MINING.

Otago Daily Times, Issue 12935, 30 March 1904, Page 6

MINING.

i Tlio secretary ot the Island Block Compaq •a, reports a return of 13oz lldwt tor a week' 3' dredging. =® Tho scerelftry of the Patorson'9 Frcolioli ™ Company reports tho following returns for lafe , 0 "Week:—No. 1 dredge, 21oz; No. 2 dredge, 17oz L Tho Empire Company's dredges last wee] jj/ obtained QOoz 4(lwt 12gc of gold. The rehiri 10 for the preceding week was 15oz 15dwt 15gr. ni Tfio return from tlio Majcstic dredge ins - week was Soa 12dwt of gold. The master re it. ports that, in the attempt to cut his wa; liack to the river, ho is great, j hampered b; r tko accumulation of silt. Tho master of the Mokoia dredgo wired yes 1." that the Bailor liivor was again ii > 'flpod, and tho dredge stopped work at 5 a.m. _ The Monte Christo dredge is ready for work 3 t and will resume as soon as the river is favour r , able. The directors of the Golden Bed Drcdgin; Company declared a dividend (tho first) of 1 - per share, payable on Wednesday next, Ctl t April, The sum of £409 has been p'.aced to ! >r reserve fund, and a fine electric lighting plan has been ordered for tho dredge, at a cost o 7 ato, f 160. 3 '-The Loch Lomond dredge was expected U 1 ' resume work yesterday, an. elevator tumble: being secured from t-hc old Springva'.c dredge in The crew were engaged last week rolippiiig thi buckets, m Tbo secretary of the Nokomni Hydraiilii -■ S'ufeing Company reports that at No. ] elevator the cleaning up was completed on tin a " 25th, with a result of 350z Mwt i;o.'d and 7o; __ Tdrwt amalgam, or a total of llloz -ldwt foi j. the paddock. Sluicing was resumed in thi evening. He cxpects the paddock to b: fiuishei about the 20ih April. There was a clean-uf at Ho. 1 elevator for a resu'.t of 320z 4dwt, oi jj n. total of 730-z 9<hvt for the paddock. Sluicing was to 0.1 resumed on the 23th inst. Tlie master of tho Moonlight dredge, writing under date 22nd inst., stated that lie started dredging at 4 o'clock that morning, after an anxious time on account of the flood. There was no wash-up on the dredge last week, but wheu the dredgemaster does wash up he hopes to have a fairly large return. It would appear that after all the Canada reefs are going to turn out trumps, judging by the returns recently obtained there by „ licssra Vark and Co. The Bruce Herald is informed that as a result of their last crushing they obtained 450z of gold. The master of the Mystery Flat dredge e reports fliat lio hid a iair ran. last 6 week. There was no return owing to the Traah being very thin and peor and giving a lot of trouble. The river was also canting a ■ s good deal of trouble, as it was lower thau tho 1. watej in the dam. Tho bank of tailings be--0 tween tho dam and the liver will have to be >f cut till the dredge gets into Eoiid gmuud. The dredgo was working well, but the Ijetinm-was stili very hard. At'-flie last meeting of the Vincent County Qmueil tho secretary of the Xev; iiendigo Cold T)rcdging Company ttro'.o asking for a subsidy of £55 for extension of read lo the dredges working in llic eorgj below Alexandra. Cr Butler thought tho dredges should be given somo assistance, as they had a very haru task to get coal down the river, and lie moved— *' That the sum of £10 each as ;i subsidy of | £1 for i'l be voted to the Sailor's I'oud, Davis's Bend, and New Bendigo Qold Drodging Companies towards the extension of the road; the work to lie done to tho silisfaclion ot tho county officials." The motion was seconded by Cr Laid law, and carried. The master of the Ilessey's dredge reports having had a fair run last week, the dredgo having worked on the wash for 130 hours, which, together with 50 hours the previous . v;eek, mado a tolal of 180 hours' work. The wash was falling off a good deal in quality ior of two chains on tho face. The 1 dredgo was working on three chains of reck bottom, and jt was there that the wash was ,*poor, but as the machine works towards tho - other side the wash is expected to improve. The silt was giving great trouble, and, as long as it comes down so (hrcklv, means a loss o( three shifts a week. It is 'expected there will bo somo trouble with the silt till the dredge strikes the opposite side and dams

