MINING.

Otago Daily Times, Issue 12425, 7 August 1902, Page 6

MINING.

Mr J. J. Esmisay reports the Paterson's Freehold return as 30oz for five days, and the Waikaka,.United Xo. 1 *3 250 a [or 128 hours. The dredgemaster of the Leviathan dredge wires that he resumed work yesterday morn-Mg-v The dredgemaster of the Fourteen-mile Beach dredge wired yesterday that lie had bottomed, the prospects being middling. The bottom was composed o{ hard reef, but he is opeirmgoutto ascertain if the ground improves. Ihe dividend of 3s per share declared by the I'irst Chance Company means 1 distribution of £10,iO amongst shareholders. The dividend is payable on the 12th inst. „ There will ho no v.'iish-up from-the New Golden Grave dredge this week, as a stoppage ha 9 besn made to enable a few necessary repairs to be effected. The dredge is expected to resume work at the end of the week. The dredgemaster reports that tho wash is lookin* as promising as ever it did. The repairs to tho Sailor's Bend dredge have in T , T g , e r!' han , *» rt first expected, but 111 & H probability dredging will be resumed very shortly. A wo was received from the aredgemaster yesterday stating that the ma f™ lcI 7 would leavo the foundry at noon, and if all went on smoothly it would be in position to-night. The dredgemnster of the NcwHalfwav Hons* dredge reported on Saturday that h'e had dropped tho dredge back, and secured all lines. He intended to wash up the mats the next day (Sunday), so that everything might be left in proper order. Tho company, he states, had a firat-class 1 dredge to work their claim, and no fault could bo found with her. If put in innnfH °'i" ska would run seven or eight months without repairs. The winches arc as good as auy oa the river, and havo never given e^ a , iO T fl 111(5 ■ tes.od by having had to work one of the loughest claims on the river, and could not, be blamed for the gold not being there. . ihe dredgemaster of the Alpino 3N'o. 2 dredge in his report ior last week stated that he bega°n Mt and same SS. H ~o n , vcr >' rou "h ground, with foi mm' '»«• t° open up a'cut, hut mXVotffT 1 ? u ? vy - 80 on T ««daT he lulled 21ft ahead, to dear the boulders, and bottomed the same shift 011 soft bottom, with Mr prospects. He had some difficult in opening up, and took until Thursday night to "me h p nVer ; 10 f oUnd ® fa!! U'6 1 l P -° S a T . ery fulr retutli a »s week. Jm, i!f e <v, Se i l! n lUII . W " g the extenJ ?n °r 1: ' S n thorou Sli success, ilie small return from the Kelly and Casey Beach dredge last week was due, reports the r>™!* '!i c 'k' o ' striki "g a high bar S, S V os \ Ul ° 0n Wednesday laurfy good v.asli was met with, and on Friday there was a further' improvement, a lew coarse speclcs, of gold showing 011 the mats, but the ri.e m the river that morning caused- a- stopPage. 1 he dredgemaster thinks that the S d W1 '""Vfovo as he works ahead, and .it SJh a ! -T r ' Ue w P«ted to rcsumo operations last night. n iK O! Ko! " l:00r dredge was working vere lm?? °l ,V i ee i k ' iUKI °P era < io "9 wero \er> much hampered by an old wire rope „altmg ioul of the buckets on the west sido iL 1» C ? r Imped, however, ahm.t «?' ° f v ■? Jl ° mb - V ' Tile rivw ro * Q , ™ e? i"' dy , ! " sht ' fcnl wns again on Saturday, when frost had set in. The drift was \ery heavy on Saturdav morning, and m the mam engine wanted a little repairine S o?n V ° J, WaS B, ? e^ ed i 0" The wash solid on the west side of tho cut, but the prosniL " mn l uecl "tout the same as previously. The dredgemaster of tho Rise and Shine dredge m his report for last week stated that tllD width of the out was 103 yards, and the depth 01 the ground 38ft from water level. The distance worked ahead during the week was 13ft. The wash was a- splendid sample, very ig.it, and extended close in to the comer of

