MINING.

Otago Daily Times, Issue 12447, 2 September 1902, Page 6

MINING.

The dredgemaster of the Gold King dredge wires a return, of Boz 16dwt for Ihe week ended Friday last. Tho dredge has been, working across a shallow bar during the week, but deeper ground is expected this week. The Eclipse dredge and claim' were offered for sale by auction by Messrs Park, Reynolds, and Co. at their rooms yesterday, but the best offer was £500, at which price the property was passed in. The dredge and claim are now open for private purchase. The dredgemaster of the Garibaldi dredge reports that on account of the stoppage on Thursday there was no wash-up last week. Dredging has now been resumed, but the ground is rough, in addition to which some boulders are being met with. The manager reports that the Champion dredge obtained 19oz Bdwt of gold last week. The return from tho sluicing claim was 10oz Udwt for the week. . . Tho directors of the New Golden Gravel Go'.d Dredging Company have declared a dividend (the first) of 2s per share, payable on the Bth inst. ■' The manager (Mr S. E. Brent) of the Shotover Quartz Mining Company notifies that a call of 2d per share has been made on contributing shares. The call is payable on Wednesday, 10th inst. The erection of the machinery on the Grand Junction dredge has been completed, but it has been found necessary to make a few minor alterations bofore work is commenced. Almost all the alterations have already been completed, and it is expected that work will be commenced about the end of this week or at the beginning of next week. The dredge is a fine powerful machine, and it is anticipated that she will give a good account of herself. As some of the shareholders in tho Sailor's Bend Company may have concluded that the reason for shifting the dredge down to the bottom of the claim was that she was off the gold, an explanation of the object of the undertaking will prove reassuring. When the 'dredge was at the bottom of the claim' last year the river was higher than it is at present, and it was found that the ladder was too short to work to advantage. As tho river is, however, as low now as it, is likely to be this season, it has been decided to give the lower part of the claim another trial, in order to ascertain whether it is possible to work there satisfactorily without lengthening the ladder. The finances of the N Moonlight Gold Dredging Company have now been placed in such a position that the directors are warranted in proceeding with the completion of the dredge. Some 600 preference shares have been applied for and allotted, leaving a balance of about 150, which may be taken up by shareholders who desire to strengthen the funds. The tender of Messrs M'Millan and Thompson, of Hokitika, has been accepted for the erection of the machinery, housing, and tables, and also for the construction of the dam, the price being very satisfactory to the company. The contractor for the construction of the pontoons has been instructed to proceed with his work, and as everything will be pushed on as rapidly as possible, it is anticipated that if circumstances are favourable the dredge will be in active operation before the end of the year. NOTES FROM CROMWELL. (Fsou Oub Own Cobbespondsst.) CROMWELL,. September 1. The weather is fine, with a. heavy frost last night, and the river is falling steadily. The Meg and Annie Company have bought the lower portion of the Annie Queen claim? It adjoins the top boundary of the Meg and Annie, and ft part of it has been lately worked by the Upper Magnetic Company on tribute. The Junction Electric dredge started this morning to shift to the lower end of her claim. The material for the Alpine Consols dredge extension arrived at the claim this morning, so the dredge should soon be ready for another start. The Riley's Beach and Alpine No. 2 dredg'cs are working steadily. NOTES FROM ROXBURGH. (Fbou ObbOwn Correspondent.) ROXBURGH, September 1. The engineers proceeded to the Goldem Glen dredge to-day in order to fit it with a.n elevator, the old elevator from the Miller's Flat Electric dredge having been, purchased for the purpose by Messrs Spairow and Co.

I The Main Lead Hercules dredge will probably be ready to commence dredging next week. Mr Charles Olson has been appointed manager. The Jubilee! dredge continues to do well. So far she lias obtained. 500oz for her first six weeks' dredging, which is very good. The weather broke here to-day, and it is raining a little at present. THE WEEK'S DREDGING- RETURNS. During the week ended Monday, September 1, returns were reported from-the following 73 dredges, the total yield being 31460"z Cdwt 12gr, or an average of i'doz per dredge: — Oz. dwt. gr.

