MINING.

Otago Daily Times, Issue 12418, 30 July 1902, Page 6

MINING.

The secretary of the Mokoia Gold, Dredging Company reports a return of 230z Bdwt for 110 hours' work. The dredgentaster states that he resumed dredging on Monday morning.

Mr J. J. Ramsay reports the following returns for last, week:— Patterson's freehold dredge, 370z for 134 hours' dredging; Waikaka United dredge, 30oz for 120 hours' dredging. The dredgemnsier of the Golden River dredge wired yosterday that the prospects were, fair, but the ground was rough. • ' .The dredgemaster of the First Chance dredge reported on Monday that he did not shift the dredge last week, owing to the threatening weather and a rising river. Frost, however, was experienced on Sunday night, with'the result that the river was coming down again on Monday. He was on good payable ground, and announced his intention of washing up on Friday. If the weathor continued good lie intended to shift down to the bottom of the claim, which can be worked to bettor advantage while the river is low.. The secretary received a wire yesterday afternoon stating that the dredgemaster had washed up 290z for thrco days and five hours', work.

The dredgemaster of the Cromwell dredge reports that he has got tho dredge 'into the river, and has started to open up the cut. Ho hopes to get bottom about to-day, and good gold. Ho expects to do good work yet before the river rises. Tiie machinery is running all right. The company's new dredge will iu all probability be, shifted on to tho company's claim without delay if the river is high enough to permit of this being done, in which case work mil be commenced very soon, as the dredge is all ready to resume operations. Some of the shareholders appear to be under the impression that tho mishap to the company's other dredge has Tesulted in her being somewhat impaired, and that the new machine has 'been purchased iu consequonce, but we are informed that the repairs that have' been effected to tho first dredge have made her'as good as ever, and that the other has been procured in order that shareholders may receive the return for their investment-'in about half the time that would necessarily elapse if only' one .dredgo were working. The dredgemaster of tho Molyneux Kohinoor dredge reports that last week's Teturn was obtained from old worked ground. There was a little -solid wash on the. west side of the cut, but the prospects in wero very poor, and the best gold was found in tho centro of the cut, which portion bad, however, previously been worked. There ■was plenty of room, and r.f trouble was experienced 'on account of the tailings as the current was very strong. There is a patch of ground a , little ahead of tho dredge, to work which, if it carries gold, an elevator will be required. Tho ground at present 'continues about the same as previously. The dredgemaster of the Lady Roxburgh dredge (Mr A. P. Bremner) reports, under date 27th July, that he started dredging close to tho t cast side of tho river, tho only part with floating depth of water, there being 6ft. Ho was opening a cut towards the centre of the'rivcr at- a depth of 25ft, and on Thursday commenced to sink deeper, being then about where the Gold Queen Company got gold. He intended cutting across the river till tho paddock was opened out right across. There was no travelling drift, and he expected to be another week in getting properly opened out. THo river rose a few inches on Friday and Saturday, but did not affcet work, and when the report was written the weather was clear aud frosty again. The dredgemaster of the Island Block dredgo reports that last week was an unsatisfactory one lor working, both as regards the dredge and the results. The patent elevator has not been working satisfactorily. On Friday an exceptionally,big iall came in and struck the ladder, knocking the lifting gear clutch out and causing the ladder to run to tho bottom. The ladder was, however, #raised in time to allow work to be resumed at 5.30 a.m. on Saturday. Tho dredgemaster stated that he intended, to shift the dre'dgo on Monday morning to the open face.. He does not expect a large return this week; as-most oi tho time will be occupied in cleaning up along the face, but he-,expects to get something good when the face is properly opened out. He also mentioned that •the tributers were not working on the bottom, but they expebted to get there this week. They were, on very nice-looking stuff carrying'gold fill througlj. \

