MINING.

Otago Daily Times, Issue 12607, 10 March 1903, Page 6

MINING.

Mr Lawrcnco Ryan, Alexandra, reports that the Perseverance No. 2 dredge obtained 30os lOdwt fqr five days' work last week. The No. 1 dredge is stopped while the new scrccn is being put on. • 5? crc 'ary of the Deep Stream Amalgamated Hydraulic Sluicing Company reports a return of 168oz 16dwt 12gr «;old for four weeks' actual sluicing. The manager reports that the prospects are good, but- the water supply at present ■is -hardly sufficient to keep both'elevators going. The directors at their mcet : ng yesterday declared a dividend of one shilling per shave. , ■ There was no return from the Tuapeka dredge last week, as the boiler is-being're-tubed at pieseiit. The pinion for the Cromwell dredge d-'d not reach the claim until Saturday last, and there war therefore no return for last jveelf. The dredgem'aster of,the Electric No. 2 dredge wires that boiler inspection took place on Saturday, and that he would start operations yesterday.' ' _ The dredgemasler of tho Watterson's-Ahaura dredge wired yesterday that he was clearing up in order to- start active operations to-day. The'secretary of the Erickson's Reward Company reports a return, of 240z Sdwt for 113 hours' work. The dredgemaster states that he is the foot of M'yndham Gully, and by-raising the water in his present-- position he will- be enabled to work further up the gully on his rctiun cut, as good gold is supposed to exist there. Ho is constructing a dam this week, and consequently there will be no return' next- Saturday. One of the directors of the New Britannia Company paid a visit to the claim last week, and as he found there was 110 improvement in the wash it- was decided to close the dredge down,- and call a meeting of shareholders to discuss the position. The dredge worked 3G hours last week, the return for that time being loz Isdwt 12gr, and tho dredgemnstcr afterwards cleaned everything up', obtaining Goz 16dwt, of amalgam. In consequence of the small returns that have been obtained by the Coal Creek Flat dredge, the directors of ihc company have deemed it inadvisable to continue:work any longer in'the meantime, and operations have therefore been suspended, :A ,'meeting of debenture-holders and shareholders has been called to consider the position of tho company. Owing to a variety of reasons, the returns from the Aldinga claim, from which great things were expectcd, have not been up to anticipations, but the dredgeniaster, who has been forking in old ground for the past few weeks, looks forward to improved returns almost immediately. Dredging was not started until tho latter half ol last ysaT, and the quantity of. gold won before the end of December wjs\M9oss:lodwt lOsr, valued at; £1178.13s 6d. Last year's expenditure was fSiGi 18s Gd, which brought the total outlay up .to £10,17G 23 2d. The/original capital pioved insufficient to complete the dredge, and debentures having to be issued, ike. company has been heavily handioapped by . liabilities ever since. On Decern; ■ 7 y. -

bor 31 the debentures, mortgage, and interest represented a liability of £2119 15s, in addition to which there were other debts amounting to 1376 12s 7d, while the cash in the bank was - £277 19s ?d. The quantity of gold won by the Davis's Bend dredge from the commencement of operations until the end of last year was 7Gsoz Odwt Cgr, valued at -2315 19s Bd, and the expenditure for the whole year was £4126 18s 3d, while the total outlay from the formation of the company until the end of December was £5119 . 3s. At the close of the year the company had , £847 14s 4d in cash, against which there were liabilities to the extent of £192 2s 6d, and contingent liabilities amounting to .£4l, 2s lid. ■ In consequence of the directors securing the Cairamuir dredge at a reasonable price, the capital of the company has been called up to only 83 per share, but some shareholders have not met their obligations, as 1300 shares have been forfeited. Of these, however, 100 have since been sold. The Kirwau's Reward Company cleaned up with a result of 2Gsoz lddwfc of retorted gold from 535 tons. At the monthly meeting on Tuesday evening the directors declared a dividend (the eleventh) of threepence per share, distributing £7000, and carried _ forward £420 after discharging current liabilities. THE WEEK'S DREDGING RETURNS During the week ended Monday, March 9, returns were reported from the following 60 dredges, the total yield being 1400oz 15dwt llgr, or an average of 230z per dredge: - j

