MINING.

Otago Daily Times, Issue 12604, 6 March 1903, Page 6

MINING.

The secretary of the Mystery Flat Company i reports a return ol 14oz sdwt for 13G hours' dredging. ' The secretary of Paterson's Freehold Company reports that last week's return was looz. ■ The secretary of the Xokomai Hydraulic Sluicing Company reports a return of 4330z ' 14dwfc logr gold for the months of January ami, February. The directors have declarod anotlier dividend (the seventeenth) of 7s Cd per share. Good progress is being mad-3 with the repairs to the Junction Electric No. 2 dredge, and the i dredgemaster expects to have everything almost completed at tho end of this week, so that in all probability active operations will be reeumed early nest week. The dredgemaster of Hid Fcddcrsen dredge stated in his report - for last week that the quality of the ground was about the same as Ho expects that this week's return will be a little smaller than usual, as the flood in the river last week brought a quantity of siH into the paddock. There were a- few large stones in some places, hut the ground was, on the whole, not bad to wprk, being as good as any tho dredgemaster has met elsewhere. It appears that the Yolt&ic Dredging Company, the existence of which has been threatened for the past month or so, will pull through its difficulties for the present at anyrate, as we understand that shareholders have at last come to the assistance of the directors by taking up the preference shares. Out of the 500 shares that were offered, oil except about a dozen have been applied for. "With the river at its present height the dredge will probably be shifted up the river to where good gold is believed to exist, with very little trouble. The Christchurch Press stales that the JCohikohi Company's dredgo got 15oz (top boxes only) for 12 days' work, and the Aniikitea Company's dredge obtained 270z amalgam for the week. The Cromwell Argus hears that at Robertson Terrace good gold 13 being got, one man, working alone, getting from £30 to £40 a week. Tho master of the Commissioner's Flat Company's dredge telegraphed 011 Tuesday that the lower tumbler shaft had broken. Ho stated that had a good week's overhauling to do. work has been done at Foreman's claim, on Robertson's Terrace {says tho Cromwell Argus), and before long the dead work will be done and the claim be ready for reproductive working. Three bore-holes have now been bottomed on "Werner's claim on tho Ciutba (says the Lowbum correspondent of the Cromwell Argus), about 125 yards apart, and tlie first one about 125 yards into the flat from the river. Tho first was bottomed at 76ft, carrying fine gold, in about 33ft of top gravel, and a very heavy seam of wash about 7ft thick on a pipeclay bottom. The second bole was a little shallower, but the bottom seam even thicker than in the first hole, and similar prospects. The third hole also showed the big seam on the bottom; but va3 several foet shallower, and the top stuff different and finer, devoid of the sound river wash. The very difficult task of drawing the pipes was accomplished without any mishap. The proposal that the Old Dunstau Company j. be reconstructed, with a capital of £4509, in j shares of £1 each (2250 contributing and 225Q paid up—one paid-up share to be given- for each share subscribed), having been carried at the last meeting, shareholders who wish to retain an interest in the concern should send in their applications before tho end of next week, in order to enaura the flotation of tho new company. The name of.the reconstructed company will be -the New Dunstan Gold Dredging Company, and on 1500 shares or over being applied for the directors will at once proceed to allotment; but if any less number arc applied for nothing remains but liquidation, which will be much regretted; tho direc- ■ record bicycles; Do you cycle? If not, why not? It will not pay to use the trams when Cooke, Howlison, and Co. aro selling MOTORS, RECORD and JUBILEE Bicycles at enormous reductions. Hofcors, foO; easy-terms.— 156, 156, and 162 Gfeat Jxiug: street, Duaedin.

tors fAtessra M'Arlhttr, Barry, and Wilkinson) conscientiously believing the company's property, consisting: Ss it does oi a dredge and jiJant and tw» claims, to be payable, It rests 'with shareholders, therefore, to say whether the merikble liquidation is to take place, mid thus the Old Dunstan killed, or whether new lite is to he instilled into it. In the event of an insufficient number of shares being applied for, iho full amount of application money will ba returned.