• The repairs to ths, Lawrence dredge having been -completed, she recommenced operations on Thursday last, when everything worked satisfactorily. The repairs have been done under the supervision of Mr A. N. Wakefield, .dredgemaster of. the Happy Valley dredge, ,io iwhoni,' praiso is'due for the creditable and i manner in Which the work has been despatched;The Duristan Times states that a'trial ruii" of tho Old Dniistan dredge will bp held to-day, mid though of coursß minor alterations incidental to the commencing of dredging may have to be made, there will be no delay in getting to work, hs the engine and winch haveresponded splendidly to trials already made. The general manager of the Mount Lyell Mining and Railway Company advised on the 18th inst. that in No. 8 level they had just struck 5 per emit, to 0 per cent, ore with Fahl oro and copper pyrites. A Wellington telegram states that the Slato ™vet Sluicing Company obtained 9Goz 15dwt gold.

DUNEDIN STOCK EXCHANGE. The share market wa3 very dull yesterday morning, and only hyo sales were recorded at tho call over. There was a considerable improvement in the afternoon, however, when 21 transactions took place iu seven different stocks. The most noticeable improvement took.place in Rise and Shines, a sale being effected at 28s. This dredge is reported to bo on better wash, and should everything run smoothly during the week the -return should be very good. The Alexandra Lead dredge is also understood to be on/rich wash, and another .big return is looked for at the end of the week.' The cornpanjyhas already a large sum in hand, and if tile'return is up to expectations it is quite likely that a good dividend will be paid next week. First Chances were also in good demand, from which it is inferred that the dredge has got on to good gold again. The 1 river wits 2ft Gin above the normal mark at Alexandra, and the weather was frosty. Alexandra Leads were inclined to harden in the morning, and in the afternoon a good improvement was manifest. One sale was made at 13s, one at 13s 3d, and two. at 13s'Gd, more inquiries being made at the last mentioned price; but sellers closed at 13s 3d. Bendigoes firmed again, and two transactions were reeorded (it 9s ar.d two more at 9s 3d, alter -which buyers closed at 9s and sellers at 9s 3d. Dunstan Leads were firmer, and so were Electrics and Enterprises! First Chances were steady at Monday's prices, and six parjels soon changed haridß at 20s, at which figure more shares were procurable, but buyers would not advance beyond 39s 9d. Golden llivers wore a little Grmei than on the previous day. Five sales took place at 3s Gd, and, more inquiries wero mado at that price, with sellers at 3s 10£ d. Junction Electrics were steady, but Kelly and Caeeys w«re weaker, a selling offer of 3s Gd failing to elicit any response. Monto Christoea hardened. A transaction was effected in North Beaches at 15s, and more shares wero in the market at 15s Cd, the best'response being lis Gd. New Alpine Consols were weaker, sellers being in the mnrket at 17s, but buycis would not offer more than 15s, Old Dunstans were steady. A parcel of Rise and Shines was taken up at 28s, but another selling offer at tho same price did not elicit a better responsj than 27s 3d, Teviotß were firm, and a sale was made at 5s 3d, the closing quotations being 5s and 5s lid Uuitys were easier, a parcel changing hands at 12s 9d, with futther buyers at 12s Gd, and sellers at 13s Gd. Sales were made yesterday at the following prices:—Alexandra Lead, 13s, 13s 3d, and 13s Gd; Bendigo, 9s Mid 9s 3d; First Chance, 20s; Golden River, 3s 6d; North Beach, 153; Rise and Shine, 28s; Tevict, 5s 3d; Unity, 12s 9tl. _ The following are yesterday's latest quotations, subject to the usual brokerage: 7 - Alexandra Lead—Buyers 13s Gd, sellers 13s 9d.