DUNEDIN STOCK EXCHANGE, The morning call-over on the Dunedin Stock Exchango yesterday was productive of two sales, but the afternoon meeting wa3 absolutely lifeless; and no business was transacted. The stocks in which business v.-jts done wc-ie Happy Yalley and New River Molyneux, the former changing bands at ss-9d and the later at Bs. The former .company's dredge has obtained very fair returns during the past few weeks, and if the future, results are as satisfactory all the liabilities will probably bo wiped oil before lo"g. New River Jlolyncuxs have ccme into bc-ttci' demand within the last week or so, and the pvico has improved a good deal, this being probably duo to the fact that the company will be ab!o to work the claim lo better, advanlngo as soon as, the ladder is lengthened. Bullcr Junctions, which have been neglected for a feiv days, were inquired for as the result of the excellent return, and Enterprises hardened, buyers offering 30s Gd, though no sellers carao forward. Feddersens were a shade firmer, and so were Rise and Shines, but there was no appreciable difference in the quotations for the remainder of the slocks. Tile river was' Gft above ihc normal msrk at Alexandra, and the wentlier was fine. Sales ivcro made yesterdsy at the following prices:—Happy Valley, 5s 9d; Nev Biver Molyneux, Bs.' . Tile following nre yesterday's latest quotations, subject to the usual brokerage: Alexandra Bonanza—Sellers Ids dis. Alexandra Lead—Sellers I.ls. Bendigo—Buyers fis Cd, sellers 7s Gd p. Buller Junction—Buyers 15s, sellers 17s Cd. Commissioner's Flat—Sellers Is 3d. Cromwell—Buyers £3. Davis's Bend—Buyers Js. 93, sellers 9d dis. Endeavour—Buyers 4s Od. - ; Enterprise—Buyers £1 10s Gd. v ErickEon's Reward—Sellers 10s 9d. Peddersen—.Buyers 18s, sellers £1. First- Chance—Scllcrs £1 Is Gd. Golden Bed—Sellers 7s Cd. Happy Valley—Buyers 5s 9d. sellers Gs 9d. Ilartlcy and Riley,—Buyers SSi 10a. , Inchdale—Sellers 7s. Inch Valley—Sellers 7s. Junction Electric—Sellers Us. Kelly and Casey—Sellers Is 6d. Lafranchi's Freehold—Buvers 9s fsd, ac-llers lis. . Lawrence—Buyers-4s Gd. ■- Jfanuherilaiir-'SeUcrs £1 10s: . , Maori King—Buyers 3s, sellers Gs. Mokoia (ox div.)— Buyers 13s, sellers 15s. New Alpine Consols—Sellers IDs. /New Bendigo—Buyers Gs Gd, sellers 7s G3 p. New Leaninc Rock—Sellers £1 7s. New River Jlolyneux—Sellers 8s Sd. Nelfon Creek—Buyers 1-2, sellers £2 Gs Gd. New Roxburgh Jubilee (paid)— Buyers £1 7s, sellers £110s. New Roxburgh Jubilee (contrib.)—Buyers 9s PNgapara. No. ,I—Buyers 35., • Oceanic Steam—Buyers Is. Old Dnnsf.m—Sellers Is. . Prince Arthur—Sellers 12s Gd. Rise and Shine—Buyers .£t 4s, sellers £1 Ss. Snndy Poinf—Buyers 2s 6d, sellers 5s p. Waimumu—Buvc-s 10s.' Mining. Alpine Extended—Buyers 4s. . MALONE'S BEACH DREDGING COMPANY. . A meeting of shareholders in tlio Mnloud's Beach -Dredging Company was he'd yesterday afternoon for tho purpose of confirming a-reso-lution passed at flic, meeting on February 16 to the effect that, the company, be..-wound up voluntarily. Mr Peter Miller nresided, and there wero about eight shareholders prcsont. On the motion of Mr R. G. Scoular, seconded by Mr Hugh Craig (Lawrence), the resolution was confirmed; and Mr P. H. Power vto appointed liquidator. ' It -is estimated the cost of liquidation will amount to about 2s per share, and anything paid in above that sum will probably bo returned to shareholders. RECORD BICYCLES.' Do you cycle? If not, why not? It will not pay to liEe the trams when, Cooke, Qowlison, and Co. are selling MOTORS, RECORD and JUBILEE Bicycles at enormous reductions. Motors, £50; ;asy terms.— IEG, 158, and 162 G^eat street, -Duncdia. >

