MINING.

Otago Daily Times, Issue 12450, 5 September 1902, Page 6

MINING.

The dredgeniaster of the Wairanmu Central dredge reports a return of 25cz -Idwt.'-for 130 hours' di-edging. ■ The directors of the Golden Gate Company have declared another hnuchsome dividend of Cs per share, and have added to their reserve fund A'l2s, bringing it up to .i'IIVS The dredge is working well, anil is on a. good tun 01 wash. The dredgeniaater of the Leviathan dredge reports that there will be 110 wosh-up this week, as nn exceptionally large quantity of mud is being met .with at present; An extraordinary genera! meeting of shareholders in the Upper Magnetic G.iJ. Company will be he-Id in the company's office on Tuesday next, 9th inst., at 4 p.m. The directors of the First Chance Gold Dredging Company have dcclnrecl it dividend (the second) of 2s per share, payable oa Wednesday next, 10th iust. This will absorb the sum of in addition to which t-he couiy.f.ny has α-tessrvo fund of £1000 This company's dredge won 6860z Sdwt <lgr of gold, valued at Jii6l2 7s Id, between July 11 unci September 0, and within the last month two dividends have been declared, representing- a diatribntiqn'-'.-'oI JE1750 among shareholders. The'directors of the Alpins No. 2 Company have declared 11 dividend (the second) of Is per share, payable on Tuesday, 9th inst. By this nieans £31!) will ba distributed among shareholders, and the directors have placed £150 tb the credit of a reserve fund. All the debts ;6f the company have been paid oil, including the lean of £200, which was Wring interest, at the rate of 10 per cent, per rumuvu. The amount of gold produced between May •H sr.d September 2 was 30Goi; 18tiwt 'Igr, vn-lue<f at £U\S, but during this time the dredge- was idle for about three weeks while tho ladder was being leugthened. Wevpub'.ished,. t>ll the 271) i ult. p. letter from a correspondent who questioned the accuracy of a statement by our West Coast, representative that shares in thn Pactolus Gold.Dredging Company had changed h&id.i at 80s. We have communicated with enr representative on'the subject) and he informs us that, the transaction recorded by him was a bona fide one, delivery of the-snares to be miule within six weeks. The Alexandra Herald pays:—"During the recent stoppage the- elevator of the No. 2~ Perseverance clrcdgp was shorieusd by Bft. This will-leave a sufficient length for stacking.the tailings, and the elevator should now cause less trouble and less loss of time.—i/r J. Gordon has secured the contract for dismaniling'tho Boundary Creek dredge and re-erect-ing it on the Coronation Dredging Company's claim af Galloway Fiat. The work of dismantling WR3 commenced on Monday. ■DUNEDIX STOCK EXCHANGE. A quieter tone than visual prevailed on the Dunedin Stock Exchange- yesterday, and the number of sales recorded shows a" falling off as compared with the. previous day. There was no material change in tlw quotations, ond Monta Chnsto; was the only stesk in which many sales 'were .'effected. The. lending lines were nearly all firm, but a larger number-of stocks than usual was passed by the reader witnoiit any quotations being received: for them. Tho river was still 2ft 9iu above the normal mark at Alexandra. Alexandra Leads were firm in the morning, but eased a little in the afternoon, when sales were made at lGs and las 3d, with more sellers at the former price, br.t no more buyers. Alpine J«*o. 2 sh«res and Bendigoes were in the market at 20s and 13s respectively, but there were no inquiries for either. There was a shilling market in Dunstan Leads, buyers of which offered 'Is, but holders would not come below ss. Endeavours were r» shade firmer, and_so were Enterprises, but First Chances eased a little, notwithstanding the declaration of a dividend of 2s per share. One sale of the. last-named-was effected tit 15s Gd. and more shares were in the market at lGs Gd, but there was no further demand for them. Golden Beaches were steady, and Golden Rivers were decidedly firmer, no doubt owing to the report that good prospect 3 had been obtained. Ono sale waa made at 3s, and more shares were wanted at 2s 6d, sellers closing at Is above that price. Great 'W'oodstocJsa were easier, as also were Hartley a-utl Rileys; while Junction Electrics were neglected by buyers. Lafranchi s Freeholds were firm, and so were Meg and Annies, one sale of which took place -A 8s 9d, at which figure more shares were asked for, while tie best response was 9s 3d. Monte Chnstoes were steady in tho morning, but fell away in the afternoon. One sale was recorded at 18s 6d, one at 18s 9d, two more at 18s 6d, one at 17s 9d, and one at 17s 6d, while the closing quotations were 17s and 17s 6d. Mosquitoes were firm, and New Alpine Consols were steady, as also were New Halfway Houses, one parcel of which changed hands at Is 9d, with further buyers at tho same price and buyers at Is. Gd. New Roxburgh Jubilees improved a littie, and a. transaction was recorded at 275, at which figure more shares were inquired for, while holders wanted 27s Gel. Old Dunstans were weaker, one sale taking place at 3s 9d, after which buyers closed at 3s 3d and sellers at 4s. Olrigs, Otagos, and Prince Arthurs were all in the market, but there were no buyers. Kiley's Beaches were steady in the morning, but were inclined to harden in the afternoon, though no business was done in them. One lot of Unitys was taken up at 13s Gd, and more buyers were in the market α-t the same price, but sellers would not accept les3 than 13s 7Jd.