|/Up tho water to keep the sill buck from the ' face. The master o| the Gabriel No. 1 dredgs reports that he lost no tinw in pushing on repairs to .the buckets, and he hopes to be able 1 t(Mpake a start again this evening. The bushes /iirivcd on Saturday, end (he bucket lips came ' to hand in good time, lie expected to make a thorough job of the buckets, so that they would lust for .some time to come. There was ho wash-up 011 the No. 2 dredge. West Coast, last week, as the d/edge only worked for about days. The mats under the screen were wished, and sJoz of gold obtaiu-cd. The ground was improving. Tho secretary of the Lady Roxburgh. Gold Dredging Company reports receipt of advice from the dredgemaster to the effect that the prospects had improved on the cast side, but sMuo patches of worked ground had been Uruck on the west side. Since Wednesday the tiredgo had been extending the cut towards the east side, and the- master does not consider that- he should work out any further in the meantime owing to the drift. The dredgo has had a lairly steady run, and numerous repairs have been effected, including buckets and links, also ripples and stem shoot. A stoppage will be made at daybreak on Coed Friday morning, but another start v/ill be made the same night. It is expected that the master will wash up on Thursday. Tho river is falling steadily, and the frost 3 have set in. The ground is between 3Sft and 40fl deep. The directors ol the Molyncux Hydraulic Company have decided to put a silt wheel elevator on the dredge. A contract has been let to. Messrs Stevenson and Stevenson (late the Dunedin Engineering Company), The wheel is expected to arrive at tlie end of next week, and will bo fitted up without delay. The master of the Rising Sun dredge in his report for the week ended Saturday, 211 th inst., • stated that the dredge worked for 2X5 hours, 70 liouts of which were occupied in getting once across the cut, as the flcod in tho river had filled in the western end. There were patches of;iight wash in different parts oi the paddock containing a number of large water-worn boulders. The machinery was running well, and the prospects were fair. The tteddersen Gold Dredging Company's dredge, which was stranded in August fast and floated again on the 19th inst., according to the caretaker's report, did not sustain any damage from the stranding. "With a view to giving the "West Coast shareholders an opportunity of expressing their opinion as to testing some of the unworked parts of the claim before winding up the company, a meeting was held somo months ago in llcefton. Tho decision come to, however, was against such a proposal, and a resolution was carried asking the directors lo wind up the company, The directors, however, states a report issued by the chairman, realised that tho dredge would fetch more money when once it was afloat, and they thought it was desirable to wait in hopes of a Hood taking place. At present there seems no course open except voluntary liquidation, and in order to enable this (o be carried into effect a meeting of shareholders has been called. . The manager of tho Mount fax Tin Mining Company in a report for the week ended March 19 stated that benching was proceeding at the centre of tho ore body, and sloping was being carried ou in fair average stone at the south end of the No. 1 level, and also at the north end of the leading stopo in the intermediate level, there being payable stone in the Xo. 2 slope. Timbering at the centre of tho level was finished. In the No. 2 level stoping was being continued in fair average stone. The •stone crushed amounted to 232 tons, from which 75 bags of tin were obtained. The Keep-it-D&ik Quartz Mining Company has had a long and successful career, and so far as can be seen at present it will continue to prosper for a long time yet. The company I was formed in December, 1873, with a capital | of £2l),00 f J, of which £10,1)00 was deemed paid up ' at registration (March, 1374), and only Gs 2Sd 1 per share has been calied up since. Up till the end of last year the quantity of gold produced from the claim was 88,2530z Mwt 2gr, valued at £310,110 0s 7d, and won at a total cost of £363,339 18s 'Id; but tho latter sum includes the amount distributed in dividends, by which means shareholders had received no Jess than £132,106 l*3s 4d, equal to £G 12s 2d per share, which must he regarded as a handsome return considering tho small amount of capital* called up. hast year's gold production was 5282nz 7dwt, valued at £20,473 2s 2d, while the expenditure for tho same period, inclusive of about £3750 distributed in dividends, was £20, DM lta 7d. Since the company was registered £11,656 lis Jd has been received from crushing, sales, etc. At the close of last vear the company had £MS 5s Cd in the bank, while the liabilities amounted to £65. The Premier Sunrise Gold Mining Companv (which carries on operations at Macetown) has now been in existence for about two years, and though no dividends appear to have been paid the company had on December 31 a fair credit balance, and if future results are satisfactory tho dividend-paving stage may be reached shortly. During 1903 Uie company obtained 13570z 2dwt 18gr of mill gold, valued at £5142, and 23Goz 17dwt 3gr, valued at .£C93 19s 2d, by the eyanido process, making a total vield of 15930/, 19dwt 2Jgr, valued at £G135 19s 2d; but tho statement of affairs does not show what profit, if any, was made during tho year, as no particulars regarding expenditure have been published in tho Gazette. Tho total .quantity of gold produced from the date of registration until tho end of last December w.<ia o<^o n7