Total 463 '1 0 DUNEDIN STOCK EXCHANGE. Though the returns for last week, the second beat in the history of the dredging industry, did not have the effect of increasing the number of sales on the Dunediu Stock Exchange on Monday, they caused the market generally to be decidedly firmer. The demand for Monte Christos was good, and the prices chow such an advance on Inst week's rates that it is evident that good returns are expected from the ground baing worked tit present. Thn return from the Alexandra Lead dredge did not improve the priess for that stock, and the quotations for Beudigos did not advance as much a* might have been expected as a result ,of the three-ligure return. Kitey Beaches, on the other hand, hardened materially, and if the dredge keeps on good wash a further advance will no doubt be recorded, as the market for this slock is very buoyant. The river'was 2ft 9in above the normal mark at Alexandra on Monday morning;, and the weather was line. For the purpose of showing the principal alterations in the market during the week we give a short review of some of the stocks. Alexandra Leads were firm all last week, and a good deal of business has been transacted in them, but they were rather neglected on Monday, notwithstanding the good return. Sales were made at 16s 9d, 16s IOAd, and 17s on Tuesday, at 14s 3d (ex div.) on "Wednesday and Thursday, and at 14s 9d on Saturday, while on Monday shares were wanted at 14s Cd, but there were ko sellers. Alpine No. 2 shares were firm in the early part of last week, but have not been much in demand since Thursday. One parcel changed hands on Wednesday at 21s, and the latest quotation is 20s 6d for sellers, without buyers. Bendigoes hardened until Wednesday, after which they declined a little until Saturday, but as a result of the excellent return for hist week they recovered a little on Monday. Ten sales were made on Wednesday at 14s 6d, 14s 7Jd, and 14s 9d, and another parcel of sharas changed hands on Friday at 13s 9d, while on Monday two transactions were recorded at 13s 3d and one at 14s, the closing quotations being 13s 9d and 14s 3d. Davis's Bends have improved, buyers advancing from 5.? dis to 4s dis, and sellers from ?.s Cd dis to 2s 6d dis. Buyers of Electrics have advanced from 30s to 35s since Wednesday, but holders have been firm at from 35s Cd to 3Gs Cd. Enterprises, which have been steady, were sold at 2Gs on Tuesday, while the latest quotations are 24s Gd and 27s Gd. There has not been much inquiry for First Chances, but as a. result of Jast week's return buyers have advanced to 15s, but the best response is 17a Gd. Gold Kings have been inquired for at from 6d to Is, with sellers at from Is to Is 6d. Sales were made on Friday and Monday at Is. Goiden Rivers were steady until Thursday, but since then they have fallen back. Four sales were recorded on Monday at Is 9d, and more shares -were asked for at Is 7Jd, but there were no more sellers. In consequence of the improvement in the returns from the Great Woodstock dredge the shares in that company have hardened a good deal. Sales were made at 3s 6d on Tuesday, at 4s 3d and 4s Gd on Weduesday, stt 5s on Friday, and at 5s Gd on Monday, when further buyers were in the market at the last-mentioned price, but holders closed at Gβ Gd. Hartley and Kileys have been in.steady demand, but the margin b'etween buyers and sellers has been much too wide to admit of any business being