MINING.

Otago Daily Times, Issue 12800, 22 October 1903, Page 9

MINING.

The inas'ter of the Golden United dredge reports that operations were resumed last Monday. Tho machinery was all mnning sol!. The directors of the Molyneux Kohinoor Gold Dredging Company have declared a dividend (the third) of Is per share, pavable on Saturday, the 24th inst. The Dunstan Lead dredge had a very poor run last week, a number of breakdowns to the machinery coming thick upon each other, causing a considerable loss of time. After the dredgo had been got into working order a flood in the river set in. A lot of grass started corning down on Saturday and blocked the water supply, and it was then thought advisable to stop. If tho master thought that tho river would remain steady for about a month's timo ho would make an attempt to work off a, point of ground ahead of whero the dredgo was lying, for, by working oft this point, the strength of the current would be lessened, and the dredge would be able to work to more advantage. Tho master of the Lady Roxburgh dredge reports that the prospects commenced to improve on Wednesday week, and were fair until Thursday, the nrn of wash met during the provious week having commenced to widen out. Work was confined to tbe west side of tho claim until Friday, when the gold gave signs of going up the centre of the river.. The river started to rise on Thursday night, ana on Friday tho drift was vciy troublesome. The river continued rising until Saturday, when tho master was forced to mako towards the east side of tho claim, where tho dredge could work unhindered by drift, but, tho river still rising, it was thought advisable to suspend operations. Tho river started to go down on Sunday morning, and it was thought that it might fall quickly as the weather was clear. It is

intended while the dredge is idlo to effect some repairs to the machinery, and when the river allows work will probably be resumed close into the east bank of the claim. The elevator on the Island Block Company's sluicing claim was working steadily last week. Another paddock will be about completed to-day, when the block will be finished, and it is then intended to move the elevator further ahead. The. Junction Electric No. 1 dredge resumed operations at midnight last Sunday, and bottom was reached at 8 a.m. on Monday morning. Great .trouble was experienced with big stones, and the !adder had to be lifted 10ft so as to, get over one mass of stone in the middle of the cut, while there were other places just as bad in the face. The dredge had to bo pulled ahead eo as to enable the sag buckets to clear these Tocks, and in consequence some ground was missed. The master of the No. 2 dredge reports that four days were spent last week in repairing the crown wheel. The rest of the time was spent in effecting some other repairs. Tlio river started to rise on Saturday, and the dredge had to bo shifted higher up the bank. Tho New Roxburgh Jubilee dredge had a broken run last week owing to the rise in the river. Tho ground that was boiug worked was as good as usual, but drift started to run on Friday, which caused flic return to be somewhat smaller than it might have been had the river kept steady. The river rose about 10ft, and tho master was obliged to shift the dredge 1o tho west side of tho bank on account of tho strong current. The master of the New Halfway House dredge, in his report of the 19th inst., says, hours. The ground has been very rough during the week, which caused a stoppage of about 21 hours. The ground has been vry rough during the week and difficult to work, and was very severe on tho machinery. Thero has been soft bottom about 20ft wide, from which wc obtained good prospects, but were unable to clean up much bottom on account of big stones. If the river was high, and likely to remain steady, thero is a piece of ground lower down which might be worked to advantage, I had to stop dredging on Saturday morning wring to a flood in the river." Tho master of the Riley's Beach dredge, Cromwell, roports as follows:—"I beg to report having a steady week's dredging. Wc did not get over very much ground as we got on to some very tight wash, and it took a lot of breaking through, As it is tho first proper wash that I have seen since I took charge, I am in hopes that it will make into better ground shortly. The ground we are working was formerly dredged by the old Alpine dredge, but it would be impossible for her to have broken through the wash we arc now getting. The river rose very high on Saturday, and we had to stop dredging and get our lines in a safe position. It has fallen between 3ft and 4ft to-day (Sunday), and is still going down. I will start on Monday to got a fow repairs done and get the boiler cleaned. We will be able to get another ctart about the end of the week, as the ground being so shallow the high river will be all the better for us." The Champion Gold Mining Company obtained from tho elevating claim for last week's work 15oz sdwt of gold. The secretary of tho Prince of Wales Company reports a return of. Moz 14dwt for 120 hours. The dredgo is now shifted to the other side of the dam, and will work up Robinson's Creek, where tho ground is much softer. A company of 2000 contributing shares has been formed to purchaso the Victory dredge, claim, and all assets for tho sum of £1500. Specially favourable term 3 have bean arranged, the payment to extend over a period of 12 months. A balance sheet for the half-year ended September 30 lias been issued by the Waimumu Extended Dredging Company, and a perusal of the document shows that tho returns wero sufficiently good to enable the financial position to be slightly improved. The quantity of gold won during the six months was 2990z Gdwt, valued at £1125 7s 4d, and tho expenditure under tho heading of profit and loss was £1100 9s fid. On September 30 the company had £154 Gs 3d on deposit, and thesutn of £3 18s 2d in hand, while the gold in transit was valued at £107 8s 9d. The current account at tho bank was, however, overdrawn to the extent of £11 9s Id, and there were other liabilities amounting to £81 2s lid. DUNEDIN STOCK EXCHANGE. Tho river yesterday was Bft Gin above the normal mark at Alexandra. Tho share market was decidedly dull, and the morning call passed without any business being transacted. In the afternoon Hartley and Rileys awakened a little interest, although tho ''stock again weakened .to a certain extent, and of the two sales that wero effected one parcel changed hands at £3 12s and tho other at £3 lis 6d, while buyers offered £3 lis for another supply, but sellers closed at £3 12s. Alpine No. 2 shares wero in demand, but sellers did not respond. Bignell's No Towns wore quiet, while Electrics showed an casing tendency. Golden Treasures wero in demand, and Golden Uniteds were firm, though Hokitika- Rivers were quiet. Jamie-son's Rewards havo been constantly inquired for during the week, but so far sellers have shown no inclination to meet the demand. Manuherikias eased slightly at the morning call, and in tho afternoon thero was no inquiry for tho stock. Nelson Creeks were steady, and New Fairdowns (preference shares) were in demand, but sellers did not respond. No Town Creeks, No Town No. 2 Ehares, and Oceanic Steams were firm, though Rising Suns eased to a slight extent. Ross Day Dawns showed, a hardening tendency, and Stafford Waimeas were in demand throughout the day, but sellers did not respond.

