MINING.

Otago Daily Times, Issue 12649, 29 April 1903, Page 6

MINING.

' The master of the New Alpine Consols dredge wires that he commenced operations at noon yesterday. The master of tho Cromwell No. l.drcdgo I wired yesterday that ho was working steadily on better-looking wash. The secretary of tho Unity Gold Dredging Company has received a tolcgram from the dredgemaster stating that work has been commenced at tho bottom boundary of the claim. The dredge is now working out in the river. secretary o£ the Riley's Beach Gold Dredging Company received a telegram from the dredgemaster yesterday stating that the dredgo had bottomed right across the river, tho deepest ground.being 45ft in depth, The prospects in the deep ground were good.. The river is still rather high to allow the Junction Waikaka Compahy'edredge to commefnee work, so advantage is being taken of the delay to make a road for the purpose of getting coal on board. Operations will be commenced on the upper' portion of the claim ' formerly held by th; Eclipse Company. This ground was supposed to bo the best owned by the Eclipse Company, but it has not yot been tried: at all, as tho company came to the end ot its career before the drecige was taken up there. The elevator of the New Golden Gravel dredge was responsible for the loss of some time last week, but though it is getting out of repair it may last t;ntil tho river goes down. The reef has risen, and at present it is impossible to work on the best wash. The dredgemaster is opening out towards the centre of the river, and as the depth is more than 30ft this week's return will probably be small. The master of the Spec Gully dredge reported on tho 27th tnst. Uiat he stopped work on Wednesday morning to effect somo necessary re- , pairs. These occupied longer timo than was anticipated, because tho bottom tumbler cast washers broke and new ones had to be made. Tho ladder lino, which was not very safe, was also replaced. Work was resumed on Saturday afternoon, the machinery running much better than previously! The dredgemaster streamed down on Saturday, but ho had not time to retort, this being left over until this week. Tho-quantity of. gold was gauged at about ll^oz—a fair yield for the time worked. According to a telegram received in Christchurch (says the Press) the Princo of Wales Company's dredge has notwashed up for thteo ' weeks, owing to the engine having broken down, Work was resumed'on Monday. DUNEDIN STOCK EXCHANGE. The number of stocks in which sales were effected on the Dunedin Stock Exchange yesterday was rather less than, on Monday, but, nevertheless, the volume' of business was decidedly good. The standard of prices was well maintained, and in most cases the stocks realised as much as could be expected. Tho demand for Junction Electrics was particularly good, and eight parcels of shares in that company soon changed hands at late rates. Grand Junctions were also prominent, and four sa!e3 were made in that stock, though the price realised showed a decline of Is as compared with the previous day. The river was 4ft 11 in above tho normal mark at Alexandra and the weather was dull. Alexandra Leads were inquired for at 10s 6d, but there were no sellers, and Cromwolls were ■ asked for at 60s, the best response being-67s 6d. Davis's Bends were a little firmer, buyers offering Is 3d p, but holders would not accept less than Is 6d p. Electrics also improved a little, and two sales took place at 40s and 40s Gd respectively, while the closing quotations were 40s and 40s 6d. Endeavours recovered to a certain extent, and one transaction was recorded at lis, with further buyers at 10s and sellers at lis 6d. Golden Rivera wore very steady, and two sales were made at 2s 6d, at which price moro shares were wanted, but sellers held for 2s 9d, The reaction in Grand Junctions was rather marked, the stock dropping back as suddenly as it rose on the previous day. Four sales were- effected at 13s Gd, and more shares were proourable at ISs Bd, but tho best offer for them was 13s 3d. Happv Valleys were firm, and Hartley and Rileys showed a slight improvement. Eight parcels of Junction ' Electrics were taken up at 15s, at which price : there were more sellers, with buvors at 14s 9d. : Lady Roxburghs advanced a little, a sale being j made at 7s dis, with further buyers at 7s 3d dis, but no sellers. Mamiherikias and Mokoias . . were steady, and so were Now Alpine Consols and New Bondigoes. Prince Arthurs showed a tendency to harden, and Riley's Beaches wero I decidedly firmer, probably owing to the fact that the dredge has resumed work. A sale of the latter was made at. 19s, at -wliioli figure more shares were offered, but the best response was 18s'6d. Rise and Shine 3 wero a shade firmer, and so were Sandy Points. A parcel of Sailor's Bends changed hands at 30s,thero being more sellers at that price, with buyers at 29s Gd. Sales were made yesterday at the following prices:-Electric, 40s and 40s Gd; Endeavour" lis; Golden River, 2s Gd; Grand Junction, 13s Gd; Junction Electric, 15s; Lady Roxburgh ml 3 ' , R n ley ' s Beacl1 ' :9s ; Siil <> c ' B Bend, 30s. Ihe following are yesterday's latest quotations, subject to the usual brokerage- — Alexandra Lead-Buyers 10s-Gd, Alpine No. 2—Buyers 15s, sellers £1. Bignell's No Town—Buvers 4s Cd. Bullor Junction—Buyers 12s, sellers 14s. Centrnl Charlton—Buyers lis Cd. Charlton Creek—Sellers 133, Chicago—Sellers 14s. Davis's Bend-Buyer3 Is 3d, sellers Is Gd p. Dunstan Lead-Buyers lis, sellers 12s Gd, Electric—Buyers £2, sellers £2 0s Gd. Endcavour-Biiyors 10s, seller,? lis Cd. Firßt Chance—Sellers £1 2s 9d. Fourteen-mile Beach—Sellers £1 Is. Golden Rivcr-Buyors 2s 6d, sellers 2s 9d. Grand Junction-Buyers 13s 3d, sellers 13s Happy Valley—Buyers 7s Gd. Hartley and Rilcy-Buyers £3, sellers £3 2s 6d. . Inchdalo—Buyers ss, sellers Bs 3d. Junction Electric—Buyers 14s'9d, sellers 15s. Kohinoor—Sellers 9s. Lady Roxburgh—Buyers 7s 3d dis, Mokoia-Sellers £1 0s Cd. New Alpine Consols—Buyors 17s, sellers £1. Inow Bendigo-Buyers £1 10s 3d, sellers £1 New Halfway House-Buyers 2s 9d, sellers is 3d. ~ . New River Moljneux—Sellers Bs. i