done. Junction Electrics were steady in the ■ early part of last week, but have eased since Wednesday. Sales took place at 11s on Tuesday and . Wednesday. Majesties have been in tbe market at 15s, but the best response has been 12s 9d. Meg and Annies have hardened a little, no doubt owing to the improved return last week. Sales took place at 8s Gd on Tuesday, and at 9s on Saturday, while on Monday two parcels wore taken up at the latter price, the closing quotations being 83 9d and 9s Gd. Molyneux Hydraulics eased a little last week, but the return of 98£oz has caused them to improve considerably. Monte Christoes advanced steadily last week, and though there was no wash up on Saturday a decided improvement took place on Monday. Shares changed hnnds at 10s 3d on Thursday, at 10s Gd and 10s 9d on Friday, at 11s on Saturday, and at 12s Gd, 13s, 14s, 14s 6d, and 16s on Monday, when more buyers were in the market at 15s, but sellers would not come bolo'v 20s. New Alpine Consols were in good demand in ths early part of last week, but they have eased a little since Thursday. Sales were recorded at 15s. 15s Gd, and 16s 6d on Tuesday, at 16s 9d on Wednesday, and at 15s 6d on Thursday, while on Monday afternoon buyers offered 15s 3d, but holders closed at 17s 6d. New Roxburgh Jubilees have improved considerably, buyers moving up from 24s to 28s, and sellers from 27s Gd to 31s. Ojie sale was rna-de on Friday at 255. Old Dunstans were firm all last week, but as the re-turn was only fair they were inclined to ease a little on Monday. Sales were made at 4s 3d on Tuesto at 4s Cd on Thursday, at is Od, 4s Cd, and

is 3d { on Saturday, and at 4s 3d en Monday, two lota being quitted at that figure, while more sharee wei"e obtainable at 4s 4}d, but there were no buyers. Rilcy's Beaches fell ba<:k a good deal last week on account of the dredge working on ii reef, but there was a marked improvement on Monday, consequent on the excellent return. Shares changed hands at 32s on Tuesday, at 30s Gd, 29s Gd, and 30s on Wednesday, at 2Gs and 25s on Thursday, at 2Gs and 26s Gd on Friday, and at 31s and 32s on Monday, two transactions oping effected at the last mentioned price, while the latest quotations otc 31s 3d and 323. Rise and Shines, Sailor's Bends, and Teviots haze all been more or less neglected. Trafalgar's have been inquired for at 'from 14s to IGs Gd, but sellers have wanted from 17s 6d to 20s except on Saturday, when a sale took place at' IGs 6d. Unitys were steady until Thursday, from which time the demand for them has been fairly keen. Sales were effected at 13s and 18s 3d on Thursday, at 13s on Friday, and at 13s on Monday, when more shares were in the mai-ket at the last-mentioned price, with buyers at 12s 9d There have been a large number of inquiries for investment stocks on the part of those who prefer a steadier and less risky form of investment than gold dredging, but in most cases sellers have closed at a small margin above buyers' quotations, and consequently only a, small amount of business has been effected. The only sale during the week was in New. Zealand Drugs, but the quotations for the other stocks are fully up to those for the previous week. Sales were made on Monday at the following prices: •—Bendigo, 13s 9d and 14s; Gold King, Is; Golden Eiver, Is 9d; Great Woodstock, 5s 6d; Meg and Annie, 9s; Monte Cliristo, 12s Gd, 13s, 14s, 14s Cd, and 16s; Old Dunstan, 4s 3d; Biley's Beeen, 31s