Sales were made yesterday at th« following prices: —Alexandra Lead, 16s and 15s 9d; Chance, 15s Gd; Golden River, 3s; Meg and.. Annie, Ba*9d; Monte Citristo,, 18s 6d, 18e

9d, 18s Gd, 17s 9d, and 17s 0d; New Halfway House, Is 9d; New Roxburgh Jubilee (paid), 275; Old Dunstan, 3s ikl; : - Unity,".lß* Gd. The following ars yesterday' 9 latest quotations, subject to the*'usual brokerage: — Alexandra Lead—Sellers K>3. t Bendijjo-—Sellers 18s. i. ;.. .' ''" • Commissioner's Flat— Buyers 3s 3d, sellers 2 6 tkl. • , . Dxris's Bend—Buyers in, sellers 2s Gd dis. Dunstan Lead—Buyers 4s, pollers ss. Endeavour—Buyers 3s lid, sellers 4s. Enterprise— Buyers £1 Gs, sellers £l 6s Gd. First Chance—Seller*: 163 Gd. Gib'istou—Buyers Gd, sellers Is. Gold King—Buyers Is, selleis is Gd. Golden River—Buyers 2s Ud, sellers 3s 6d. Great Woodstock—Buyers 3s Ud, sellers 5a 9d. . Hartley and Riley—Buyers £1 10s, sellers £1 15s. Junction Electric—Sellers 12s Od. Lafranchi's Freehold—Buyers 9s. Meg and Annie—Buyers 83 od, sellers 9s 3d. Mcnte Christo—Buyers 17s, sellers 17s Gd. Mosquito—Buysrs 18s 6d. Mew Alpine Consols—Sellers lGs 6d. New Halfway House—Buyers Is Gd, sellers Is 9a. ! New Leaning Rock—Buyers ie, sellers Gs p. New Roxburgh Jubilee—Buyers £1 7s, sellers £1 7s Gil. New Roxburgh Jubilee (contributing)— Sellers 0s p. North Beach—Sellers £1 Is. No Town Creek—Sellers £1 11s Old Dnnstun—Buyers 3s 3d, sellers 4s. Olrig—Sellers £1 23. Otago—Sellers 15s. Riley's Beach—Buyers £1 10s, sellers £1 10a 9d. Teviot—Sellers is Gd. Trafalgar— Sellere 18s. Unity—Buyers 13s 6d, sellers 13s 7JcL MANUHERIKIA GOLD DREDGING COMPANY. The report and balance sheet of,the Mamiherikia G.D. Company for the year ended August l< disclose a highly satisfactory'position of affairs, with which shareholders ought to be well pleased. But for the fact that the river was high for a great psvvt of the year, the returns would no doubt have been considerably larger, as during the motiths of May, June, and July., when the river was low and the drift comparatively light, some excellent yields were obtained. Since operations were started a heavy debt has been wiped off, and 10s par share has been paid in dividends, this being- equal to the total amount of the contributing capital (£6000). As an evidence of what could be done under favourable circumstances, it may be mentioned that Gs per share was paid in dividends during May, June, and July. The following is the directors' report: ■'Tho value of gold won during the- year amounts to £9752 4s Bd, and dividends have been paid amounting 'to £'4800, equal-to 40 .per centum on the capital of the company, which may bo considered satisfactory. For about a. month previous to closing the books the returns were email, the dredge being hampered by a large quantity of drift, and in places being unable to bottom. The directors are how considering the advisability of lengthening the ladder 10ft, to enable the dredge to work the deep ground, when tho directors confidently expect good results will be obtained. The dredge is in good order, and all the machinery working well. You will be asked to appoint two directors in place of Messrs A. C. M'George and Joseph M'George, who retire, but, being eligible, offer themselves for re-election. The auditor (Mr- Bartleinan) also offers himself for re-election. Mr Bartleman being unwell, Mr George Blythe has been appointed to act meantime." On August 14, 1901, the profit -and loss account showed a- credit bulance of £15820 4s 7d, while the gold won during the year was valued at £9752 4s Sd, malting a total of £13,572 9s 3d, as against which the working expenses amounted to £3441, and the dividends absorbed' £4800, while £o'M was placed to the reserve fund, and £3487 5a Scl was written off the dredge account, leaving a credit balance of £13-14 3s 7d to bo carried forward. . The company is free from debt, but there is an estimated, contingent liability of <£IGO for income tax, to meet which an adequate sum has been set aside. In addition to the. reserve fund of £500, there is a balance of £1184 3s 7d in the bank'. .' NEW ROYAL MAORI GOLD:DREDGING COMPANY. ■•■ The statutory meeting oi shareholders in the New Royal Maori Company was held at tho registered office last evening, and was attended by half a. dozen shareholders, while proxies were lodged for lOGt) shares. Messrs J. Rhodes, W. T. Talboys, W. Gv Somerville, and D. A. Jolly were elected 'directors for tho ensuing year, and their remuneration was fixed at 43 guineas. Mr El R. Smith' was appointed auditor at a fee of £0 ss. Mr Sidney T. Mirams is the secretary. Tko tlr&dgcinastsr wired tha-t dredging commenced at 10 a.m. yesterday. KAWARAU'NOTES.',■' (From Ovk Own Coihvessondest.) ■. It is a great pitv the Gentle Annie met with that mishap to tho crown wheel as she was on goo tlgold, and the ground is believed to'be rich ahead of her before reaching the Meg and Annie boundary. The Gent to Annie shcnld ■turn out trumps yet. The Meg and Annie bus still fi-oiii ihvoo weeks' to a muztth's work before breaking into the Annie Queen's old ground. 