',' '!■ ' Olago—Sellers £1 9s. Perseverance—Sollers £1 19s. Prince Arthur—Buyers 13s 3d, sellers Us. Riley's Beach—Sellers £1. Rise and Shine—Sellers £1 7s Od. Sailor's Bend—Buyers £1 0s Gd, sellers a. ■ 10s. > Sandy Poinl-Buyera 7s Cd, sellers 5s p. Tnapeka—Buyers Is Cd. Upper Waipori—Buyers Bs, sellers 10s p. Mining. Alpine Extended—Buyers, 5s 3d, sellers Gs. Industry—Buyers 9d. THE TRAFALGAR DREDGE SUNK. Tho secretary of the Trafalgar Gold Dredg- ' ing Company received, a telegram from Iho dredgemaster yesterday stating .that tho dredge had sunk on Monday .night, and that alio was completely submerged.'' The machine is, howover, in a good position, and it is possible, therefore, that she may be raised without much difficulty. Tie dredgemaster slates that (hero was no apparent cause for the dredge sinking, so that for'tho present tho reason must remain a matter of conjecture, Prompt measures have been taken by the directors to raise the machine, and Mr A. Nres lias been asked to proceed to tho claim and consult with the dredgemaster as to the.best course to adopt to have her refloated, Shareholders in this company have met with nothing but misfortune sinco operations were commenced, and now the climax has been reached with the sinking of tho dredge. For some time vexatious delays occurred owing to the machinery breaking down, and thus seriously handicapping the company, and in addition to this the silt has always been very troublesome. Quite recently tho dredge was submitted to an extensive overhaul, since which tho machinery has been working to much better advantage than formerly, and there was a hope that a belter futuro was in store for shareholders. PRINCE ARTHUR GOLD DREDGINGCOMPANY, The chairman of directors of tho Prince Arthur Gold Dredging Company [Mr T. M'Crackcn),'who paid a visit to tho claim last week, reports having found tho dredge in firstclass order, everything working very smoothly. Mr M'Crackcn was much impressed at the caro which is being taken of tho company's property by the dredgemaster (Mr Kitto). Particularly worthy of notice amongst many little devices for tho saving of labour, all of which ate the outcome of the dredgemaster's ingenuity, is a tilting platform for the despatch of coal along a long line, which stretches a distance of 300 yards across the river, with a decline of Ift in 3ft ;i By the withdrawal of a bolt a load of coal is launched on its journey easily and expeditiously without any undue strain on tho wire rope, whilo a return wiro brings back the empties automatically. Unlike many dredgemastors, Mr Kitto pays groat attention to his headlines. These are supported midway between the shore fastenings and the dredge by a "traveller," -which runs along a wire rope stretched across the river. This prevents tho headlines from thrashing the water and also from being silted up, the latter being a most important matter alike to tho safety of the dredge and to the wollbeing of tho rope itself. Worthy of notice too is a chair which stretches across tho river, and which has been erected by Mr Kitto in his spare time when the dredge was idle. With regard to the prospects of the claims, these, Mr M'Cracken, is pleased to state, are first-class. As nearly as can be judged the ground has yielded 20oz to the running yard, and, with, a full week on the bottom, this would mean a return of from 80oz to lOOoz per week, according to the nature of the ground, which.is in some places harder than in others. As to the life of the claim, the beach upon which fte dredge is at present working is approximately 350 yards in length, and given that the distance worked ahead per week is 15ft, ,i .calculation based upon past experience, it would take 70 consecutive weeks to work it out, but as tho season for dredging lasts for probably only six months in the year Hit dredge should not be off the bench for three years Roughly speaking, during each of the three years on the beach shareholders should receive 15s per Bhare in dividends. This' estimate is founded on the assumption that the ground will remain as it is at present, but many local residents aro of opinion that it will improve considerably. All the rost of the claim with but two slight exoeptions. covering a distance of not more than 100 yards in each case, is, according to Mr Kitto, dredgenble, and as the length of tho claim is two miles, further comment is superfluous. Up to the present no difficulty has been experienced either in bottoming the claim or in working it. NORTH BEACH GOLD DREDGING COMPANY. Tho third annual general meeting of shareholders" in the North Beach Gold Dredging Company was held in the company's offico at 5 p.m. yesterday. Mr G. E. Bullock (chairman of directors) presiding. Tho Chairman said it was very satisfactory to meet under better circumstances than they had met last year. All things considered, he thought the dredge had done very woll indeed, and although there had been certain difficulties in tho way of repairs the gold won had moro than covered the debit balance (hat existed at the beginning of last year. Dividends amounting to £1665 had been paid, the sum of £200 had been placed on deposit, and tho balance sheet showed an additional credit balance of £336 17s. There were, however, sundry creditors to the extent of £179 5s Id, so that iho net credit balance was £357 lis l]d. A new screen had been placed on the dredge, which was now in as good order as when she was built. The returns had been fairly consistent, and there was overy reason to belicvo that they would be as good in the futuro as they had been during the past few months. On the motion of Mr Ivimcy, seconded by Mr M'lndoe, the report and balance sheet were adopted. Tho retiring directors (Mr A. S. Adams) and the retiring auditors (Messrs Barr, Leary, and Co.) were re-elected. The Chairman remarked that he wished to placo on record tho directors' appreciation of the services rendered to tho companv by the local director (Mr Joseph Taylor), who devoted a lot of his time to their affairs, and he proposed a hearty vote o! thanks to Mr Taylor. The motion was seconded by Mr Ivimev and carried. < During the course of the meeting one of the directors remarked that it had been decided to put bulkheads in the dredge in order to guard against accident. A vote of thanks to the chair brought the proceedings to a close. WAIMUMU EXTENDED DREDGING . COMPANY. The following report for the year ended March 31 will be submitted to shareholders in the vvaimumu Extended Dredging Company at the annual general meeting: — "Tho directors beg to submit their fourth annual report and balanco sheet for the term ended March 31,1903, and regret that tho gold won for the past six months has rrol been sufficient, after payment of expenses, to declare dividends to shareholders on the capital invested. It is 'expected that within the next month the dredge will be supplied with lignite coal from Williams'B pit, A tramwav line is now being constructed by tho coal pit owner to connect the dredge with bis coal pit, he agreeing to supply and deliver the coal to the dredge at 10s per ton, which will be a considerable saving in the coal account, as at present the company are obliged to burn Kaitangata nuts at 24s 3d per ton. The dredgemaster reports that the prospects arc improving and give promise of larger returns. Your directors trust that the ensuing year will be more prosperous than the past year" The quantity of gold won during tho year was 7900z Odwt Ggr. valued at £2990 IGa 7d, in addition ia which £4 6s Sd was received in interest, making a lota! income of £3001 2s lod. The expenditure for the same period was £2303 03 2d, so that there was a nrofit of £403 2s fid on the year's operations. The half vear ended September 30 was tho most satisfactory for shareholders, who received 2s per share, or a total of £030. in dividends during, that time. On March ,11 the comnsiiv had cash to the amount of £331 18s sd, while the liabilities amounted to about £200.

