MINING.

Otago Daily Times, Issue 12603, 5 March 1903, Page 6

MINING.

L ~ Th<v secretary of the Roxburgh Amalgamated Mining and Sluicing Company reports that tho gol3 Tcturn for February was 93cz 12dwt 18gr. ! The secretary of the Paterson's Freehold , Company reports that the return for the week ended February 21 was 17oz 4d\vt. The dredgemaster of the New Tcviot dredge Vfires that ho started wofk again at G o'clock on Tuesday evening. t The dredgemaster of the New Golden Gravel • dredge stated in his report for last week that the wash was getting a little shallower, the depth being from 20ft to 25ft, and the bottom was composed of soft reef. The new crown wheel for the New Greenstone dredge will be despatched by the steamer lcavt ing for tho West Coast .to-day. On arrival at i Greyniouih tho wheel will be conveyed to the > claim without dolay, and no time will be lost . in getting the dredge into commission again. ' The contractors for the construction of the ' Hessey's Company's dredge expect to launch | tho pontoons nest week. All the machinery is on the ground, and its erection will be put in hand as soon as the pontoons are launched! The Tuapeka Times hears that Mr Scott, who L bought the old Klondyke dredge on "Wetherstoncs Plat, received a nice littlo "divvy." After, 'cleaning down the o'.d line of boxes thc/'oughly he was able to disnose of £18 worth o£ gold. Tho secretary of the Cromwell Gold Dredg- ' ing Company received a telegram from the dredgemaster of the No. 1 dredge yesterday stating that he was working steadily, and that the prospects were fair. The dredgemaster oi tile No. 2 dredge wired that tho prospects were fair, and that the machinery was running well, j The return from tho Lafranchi's Freehold dredge was considerably affectea last week owing to a clay bar being encountered right on the bottom. This bar cut out at the end of the week, and tho prospects were .again improving.. The ground got much deeper on - Saturday, being about 25ft in depth, and the wash was a $>od deal tighter. ■ The. secretary of the Waikalti United Com-pany.-reports a return'of ISiozfor' 133 hours' . dredging last week. Tlic dredge has been working in a poor corner of the psddool: lately, but t the dredgeniaster expects to get clear of this in about a week, after which there should bo an improvement in the returns. Tho New Roxburgh Jubilee dredge, which 3 was opening out a new cut, had a very broken run last. «eek, as portion of the time was 3 occupied in effecting come necessary repairs. The ground was solid at the end of the wee!:, f and tho wash appeared to be of a payablo nature. New tumbler bearings are expected j to reach the claim this week, and tho dredgemaster will start to overhaul the machinery next week. The dredgemaster of the Rise and Shine dredge reports that the distance worked ahead j last week was Gft, and the depth of tho ground varied up to. 50ft. The cut has' now been narrowed dow.r to about 100 yards. The prospects were good, and the bottom was soft over j the wholo width of the cut being worked. The ground was not so rough as formerly, nnd very .• few heavy rocks were encountered, while the wash was splendid, containing plenty of maoris and black rand. The gold was a fine even sample, apd weighed very well. Tho quantity of gold won by the Alexandra. I Eureka Company's dredge last year was 105Goz 2-dwt 22gr, valued at £1076 Is 9d, this bringing the aggregate, yie'd up to 33010z sjwt 20gr, • valued at £14,674 5s 9d. Last year's expenditure I was £2GOO 17s 9d, while the total outlay until the end of December was £5405 lis Id. The sum of 2s 6d per share wa3 distributed in dividends in 1902, while the total amount returned to shareholders up to the present is 9s Cd per . share, or an aggregate of £5700. Tho company was in'a good financial position at tho. close of t last year, as there was £700 17s 2d in the bank, while the debts amounted to only .-€-19 Is sd. The Point d'Oi- dredge had a fairly steady j run last week, but the ground was still very hard, and it contained a large onautity of heavy stones. The gold was a little better than during the. previous week, but it was still very patchy, good prospects being got one day and poor the next. Owing to the buckets getting a. good deal knocked about in tli,? Tough ground dredging was suspended on Friday, and a. start . made with the work o: rebushing, ctc. Tho dredgemaster intends to nut new ropes on !ho <. main driving gear, a? well as effect other ncccs- .- saiy repairs. If the buckets reach tho claim j j promptly tho dredge should be ready to start -. work again in about a fortnight. , | . The returns from the Erickson's Eeward.