Tho business in .invosiment stocltß was confined to the salo of a parcel of shares in the National Mortgage Company, *which changed hands at £2 ss, there being more buyers at £2 4s Gd, with no response from sellers. National Insurance shares were in demand, but none were placed on the market, The New Zealand Shipping Company's shares have been placed on the market during the week, hut so far there has been no response from buyers. New Zealand Drugs (£2 paid) woro in demand yesterday, and a small margin separated buyers and sellers. Sales wero made yesterday at the following prices,-—Hartley and Eiley, 72s and 71s 6d; National Mortgage, 455. The following are yesterday's latest quotations, subject to the usual brokerage:— Aldinga—Sellers 7s. Alpine No. 2—Buyers 15s. Bignell's No Town-Sellers 13s Gd. Enterprise-Sellers £1 3s 9d. Ettrick—Sellers Gs 3d. Golden Bun—Sellers £1 3s. Golden Treasure—Buyers £1 Gs. Golden United—Buyers 7s, sellers 8s 3d. Hartley and Riley—Buyers £3 lis, sellers £3 12s. Hokitika River—Sellers 3s 3d. Jamieson's Reward—Buyers 12s Gd, Junction Electric—Sellers 5s 6d. Molyneux Kohinoor (contrib.) —Solicrs 9s dis. Nelson Creek—Buyers £2, sellers £2 Os 6d. New Fairdown (pref.)—Buyers £1 Is. New Golden Beach—Sellers £1. New Teviot—Buyers Bs. No Town Creek—Buyers £1 5s 6d, sellers £1

No Town No. 2-Buyers 6s Gd, sellers 7s 9d, Oceanic Steam—Buyers 6s, sellers Cs 6d. Reeves's Proprietary—Sellers 10s. Rise and Shine-Sellers £1 10s Gd. Rising Sun—Buyers 18s Gd, sellers £1 0s 3d, Ross Day Dawn—Buyers 7s, sellers 12s. Stafford Waimea—Buyers 7s.

INVESTMENT STOCKS National Insurance—Buyers £1 Is, New Zealand Shipping—Sellers £7. Westport Ooal-Sdlers £0 16s. National Mortgage—Buyers Si 4s Gd. New Zealand Drug (£2 piidJ-Buyera £2 83 Gd.

SHETLAND TERRACE SLUICING COMPANY.

The following particulars, contained in a report furnished by tha manager of the Shetland Terrace Sluicing Company will give shareholders an iitai of the magnitude of the race works which are now in courso of construction: " From Fcuton's Crock to tlio penstock (the part of the race now being built) tho distance along the surveyed line i 3 two miles 31 chains. In this distance there is inovo than 50 chains of rock tunnelling and 20 chains of wooden fluming, some portion of the latter being raised on trestles 00ft above tho gullies over which it passes. Tho ditched and tunnelled portions of the race have a sectional area of six square feet below the water line, with a fall of throo inches in tho chain, and is designed to carry the whole of tlio water rights tho company intend to bring in when tho race is completed to tho main branch of Moonlight Creek. 'Hie cost of construction per chain from Fenton's Creek to the penstock will be exactly £15, a price that compares most favourably with tho cost 'of any similar race carried through like country on the Coast. The following auditions have been mado to the property and plant of the company.—The purchase of Thomas's claim of two acres, where it is intended to open out. The bottom wash in this claim—a layer some four feet in thickness—wherever it was driven out by the lato owner yielded odwts to tho yard, The value of tho overburden which has never been touohed is not known. Tho erection of a sav:-nvilling plant (now proceeding), which will bo driven by water power from tho pipe line with a pclton wheel, and which will repay its cost in a. few months. The construction of a dam on the Lower Pakihi to relievo the prossuro on the pipe lino and to conserve water so that a uniform supply of about ql2 heads may be used constantly in opening out, working one shift in dry weather, until such time as the main branch of Moonlight Creek is brought in. Tlio vertical head from tho penstock to tho face where it is intended to begin operations is about 280 ft; from tho dam to the working face 130 ft. Tenders are now beiug called for the construction of tho dam."

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