MINING.

Otago Daily Times, Issue 12639, 17 April 1903, Page 6

MINING.

Tho property and plant of the Gunton's Beach Amalgamated Gold Dredging Company (in liquidation) were submitted to auction by Messrs J. Samson and Co. at their rooms yesterday. The property, which comprised- 95 acres 3 roods, consists of three special claims at Horseshoe Bend, extending over a. mile and a-half of the Molyneux River, and the plant comprises three water races, a large dam, with two smaller storage dams, a residence site, with stono dwelling-house and orchard, and also complete sluicing plant, pump, tools, etc. There was a fair attendance, and after a little competition tho whole lot was knocked down to Mr D. R. Jones, of Miller's Flat,' for £ 180. The operations of tho Kelly and Casey dredge on the Great Central Company's claim Imve not been attended with the success that was hoped for, and tho prospects for shareholders in tho formor company are not by any means bright at (present. The dredge resumed work on April 6, and although'sho was running all last week she did not succeed in reaching botiom at any lime, notwithstanding that tha river was as low as wheu sho started on the same claim on March 10, and that it was falling steadily all tho week. In view of the want of success that has been experienced, and owing to the company's liabilities, the directors decided at 4 meeting yesterday morning to call the shareholders together for the purpose of considering the position. The dredge has been closed down since the end of last week. The directors have done all in their power to keep the dredge going long enough to thoroughly test the Great Central claim, and have even, given a- personal guarantee for the payment of wages, but as the dredge failed to get bottom last' week it is assumed that the ground dips, and that, therefore, it would be useless to continue any longer.. The master of tho Lafranchi's Freehold dredge reports that • after straightening the bent shaft ho resumed operations on Wednesday evening, Bth inst., but as he had but a short run last week he did not wash up as usual, especially as he had to work a poor corner of the face ahead in order to get to the place where ho got good returns at Christmas. Tho machinery was working well.

Advico has been received from tho master of tho New Greenstone Company's dredge' to the effect that operations were resumed on Saturday last-.

_ Tho secretary of tho Cromwell Gold Dredging Company received telegrams from the masters of both.dredges yesterday stating tl.-at ■work was proceeding steadily, and that the prospects were fair.

The secretary of tho Prince Arthur Gold Dredging Company received a telegram from tho dredgemaster yesterday stating that tho dredge was floated on Wednesday, and also that everything was working well. Thero will be a wash-up nest week, The master of the Upper Waipori Alluvial Gold Dredging Company reports that he stopped dredging on Monday morning for an overhaul, but he expected to resume, work again on Sunday next at midnight. There will be no wash-up this week.

The Alexandra Herald says:—Tho Sailor's Bend dredge is ready for a start as soon as the river is favourable. This dredge is in first-class order.—The-Moa dredge is now working a considerable distance.into Frenchman's Beach, but has not succeeded in striking any rich wash—The fitting of the auxiliary pontoons to the First Chance dredge is nearly finished, and the dre:lge will lie able to resume work as soon as the river falls sufficiently. —Wo learn that a local party is taltiing steps to place a wire across the river near Butcher's Point for the purpose of transmitting cojl across the river from the top of Butcher's Hill to the opposite side of the river. From ihis point the coal can be delivered, by dray as tar down tiie river as the First Chance dredge. The new departure will obviate the necessity for sleighing the coal down the hill, and the boating will also be unnecessary above a certain point. Further, the coal should 'be delivered in better condition, as .it has been found that the bags gets considerably knocked about in sleighing. The directors of the New Roxburgh Jubilee Dredging Company have declared a dividend (the fifth) of 2s per share, payable on the H7tii inat.