' dredge last yonr were on the whole very satis-, factory, and the company made good progress ill the direction of wiping off tho liabilities. Tho yield for the year was 9450z 6dwt 17gr, . valued at £3348 13s sd, and the expenditure for the same period was £2873 16s 7d. The I total quantity oi gold won up till the end of December was 12550z Bdwt, valued at £51C2 13s lOd, and produced at a cost of £14,050 0s 9d. At the close of the year the company had £205 19s 4d ill the bank, but against this there were liabilities amounting to £976 18s 9d, and con- , tingent liabilities to the extent of £256 14s Id. The dredgemastcr of the Grand Junction dredge reported as follows for last week:—" Wo were working steadily all the week, nnd have now got tho cut well opened up. I expect tho returns to improve as we work ahead. This week's return of 12oz shows a fair improvement for the quantity of bottom cleaned up. We are now working across the whole width of the Nevis, and the bottom is soft, and dips from loft on the right side. o[ ihe cut—looking up stream—to 38ft on the left side." The Paterson's Freehold Company have issued a half-yearly balance sheet for the period ended January 31, and shareholders will see on perusing , the document that a fair amount of headway has been made. The gold won during the six months was worth £1815 3s 9d, while the cost of carrying on operations for that time was £1097 19s, leaving a profit of £747 4s 9d. The liabilities were, however, heavy, the total indebtedness of the company being £4869 0s Id, against which there was an asset of £109 5s Rd in tho shape of aceruod rent. The company hold a large area of ground, and whcu'ilic machinery is erectcd on the No. 9 dredge better progress will be made, and they should be free from debt within a reasonable lapse of timeJ The returns from the Waimumu Extended dredge, though comparatively small generally, leave a margin of profit after provision is made for working expenses, and as the dredge gets in very good time the company makes a fair amount of headway—in fact, better than a number of companies favoured witii richer claims. The quantity of gold won last year was 8-15oz sdwt Ggr, valued at- ;E3257 9s lid, making a total production of 23250z 17dwt 9gr, valued at £9043 4s Id since ihe dredge started work. The total expenditure from the formation of the company until the end of December last was £9153 Is, of which amount £-2495 12s lid was spent last year. During 1902 the sum oi 2s 6d per share was paid in dividends, making a total of 4s 6d per share, or lui flggrcgato of £1462 10s. At the end of last year the company had £206 15s 7d in the bank and on hand, against which the liabilities wero £126 10s 2d, and the contingent liabilities £177 4s 3d. The manager of the Mount Rex Tin Mining Company (Ben Lomond) received a cablegram from London on February 19 stating that the fifth shipment of ore, weighing approximately 10 tons, had been sold for the sum of £530 not. The manager's report for tho week ended February 21 stated that fair stone was being produced in tho adit level, and good stone was still going underfoot in No. 1 level. The rise connecting No. 1 and No. 2 levels had been put through. The main drive had been extended Bft, making a distance of 00ft in ore, and a total distance of 138 ft from the shaft. The north drive had also been extended Bft, making ft total distance of 13tt, all ill good payablo stone, the quality of which had improved sinco the previous report. Tho quantity of stone crushed at the battery wis 237 tons, from which five tons of tin were obtained. The water in ihe dam'had receded IBin during the week. The centre of the foundation had been cleaned and two pipes cemented in the Buffalo dam. The Dunstan Lead Gold Dredging Company have made very good headway since the dredge