and 325; Unity, 13s. The following are Monday's latest quotations, subject to the usual brokerage:— Alpine No. 3—Sellers £1 03 6d. Bendigo—Buyers 13s 9d, sellers 14s 3d. Commissioner's Flat—Buyers Is, sellers 2s 3d p. Davis's Bend—Buyers 4a, sellers 2s Gd dis. Electric—Sellers £1 IGs 6d. Endeavour—Buyers is 9d, sellers 4s Gd. First Chance—Buyers 15s, sellers 17s Gd. Gold King—Buyers 6d, sellers Is 3d. Golden River—Buyers Is 7Jd. Great Woodstock—Buyers 5s Gd, sellers 6s Gd. Hartley and Biley's Beach—Sellers £1 17s. Kelly and Casey—Buyers Is, sellers 4s. Lafranchi's Freehold—Buyers 9s, sellers 11s Gd. Majestic—Buyers 12s, sellers 15s. Mannherikia—Sellers £1 12s. Matau—Sellers' £1 2s 6d. Meg and Annie—Buyers 8s 9d, sellers 9s Gd. •MolyneuxHydraiilic—Buyers 10s 6d, sellers 14s. Monte Christo—Buyers 15s, sellers £1. Molquito—Buyers 17s, sellers £1 2s. New Alpine Consols—Buyers 15s 3d, sellers 17s Gd. New Halfway House—Buyprs Is Gd, sellers 3s. Now Leaning Rock—Buyers ss, sellers 10s p. New Roxburgh Jubilee (paid)— Buyers £1 Bs, sellers £1 11s. New Roxburgh Jubilee (contrib.)—Sellers 13,9 p. 'North Beacj—Sellers £1 Iβ. Old Dunstan—Sellers 4s 4^d. Otago— Selle'-s 15s. Riley's Beach—Buyers £1 Us 3d, sellers £1 12s. Rise and Shine—Sellers £1 7s 9d. Sailor's Bend—Sellers £1 4s. Trafalgar—Buyers 15s, sellers 17s 6d. Unity—Buyers, 12? 9d, sellers 13s. Waimumu Central—Buyers 5s 3d, sellers 03 G-l . Waimumu Extended—Sellers Us Gd. PROTESTS AGAINST* LARGE CLAIMS. (Per United Press Association.) IFv'ERCARGILL, September 1. As a result of the discovery of gold at Pahia, a largely-attended meeting of miners at Orcpuki protested against the granting of 50-aore claims, and resolved' to'.ask the Government to resume the free-hold of property known to be auriferous between Orepuki andPahia for mining purposes. THE WEST COAST. (FnOJt OWR OWK COBRESPONBBKT.J ' GREYMOUTH, September 1. Owing to an unforeseen .delay the No Town dredge did not get a start till early on Saturday morning. - The Shellback dredge had a series of breakdowns, and did not wash up. ■ The Totara Flat claim is to be given another trial, and the dredge should'siart in a day or two'. ',' ■ The Erickson's Reward dredge, with 330z Gdwt for 110 hours, give her record yield. The dredge is now on really good wash, and, with a fair week's van, should give a good return. The results of the Grey Extended dredge are not very satisfactory. When the dredge gets 50yds higher up stream it is believed good gold will be obtained. The machine will then bo working on the fall just below the suspension bridge. ; During the early part of last week the North Beach dredge was much hampered in consequence of striking ra'.a logs, but for the last three days she had a elcnr run. The gold had not been amalgamated laat week, and its actual worth nob realised. For the nine days worked Vile/, amalgam was obtained, giving sToz 2dwt of retorted gold, 490z amalgam for ihe first three days only panning out 19oz 15dwt. The Nelson Creek dredge was at work most of tiie week in deep, rough ground. Her return of 5907, for 127 hours is therefore about as much as was expected. The Greenstone Creek relurvi last week for the hours worked is the dredge's best record. The dredge is in ca-pita! order, working well, ar.d the ground is showing a marked improvement. . 