MINING.

Otago Daily Times, Issue 12602, 4 March 1903, Page 6

MINING.

The Monte Christo dredge bottomed on hard reef,- and was shifted further up stream.' | Thi Reeves's Proprietary Company's dredge recommenced 'operations at 8 o'clock ,on Friday ni^ht,' The directors of the' Shotovei Quartz Mining ; Company havo mada a call of 2d per share, ■payable on Wednesday, 11th inst. Applications for the position of dredgemaster of the Davis's Bend dredge close on tho 17th inst., by which time it is expected that tho 'rivei will be sufficiently low to allow the dredge to make another start. This company's claim has so far never been tried, but as it is in a locality that has been proved to be highly auriferous, the results will be awafted with a good deal of interest. i The Electric No. 2 dredge is expected to resume 9perations next week. This dredge has since the Electric acquired it been working on the claim formerly held by the Magnetic Company, but when she starts again she will operate on the Electric Company's upper claim. ■ All the machinery for the Junction Electric Gold Dredging Company's new dredge (late Eclipse) has arrived on the claim, and tho contractor for its erection is making Satisfactory headway with his work. If -everything goes on'well the dredge should be at work about . the first week in April. The dtedgemastcr of the Spec Gu'.ly dredge reports that the machinery worked very well last week, and that tjie return was better than he GKjpeoted. Ilie ground is improving as he works ahead, and as he is going to work the same cut this week, the return is expected to be slightly larger than that for last week. Tho dredgehiaster of the Lower Enfield dredge reported on Friday last that he was getting on to good wash again. He considered, however, that it was absolutely useless to try to treat the material until rain fell, as he was convinced from the prospects lie had obtained that the greater-portion of the gold was going over the tail. Arrangements have now been made . whereby a good and regular supply of water ,can be ensured. A dam is already in existence on the claim, and it is intended to put it into good order without delay. At present, while the weather is warm, a comparatively small quantity of rain causes a rise in the river, and the effect in the gorges, where the course of the. water is very much confined, is such that, though the river may be fairly low at times, the rises and falls are so frequent that it is inadvisable to think of resuming operations in the meantime. However, the nights will be colder in a short space of time, and in another month o. so the temperature on the high levels will he sufficiently low to warrant the river being in a satisfactory state'for dredging, provided that the climatic conditions are anything approaching normal. Then, but not till then, the gorge fleet will probably settle down to steady working. , A meeting of the shareholders in the Old Dunslan Gold Dredging Company was held at .Clyde ou Saturday evening, when it was decided to reconstruct, the 14th of March being fixed as the date for applications to he received. The recent small returns from the Commissioner's Flat Company's dredge are due to the fact that the has been working with a craoked tumbler, and consequently the dredgemastcr has been unable to get up to the face. Arrangements are being made for procuring a new tumbler. The secr&tarv of the companv (Mr H. A. Bruce) was to leave for the West Coast yesterday to visit the claim and dredge. So long as the river remains low the Sailor's Bend dredge can be relied upon to get excellent returns,' but, unfortunately for shareholders, the claim is situated iu a- gorge, and the season is therefore much' shorter than would otherwise he the case, the earning power of the dredge being in consequence- reduced to a corresponding extent. Last year, however, the season was longer than usual, and as a result the company made good progress, shareholders receiving iivery fair proportion of their capital back in dividends. Last year's gold yield was 12210z 9dwt 7gr, valued at £4743 14s sd; while the total yield from the time operations were commenced until the end of December last was 19410z 2dwt 7gr, valued at £7527 Is lid. The expenditure during 1902 -was £4920 13s 7d, making a total outlay of £1G,G94 7s lid since the formation of the company.- The amount of money distributed in dividends so far is £-2400, or *Gs per share. On December 31 the company had £900 4s lid in the bank and on hand, in addition to.debtors to the extent of £-35 14s sd, against which there wer6 debts to this extent of £227 2s Id, and'contingent liabilities amounting to £147 '4s 63. - DUNEDIN STOCK EXCHANGE. There was a tone of activity 'about the share market yesterday, such as has been more noticeable by its absence than by its presence of late. Business was transacted in four dif-