started work, and the heavy liability that existed at ono time lias been reduced to such an extent that shareholders may look forward to a dividend' b.efore long, provided all goes well. Tho dredge has proved itself a capital machine, and though the claim has not yet yielded any very.large returns, still there has generally been a good margin over working expenses. The quantity of gold won last year was 18290z lCdwt 19gr, valued at £5140 9s sd, while the expenditure for the same period was £1015 4s Sd. The total production up to the end of last year was 15210s 6dwt 20gr, valued at £5577 10s Gd, and the aggregate expenditure up till tho same time was £20,57G 4s 4d. On December 31 the company had debts to the amount of £810 Gs lOd, against, which thero was £532 4s 4d in the bank, leaving a deficiency of £30S 2s Gd. The number of shares allotted in this company is 17,500, of which 13, on which £112s Gd has beei paid, have been forfeited. DUNEDIN STOCK EXCHANGE. The sittings of the Duucdin Stock Exchange yesterday were in marked contrast to those of the preceding day, and the two meetings were not productive of a solitary sale. There was rather less inquiry than usual for shares, and when buyers did come forward their quotations were in nearly all cases a good deal below what holders were prepared to accept. Tho only stocks to show any appreciable tendency to. harden were Happy Valley, New Eemligo, and North Beach—the last two of which arc evidently tightly held, as there were no sellers in tho market. The river has fallen slightly since Tuesday, the height at Alexandra yesterday morning being sft lliu above the normal mark. The following are yesterday's latest quotations, subject tc the usual brokerage.:— Buller Junction—Buyers 15s 3d, sellers 17s. Davis's Bend—Sellers par. Ericksou's Reward—Sellers 10s 9d. Fedd'erseu—Buyers 17s Gd. First Chance—Buyers £1, sellers £1 Is 9d. Gibbston—Buyers 9d. Globe—Buyers 2s. • Golden Gate—Sellers £4 2s. Golden River—Sellers 2s 9d. Golden Run—Buyers 18s. Grand Junction—Euyers 9s, sellers 12s 6d. . Happy Valley-Buyers 5s Gd, sellers Gs 6d. Hartley and Riley—Sellers £2 17s. Junction Electric-Buyers 12s Gd. Kohinoor-Buyers 9s 3d, sellers 10a 3d. • Kohiiioor (pref.)—Buyers 15s, sellers £1 Is. L Lafranchi's Freehold—Buyers 9s Gd. Manuherikia—Buyers £1 ss, sellers £1 10s. ' Meg and Annie—Buyers ss, sellers Bs. Mokoia—Buyers 13s, sellers 15s. I Molyneux Hydraulic—Sellers 12s 6d. . New Bendigo—Buyers 6s 6d p. New Golden Gravel—Buyers £1, sellers £1 4s. '■ New Leaning Rock—Buyers £1 4s Gd. ; - North Beach—Buyers £1 ss. Prince. Arthur-Buyers lis 3d, sellers 13s. I Prince of Wales—Sellars lis 3d.' t Riley's Beach—Buyers £1. ' Rise and Sbine—Buyers £1 3s. i Sailor's Bend—Buyers £1 3s. Stafford Waimea- (paid)— Buyers 4s. ' Waimumu—Buyers 10s 3d, sellers lis ?d. j Miniho. , Roxburgh Amalgamated (conlrib.) —Biij'crs 3s ; 7?, d. ' t ! THE JUTLAND HYDRAULIC DREDGE i SUNK. 1 Our Waipori correspondent writes:—"Ani ether dredge has sunk in her paddock—this timo the Jutland Hydraulic. The accident ) happened quite suddenly on Monday after- • noon. This was quite a new dredge, having ' been launched only about nine months ago, i and she was considered one of the most' subi stantial and up-to-date machines in the country. Tho leak which caused the accident has been - located, and efforts arc now being made to i block it from the outside and to empty the r pontoons Ijy pumping. _-By using the hydraulic t plant, which is the motive power of this dredge, f it. should be a- comparatively simple matter ; either to pump the pontoons dry or empty the . paddock, and in a short time the dredge should I be again afloat. \ NEW ROXBURGH JUBILEE DREDGING I COMPANY. j The directors of the New Roxburgh Jubilee , Dredging Company will submit the following report to shareholders