'J'hc Greenstone Junction return was disappointing, a much larger yield being expected. Over Ike face now being worked is an overburden of from 10ft; to 12ft brought down originally by the Little Fuchsia Creek. By tile time the dredge lias worked a. couple of chains further on this will be got rid of, and a- long run on clear ground lie before her. At present in one corner of the face .there is mere material above than be'.ow water level. The Greenstone Three-mile dredge had a good deal of trouble with big snags. It was thought too dangerous to bring the dredge close to the face for fear the stumps in falling would do some damage to the pontoons. As a consequence th° work was not as effective as it would otherwise have been. Apart from, this the ground was poorer. Next Saturday should show an' improvement, as ifor the past two weeks the dredgemaster has been bringing up the face on tho north side of the creek, and at the same time filling up a gap between the tailing heap and the foot of the terrace. This will have the effect of driving the whole of the flood water to tha south side of the creek, thus ensuring perfect safety at all timos, and enabling the dredge to work to tho full length, of the face, about six chains, in all weathers. HESSEY'S GOLD DREDGING COMPANY. The statutory meeting of shareholders in Hessey's Gold Dredging Company was .held in Mr W. E, C. Reid's office- last evening, and was. attended by 11 shareholders, Mr W. D. Houston presiding. The report showing that the company's position on August 19 was adopted, as also was the agreement between the vendors s,nd the company. On the motion of Mr John Hessey, seconded by Mr J. Kerr, it was decided that the qualification necessary for a seat on the directorate be the holding of 30 shares, and on the motion of Mr James Brown, seconded by Mr R. Stewart, the number of directors was fixed at five. On the motion of Mr Brown, seconded by Mr Kerr, the remuneration o£ the directors was fixed at GOgs per annum, divisible as they think fit. A large number of Mastertou shareholders wrote requesting that Mr John Hessey should- represent them as much as asking that his travelling expenses incurred while attending meetings should bo borne by the company. On the motion of Mr Stephens, seconded by Mr Logie, it was decided that the travelling expenses of the directors not residing in Dunedin incurred when attending meetings, be borne by the company. Messrs W. D. Houston, John Hessey (Masterton), William Hessey, Alexander Cowie, and R. T. Stewart (Waikaia) were elected directors without opposition, and Mr James Brown was nppointfiS auditor at a remuneration of sgs per annum. On the motion of Mr Kerr, secouded by Mr Stewart, it was decided-to clos-? the books of the company on June 30 next, and io hold the annual meeting in August, the dale and place to be fixed by the directors. In reply to a. question, the Chairman remarked that- nothing definite had yet been done in the way of securing a dredge, but he had no doubt the directors would proceed to get a machine "iind push things along as 'fast as uossible. A vote of thanks to the chair brought the proceedings to a close. NOTICE TO CORRESPONDENT. " W or th Holding. '—We do not accept- letters written with pencil. Write your letter with ink and it shall appear.