the wi snl e 0 [ the.cut, vrlicrc better prospects could ,-bo obtained. There appeared to bo two nefir.ed leads oi gold—one a fiat sample, being 9 1 "- the cast aide, and (lie other a fine and very .!■ oven sample, towards tho west side. 'The bottom all tho way across the cut was soil, «uid tho machinery was all working very -well. Ilia dredgemaster of. the, Central 'Electric dredge reports that he had a- steady run last week. The prospects were not yery good until Wednesday, when a.iiarrow, but rich lead, was strnck in tho centre of the river. . The prospects were fair ou Monday, by which, time about 1202 had been, obtained-since , last .week's wash up, and if the dredge l(a's-a steady run ft good return is expected. The'river rose about 4ft on Friday, but was falling again when the l'tport was written, though the dredgemaster expected to be troubled with drift- this 1 week. The machinery is all -working well. The dredgemaster. of the New-,Alpine Consols dredge reported on .Saturday, last that the cut bad been widened considerably during the week, until on Tuesday night it was '17ft wide. J jVISlpv alhided to last week, continued Vot- 1 v c " ncs^a y> when they .made into a bar u iof hard reef.- On the west side of tho bar the ground-dropped 7ft nearly perpendicular, but on the east it gradually dipped to the centre of;the cut, and thou rose. The soft bottom on the east .side of the bar was 25ft wide, aud there was a red jointy-reei: about Sin thick to break through befqre soft bottom was reached. .It was this reef that caused the trouble during the week. 1 Where the bar. and soft bottom met it took a great deal of breakups through. The ground was also rougher there than any met with since starling dredging. Since beginning about the end-of June no has dredged three chains. 18ft. He started work 21 chains from the top-of the claim. The prospects for the week have been fair, the best goiu being obtained on tho east side, the ground on the -west side.being too deep to work.satisMctorily. The river rose on Thursday, and lie Stopped dredging on Friday afternoon. A wire received yesterday stated that the river was ta.lmg slowly, but it will need to fall nearly 2ft more before being suitable for a cross cut. of the dredge (Mr Meet) wired yesterday atoting that he reM 1V 1? 0ne T T of ,he ~oats a,,tl fllc headline on Monday. He expects the other boat to arrive to-day, after which lio time will be lost in getting to work. Mr Richmond, who occupicd the position of dredgemaster and .engineer on •no Galvanic dredge, has been appointed to take charge of the-machinery, With, the present low river it is confidently hoped that good gold will be struck very soon. Advice has been received by the mine manager of the New Orient mine (West Austraha) to the new pump, which was ordered irom Melbourne, and pending the arrival of which operations had to be suspended, has ar'f™ 1 a * l lh . e ? la ™» «»d is being put into posi;!Sm J- * 13 ox F?oted to be resumed almost immediately. Good results are looked for from this property, the value of which shareholders will soon be able to judge better, as work should procepd without any hitch now. tJZX t ho Eoin J d'Or dredge reports that lie had a fairly steady run last i not I ,Jott ? m in th « deep ground until Thursday, when bottom was reached at a dep hoHoft. lit,.ground was- rih and the bottom very poor. From Thursdav t™iiL 4 ° at l W - eek <he dretlgcniaster was S? i < bottom , J m '"wards Chinamen's Beach, but was unaule to do so, as the taillnps were forcing the dredge, ahead.. He was of opinion that « better return would have been obtained if he had-only dredged the top layer of wash, but as he was within two chr.ins or P 4 un<3a .r? f thscla ' inl thought it adMsuble to see if_thcre was anything on the mam bottom, Hs slated that another week or so would be sufficient to teat the river portion of flic claim, and if this is not payable it Twd be necessary to shift.down to the "bank the property. ComPrlSo3 gt^r porlion oI

The Eldorado Company is'reputed -to- lipid a valuable chum, but- oWiug to several' uri«. dl el Si. cestful & n 1 " 1 ' h l v - e 80 betn "MUC.I i r , the .machinery, which was constructed by thp Austral Otis Company Melbourne, was completed, it became evident that he chrector* could, place n- eeconlwd Mge wouf it"" consi ?™Wy less money than would be necessary to complete tlieii- own awl accordingly the contract with the Austral Otis Compar v was cancelled, tliis firm disDo« ««•? t mchin "y- Hild the share list been com ?!"W woul(1 probabh' ] W v o been of ? operation.before this, but the arrears of cnlis are so heavy, that the directors have 01° •° IUcI - iu lhe ->cgO[,at oils aie, however, proceeding with the RocMands king Company! with a" vK raalgainaung the two. companies, and 'it this .heme comes to a successful is= U o it will no

