the assets of thc oompany, Mr S. T, Spain was conditionally appointed liquidator at a fee of 25 guineas. •

THE 'WEEK'S DREDGING RETURNS. During the week ended Monday, Jiine 30, returns were reported from tho following 63 dredges, tho total yield being 23340z Udwt lgr, or an averago of 370z per diedge:— Oz. dwt, jr. Electric, Cromwell, week .. 451 0 u Alexandra Lead, Alexandra, 134hrs 253 0 0 Umty, Clyde, week 82 10 0 Perseverance. No. 2, Alexandra .. 73 10 0 Meg and AnnieJ K&waiau River 75 12 0 Junction Electric, Cromwell ~ 73 3 o Rise and Shine, Upper Clutha, 119hrs .. 65 12 0 Molyncux Kohinoor, above Roxburgh, 123hrs .. .. .. .. 63 12 6 Enterprise No. 2, Alexandra, 131hrs .. 49 4 5 Olrig, Manuherikia, 129hra 45 4 0 Tcviot, Roxburgh, 132hrs .. .. 42 2 D Empire, Waipori (2 dredges) .. 38 9 0 Earnsclcugh No. 1, Alexandra, IWhrs 38 0 0 Waimumu, near Mataura, lHhrs 37 11 0 Endeavour, Roxburgh, 4 days .. 37 7 0 Golden Bed, Miller's Plat, 102hrs 35 0 0 Royal Waimumu, nr llataura, 126 his .. .. 33 0 0 Golden Run, Miller's Plat, GBhr& 31 17 0 (Golden Gate Company receives 9oz Sdwt 12gr) Coal Creek Flat, Roxburgh, lS4hra 31 6 0 Fourteen-mile Beach, below Alexandra, 84hrs 29 10 0 Monte Christo, above Clyde,, 5 days 07 G 0 Upper Waipori, Waipori, 1301ns 27 1 0 Riley's Beach, below Cromwell, 2J days 07 0 0 Gold King, Roxburgh, ISOhrs ~ 27 0 0 Mauuherikia, Alexandra, 52hrs . . 20 14 12 Dunstan Lend, Alexandra, week 25 16 0 Enterprise No. 1, Alexandra, ■ 130hrs 25 10 13

Alexandra Lead (preference)— Buyers £1 3s 6d. Bendigo—Buyers 5s Gd, -sellers Gs 9d. Central Charlton—Buyers 5s 3d. Cromwell—Buyers £2, Electric—Buyers £1 lGs, sellers £117s. Endeavour-Buyers Bs, sellers lis Gd. Beach—Buyers 9s, sellers 12s

Molyneux Hydraulic, Alexandra, 137hra .. 25 6 0 ! Davis's Bend, nbove Clyde .. .. 24 17 0 Waitahuna, Waitahuna., week .. 21 11 0 Vainntmu Extended, nr Mataura, 35hrs 24 3 0 Tuapeka, Tuapeka Flat, 8 days .. 23 6 0 Reliance, Tuapeka, Plat, week .. 21 11 18 Cehtral Charlton, nr Gore, 124hrs 20 17 0 Enfield, Waipori, week 20 14 0 Success, Waipori, 138hra .. .. 20 10 0 Central Mataura No, 2, Mataura, : 134hrs 20 3 0 Ettrick, Miller's Pint, 831ns .. 20 3 0 Happy Valley, Tuapeka, week .. 20 0 0 1 ' Otago, Miller's Flat, week .. .. 20 0 0 ' Gabriel, Tuapeka Flat, 114hrs .. 19 14 5 Golden Gate, Miller's Flat.. .. 19 l o ' Mystery Flat, "Waibaia, 136hrs .. 18 9 0 > ' Golden Treasure, Miller's Flat, ; week 18 o 0 - Hartley and,Riley, Cromwell ~ 17 o o \mcent Extended, Clyde, 11 fthrs 15 0 0 ' Clyde, Alexandra 14 o 0 . Waikaka, Waikaka, lOOhrs .. .. 14 0 0 -Point d'Or, Upper Cluthn, lHOhrs 14 0 0 Alpine Consols, Cromwell, JOhrs 13 10 n i, Glob;, Waikaka, 5 days ~ ~ W 10 0 , Gentle Annie, Kawarau River .. 11 4 0 Charlton Creek, nr Gore, 4 days 11 0 0 " Wa'kaka Queen, Waikakn, lOShrs 11 0 0 Chicago, Alexandta, 125hrs 9 5 o , Inch Valley, near Palmerston, lOGhrs 9 0 0 Halfway House, above Clyde, llOhrs , 8 6 8 Charlton Valley, nr Gore, 4 days 8 5 0 Lafranchi'a Freehold, Citrdronn, about SOhrs 8 0 ij Evans's Flat, Tnapoka, week ..-fin o Lady Charlton, near Gore, Ulhrs 5 9 21 \oltaie, Cromwell, 109hrs .... 5 3 0