16dwt llgr of mill gold, valued tit £11,113 8s Gd, and 2580z 18dwt 21gr, valued at £K'l Os 3d, by the cyanide process, making a total of 32020z 15dwl 18gr, volued at £11,877 8s 9d. At Jiy the close of last year the company had £161103 k's 2d in the bank, and tho sum of i'l 10s was duo to it, while the liabilities amounted to £101 n 19s 4d. /} % a typographical error in veslorday morn--161 ing's issue the JS'o Town Cre'ek drcdgo was reported to have -washed up for a return of 3oz, whereas it should have bean 330z. DUXEDIN STOCK. EXCHANGE. J® The Molyneux River still continues to fall though very slowly, the height at Alexandra yesttrday morning being lift Sin above the normal ' mark, which means a. fall of only lin sinco cg _ the previous day. Only a limited volume "of ; n business was tvanaaciecl on tli? Exchange yesterday, and inquiry for stocks was unusually rk ar l Alpine Ko, 2 shares showed a very firming tendency, and a parcel changed hands at 275, „„ with further buyers at 26s Gd, but sellers would 15 not acccpt less" than 57s Gd. Bigncll's Ko Towns were, if anything, somewliat easier, , J, v.'hilo Duustan Lcr.ds remained firm at recent int r f* te3 . » n(1 Electrics showed a hardening ten0[ dency. There was no noiab'o change in Golden Beds, buyers offering 12s 9d, and sellers la closing at 13s 3d. Golden Runs were not so Icr hrm,, but Golden Vnitcds allowed a raarkc<l int,c. provement, buyers oKcring 3s 6d, while .sellers jy, held for ss. Hartley and Kilevs were firm, but thorc was a margin of Is botwecn tho buying lie and soiling quotations. Three paresis o°f I Hessevs shares chr.i.ged hands at the morning ,) l0 call—one at 58s and two more at 27s- but there • OJi wcio no further buyers. Lady Roxburgh con'or tributing shares showed very little change, he wliilo tho paid-up shares improved slightly. Sellers ot Jtanuherikias were in the market at up 48s, but there were no buyers in evidence. Two or parcels of Junction Electrics changed ]i;u;cb at n» 4s and Is 3d. with further inquiry for them at 4s, hut sellers closed at 4s 3d. Uuitya were ng fairly steady, as also were Waikaka Queens, cd Sales were made yesterday at the. following an priccs:—Alpine Xo. 2, 275; Hcsse.vs, 28s and re 275; Junction. Electric, 4s and 4s 3d. ut TII3 following are vesterdsy's latest quotaes tionp, subject to (lit usual brokerage Alpine No. 2—Buyers £1 Gs Gd, sellers £1 Bs. ill Bigneli's No Town—Buyers lfs, sellers 20s. ng BUckwater liiver (contrib.) —Buyers 15s Gd, by sellers IDs 3d p. ia Dimstan Leads—Buyers 10s, sellers lis 9d. - ag Electric—Buyers ±'l Ills Jkl. sellers £1 14s 9d. Enterprise—Buyers £1, sellers £1 2s. ge First Chance—Buyers 10s, sellers lis. st Golden Bed—Buyers ]2i ad, sellers 13s 3d, to Golden Run—Buyers £1 7s Cd, sellers £1 9s, ng ('-olden United—Buyers 3s Gd, sellers ss. a Happy Valley—Buyers 4s, sellers ss. re Hartley and Riley—Buyers £3 14s, sellers £3 'C- 15s. be J unction Electric—Buyers 4a, sellers 4s 3d. ii Lady Roxburgh (paid)"— Buyers 17s, sellers ie 13s. Lady Roxburgh (contrib.)—Buyers Is, sellers ly 3d dis. .'d Jfanuheriliia—Sellers £2 Bs. ly Kelson Creek—Buyers £112s GcT. m Xcw Alpine Consols—Buyers 13s. ■•r Xew Fourlec.i-niilc Beach—Buyers Is Gd p. m Xew Halfway House—Sellers 8s 2d. ; k Jvew Prince Arthur—Buyers Is, sellers 3s p, ~ Ko Town Creek-tSollers £1 2s. a* >'o Town Xo. 2—Buyers 4s Cd. 3 Rise and Shine—Sellers £1 10s. :1 " Sailor's Bend—Buyers £1, sellers £1 3a. 15 Sandy Point—Sellers £1 os'. 10 Unity—Buyers 6? 3d, sellers Gs Cd, 'i' Waikaka Queen—Sellers 13s. [3 g ■ INVESTMENT - STOCKS. ' National Insurance—Buyers £1 2s, sellers £1 13 2s Ccl,e Perpetual Trustees—Buyers 15s 3d.