Notwithstanding the fact that the number of applications 1 received Tor shaves in the New towumtlhe' C r P ? ny - Wa9 ." ot ' 10 wMrant the directors m-proceedin" with the w e n Ti ™ c ° n9 * tuction > a, considerable mimstm Lith : in 1 ! l ~e!l' u r(," 'l o lders have oo for til B ■> propo3!tl i 9 »«» 41 ! fo , raat:on of 4 syndicate to mircha.o the u-edge and claim' when submitted to auction, and in order tfa armany of the shareholders-and debcnture'-iiolders as W'sh to retain their interim Lv so an opportunity is afforded them "of ta'kin* - lares - _- n the event of tlio syndicate bcin" successful m acquiring the dreclge and claim! it is proposed to register the syndicate as a MHHnsi Applic#tionß close -. °" iWcdnesday,

An Auckland telegram states tfcat the gold returns troir. the Auckland district for the past , three weeks show a total of .€48,810, as comwcekl W T' t 2 ' dl ', r i' nB th ° previous lllroe n ti, -M® 41 : !or 11,0 Pfwient year to date is £414,0-11, an increase of £37,630 over the similar year. , "pnthly meeting of the directors oi the unity 0.D.. Company was held last niplit, when rf was decided to dcclaie a- dividend (the ,7 , o ', ls . p ? r Pay»blo on I.cxt, 131.1 ir.st. Before declaring the dividend a.lo\vsi:ce was;made for all liabilities, and £100 T 3 -! P Tl t0 rcp ' cn-9 'wa,. which now stands a„ &00. The shareholders' in this company have. now wehfed Cs per share in dividends, all within tlio last few nioutlis,' and after allowing for nil liabilities and accounts there is still a substantial balance in the bani. ihe dredgemaster reports that he has shifted tl\C mCUga v,n the river, and started again on virgm pround on Tuesday night. Tits Rising Sun claim is now being floated, ■ino capital has been reduced to , The promoters take 2000- contributing shares,' and i they have bought the oontoor.s tmil nowerful machinery once destined for the Smith's Creek I !lll « Baimockburu Deep Lead. Messrs' Jonp j and Co., earners, Oinve started to cart the machinery from the-Wcddprbuni, ■ The directors of the Unity Gold Dred»in« Company have declared a dividend (the fifth) of Is per share, payable on the 15th inst.

DUNEDIK STOCK EXCHANGE. The share market displaved about the same amount of activity as usual yesterday, but the majority of the most prominent, stocks showed a slight decline in comparison to the prices ruling on Tucsday-in fact, New Roxburgh Jubileo was practically the onlv stock that showed any material, improvement, .this being flue to the fact that, an excellent return is expected this week. .In consequence of tho hard frosts prevailing in Central Otago the river is steadily tailing, and tile height at Alexandra yesterday morning was 3it above the normal mark. _ Alexandra Leads were weaker in the morning, but recovered again in the afternoon. One tale was made at 15s 9d, six at 15s 6d, and two ai lGa, at which price more shaies were in the market, but thebest response was 15s 9d. One sale of Alpine No. 2 shares was effected at 18s, and more shares were wanted at 17s 6d, but holders would not come below- 19s Gd.' Bcndigoes were fairly firm, and. two sales were recorded ut lis 3d, at which iigure .there were more sellers, but buyers closcd at lis. Central tbarltons were finn, and so wcr'e 'Cromwelis, btit'Dunstan Leads fell back a little. Electxics were a shado.easier, and the prospect of a dividend of 3s per share did not mako any material alteration in First' Chances, buvers n 11 !i• oficrtd • 20s 3fl ' with 3e Hers at 225. Oolder. Elvers showed a further decline, and one transaction was rccoulcd at 2s, at which figure there were more buyers 1 , but sellers closcd at _s Gd. Great Woodstocks were inclined to ca=e a Ult-C, but Junction Electrics were steady. Meg and Auuios were Considerably weaker, buyers offering only 7s Ed, and seller's asking 13s 9d. Monte Christoos also weakened, hit -*ew Alpine Consols were inclined to harden. I\ew Roxburgh Jubilees, in anticipation of a, large return, hardened a good deal, sales taking place at 2£s 2d, 295, and Ms. four lots changing hands at the last-mentioned w<ii)c the closing Quotation* • , *i and 30s. ] he contributing shares were asked fo.' at las p, but holders wanted ns jnore. Old and Rise and Shmea wcrevsteadv, v'hile i'oviots wero. nnchangcd; One\lot of irr.falgars changed hands at Lis, and more were inquired for at 12a Gd, but sellers would not come below 17s. Unitys hardened, and one sale took place at 13s fld, whiletth'e closing quotations were 133 3d and Us Gd.' Waimumu , n< , 8 wwc flrra ' Slld one transaction was otveeted :vt lis, at which price there were more uuyers, but sellers closed at lis Gd. Haler- were made yesterday at the following pness: —Alexandra Lead, 15s 9d. 16s .Gd, and 16s: Alpine Xo. 2, lSs; Bcndigo, lis 3d' Golden River, 2s; .'Hew Roxburgh Jubilee (paid), 2Bs 9d, 2Ds, and 30s; Trafalgar, 14sUnity, 13s 9d; Waimumu Extended, IU.. The following are yesterday's latest quotations, subjcct to the usual brokerage:— > Alexandra Lead—Buyers 15s 9d, sellers'l6s. Alpine Kn. 2—Buyers 17s Gd, sellers 19s Cd] Bendigo—Buyers lis, selleis lis 3d. Callaghan's Creek—Sellers 7s p. Central Charlton—Buyers Gs, sellers 10s. Central Electric—Buyers Is. Coal Creek Flat—Sellers 7s Gd. Dunstan Load—Buyers 4s 3'd, sellers ,1s 3d. Electric—Buyers £1 17s, sellers £1 18s, Endeavour—Sellers 9s. First Chance-Buyers £1 0s 3-3, sellers £1 2s. Fourteen-mile Beach—Buyers 2s. Gibbslor—Buyers Is Gd, sellers 2s Gd. Gold King—Buyers Is, sellers 2s 9d. Golden Beach—Buyers 4s, sellers (j^. Golden Bed—Buyers ss. Golden River—Buysrs 2s, sellers 2s Gd. Golden Run—Buyers 10s, sellers 17s fid. Great Woodstock—Buyers sellers Ss i'.d. Hartley and "r. jrs .50, seil«s'..'u c;.