DUNEDIN STOCK EXCHANGE. Though no sales were,effected at the mom- J ing call-over yesterday, the condition of the j market was decidedly better than of la,te, and prices generally showed a marked tendency j to improve, Sellers, however, were very firm, . and although buyers moved up there was still a small margin between the quotations.. 'Iho differences were overcome to a great extent in the afternoon, when the market displayed more activity than has been shown for' some time past. Seven sales were recorded, the most satisfactory feature about them being .the fact that in almost every cage the prices were in advance of those previously ruling. Central Charltons were in good'demand, and buyers moved up from 7s to9s,'but the best'response was 15s. This company has made good headway since starting work, and tho finances now j stand in a very satisfactory condition. A sale of Davis's Bends was effected at Is dis, and there were more buyers at Is 3d dis, sellers holding for fid' dis: • Dunstan Leads were

very steady, and bo wets Electrics, while Endeavours wet® decMfcdly firmer, the cause of this being that the dredge is supposed 1o be on good wash. Sales were made at 7s Gd and 7s.lOJd, a lid the closing quotations were Is Oil and Ss- 6d. Golden Rivers also advanced a little, and Hartley and Rileys were firmer, shares being wanted at 60s. Mokoias changed hands at 16s Cd, and there was further inquiry for them at 15s, hut there were no sellers. New Bendigo3 moved up, and a parcel changed lands at 29s Cd, with further buyers at 295, and sellers at 30s. A transaction was affected in Rise and Shines at 27s Cd, and more shares were offered at . 28s, but buyers closed at 275. Sandy Points' were a littlo easier, a sale being mads at 7s ljd premium, there being moro buyers at the same price, with sellers at 7s 3d ]\remhm>, Tlio river was 6ft Gin above the normal matk at Alexandra, but as there was rain during Wednesday night there may be a slight rise, though it is not at all likely to lie serious.

Sales were made yesterday at the following prices:—Davis's Bend, Is dis.; Endeavour, 7s Gd and 7s lftjd; Mokoia, 15s 6d; New Bendigo, 23s Cd; Rise and Shine, 27s Gd; Sandy Point, 7s ljd p. The following are yesterday's latest quotations, subject to tho usual brokerage: — Alexandra Lead—Sellers 14s. Alpine No. 2 —Sellers 18s, Bignell's No Town—Sellers 5s 9d. Buller Junction—Buyers 12s, sellers 15s. Central Charlton—Buyers Ss, sellers 15s. Charlton Creek—Sellers 12s Gd. Davis's Bend—Buyers Is 3d, sellers Gd- dis. Dunstan Lead—Buyers 10s Gd,.sellers 12s. Electric—Buyers £114s Gd, sellers £1 16s Gd. Endeavour—Buyers 7s 3d, sellers 8a Od. Enterprise—Sellers £1 12s. Ettrick Gold Steam—Buyers Es, sellers 9s. Golden River—Buyers 2s ljd, sellers 2s 4}d. Golden United—Buyers Gs 3d. Grand Junction—Buyers Us, sellers 12s Gd, Happy Valley—Buyers Gs Gd, sellers 7s Od, Hartley and Riley—Buyers £). 0 unction Electric—Buyers 13s, sellers 15s Gd. Lady Roxburgh—Buyers 123 dis. M&nuherikia—Buyers £1 6s, Sellers fl ]2s, Matau—Buyers 12s, sellers £1 2s Gd. Meg and Annie—Buyers Gs. Mokoia—Buyers 15s. Molyneux Hydraulic—Buyers 9s. Mosquito—Buyers £1 5s Cd, sellers £1 7s. Nelson Creek—Buyers £1 15s, sellers fl ISs 9d. New Alpine Consols—Buyers 17s, sellers 16s. New Bendigo—Buyers £1 9s, sellers £1 103. North Beach—Buyers £1 4s Gd, sellers £1 Gs Gd. No Town Creek—Buyers £1 4s, sellers £1 Gs. New Roxburgh Jubilee—Buyers £1 7s Gd, sellers £1 lis. New Royal Maori—Sellers £1 2s Cd. New Teviot—Buyers £1 3s, sellers £1 4s. Oiago—Buyers £1 4s, sellers £1 Bs. Persevarancc—Sellers £2. Princo of Wales—Buyers 10s 9d, sellers 12s Cel. Riley's Beach—Buyers 15s, sellers 17s. Rise and Shine—Buyers £1 7s, sellers £1 Ps. Sandy Point—Buyers 7s ljd, sellers 7s 3d. Waimumu Queen—Buyers 14s (lis. Mikiko. Alpine Extended—Buyers 4s Gd. NEW ROYAL MAORI GOLD DREDGING ' ■ COMPANY.