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ferent dredging stocks, a total of seven sales being recorded, while two more sales were made ; in investment stock: "With one exception the ' sales in dredging lines were all effected in stccks that havo not engaged much attention • for some time, and it is therefore evident that . a very fair proportion of shares are still marketable, though the prices are in some casos cxtrtmely low on account of the somewhat poor prospects for the future. The river was Ctt above the normal mark at Alexandra yesterday morning. ; Alexandra Leads were in the market, but there was n6 demand for them, and Bignell's No Towns were in a similar position. Davis'3 Bends showed no alteration from the previous day's quotations, and Fedderseus were again asked for at 17s Gd, but there was no response. First Chances were easier, but all parcels offering wore taken up, two sales being effected at 21s Gd and one at 21s. Gibbstons again came to tho front after a lengthy retirement, and two lots changed hands at is, at which price there were more buyers, but no sellers. Golden Runs wero very steady, and Grand Junctions improved a little. Happy Valleys are attracting a little atteution at present, in consequence of the good returns of late,, with the correspond- • ing improvement in iti financial position. A . sale was mndo at 5s 3d, and more shares were inquired for at the samo price, but there were no sellers. Ii this company's dredge continues to get as good returns "ns she hns done of late the liabilities will all be wiped off within a ! reasonable time. A parcel of Kelly and Caseys . was taken up at Is 6d,' and more were offered at j tho same price, but buyers closed at Is 3d. Manuherikias were minted at 255, but nono were ou offor. Mokoias wore unchanged, 'but New Bendigoes showed a further advance, and North Beaches were also a little firmer. Riley's Beaches, Rise and Shines, and Sailor's Bends wero all steady at late rates. Two sales of New Zealand Drugs (£2 paid) were effected at 49s Gd. ' 1 Sa'cs were made yesterday, at the following : prices:—First Chance, 21s Gd and 21s; ■, Gibbston, Is; Happy Valley, 5s 3d; Kelly and Casey, Is 6d. Tho 'following are yesterday's latest quotar tions, subject to the usual brokerage:— Alexandra. Lead—Sellers lGs. BigiieH's No Town—Sellers 6s Gd. . . Blackwatcr River (paid)'—Buyers lis Gd. Blackwater Eiver, (contributing)— Buyers 4s Gd dis, sellers par.,' . Davis's Bend—Buyers Is dis! sellers par. Enterprise—Buyer's it 9s Gd. Erickson's Reward—Solle.3 10s 9d. Feddersen—Buyers 17b. Globe—Buyers 2s, sellers 2s 9d. Golden Run—Buyers 18s. Grand Junction—Buyers 9s. sellers 12s 6d. Happy Valley—Buyers Ss 3d. Hartley and Riley—Sellers i2 18s. Junction Electric—Sellers lis Gd. Kelly and Casey—Buyers is 3d, sellers Is Gd. Kohinoor-Sellers 10s Gtl. Lafranchi's Freehold—Buyers 9s 6d. Meg and Annie—Buyers.6s 9d, sellers 7s Gd. Mokoia—Buyers 13s. Monte Cliristo—Sellers- 10s. New Alpine Consols—Sellers 19s. New Bendigo—Buyei3 Gs 3d,'•■sellers 7s p. Nov.' Halfway House—Sellers ss. 'New Roxburgh Jubilee—Buyers 8s 1 6d p.. Ngapara No. 3—Buyers 3s^ North Beach—Buyers fl 4s Gd. No Town Creek—Buyers £1 .Gs, sellers £1 Bs. Olrig—Buyers 155.. Pactolus—Buyers £2 ss, sellers £2 9s. ■ Perseverance—BuVers £2, sellers £2 ss. Prince Arthur-Buyers lis 3d, sellers 14s. Wlry's .Beflch—Buyers £1. Rise and Shine—Buyors £1 3s, sellers £1 'Is. Sailor's Bend—Buyers £1 33. Unity—Sellers 14s. , Waimumu Queen—Sellers 8s dis. 1 Sluicing." . ! Roxburgh Amalgamated (contributing)- j Sellers 3s lid: J THE AYLMER LEAD GOLD DREDGING j COMPANY. An extraordinaTV general meeting of the I Aylmer Lead Gold Dredging Company was . held last evening for the ; purpose of considering, and, if thought advisable, passing a resolution to the ->ilect that the company be wound up voluntarily. Mr V 7. T, Talboys, chairman of directors, presided, and there weie eight ■ other shareholders present. The Chairman soid-.tliat although they had got the required number of shareholders present, the meeting that night would' not bo a legal one, owing to the- fact that, according to tho articles of association, one-fourth of the total of the capital should be represented. The shareholders present did not represent that percentage of capital .required