I VOLTAIC DREDGING COMPANY. An adjourned extraordinary general meeting of the Voltaic Dredging Company was held at the office of Mr R. T. Wheeler, jun., yesterday afternoon, and was attended by about a dozen shareholders. Mr E. C. Reynolds, chairmati of directors, who presided, said tlie meeting was held in accordance with the resolution passed at last meeting. He was pleased to say that during the interval shareholders had come forward, and the remaining shares had been over-sub-scribed for. It was a very satisfactory position, because a fortnight ago it looked as if the company was to go down. The only thing that now remaiucd was to allot the shares, get to work at onr.o, and take the dredgo up to the part of the claim they.wanted to work. The only fear ho had was that in the meantime there might not be a rise in the river'; yet it was almost certain there would bo before the frost came on. He had spoken to Mr Mason, who did not anticipate any difficulty in the matter, and they would consult with him immediately. Tenders had been called for tho headline, and as soon as they were received ono would be accepted and the rope sent up. The top tumbler would be cased to wind tlio j rope on, and everything would he made ready j for tho first rise in the river. Some slight discussion followed as to the necessity of getting the dredge up at once,' the Chairman saying that if the dredge could I go up this week she would- do so. | Mr Anderson desired to move a resolution that the directors be«directed to do nil they could to at once get the dredge up to the part of tho claim they desired, and this was filially put in the form of a recommendation. Mr Anderson then desired to niovo a vote of thanks to tho chairman for the time and attention he had devoted to the affairs of the company, but tho Chairman strongly objected to this, pointing out that that had been dono at the last meeting. "With all due deference lo : Mr Anderson, ho would prefer to see a vote of I thanks moved to the directors as a counterblast to what had taken place at last meeting.— j Mr Anderson said lie would movo that, but one of the shareholders intimated that ho would oppose it.—The Chairman then said thai perhaps it would he better to leave it until tho annual meeting; let it bo left till they got to the top of the claim. Replying to a question, lie said 511 : shores bad been subscribed for; 11 more than j waa required. Someone would consequently havo to be cut down. Before the meeting terminated ho mentioned that Mr Steel had sent an apology for his unavoidable absence from it. LONG VALLEY GOLD DREDGING COMPANY. A meeting of shareholders in the Long Valley Gold Dredging Company (Limited) was held iu the office of Messrs V. Powell and Co., Princes street, last night. There were 12 shareholders present, including Messrs Craig and I Jackson, directors of the company. Mr A. Tapper wan voted to the chair. The Chairman said the circnta'r sent out by the directors had no doubt come as p. surprise I to n good many shareliolders, and one or" two \ had spoken to him and suggested that it would j bo better probably to call a meeting. It would i 'be a pity, he thought, if a company such as tho ! Long Valley, having such a claim as they had ' and such a dredge, went into lirpmla-' tion at the present stage, and efforts ought to ' be made to keep tho concern going. He had , thought the matter out, and it appeared to him j there were three methods, one of which might j be adopted; but in order to get the views of ' the shareholders it would be well to send out a ' circular, giving shareholders an opportunity . of expressing an opinion as to the best method . .of keeping the company going. One method was similar to that adopted by the Fourtcenmi'.o Company. That company had to raise fGOOD, and the benefits were made such that the whole of the .amount was subscribed by the shareholders. Another method was the New River Molyncux's, whose directors issuKt f.090 preference shares among the shareholders, each share taking with it two other shares. Tho third method was that n levy should be made of Is Gd or 2s Gd, as the case might be. If they j adopted the levy scheme they would have to make the amount to bear something more than an ordinary levy, otherwise some shareholders would.take it up and others wou'd not. In addition, the sanction won''! have to be obtained of the directors that v would allow the company to go on to properly test tho claim with the dredge. The levy should therefore be put into a separate trust account : to pay the wages and working expenses. Tho : directors woul dhave to be asked to issue tho ■ circular to shareholders, and he understood the directors would have to be asked to issue the going if any satisfactory method could be proposed for doing so.