'Hie directors have done a wise thing in buying the unworked portion of the Aiuih Queen £0 the rapids for the small sum of ±'50. The old rich ground will pay to go over again., acd tho unworkc-cl portion may contain as rich patches as ever were got should :i soft.bottom be encountered. There should be a long i<;;ise of life and good returns yet in store- for the Meg and Annie. The Upper Magnetic has unfortunately succumbed to adverse circumstances. Her fate should be an object to all directors not to spend every ounce of gold they get in dividends, but to fee to a reserve iund so as to tide over a spell of ill fortune in striking a, hard bar ot revi for a. week , or two. The Grand Junction k completed in the usual excellent siy'.c that Mr Charles P.iilston alwßys finishes a dredg-j entrusted to hiuj, and is only waiting for tlie necessary small oclcis and ends to make a. start dredging, which the should do iii about a fortnight under the managership o! Mr Andrew Young. It seems rather strange that although tho Gibbslon coal pit is only oight' uiiiles from the dredg?, with a good down grade iot<\ al! tho way, the coal supply is Iα come from the Baunoekbivni, fully 15 miles distant, and ;t very hi! 1 ;. ,, v.r-.d bad road to travel. The Ga.vanic citedgo has been wisely irlbsod down by the dredguuiuster (Mr Archie fJteel) pending the erection of r.n elevatcr, as he soon discovered that it was an impossibility to bottom without one, as the tailings were constantly shoviig the dredg-e ahead. Had the same course been taken with other dredges I could mention a lot of uspk-<ss dredging, nrcl capital would have been sawd. SOTF.S FROM CLYDE, (From Ouh Own Con respondent.) CLYDE, Sept-ember 4. The Monte Christ;o -.iwdg? h:is hit upon rich wash. The Vincent and Unity drcilgrs are working full time. * The Old Duiutan and Davis's Bend dredges are working satisfactorily. The ground operated on is much the rame as wu-s that worked last week. The Vincent Extended dredge is making steady progress in going down streum to the Kgapara claim. Parties desirous of testing a suction plant at recovering goM frem the bed-rock in tho Molyjieux should find it inexpensive to do so nt the present time, as some few dredges in the Clyde-Cron-.well go7ge could be utilised in testing any such plaiit. . , • inOTES FROM ROXBURGH. (From Our Own Cokekspoxdent.) ROXBURGH, September 4. There lias been a warm wind blowing all day, and the weather looks very like rain. There is no change in the river. The two ladder hangers of the Jubilee dredge broke last night. The manager expects to h/ive them ready to start-wors in the morning. The delay, however,, will make a- b:g difference in tbr> return this week. The Teviot dredge is working steadily, but the prospects..have not improved. When she gets through a bank she is working at present there should be better yields. MEG Ai\D ANNIE DREDGING- COMPANY. TO THE EDITOR. Sir, —About 12 months ago I was induced to buy into the above company, and shortly after a report was circulated that- the claim was worked out, the shaves falling to 10s; but the returns so improved that they gradually rose to 2us, paying dividends ail the time. New another report, is circulated, and consequently tho shaves fail back agr.in— this time to 8s, —but it will not bo loivr before the shares will command 253 again, as 1 notice good returns have started ouce more. Now, Sir, considering the low?r portion of the claim has hardly been touched; I think it is time shareholders inquired into the position, before sacrificing-their shares at these ridiculous prices. The company having bought portion of the adjoining claim will, r.o doubt, settle the weak minds of sacrificing sh-.uxhplders.—l am, otc, Worth Holding. Rheumatic Pains will soon wear out tho strongest constitution. If relief is.possible, CliairUicrlaiit's Pain Tialm will afford it. This liniment lias been a boon to thousands of sufferers. One application gives relief. Try it. Ail dealers sell it. —- Ono of tho most beautiful sights in tho world is Iho annual migration of butterflies across tho Isthmus of Pauama. Toward tho oihl of June a tow scattered specimens are discovered flitting- out to sea, and as Iho days go by tho number increases, until about July 14- or 15 Iho sky is occasionally almost obscured by myriads of these frail insects. Recomr/er.tled . by f':o . lie Vwxl i-'iiciilty—. WOLFII SUiiXAi'lU .