Gold King-Buyers 3s Od, sellers 4s 3d. Golden Gate—Buyers £1 7s. Golden River—Buyers 4s 7Jd, sellers ss. Golden Run—Sellers 17s Od. Hartley and Riley—Buyers £2 7s. Hokitiku River—Buyers 7s 6d, sellers 10s. Junction Electric—Buyers 14a, sellers 15s, Lady Roxburgh—Sellers 4s dis. ■ Leviathan—Buyers Is 3d. Leviathan (preference)— Sellers Gs 3d. Manuherikia—Buyers £1 lis, sellers £113s. Maori King—Buyers 3s Gd. Meg and Annie—Buyers 15s, sellers 16s 6d. Moltoia—Sellers 12s. . Molyncux' Hydraulic—Buyers 3s 3d, sellers 6s. Molyiieux Kohinoor—Buyers 3s, sellers 2s Gd\ dis. | Monte Clirir-to—Buyers 17h, sellers £1, ! New Halfway House—Sellers 4s. i Now Roxburgh Jubilee—Buyers Is 9d dis. hew. Roxburgh Jubilee (paid)— Buyers 15s, I 'oilers 18s. North Beach—Buyers 12s 3d, Boilers 13s. No Towii Creek-Buyers £1 13s, sellers £1 . 16s. I

MOONLIGHT GOLD DREDGING COMPANY. An extraordinary general meeting of share-! hn'ders in the above company was held jester- 1 day afternoon. Mr W. B. Frost occupied the chair, and nine shareholders were present. Tlw purpose of the meeting was to confirm a resolution previously passed that 750 forfeited shares in the capital of tho company bo issued as preference shares on certain terms. l'ho motion that llio resolution be confirmed was put and carried unanimously, There was no other business. | PRINCE ARTHUR GOLD DREDGING COMPANY. Tho annual general meeting of shareholders in the Prince Arthur Gold Dredging Company was held in the Agricultural Hull Buildings last evening. Eighteen shareholders were present. Mr Thomas M'Cracken (chairman of directors) presided. The Chairman, in moving the adoption of tho report and balance sheet (already published), said they were met there that evening in tho form of a company consisting of two amalgamated companies—the Moke Creek and the Prince Arthur Companies, and now known by the name of the latter. It took a great deal of trouble and work to effect the amalgamation, but ho was pleased to say they wero ultimately successful. They had had, however, to forfeit 1 a large number of shares, but they hod succeeded in getting the wheels of the dredge moving. On tho whole, the result was not unsatisfactory. Five thousand five hundred share 3 had altogether been forfeited in tho two old companies, and tho new company had at the present time a debit balanco of between £500 and £600. It was not such a formidable • amount in view of the good results which they anticipated from tho dredge. One mult of the forfeiture of the shares was that the capital stood, .at £9500, instead of £12,000 as they anticipated when the amalgamation took place. The dividends would thus be greater than they would havo been with the larger capital. He desired to call their attention to the arrears of calls. If the company was to live it was necessary that the arrears should he paid at once or in the neaT future. • Ho also wished to Bay that the dredge had commenced work on the night previous. Mr Dreaver, one of the directors, was up at the trial run. He reported that the dredge bottomed at 22ft, which showed that it was capable of dealing with the claim. Mt Dreaver had returned more sanguine of tho claim than before ho had visited it. Mr Dreaver, at the request of the chairman, gave a few additional particulars of his visit. He said that the dredge was working very smoothly, and was evidently able to work the deepest part of i the claim. The dredge when it commenced work struck some old workings. He had advised the dredgemnster to shift ahead, and this he had done. Thero was little doubt that gold was in the claim. Tho motion was seconded by Mr Bewlcy, and carried unanimously. The election of two directors in place of those retiring resulted in Messrs W. C. Somerville and A. Wiften being returned. Mr George Blyth was rc-clectei auditor. On the motion of Mr Somervillc. a very hearty vote of thanks was passed to the directors of the past year lor the efforts they had made in regard to the amalgamation of the companies.