Electric, Cromwell 231 0 0 Alexandra Lead, Alexandra, 108hrs 204 18 0 New Roxburgh Jubilee, Roxburgh, 129hrs 102 11 0 Riley's Beach, below Cromwell, 130hrs 131 0 0 Manuherikia, Alexandra, 148hrs . 105 16 () Bendigo, below Alexandra/ wk.. 102 0 0 Molyneux Hydraulic, Alexandra, 138hrs ..' .. 98 10 0 Hartley and Riley, Cromwell, 130hrs 95 0 0 Alpine No. 2, Cromwell, 133hrs.. 91 6 12 First Chance, below Alexandra, week '_ . 83 0 0 Meg and Annie, Kawarau River 80 8 0 Earnscleugh No. 2, Alexandra, 125hrs .. 77 0 0 Golden Gate, Miller's Flat, Gdys 72 9 0 Rise and Shine, Upper Clutha, 122hrs .. 65 0 0 'Waimumu, nr Mataura, lWhts :>; 63 3 O Unity, Clyde, wk 63 0 0 Golden Run, Miller's Flat, 138hrs 61 0 0 Cromwell, Cromwell, 136hrs .. 52 18 0 Matau, Clyde, wk .. .... .. 52 0 0 Enterprise No. 1, Alexandra, 137hra ' .. .. 48 2 4 New Golden Grovel, Beaumont, HOhrs ., .. 43 16 0 Olrig, Manuherikia, wk ... ,. 42 8 0 . Clyde, Alexandra, wk .. »4 .. 42 0" 0 ' Davis Bend, above Clyde '. ... 41 0 0 Sheddan's Freehold, Waikaki, week .... 40 0 0 Perseverance No. 1, Alexandra .. 39 6 0 Empire, Waipori (2 dredges) .. 38 13 0 Dunstan Lead, Alexandra, 5 days 36 0 0 Enterprise No. 2, Alexandra, 136hTs .. .. 35 8 5 Upper Waipori, Waipori. 135hrs 32 4 0 Royal Waiinumu, nr Mataura, 112hrs .... 31 10 0 Majestic, Miller's Flat .. .'. 30 5 0 Perseverance No. 2, Alexandra, 3 days .. .. 30 1 12 Alexandra Eureka, wk .. i'. .. 30 0 0 Earnsclengh No. 1, Alexandra, 107hrs 29 7 15 ■ Molyneux Kohinoor, Roxburgh, 198hrs .. .. .. .. .... 29 6 15 Waikaka, Waikaka, 130hrs .... 26 0 0 Central Mataura No. 2, Mataura, 13Ohrs 25 3 12 Ettxick, Roxburgh, 120hrs ■■ ... 24 2 0 Central Charlton, near Gore, 133hrs 23 9 0 Success, Waipori, 135hrs .... 22 3 20 Oid Duustan, above Clyde .. 22 0 0. Irichaale, nr Palmerston, 125hrs 21 12 0 Reliance, Tuapeka Flat, wk .. 21 7 0 Coal Creek Flat, Roxburgh, 124hrs .. .... 21 2 0 Sailor's Bend, below Alexandra, wk .. .. v 21 0 0 Junction Electric, Cromwell, 30hrs .'. .. 20 12 0 Otago, Miller's Flat 20 0 0 Enfield, Wa-ipori 19 15 0 Champion, Beaumont, wk .. 19 8 0 ■ Waitnhuna, Waitdhuna, wk .. 19 5 0 Charlton Creek, nr Gore, 125hrs 19 5 0 Mystery Flat. Waikaia, 129hrs .. 17 9 20 Endeavour, Roxburgh, 137hrs .. 1& 1G 0 Inch Valley, nr Palmeraton, 134hrs 1C 1G 0 Gabriel, Tuapeka Flat, wk .. 1G 15 0 Globe, Waikaka, 133hrs .... 1G 9 0 Prince Arthur., Up. Shotover, wk 15 0 0 Spec Gully, nr Mataura, 138hrs .. 14 5 0 Lawrence, Tuapeka. Flat .... 14 0 0 Waimumu Central, nr Mataura, 114hrs 13 10 0 Island Block Co., Id; Block, 95hrs 13 10 0 Waimumu Extended, nr Mataura, 1241ns 13 10 0 Churlton Valley, nr Gore, 127hrs 32 G 0 Tuapeka, Tuapeka Flat, 5-J days H 13 0 Happy Valley, Tuapeka .. ., 11 10 0 Evan's Flat, Tuupeka. wk .. 11 4 0 Cantral Electric, Cromwell, 9Shrs 10 11- 17 Golden Treasure, Miller's Flat .. 10 0 0 Kelly and Casey, below Cromwell, GShrs 9 13 0 Gold King, Roxburgh, wlc .. .. 3 1G 0 New River Molyueux, below' . * Alexandra, wk .... ,.-... 5 0 0 Total ... 3HG 6 12 The West Coast. Nelson Creek, 127hrs 59 0 0 Mosquito, 127hrs .. :. :. .. 40 7 0 j Erickson's Reward, lllhrs .... 33 1 0 ! North Beach, 119hrs 31 7 0 Great Woodstock, 128hrs .... 30 0 0 Greenstone Junction, 120his .. 28 10 0 Mokoia, 116hrs .. 25 8 0 Three-mile Greenstone, llohrs .. 12 0 Rockland's Beach, 90hrs .... 22 14 0 Greenstone Creek, 77hrs .... 21 14 0 Red Jacks, wk ........ 19 18 0 Stafford Waimea, 114hrs .. .. 16 18 0 [Trafalgar, 130hra 1C 17 0 Kohinoor, SOhrs 16 10 0 Reeves's Proprietary, lOOhrs • .. 15 1!5 0 Aldinga, 120hrs .".-.. .... 14 15 0 Cornwall, 85hrs 12 5 0 Victory, 130hrs 11 33 0 i Leviathan, lOThrs 11 0 0 Leviathan Freehold, OOhrs .... S 0 0 Maori Gully, 60hrs 5 0 U