[ Hokitika Biver—Sellers 9s. Inch Valley—Sellers 12s Gd. Island Slock—Sellers 10s. Junction Electric—Buyers 13s 6d, sellers 14s 3d. . Kelly and Casey—Sellers ds. Lafranchi's Freehold—Buyers ,7s, sellers 12s. Leviathan Freehold—Buyers 12s 6d, sellers 138. Manuherikiil—Sellers £1 12s. Meg and Annie—Buyers 7s 6d, sellers 13 i 3d. 5 Molyiieux Hydraulic-Buyers 3s 9d. Monte Christo-Buvers 10s, sellers Hs. ■ Mosquito—Sellers 13s Gd. ■ Kelson Creek—Sellers £3 ss. New Alpine Console-Buyers 16s, sellers 17s Gc>. Xew Halfway House-Buyers 9d, sellers Is (id. Xew Roxburgh Jubilee (paid)— Buyers £1 Os 3d, sellers £1 Ills. Xew Roxburgh Jubilee (couiributing) Buyers 15s, sellers 20s p. North Beach—Buvers IG3. No Town Creek-Buyers £1 Bs, sellers JCI 12s 6d. Old Dunstan—Buyers 3s 75d, sellers 4s. Olrig—Sellers £1 0s fid. Pactolus—Buyers £3 lOj. Point d'Or—Sellers 5a (lis. Kiley's Beach—Sellers par. Rise and Shine-Buyers £1 8s 7>d, sellers £1 9s 3d. Teviot—Buyers 4s 9d, sellers 5s 3d. Trafalgar—Buyers 12s Gd, sellers 17s. • Unity—Buyers 13s 3d, sellers Hs,od. Victory—Buyers 10s G<l, sellers 15s'. Waimumu Central-Buyers 7s 3d, sellers 3s. Waimumu Extended—Buyers lis, sellers lis Gd. SALES OP DKEDGES. The River Molyneux dredge and claim were offered by auction by Messrs Sicvwright Bros, and Co. yesterday afternoou, when there was a good attendance of those interested in dredging. The bidding started at £500, and advance°d by bids of £100 to £700, thence by £-30 bids to £850, and by £25 bids to £950, at which price the property was secured by Mr J. C. Jone3, on behalf of the New River Molyneux Company.