A half-yearly balance sheet for the period ' ended January 31 has been issued by the Spec Gully Gold Dredging Company, and a perusal of the document will show shareholders that the golilyield was just about snfficient to cover working expenses. During the six months the gold won was 2G9oi 12dwl 6gr, and the total revenue was £1084 17s Sd, while (he expenditure amounted to £1090 Bs sd. On January 31 the company's liabilities were £309 3s, and there was a contingent liability of £1 ss, while the cash in the bank and on hand amounted to £167 Us 7d. The quantity of gold won for the whole of last year was 7550z lOdwt 13gr, valued at £2G42 7s sd, and produccd> at a, cost of £2643 2s Sd; and tho aggTegato yield from the commencement of operations until the end of December last was 13200z lOdwt 34gr, valued at £4862 2s Sd, the total expenditure being £10,086 Is sd. ' ■ Though some of tho returns from the New Golden Gravel dredge have been rather disappointing, the yields have on the whole been pretty good, and as the capital of the company' is small, shareholders have received a fair proportion of their money back in dividends. The company was formed about the middlo of last year, with a nominal capital of £1600, but only 1400 shares have been allotted. Tho yield until the end of the year was 5020z 13dwt 2gr,valued at £1935 7s Id, while tho expenditure was £2596 19s lid. The amount of money distributed in dividends last year was £439 10s, but another dividond (the fourth) of 2s per share has since been declared, On December 31 the company was free from debt, and had £250 on reserve, £100 10s 6d in tho bank, and £2 6s 8d in hand.

Tho Teturns that have been obtained from the Pactolus claim have always bisn ot a most satisfactory nature, and but for tho /act that the directors decided to put a second dredge on the property, shareholders would doubtless have received a goodly sum in dividends ero this. Since the second dredgo started tho returns, though good, fell oB a little, and tho company were unfortunate in having to face tho 'expenditure of raising the machine, which slink in the paddock a short timo ago. The quantity of gold won last year was 23SGoz lOdwt 12gr, valued at £9442 4s fci, which made a total yield ot 36560z 4dwt 3gr, valued at £11,517 Bs, since operations wero commenced. Tho expenditure during 1903 was £12,542 5s Cd, and the total outlay from the formation of the company until the end of last December was £22,849 3s 7d, this amount including the cost of tho two dredges. At the end of last year there were liabilities amounting to £851 lis 4d. The results that have been obtained by tho Leviathan drjdge have proved beyond doubt that the claim is one of the most uncertain to be found, and though good returns have been obtained at times, they could never be depended upon to last. When the directors were enabled to pay a dividend on the preference shares there were hopes that the company was on the way to a successful 'career, but shortly afterwards the returns fell off, and very little headway has been made since. The quantity of gold won lost year was 12930z Odwt 21gr, valued at £506115s 6d, and produced at a cost of £4805 7s Id; while the yield from tho commencement of operations until tho end of December was 215507. lOdwt 7gr, valued at £8395 10s, the cost-.of production being £19,299 4s 7d. Tho dividend of 2s 6d per share on the preference issue represented a distribution of £1500 amongst shareholders. On I>ecember 31 the company had £241 4s lid in tho bank, but the liabilities amounted to £269 lis 4d.

Tho Cromwell Argus savs:—" Ritchie Bros, liavo got (heir shaft at the Natural Bridge drown over 100 ft, and a» now following the underlay. They have not yet struck gold, not having como info the wash yet, but they are confident that they have got into an old river bed (about 300 ft above the present river), n.tid when th.ey reach the bed of this ancient river may reasonably expect to strke it rich.—The discovery of gold at Robertson's Terrace at tlin Kawarau Gorge, and of the ancient, river bed at tjw Natural Bridge, should be quite enough to direct the attention of miners to the old river bed between Cromwell and Clyde, whose course is plainly marked out by rcraps of terraces and deep ground behird projecting masses of isolated rocks on the points of spurs. Anyone with an eye for country can see the course of the ancient river quite plainly. There has been a fabulous amount of gold won already from this part of tho Molyneux. and, if tradition errs not, the richest patches have been got where the present river is bounded by precipices, so that the gold in the ancient river lias fallen down into tho prpsent one. That opens up the possibility that the best of the gold is left clinging to tho present hill side. We would like to see some of these fag ends of terraces and patches of deep ground explored, and we think that thcro is a high probability of the discovery of more ground bite that at Gee's Flat. The Clyde-Cromwell Gorge is part of the course of tho sama river, and presents similar conditions, and should yield similar Tesults."