Bendigo—Buyers 9s. Davis's Bend—Sellers 4.« dis. Dunstan Lend—Buyers 3s Gtl, sellers 4s 3d. Electric—Buyers £1 ICs, sellers £1 17s Cd. Enterprise-Buyers & Gs 3d, sellers £1 7s. First Chance—Buyers 19s 3d, sellers £I.' Gold. King—Buyers 2s 3d, sellers 3s Cd. Golden Beach—Buyers 4s Gd. Golden lliver—Buyers 3s Gd, sellers 3s lOld. Golden Run—Buyers 10s. Great Vi updstock—Buyers Is Gd. sellers Gs, Junction Electric—Buyers 13s Gd, sellers lis. Kelly and Casey—Sellers 3s Cd. Leviathan (pref.)—Sellers Gs. Manuherikia—Sellers £1 Hs. Molyncux Hydraulic-Seller3 3s 9d. Molyneux Kohincor—Sellers 4s 6d dis. Monto Christo—Euyeis 17s, sellers 19s. Mosquito—Buyers 15s, sellers £1, New Alpine Consols—Buyers 15s, sellers 17s. New Halfway House—Buvors Is, sellers 3s Gd, Now Roxburgh Jubilee (paid)— Sellers 17s. North Beach—Buyers 143 Gd, sellers 103 Gd. Old Dunstan—Buyers 3s 7id, sellers 3s 3d. Pactoluß—Buyers £3 12s. Rise and Shine—Buyers £1 7s 3d, sellers fl 83 Sailor's Bend—Buyers £1 sb, sellers £19s Gd. ss, sellers 5s Gd. Trafalgar— Buyers 103, sellers 15s. Unity—Buyers 12s Gd, sellers 13s Gd. Sellers lGs. Waimurau Central—Buyors Gs Gd, sellers 85. Waimiunu Extended-Buyers 9s, sellers lis Gd.

MONTE C3RISTO DREDGING COMPANY. Tho'third annual general meeting of shareholders in the above company was hold in the company's office, Clyde, on Friday, July 24. Ten shareholders were present, representing 3343 shares, and Mr Jas. M'Arthur, sen., was voted to the chair. Mr M'Arthur, in moving the adoption of the report and balance sheet, said it was scarcely neoeasury for liitn to supplement it with any comments. Shareholders knew that the bottom end of the claim had not turned out. as it was oxpectod to, but, on the other hand, the ground at proaenl being wrought was turning out better than a number of people anticipated. It was generally thought very little gold would be obtained until the dredge shifted to Whittaker's Bcach. lie had much pleasure in informing them that wliat. appeared to be a continuous lead had now been struck, and the ground wa-s steadily improving. He expected the dredge would that week obtain Over 40oz, and as the improvement had only taken place towards the end of the week, the following week's roturn should be better. There wa» still 'three-fourths of the claim unworked, and present indications pointed to its all" being golfi-bearing. The finances of the company were in a healthy state. Besides the reserve'fund, there was £255 in hand (after allowing for wages and coal for the current month), and as the two next returns would be added to this, at the end of the month a dividend should be within measurable distance. Dividends would, however, depend on the subsequent returns. He was in favour of increasing the reserve fund, and as the dredge had not had an overhaul since starting £100 would shortly be required to bo Bpent in relipping and other repairs. This would be left until the river rose, suid the dredge in the meantimo would be kept steadily working; Mr W. R. Frost (of Dunedin), in seconding the motion, said re also favoured increasing the reserve fund, as when a dredge -Was off gold a few hundred pounds were quickly eaten up. Ho was greatly pleased with the present prospects of the company. The motion was unanimously carried. Mr Frost moved, and Mr Wilkinson Seconded —"That the number of directors be reduced from sit to five, four to be local and the fifth to be a resident of Dunedin, and that their remuneration be fixed nt 60 guineas." On Mr Frost's motion Messrs Stevens and Hutton were re-elected auditors at the same remuneration as last'year.

■ Mr Stevens moved, and Mr Bodkiu seconded— " That Mr Frost be re-elected a director of the company for the ensuing year." Mr Stevens said Mr Frost had been on tho board since the company was first formed, and had worked very hard in the company's interests, especially while tho machinery was coming to hand from Sydney.—Carried unanimously. Mr Frost returned thanks for tho confidence placed in him, and the meeting ended.