Cild Dunstav.—Sellers 3s 3d. Olrig—Buyers £1 2s, sellers £1 3s 6d. Pactolus—Buyers £3 lis, sellers £3 14s. Hiss nnd Slijiio—Buyers £1 Is, sellers £13s, Sp.ilor's Bend—Buyers il 10b. Tcviot—Sellers 5». Three-mile (Greenstone Creek)— Sellers 13s. Unity—Buyers 17s Cd, sellers 18s. Upper Magnetic—Buyers 3s 9d, sellers 5s 3d, Vincent Extended—Sellers 4s.

Tota l 2331 14 1 The West Coast. Xelson Creek, 128hts 81 • 0 0 ao Town Creek, l!4lirs .. .. go o 0 Pactolus, ISShrs 47 o g Hokitikn River. 150hrs '.. ■ 44 2 0 North Beach, 129hrs ... .. 32 jo 0 Mosquito, 5 days .. .'. .. .. 29 0 0 Callaghan's, 200hrs .. „ % n 0 Beeves's Proprietary, 107hrfl . . j'l 16 0 Staßord Waimea, week .. .. ~ is 8 0 Greenstone Junction, lOllirs ~ 1C 9 0 Leviathan, 122hrs ... .. n k ft Al, 108hrs ... ... .. „ ". jo 0 0 Great 'Woodstock, 131brs 3 .12 0 Total .. „ w „ <U9 16 0 DUXEDIX STOCK EXCHANGE. The market was again quiet on Monday, and comparatively little business was done, buyers being apparently disinclined to advance on their previous quotations. The river is (ailing rapidly, and was 3ft 4in above the normal mark, and the weather was frosty. I For tho purpose of showing the alterations in the market during the past week we make a ■ short review of a few of the principal stocks. The Alexandra Lead dredge is now proving her

RIVER MOLYXEUX COMPAXY. An extraordinary meeting ol the shareholders in the River Molyncnx Dredging Company was held at the company's office, Crawford street, last evening,. when Mr T, K. Harty (chairman ol directors), presided, and seven other shareholders were proscnt. The meeting was held to pas? the following resolution as drawn up at a previous meeting: " That tho capital of the company be increased £1100 by Die creation of 1400 new slinres of £1 each, to be called preference shares, and

that such preference shares be offered to the shareholders pro rata on the following terms: 103 on application, and 10s on allotment, and subject to the following conditions—That after the redemption of the mortgage over the company's property, and the payment of its present liabilities, the holders of such preference shares shall be entitled, pari passu, to receive the whole of the net profits of the company until the aggregate amount of 20s shall have been paid out of the net profits of the company in rcspect of such preference shares; that as soon as the aggregate nmount of 20s has been paid out of the uet profit of tho company in tcspect of each of (ho said shares, these shares shall cease to have any preference as to dividends, and the profits shall then be divided among all the members of the company, pari passu, in proportion to their respective amounts deemed to be paid up on tho shares held by them rcspeclively; that in case tho company be wound I up the surplus amount (if any) pE the company