at the first annual' general meeting:—"Your directors beg to , submit for the approval of shareholders the attached balance sheet and profit and loss " account for tho year endcu January 31, 2903. Your directors report that after sundry delays the dredge started work on July-16, 1902, and has worked continuously, with only slight interruption, down to the date of balance, 1 yielding a return of 162-loz 15dv:t 15gr gold, 1 equal to £G299 8s 9d. Out of tins sum share--3 holders have received four dividends, equalling • 10s per share, and amounting to £37<10 lis. > During part of the time the dredge has worked !? in very rough ground. This proved trying to 1 the lips of the buckets, necessitating their being re-lipped.; and while this is going on the f drtdgeinaster suggests a general overhaul, which will take place shortly. Instead of lighlJ ing with kerosene, which proved expensive and t ineffective, your directors have had an instalia--1 tiou oi acetylene gas introduced, Which is i proving very successful, besides being economical. Your directors have every reason to r believe that the future prospects of the claim s encouraging. In- accordance with tho f articles of association of the company, two e directors—Messrs Hugh Adam and Edward s Hart—retire at this time, but, being eligible, i they offer themselves for re-election. Mr D. G-. Davidson, auditor, also retires, and offers himv self for re-election." z The total revenue of the company during the • year was £Gl2l 17s 3d, while the working exppnses were £1879 2s 4d, leaving a surplus of e £4512 Hs 13 d, out of .which £37-10 lls # was paid I in dividends and £802 3s lid was carried for--0 ward to the credit of profit and loss. At tho . end of the year (January 31) the company had 1 £1027 9s 5d on deposit and interest and £271 r 2s 3d in the bank, while the liabilities con* y sistcd of £131 9s lid due to sundry creditors. NOTES FROM CLYDE. (From Our Own Correspondent.) I CLYDE, March 4. J I visited the Earnscleugh No. 3 dredge yesterday. The eiectric p'.ant is working beautifully, ' but some parts of the dredge machinery are h found to be too light. The dredge is now workt ing to a depth of 40ft, but the ground operated J on is exceptionally tight, and will not fall fc —-

I readily until the dredge is lowered below the surface level of the ground. It is confidently expected that the dredgo will be equal to work- . ing from bottom, which may be reached at a depth of about 75ft. I I found the Perseveranco dredges working steadily. Tho No. 2 has a splendid strip of claim before her. The machinery is in tip top ordei. The No. 1 has now about reached the top boundary, and -will bo soon dropped back to take up a similar cut to that which the dredge has worked with such satisfactory results. j alio Sandy Point (Glasgow) dredgo resumes work next week under new ownership. I intend visiting the Mnlan and some of tho gorge dredges next week. NOTES FROM ROXBURGH. . (From Our Own Correspondent.) ROXBURGH, March 4. The overhauling of the Teviot dredge was completed yesterday afternoon, and she made a fresh start dredging last night. The Ettrick dredge also started again yes--1 iorday. the new elevator tumbler having been fitted up. Work has been delayed a little on tho Endeavour dredgo owing to tho non-arrival of the buckets. One load came forward, however, yesterday, and another load is expected to-dny. The Golden Run dredgo is still idle owing to tho liangers breaking and the ladder being damaged several days ago. THE PRICE OP LEAD. Press Association—By Telegraph—Copyright. SYDNEY, jiavcli 4. "Received March 4, at 10.35 a.m.) Consequent upon a rise in the price of lead there is increased activity in the Barrier mines. Operations are resuming on a large scalo in tho British, which has been practically idle for a long period.