DREDCEMEK'S WAGES AT WAIKAKA. TO THE EDITOR. Sm,—Mr M'Konzift's letter of the 2Bth is a revelation in tho way of collapse. His unconditional surrender ja quite an eye-opener. When a M'Kenzic !owor3 his (lag it is safe to fonclnd" there is a vcrv powerful reason somewhere. Whether he has discovered that owners do not permit him to champion the cnuso of the man with tho family is, of course, mere conjecture. One tiling, however, is fairly clear, " Mac " has spoiled a horn and made no spoon —I am, etc., • J. H. Davidson. NOTES FROM ARROWTOWN. (FEOil 008 OWB CORRESPONDENT.) ARROWTOWN, April 08. The Premier Sunrise Company, Maectown, cleaned up lor the current month on Saturday last, obtaining 1470z 13dwt 3gr from 105 tons of quartz crushed. Mr Win. Patton (the mine manager) states that there is no change to report from tho mine, NOTES FROM- ROXBURGH. (Faou Oub Own Cohrsspondent.) ROXBURGH, April 28. The weather yesterday and to-day lias been very close, with warm winds blowing. Thcro is every appearance of a heavy storm. The Roxburgh Jubiloo dredge has been shifted up the river a little and out into the stream, where she got big returns last spring, when the river rose and she had to shift. If the river keeps low sho should soon be unearthing good quantities of tlte precious metal again. Tho Majestic dredge lias beon shifted clown ; to her bottom claim, just above the Miller's , Plat bridge. She has boon overhauled, and wai to start work to-day. This ground is supposed ; to bo prolty rich. 1 The Gold King dredge L working very i steadily at present. Tho Ettrick dredge is to be stopped for some time to allow of some necessary repairs being ( effected. i