to make tho meeting ■ a legal one. With reference to tho position of the company, the following circular had been sent to the shareholders :— "Your directors deem it expedient to issue this circular, and thus leave the matter in your hands. The articjcs of association only allowed of calling up the capital by calls of one shilling a month; tbis, in ; the first place, hampered your directors. In less than 12 months after the floating of tho company- the. dredging boom had seen its best days, and the difficulties of financing any amount required to finish a dredge were almost insurmountable; still, to compensate for this, dredges were to be had for about one-third of their cost, and had tho large shareholders paid up the company would havo had a dredge at work. Tho difficulty of collecting calls from the lerge shareholders, and so many calls impossible of collection, showed your directors the mistake it would be to start to build without sufficient money being in hand to finish tho dredge. To get the true position of the company, your directors called up the whole of tho capital. The position r.ow is that they . have £1G29 3s lOd in hand, engine and boiler, Tangye pump, und timber for pontoons. Tho directors have made arrangements with the contractors for the construction of the dredge to forego the balance of the contract money." The-Chnirman, continuing, said that when it was deemed advisable that they should advertise for a dredge, they tried to sec what arrangement they could make with ilie contractors for the machinery. The contractors agreed to relievo the company from any further liability on receipt of £50. They had got about £1000 in hand, and it had been suggested'by the local director that they should'put* a dfedge on at a cost of £2500, that being deemed the lowest price they could possibly get the dredge on for. If the suggestion was agreed to, it would mean that they would be £500 or £700 in debt by the time the dredge was on the ground. The directors did not deem it expedient to take The step suggested without calling the shareholders together. As they knew, starting a dredge in : debt «t the present time to-ithe amount of £500 or £700 simply meant ruin unless it got on really payable ground at the outset. There would be, he believed, a. good dei\l of difficulty in getting the dredge on the ground. There, was no road to the claim. The Secretary said by the easiest, route the i machinery would have to he carled 14 miles' from Hokitiki, and afterwards punted. j The Chairman said the otlisr alternative to building a dredge was liquidation. It was unfortunate that the meeting was not a legal 1 one. ... j Several of those present complained very | strongly at 1 the indifference of the other shareholders, who neither attended nor sent m their proxies. They further spoke in favour of liquidation, which the Chairman explained would mean a dividend of 5s or so. ; After further discussion, the • meeting was adjourned until next Tuesday evening. NOTES FROM CROMWELL. (Faoii Our Own Correspondent.) CROMWELL, Jlfirch 3. Tlie weather is fine and warm, and tho river is falling steadily. Tho Kelly and Casey dredge negotiated the' falls safely, but she had a. rough time of it. I belicvo tho dredge will not. get'started for a : while yet. i j The Riley's Beach dredge is working steadily, i The ground was poorer at the latter end of the ! week, but some of this ground was worked by the old Alpine dredge. Tho Rise and Shine dredsemaster ib, I bclidvc, reducing the width of the cut to about 100 yards instead of 200 yards. This will likely make the returns much better. The dredge is working well. NOTES FROM CLYDE. (From Our Own Correspondent.) CLYDE, Ifarch 3. Messrs Tonkin and Co. have disposed of the Dairy Creek coalpit to the Clyde Collieries Company. Repairs to (lie New Vincent dredge are being pushed on vigorously. The Earnsoleugh No. 3 dredge is now working very satisfactorily by means of electricity. The motive" powar is altogether adequate. The Unity and Matau dredges are working full time. ' THE LONG VALLEY GOLD DREDGING COMPANY. TO THE EDITOR. Sir,—l do not think "Above Bonrd" should at once jump .to tho conclusion that tho directors of the above company aro attempting to "push out shareholders." Still, it is unfortunate for tho Dunedin shareholders and those who live outßide Lawrence that the directors, before calling a meeting proposing liquidation, did not' issue a circular olearly stating the present position of the company. The last annual report (November 12, 1902) states:— " The trial workings revealed the fact that