In reply to Mr Adam, Mr Jackson said the directors had absolutely nc proposal to make, but if the shareholders could devise some workable scheme for carrying on it would havo the hearty support of the directors and of the upcountry shareholders.

Several shareholders expressed the opinion that an effort should be made to give the claim a proper trial.

After a discussion of tlic affairs of the company, it wns unanimously resolved—'" That the directors be respectfully requested to postpone liquidation for a, month, and in the meantime issue a, circular piittinsr in as concise form as possible the uosition of the company, and asking shareholders to subscribe to a levy of 2s a. share, returnable on or before the 31st March next; and, foiling a resijonso, liquidation to take place forthwith; said levy to bear interest at the rale of 50 per cent., to be paid ,out of gold obtained from the claim; foiling the amount being subscribed, the directors to return at! payments mode, less actual expenses incurred, said expenses not to exceed 5 per cent." ' THE WAIHI COMPANY. (Pep United Pnuss Association.) AUCKLAND. March 9. For four we»l;s in Vebrnorv the AVaihi treated 18,699 tons of ore for £53,611, exceeding all previous returns. The bullion won so for totals £2,005:551, of which £1,065,696 has been reimbursed to shareholders in dividends and interest payments. > THE TVES'i COAST. (From Our Own- OonuusiwrnnNT.) GREYMOUTH. March 9. The Buller Junction return is 8!oz for 131 hours. The dred'e has a solendid face of good wash, and should give solid returns for some time ft come. Ttyp Feddersen dredge got 3loz. The wash atad is good for 30oz to SOoz per week for a good time io come. The Nelson Creek return is 250z. Tho dredge will be in a poor part of the claim for a week or so. The Reeves's Proprietary return is lloz Cdwt. for 95 hours. The wash is tight and beyond tho capacity of the dredge. There was no wash-up of the Caliaghan's dredge. The Dobson bore hole is now down 1950 ft in much the same character of country as has been experienced for "the post 150 ft. Oil.and greasy matter continue to ooze out freely. RISE AND SHINE COMPANY. TO THK EDITOR. Sir,—Will you altow me, on my own behalf and that of three other shareholders, to ask tho secretary of tho aboro company what progress lias been made, if any, with the construcfion of No. 2 dredge, and when it is estimated tho new dredge will be ready for work ?— I am, etc., SirARKIIOMER. [Tlio secretary informs us that all the machinery on the new dredge has been dismantled, and a large portion ot it is now the Rise and Shine claim, while tho balanco is being carted there. The contractors are pushing on with their work, and expect to havo the dredge ready to make a start about July next.—Ed. O.D.T.]