claim to be exceedingly rich, and an a cons:'- ] i qu«ice the shares are steadily advancing, Oil !■ Monday week sales were made at Gs .'id, while 1 .'ho closing quotations were lis .Id and C* 4Jd, j and additional transactions were .recorded "at i Gs lid, fis 3d, and Gs Cd cu Thursday, at Cs Oil and 7& oh Friday, ill 7s on Saturday, and at JI Ts Sd on Monday, three parcels changing hands ' i at that figure, while more inquiries were made < at tho same price, hut sellers closed at "» Ud. ! , The preference shares were sold it lis 11 and | 2is on Thursday, while the latest buying offer j 5s 23s Gd, without any sellers. As the informs- i tion regarding the raising of the BeniSigo I ladder has been of a varied nature, the shares ', have in consequence fluctuated a good deal. Sales \ were made at 7s on Tuesday, at 7s and 7s Cd • , on Wednesday, at 9s, 10s, ami 9s Cd on Thnrtday, at 8s Gd, Bs, and 7s Gd on Friday, and at ; Gs on Monday, when the closing quotations , were 5s Gd and Gs 9d; Electrics weakened all lftßt week, but recovered on Monday afternoon, , when buyers 'were in tho market at 3Gs wilU sellers at 375. Endeavours have hardened a little, but Gold Kings have eased n shade. Sales of the latter took place at 3s 9d on Thursday and Monday, and the latest offer from buyers is 3s 9d, sellers asking 4s 3d. Golden I Rivers were sold at 5s on Monday week, when more shares wero in demand at thut price, I, holders closing at 5s 3d, and further trans- J actions took place at 5s on Wednesday, at Is -J. Cd on Friday, and at 4s 7Jd on Monday, li'.oro buyers being in the market at the last-named price, with sellers at ss. Junction Electrics nave weakened a good deal since the sinking of the No. 1 dredge. Sales were made at 18s Gd on Monday week, at los 9d, 15s Gd, lis Gd, and Hs on Tuesday, at 13s Gd, 13s, and 13s Gd on . Wednesday, at 13s Gd on Thursday, at 15s 6d and los 3d on Friday, and at 15s on Saturday, while on Monday shares were wanted at Us, with sellers at los. Buyers of Manulierikias hav» offered from 30s Cd to 335, while sellers have asked from 33s to 375. A transaction was effected at 33s on Friday, Meg and Annies have been steady, buyers being in the market at 15s and 15s Gd, while holders have wanted from 15s od to 16s Gd. Two parcels were taken Up OH Tuesday at 15s 9d and lGs. In conuethe good returns from the Molyneux Kohinoor dredge that stock has improved somewhat, and a good deal of business has been done. Sales took place at 3s Gd dis. on Monday week, on Wednesday, and on Thursday, at 3s dis. on Friday and Saturday, and at 2s Cd dis. on Monday, while tho latest quotations are 3s and -s 6a dis. Monte Christoes advanced until Fnday, but sweo that time buyers liavo rc- » <!n %•. ,® ne °' shares was taken up at 20s oil Friday» Xoith Beaches have been steady, sales being effected at 12s 9d on Wedncsdayj and at 12s 9d on Saturday, whilo tho quotations on. Monday were 12s 3d and 13s, Ao Town Creeks were steady all last week, buyers offering from 31s Gd to 35s Gd, whilo holders wanted-from SGs to 375, but the former popped back to 33s on Monday, while tho latter closed at 3Gs. Old Dunstans have been very steady, and sales were recorded at 3s 3d on Monday week, and at 3s and 3s I'd on Wednesday. Olrigs have been steady, but .buyers and sellers have never conic to terms, and- Pactolus shares have been in tho market at from 74s to 75 1, while buyers have offered front 703 to 725. On Monday wook Rise and Shines were sold at 225, the closing quotations that day boing 22s and 22s 41d, but buyers have now come down to 21s, while sellers have advanced to 235. Sailot's Bends have weak, ened, buyers dropping from 33s 9d to 30s, and sellers from 36s to 335,. Unitys were weak all last week, but firmed a little on Monday, when a parcel -was taken up at 17s Gd, with further buyers at that price and sellers at 18s. Sales wero made yesterday at the following prices:-Alexandra Lead, 7s 3d; Bendigo, Gs; Gold King, 3s" 9d; Golden River, 4s 7ld; Moly. neux Kohinoor, 2s 6d dis; Unity, 17s Gd. The following are yesterday's" latest quotations, subject to the usual brokerage: — ' Alexandra Lead—Buyers 7s 3d, sellers 7s 4}u. ilA«<nwl. n T / t X T» — -