The dredge and two special claims belonging fhe Orwell Creek Gold Dredging Company (in liquidation) were submitted to auction by Messrs Sicvwright Bro3. and Co, yesterday at noon. There was only a small attendance, and apparently only two of those present had any intention of competing for the property. Only three bids were forthcoming, the beat of which was £110, at which price the proporty was knocked down to Mr H. Adam, who was acting on behalf of the mortgagee. °

MAIN LEAD HERCULES DREDGING COMPANY. An extraordinary general meeting of shareholders in the Main Lead Hercules Dredging Company was held at Lawrence 011 Monday evening (says the; Tnapeka Times) for the purpose of 'considering the following extraordinary resolution: —"That it has been proved to fcho satisfaction of. this meeting that the company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, .and that accordingly the. company be wound up voluntarily.;' There were •about a dozen shareholders present, Mr Thompson (in the absence-of. the chairman of directors, jUi-.D, M'lntosh, who owing 1 to illness was unable to be present) presiding. The. in stating the business ofthe ltleeting, said he regretted the unfortunate circuniatanccs which necessitated them being called together that night. The directors had (loi;e everything in their power .to obviate the necessity for such a proceeding, but unfortunately .the shareholders had not come to their assistance, and there was no other course open but to go into liquidation. He explained that when it was found impossible to work the c.uim without- an elevator an effort had been made to obtain this equipment by means of a. levy, but this had not been responded .to by a sufficient number o{. shareholders io provide the cost of the elevator, and also pay working expenses for a short time in ohler to.give the claim a trial. During , the time their dredge had been at work she had obtained '600?, of gold, 2Soz of that amount being obtained for a, little over the first week; 'He formally moved the resolution set, fortli in the circular. * Itr 11. H. t'sary seconded the motion, expressing fhc opinion that it was, under the circumstances, the only course open to the company.

Mr R. . T. Kinaslon, who represented the Roxburgh shareholders, said it was a great pity the shareholders bad not responded more freelv to the levy, as the claim was considered by the Roxburgh shareholders as. a good one, and would vet yield good results. He agreed with the chairman that the claim could not be worked without an elevator, The motion was then put to the meeting.and carried .unanimously. It was resolved thut the secretary and directors liquidate the company. 1 vote of thanks to the directors for the manner in which they had conducted the company s. business and to the chairman' for presiding brought the meeting to a close. At- a subsequent meeting of the shareholders it was resolved to ,form 11 new company to purchase the assets of tho old companv.'and a_ committee has been formed to carrv out the details and to issue circulars setting out full particulars of the proposal to' all the shareholders of the old company.

NOTES I'liOM CLYDE. (From Oua Own Cop-eespondknt.! CLYDE, August G. •the Old Duust-an dredge has been floated to her claim, and may commence work immediately. " ■ ■ : Tho Davis's Bend .dredge (old Cairnmuir) is appioachuig the. top boundary of tier claim. The (Jnity worked on to'old ground last week; therefore the dredge was shifted ahead a length or two. Tho Vincent dredge is having r. new screen l il jt °n and other slight repairs executed. Tho Monte -Christo dredge is working con» sta'ntly, and returns may improve as t-ho 3red»e forges ahead towards Green Point. ° ■ NOTES PROM ALEXANDRA. (Fhom Om Own Corrkspondent.) . ALEXANDRA, August G. ■U'.c First Cnance dredge lias resumed dredging. , ° The Perseverance No. a dredge met with a mishap yesterday. The union screw of one of the e.evator guy lines gave way. All the wejght came oil the othev line, which also' snapped, and 'he elevator fell on the tailiii"s. It will take about a week to put things again. The river is falling again. Thsre arc hard frosts at night. Hansen and party bov.ght the Boundary Creek dredge for £SSO, and will rcniovo it- to a C'trnn on the Mar.uherikia, adjoining the Olrig.