An extraordinary general meeting of the shareholders of tha New Royal Maori Gold Dredging Company was held in the company's offices, Bond street, yesterday afternoon for the purpose of discussing the advisability of acquiring another ciaiin and the purchase of a second dredge of larger capacity. Mr J. Rhodes presided, and six shareholders wero present.

The Chairman said the company had had three options. The first of these was the Fivemile Creek claim, Werner's. They got a report of the boring, the avsrage results of which v/ero as follows:—3ft soil; 15ft'river' grovel, gold-bearing; 14ft Maori bottom, not gold-bear-ing; 10ft hard wash, gold-bearing. These measurements gave an average depth of 42ft from the surface. Mr James Bethune, who had charge of the boring, concluded his report as follows:—"I have not the least hesitation in saying that if there is an up-to-date dredge put on the claim it will turn out a payable concern. There is nothing in tho nature of banks or high surface to interiere with dredging, as any pprt of the claim is not more than 4ft above the present river level, and it would take a big rise in the river to stop dredging, as the river is very wide." Their present dredgemaster (Mr Deaniston), with whom and others ho had communicated, wrote as follows:— " About Werner's claim. 1 don't think you can get a better authority on it than Mrßothuue, as he has bored the three—the Rise imd Shine, Rising Sun, and Five-mile claims. I have had several yams with him over it, and he always holds the samo opinion—that ho went- through tho same wash in the three, and that Werner's held the deepest layer of wash. Of course you can't go by the gold you get out of a- 2£in pipo; you cau only go by tho wash. The current gossip up here is that it is a good claim." Their late dredgemaster, Mr D Murray, in his letter, said: "About the claim. If the Koyal Maori does not take it up there arc plenty who will, and I give my opinion it will turn out as. good as the Sue ami. Shine., I don't think you should loss the chance of the elainf.". Mr Bethune had given his opinion further on the claim as follows: "Re my opinion of your claim at tho F've-milc. As I was working with the boring rods at the Eiso and Shine and Rising Sun claims, I have not tho least hesitation in saying that, in my opinion, the Five-mile claim is likely to turn out equally as good as the Rise and Shine or Sun claims for dredging purposes—in fact, I should expect to see the Five-mile turn out better for tho following reasons': That tho bores on tho Fivo-aiile went through thicker goldbearing wash than we got in any of our bores oh the Rise and Shino claim, and by the ldok of tho wash I should think it is equally as rich in gold. Referring to another claim, Partridge's, the same writer said it was likely to prove shallower ground than the Rise and Shfno claim. The Chairman stated that they would have £1030 cash clear after paying all expenses to date.- As to getting a new dredge, there waa no hurr>', as half of their present claim had not boen triod. He would move the first resolution that it had been arranged should be put to the meeting first—viz.: "That the directors complete option to purchase the Golden Rcservo 'claim at Five-mile Creek, Upper Clulha River, for £250."

The vendors, the Chairman explained, had agreed to take shares in lieu of cash.

Mr Scmerville seconded the motion, which wits carried unanimously.

Tlio Chairman next moved, and Mr Smith seconded—" That tho directors purchase a second dredge, capable ot dredging to a depth ot 50ft or over, and to have at least a 20 horsepnver boiler." The motion was carried unanimously. A brief discussion followed as to whether the meeting was favourable to the company's capital being increased later 011 if thought advisable under the circumstances, the meetingexpressing its intention of supporting the directors should they rccommend to that effect. A vote of thanks to the chairman closed the meeting. NOTES FROM CROMWELL. (From Our Own Correspondent.) CROMWELL, April 15.' There was heavy Tain here last night,, but so far it has had no effect 011 the river. I think it was only local. The river is falling steadily. Tho Hartley and Riley dredge made a etart dredging yesterday, and the new engine was running beautifully, but this morning a piece of the engine broke. It, however, will not causo much delay. The drift is very bad in opening out. I expect several other dredges to get going soon, and there should be some good returns to liven the dredging market up again.