tlia be applied in the first place in returning to the holders ol the tjid preference shares the full amount ot their capital of 20s per share, ' "'"Ml"; -rMidue (if Mivl of the said surplus assets Mull l ; o divulfd among all the members I !"i ?'n 0 . rt ' on to " ie amount of capi-1 till bold by them respectively; the capital paid ti|; oil tlio preference shares dial! not be liable ic ««.«:,ffjj j„r ffdiiolion in respcct <* loss or jJtpnc. i' ::ii until 2;> B p Cr B |, ilre on But .|, f | lare|) lias been pr,id in full ; u |] applications mint | )u sent to the secretary not later than the 30th I (lay of J line, 1905." The Chairman tuid it had'been the , UK . I gcsliojt at the previous meeting t jmt instead of u leiy tile cupiial vhoulcl he increased )>y llic creation of HOO new shares. In response lo liie prelintinary circular about 500 of the shares hail been applied for. If the resolution were corned another meeting would he held to confirm it, nnd then reasonable time would be allowed the shnroh'olders to take up the shares aftsr-which the ordinary public would hive a chartce. But it would line to be impressed upon shareholders that unloM these shares were, taken ui> the only alternative would lie liquidation. He moved tlio resolution. Mr Watson (seconded (ho motion. Captain Sundstrom said if the resolution were carried it would land the company in troublo straight away. He moved as an amendment -that the company should go into volihiiary liquidation, and that the company should be reconstructed on a basis of GOOO shares. I The Chairman said lie had no doubt that tlio ' shares would be taken'up if the resolution wero carried. He suggested that it might be an alternative that if thp share* were not taken tip the liquidation proposal should come up. After a short discussion, this was agreed to, and tlio motion was carried. ' It was also clodded that the next tncetillg should bo held on July 17. Captain Sundstrom then 'moved that tho notice calling the confirmatory meeting should state that if the resolution were not given effect to tv resolution for liquidation would be proposed. This was agreed to, I Captain Sundstrom further' moved that in the ovent of the resolution for liquidation being carricd a meeting should .be held immediately afterwards for the purpose of c«nsidcring a reconstruction of the company on a basis of GOOO shates'of £1 each, to be considered as paid up to 15s, with n. liability of 6s, Is to be called up on. application arid_ Is on allotment, this being considered sufficient to pay off sundry creditors and to satisfactorily prospect the chim, leaving only the present mortgage. This was seconded Parker and carried after a short discussion.'' The meeting then concluded. NOTKS FROM CLYDE. (Fnou Our Own Corbebpondxkt.) CLYDE, June SO. Mr Hewitt, • drcdgeinaster of tho Vincent dredge, has resigned. Mr Kane has been appointed in.his stead, lir Hewitt is taking up the mastership of the Old Dunstan dredge. The Vincent Eiteijded dredge still operates on proven poor ground. The nights are frosty, and tho river is falling towards tho normal level, NOTES PROM CROMWELL. ■ (FjtOK Oils Own COHUESfONDENT.) CROMWELL, Juno 30. The weather is flue, with heavy frosts ht night, and the river is falling fast. Tho Lady IJanfutly dredgo is on very rich ground, I beliovo, and working up to whero she eot the recohl return of over 1200oz. It Is tumoured something better is expected this week; • ' •' The Junction El?fctric No. 2 dredge has evidently picked up tho rich lead again, and should soon get sufficient to pay for another dredge. i The Royal Maori dredge hanger is expected hero to-morrow, and Bhe should get started soon after it arrives.

. . THB WEST COAST. (Fboii Our Own Coubesfondent,) GREYMOUTH, Juno 30. 'l'ho only return ffoin'the dredges on Greenstono Creek is that of the Greenstone Junction Company; with 16oz lSdwt for 101 hours. Between Coronation and Peace festivities several shifts were lost on all the dredges. The Junction lost four shifts on this account. 'Besides this, all. suffered from tlio floods of, the previous week bringing down a considerable amount of tailings', r Tho Junction paddock was perhaps tho worst off in this rospect. The Greonstono Threwnilo dredge was considerably delayed through tho bursting of » steam-pipe, Tho Nelson Creek return is Qloz. The machine was really only four days on gold, there being a big'bank of tailings up against the bluff where the dredge is; She is now working and clearing everything before her. The return cut will show a considerable improvement. i, The No Town return is GOoz for the week. p.The return would have been at least lOoz better i had it not been for "the'dredge meeting with i submerged timbctr. — ' ' I An Auckland telegram states thnt during the' four .weeks ending 21st Juno the Waihi Gold ' Mining Comply! MM 13,374 tons ore for . bullion valued at,£35.044. ' A Reefton telegram states that the.Keep-it-Dark Company .obtained 171oy 18dwt from 851 tons stono and 12$iz lMwt from, the cyanido.