Tho directors of the Mokoin Gold Dredging Company announce tho first dividend of Is per sharo on ordinary shares and Is 3d on preference shares, payable on Monday next.

DUNEDIN STOCK EXCHANGE. The meetings of the Dunedin Stock Exchange yesterday were very much in the nature of a repetition of those of the previous day, inasmuch as no sales wore effected at either call-

over, the only redeeming feature being the fact that the demand for shares was slightly better than on Wednesday. There was not much chango in tho quotations generally, hut the margin separating buyers and sellers of Happy Valleys, New Bendigoes, and New Leaning Rocks was smaller than usual, and all these stocks showed a slight improvement on late prices. New River Molyneuxs were decidedly firmer, and Rise and Shines also took an upward move, but in the other stocks buyers and sellers stopped at practically the same prices as before. The river was stoady at a height of sft llin abovo ihe normal mark at Alexandra.

The following arc yesterday's latest quotations, subject to .the usual brokerage:— Alexandra tod—Buyers 14s, sellers 15s. Bignell's No Town—Buyers 4s, sellers 6s. Buller Junction—Sellers 17s 3d. Davis's Bend—Buyers Is Sd dis, sellers par. Electric—Buyers £1 15s, sellers £1 10s 6d. Erickson's Reward—Sellers 10s 9d. First Chance—Sellers £1 2s. Globe—Buyers 2s, sellers ss. Golden River—Sellers 2s 9d. Happy Valley—Buyers Cs, sellers 0s 6d. Inchdale—Buyers os, sellers 7s, Junction Electric—Sellers Ms Gd. Kelly and Casey—Sellers 2s 6d. Lafranehi's Freehold—Sellers 12s. Manuherikia—Buyers £1 ss, sellers £1 10s. Meg and Annie—Buyers 5s Od, sellers 7s 63. Mokoia—Buyers 13s, sellers 15s. Monte Christo—Sellers 10s. New Alpine Consols-Buyers 17s 6d, sellers 19s.

New Bondigo-Buyers Gs Gd, sellers 7s 3d p. New Golden Gravel—Buyers £1 Is. New Leaning Rock—Buyers £1 Gs, sellers £1 63 Gd. New River Moljueux—Buyers Gs 3d, sellers a? 9(1.

New Roxburgh Jubilee (paid)— Buyers £1 Gs. New Roxburgh Jubilee (contributing)— Sellers 8s 9d p. North Beach—Buyers £1 ss, sellers £1 Gs. . Perseverance—Buyers f'2, sellers .{2 ss. Prince Arthur—Buyers lis Gd, sellers 12s 6d. Rise and Shine—Buyers £1 is 3d, sellers £1 Gs Sandy Point—Buyers 3s, sellers 5s p. Upper Waipori (paid)— Sellers £1 ss. Waimumu—Sellers 12s Od.

THE MOUNT LYELL COMPANIES. Press Association-By Telegraph-Copyright.

LONDON, March 4. The proposal to amalgamate tho Mount Lyoll and North Mount Lyell Mining Companies has been favourably received iu London.

THE WEST COAST. • (Frosi Our Own - ConnisroxnENT.) , GREYMOUTH, March 5. The returns this week will show an improvement. The financial arrangements regarding the No Town No. 2 Company are not yet completed, and no work is doing. The Maori King dredge had a breakage, which delayed work for a time. The run of gold now on is likely to continue. Mr Faithful, the company's engineer, states that the Pactolus Company's sunken dredgo is in good order, and adds that the pontoons have been examined above and below the water line, and tho diver, in order to obtain access to the pontoons, has cut holes in different parts. Tile pieces sent up have been iu each case sound timber. The accident was caused by the dredge resting on a sharp snag, which pierced tic bottom planking, 12in by Sin. The delay has arisen in lifting owing to the awkward position in which ehe lies, but when afloat dredging operations will commence within a week. EXCELSIOR GOLD DREDGING COMPANY. TO THE EDITOE. Sip,,—May I ask tho liquidator of this company, through you, what delays its winding up? 'lTio dredge was sold quite six months ago, and there must be funds sufficient to pay off the preference shareholders, at any rate. There axe several other companies whose directors need stirring up to get them to settle accounts and return some portion of the money sunk in claims which should never havo been floated.—l am, etc., Oamaru, March 4. Shareholder.

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