•Oz, dwt. gr. Cromwell No. 2, Cromwell .. .. 95 3 0 Kew Roxburgh Jubilee, Roxburgh, 233hia 70 17 6 Riso and Shine, Up. Cltitlia, 1301113 .. .. 63. 2 0 , Enterprise No. 1, Alexandra, wk 40 10 0 Enterprise! No. 2, Alexandra, wk 45 10 0 Empire, Waipori (2 dredges) ., 44 0 12 Electric No. 1, Cromwell .... 44 0 0 Dunstan Lead, Alexandra, 5 days 40 4 0 Upper Waipori, Waipori, 140hrs 38 0 0 Waikaka, Waikaka, 132hrs. .. 83 1 0 Golden Gate, Miller's.Elat. 'Gdys 32 16 0 Royat Wainiuiuu near Ifataura, 97hrs .. .. .. .. .. 31 11 0 Perseverance No. 2, Alexandra, 5 days .. 30 10 0» New Teviot, Roxburgh, G3hrs .. 30 4 0 Happy Valley, Tua'peka, wk .. 29 13 0 Caimtrodlie, Poolburn 28 , 5 0 Earnscleugh No. 1, Alexandra, 135lm> 25 10 0 Sheddon's Freehold, Waikaka week 25 0 0 Matau, Clyde, 2 daj's 9hrs .. .. 25 0 0 Central Charlton, nr Gore, 1291m 25 0 0 Lawrence, Tuapeka Flat,.\vk .. 24 10 18 Olago No. 2, Beaumont, liOhrs 23 10 0 Muddy Creek, Waikaia, 130hrs .. 22 0 0 Waikaka Syndicate, Waikaka, week . 21 0 0 Cromwell No. ]. Cromwell, 132hrs 20 13 0 Molyneux Hydraulic, Alexandra, UGhrs .. 19 14 0 Olrig, Manuhorikia, 12Ghrs .. 19 14 0 Grand Junction, Nevis River, 109hrs 19 0 0 Waikaka United No, 2, .Wai- . kaka,week ... ... 18 19 17 Ngapara No. 3, Nevis River, 130hrs i .. 18 13 0 Inch Valley, near Paltnerston, . ' 133lirs 18 0 0 Waikaka United No. 1, Waikaka, week ■ .. 17 1G 0 Enfield, Waipori 132hrs .. .. 17 14 0 Island Block, Beaumont, lOOhrs 17 8 0 Prince Arthur, Upper Shotover, H6hrs .. 17 3 0 Golden Bod, Miller's Plat, liOhrs l 7 0 0 Globe, Waikaka, 132hrs .... 10 G 0 Gabriel, Tuapeka Plat, week.. 1G 0 0 Reliance, Tuapeka-FJat, wk '.. 16 0 0 MacCliarlton. near Gore, ISShrs., 15 5 0 Eltrick, Roxburgh, 77hrs 15 0 0 Mystery Flat, Waikaia, 13Ghrs .. 14 5 0 Charlton Creek, near Gore, lOOhrs 14 ' 0 0 New Golden Gravel, Beaumont, 137lirs 13 13 0 Wainmimt Extended, ilea: - Mataura, 127lirs 13 10 0 Wr.ikaka, Queen, Waikaka, 129hr3 13 0 0 Spec Gully, near Mntaura, - 5 days .. .. ,. ' .. .. 12 15 0 Waitahuna, Waitahuna, wk .. 12 14 0 Success, Waipori, 125hrs .. .. 12 3 18 Central Mataura, Mataura, 95hrs 11 10 0 AVaimumu Queen, jit Mataura, 12Shrs 11 1 0 Clyde, Alexandra, 4Jdys .. .. 11 0 0 Golden Treasure, Miller's Flat, week ,. ... y. u 0 0 Riley's Beach, Cromwell, wk .. 10 16 0 "Waimumu Central, near Mataura 10 15 0 Lower Enfield, Waipori, 169hrs 9 8 0 New Paiil'B Beach, Beaumont, week ' 9 3 0 I Lafranchi'a Freehold, Cardrona, fiOlirs .. -v, ' - 8 G 12 Champion, Beaumont ...... G OO Total .. 1400 IS 11 The West Coast. Buller Junction, 13ihrs . &1 0. 0 North Beach, 112hra ' 70 0 0 Factolus No. 2, 135hrs ,. 42 5 0 Mosquito, 127lira .. 40 0 0 Fcdderscn, 138hrs ■ 34 0 0 Mokoia, 41dys , 33 8 0 Threc-Milo (Greenstone Creek), , llOhrs 29 0 0 Kohinoor, HOhrs .. 28 0 0 Aldinga, 123hrs 25 9 0 Nelson Creek, 145]irs .; .. .. 25 0 0 Erickson's Reward, UShrs .. 24< 3 0 Blackwalor River, 120hra .. 23 15 0 Shellback, 120hrs .. .. .... 19 2 0 Greenstone Creek. 128hrs..... 18 8 0 Prince of Wales, lOl.'irs .... 17 0 0 Blackwalcr Lagoons ...... -17 0 0 Victory, 120hr* .... .... 15 17 0 Reeves's Proprietary', .. 11 G 0 Leviathan, week' .. : 10 1G 0 Greenstono Junction .. .. 9 8 0 Commissioner's Fiat, 30hrs .. 5 12 0 ' Total 6?3 9 0