tho ladder wss not long enough, and when this was manifest no funds remained at the disposal of the board wherewith to extend it. In this emergency one of the vendore,' who is also the holder of a large number of contributing ■ shares, most generously advanced sufficient money to make the alteration, which has now been carried out, and dredging operations will' be resumed forthwith! The dredge in all other respects has proved itself a Rood and suitable . machine, .and is in good order." Since then the shareholders have not heard if the improved dredge lias been' tried, and, if so, with what result. The directors therefore have themselves to blame if "Above Board" imagined that now the guarantors have a good dredge, and also what is supposed to be a first-class claim, and the dredging season just, coming on, they considered it a good time to foreclose. I would suggest that- the local shareholders have a meeting'some days before'the 13th, and - I feel sure one or two of the-directors ; would '

willingly attend and give the desired informa- ; tion; and probably soino satisfactory proposi- ■ t-ion could ho formulated, and a delegate or delegates sent to the Lawrence meeting. • Trusting someone will take the matter up . (I would suggest a director),—l am, etc., Dunedin, March 3. A. Tawes, TO THE EDITOR.' 1 Sip,,—l noticed a letter by "Above Board" in your issue of tlio 3rd insl. ro tho Long Valley Gold Dredging Company. I sympathise with "Above Board,'' and presume that the person is a shareholder. I am also a shareholder, and feel sore at the proposal made last meeting to liquidate by a few directors. Since the ladder has been lengthened, I have every reason to believe that the present shareholders would in .a short time get their money returned in dividends, and would be willing to give ray quota, however much it may be, provided other shareholders do the same. I understand that tlio bulk of the shareholders ' aro scattered all over New Zealand, and the ofnoe being in Lawrence, renders it impossible for many shareholders to attend the meeting. . A short timo ago the directors made alterations to the dredge at other peoples' expense, and ' it is reported that when they were completed the contractor was plainly told that ho was not going to be paid. This probably meant that the company was going to be liquidated, and ; that a select few would secure the property. Tho builder of the dredge informs me that 'it is one of the bestdredges that lie has yet turned out, and the claim is known to the directors as well as the shareholders.—l am, etc., , Dunedin. DREDGING VERSUS AGRICULTURE, TO THE EDITOR. Sm, —I observe a. paragraph in to-day's Times to tlio effect that one- of tlio most fertile farms in Waikaka Valley has been purchased 'by a syndicate for the purpose of gold dredging, ' This means presumably that in tk.e course of a very short time this fertile land will becomo a useless desert.; but it. is only one instance of what is talcing place in many other parts of Otago. The annihilation of fertile country for the purpose of taking from it its deposits of gold (often little enough) is one of the most striking features that arrest the attention when travelling through the goldfields. It seems unfortunate that what little extent of flat land there is between, say, Tjawrenco and Roxburgh is being converted from what might be fertile, gardens into a barren wilderness. This land is said to be some of the best fruit-growing country in Otago, yet at the present rate of progress there will soon be nothing left in its place but heaps of tailings. As it is no doubt out of the question to' dredge land without permanently destroying the surface soil, it would bo better in the long run to leave it in its present condition. The value of gold is only relative, and as more is obtained that already in circulation tends to become of less value and in many cases the land is destroyed without any substantial return being obtained even in gold. No doubt when first obtained it benefits the individuals who first get it, but it benefits Ihem alone, and if instead the land were left in a condition in which it would always be fit /or cultivation, more real benefit would in the end be obtained from it.—l am, etc., February 28. Posterity. GOLD RETURNS. (Pee United Press Association.) WELLINGTON, March 3. The gold entered /or export from A 7 cw Zenland last mouth totalled 1G.2350z, valued at £68,051, as compared with 41,C320z, of the value of £161,197, in February of last year. A quantity of gold was lie id br.ck from export last i month for trade purposes.