THE WEST COAST. , (Faou Our Own Correspondent.) GREYMOUTH, August 6. i f i Lagoons dredge will gel a {air start on Monday at Blackwater Flat. There is a Ion" stxclcu of about five> miles, the width varying from half a mile to a mile and a-half. Tho wash is Jiice and free, with but few boulders. A iSTgft number of Chinese worked on the upper reaches, and four large parties are now working, averaging, with tho most primitive appliances, 003 per week. The Lagoons claim is mostty held in Sydney. If the companv is a success it is proposed to launch out with a large capital. The Leviathan Freehold dredge started yesterday, and is working well. Tho last sample of gold from the Nelson. Creek is the best seen on tho Coast, pieces up to ldwt. being numerous. The dredgemaster expects tho return this week to be quite {13 good as that of last week. The. gokl was obtained close up to the high bluff that was • supposed to carry no gold. iile following is the report of the dredgemaster of the Greenstone Junction for the we°ek ending August 2:— I The return of 30oz did not quite realise the expectations of the first davs of the week. After Tuesday night the whole .aco became a network of timber," causine indelays, and at oilier times preventing successful work. By Monday, night Jtyan s boundary wilt. )>? readied, nec'essitatiii" the dredgo baing again turned up stream" when m tile course of a week or two a "ood face of decent matter should be ahead o[ us, though the amount of overburden for some rr? '°T.? 0 ™ 0 W1 " not enhance the return. Tho «aimea is coming to tho front as a sluicing held, a. claim lately opened Yielding oJoz for _7 shuts of work, three-hour shifts. 1 Ins 14 the first wash-up since the claim was properly opened out. The system adopts and brought to perfection iu-tho Kumars, field is telling to advantage m what was considered yeors.ago a. worked-ont goldficld. The -Mountain Sluicing claim, Maori Point breenstone, known as tile Galtee More, was formally opened on Saturday. Work is now sufficiently advanced to-permit of siuieir." operations being undertaken.

(Pek United Phess Association.) m. -n • .t, HOKITIKA, August C. J-ho Pnnce ot Wales dredge at Boss will be ready to commence aciivc operations 011 Holiday, 18th. Tho clrcdge is 0110 of tlie largest and most powerful yet constructed on tlie Const. The Commissioner's Flat dredge is now working on tho bottom and getting wash. -Nothing is known yet as to when tho first washing-up will lake place. Iho Hokitika dredge is now opening up a iwo at the lower ond of tho claim, on the south side of the claim. The Woodstock Company is .stilt conducting prospecting operations by moans of shafts! iho prospects are reported to be favourable, and an early start will be made.

The Great. Woodstock dredge is working W3ll and getting into the bed of the creek, where good returns aro anticipated. 1 NOTES PROJI TUAPEKA. (FtOU Our, WITHT.RSTOKIS COMIBI'OHDIXT.) WETHERSTONES, August 4. Anyone not knowing the circumstances would • think it ii strange thing that one hydraulic claim should have too much water while the ciainjs bolt.w had too little. The first remark applies to the Local Industry, who had more water than the lift could take." Last Friday and Saturday morning, through the heavy rain, there was so much water coming down the gully that the manager had to turn the nozzle voter to one side. Therefore, on the days mentioned, ther; was nothing but loose tailings going through the boxes, and he couldn t gei the bottom or around the jet hole cleataod. As » consequence they could not- expect much gold for lost week. Thev washed down a couple of boxes 011 Saturday, when they got GO2 sdwt. The Golden Crescent, on the other hand, were unfortunate in hot having enough water, their race having broken away on Friday evening. Thus tho manager was in the same fix as in the-other case, only he had no water to clean tho bottom and jet hole. He managed to get as much water as would wash down two boxes 011 Saturday morning, for lOoz lOdwt. All -hands are going .out this morning to repair the race.. ' The Golden Rise's race leading from the dam likewise broke away. After a few hours' work in repairing the principal break, and taking a few minor slips out of the race, they were elevating again on Saturday afternoon. I understand that, there was so much water coming into the Golden Riso dam that the water was overflowing at- the by-wash, while the hydraulic water was coming out at the gate. ■PAUL'.S BEACH. TO THE EDITOR. SlR,—I" received .a typewritten letter 011 a, piece of tissue paper.(which 1 enclose). It seems to liie, the way it is jumbled together, as if the writer was nervous and ashamed of himself, and well he might be. It says that at a meeting of shareholder (I wonder how many) it was decided to liquidate the company and sell the'assets' to' a new'company to be formed (and 110 doubt was) to pay off liabilities, which amount to tho large sum of £236. By the look of things it appears to be a good thing for the company. By what I can make out of (his piece of tissne'paper with the jumblcd-up type the company will consist of 23G £1 shares. Suppose a fellow sent' a cheque for this amount, would he get the dredge? Surely, Sir, a dredge tli&t was bought for £2900 by the present company, anil cost about another £5000 before she got a start, ought to he worth this small amount. ' I should like your advice, Sir, if you would advise mo to buy this dredge; not that 1 want it, brit it would be such a cruel blow to those who have put this scheme before shareholders.—l am, etc.,