MINING.

Otago Daily Times, Issue 12991, 4 June 1904, Page 12

MINING.

There was ilo meeting of Hie Slook Exchange sterday. Mr S. E. Bvciil, secretary of Hie Sholovcr uartz Mining Company, report \i return nf oz Qtl-A-t melted bullion, inc'udmg s™ reivercil Ijy cyanide' (13oz 13dwt), from :i3l lons one, for the month of Mav. .' The Lalw Comity -Vnsa mideivlanda thai a miber of hands'liavc been knocked off at the. liotover Company's | quart/, claim lor the inter. T!ie company' is openiiig v.p a reef osi ie other sido of the river, ami sr.me stone haj ready been taken out for a trial crushing. Messrs Thompson ' and Jiobcrtsori, Long ully, washed m> Iwl week, ami (wy? the Luke 'akiitipuJiaii) "obtained a return in the neighmrhood of iOOoz. The method of mining lopted i 9 the suction pump. This return ;s ie, last for the present, as preparations are io o'.inade during the winter'months for next ;ason. . ■ . The master of the Welcome Ure-Jgc, reporting iitlio 29th ult.,'slated that llity had just had ie biggest flood in the Bnllcr River experineed for two years, The drakje. had been wned, and was working v.p stream. The ood blocked the paddock with limber, but this as cleared away, and the dredge was working good face, and" the wash was getting coarser, 'hich was a good. sign. Tho master oi the Al Company's dredge, re■orting on May 29, stated that the wasli was jobing a great deal better than it had lor a jug time, but the dredge could not put the ftino. quantity through that it'could if it weio i good order. The wash was becoming much ighlcr. He estimated that it would bs a week iefore operations would bo suspended for the mrposc of clicking alterations. The contracore informed him that they would have the iew pontoons ready to. put in the water at the nd of the present week. A progress report issued by the Mount Lydtl ilinuig ai:d Railway Company for the wee!; mded May IS stated that the main slope in the 00ft level was producing fair-grade ore, us also vero the A, C, and No. 7 slopes! in the 200 ft evcl. The A, B, D, No. I), No. 8, and main itopes in the 3Colt level, and the main stope? n the 400 ft! and ,500 ft' leveis were a'.so producng fair-grade ore. The account of tlic surface vork stales that at the North Mount Lyell open :ut and the eastern open cut, overburden was being broken for filling.purposes, and a.little ho was being' won and despatched. In the soulh open cut overburden was being removed u:d ore broken for the smeltery and the nsu.il luanlity despatched. Both (he smelter and ionverter plants at the reduction works were in operation. During tlic. current half-year 1153 tons of blister copper were consigned. •THE■'WEST COAST. (Faoit Our. Own ConiiKsvoxbEirm) GREY.UOUTI7, June 3. , The weather has been . very rough anil boisterous, with a heavy downfall of rain and liail to-day. A number of .dredges v/cro stopped, and the returns will be fever and less bulky than was expected. The Pncto.us No. 2.dredge had .1 breakdown, but is expected to get a start ngain to-morrow icornicg. The Jamiesoii'ii llawatd dredge was' also stopped, but will wash up tc-morrav. T'ho Xekmi Creek dredge will have a goad return. Wcrk on the Bsy Dawn dredge is progressing satisfactorily, although considerable, time ha.3. been lost owing to the prcvjiling wet weather. The dam has now been repaired to a sufficient height- to contain v.iUr to Ileal the .machine, and a powerful Uiu pump was expected to arrive 'last evening, which, together with ilie piesent pump, ivill" be. liiorc than sufficient to keep the pontoohs r.tloat. When tln3 is completed the dredge mil , bo hauled on to a level surface, when the dam will be emptied and tho dredge will then be allowed to ground, and the work of caulking the pontoons' and other repairs effected. . ' MOUNT LYELL MINING AND KAILWAY COMPANY. MELBOURNE, June 3. The Mount Lyoll returns from April 28 to May 25 .show that 33,720 lons of ore were treated, together with J9l tons of purchased ore and metal-bearing fluxes. The converters produced 7i)'J tons of blister copper, containing— coppsr, 789 tons j. silver, '75,6330b ; gold, SOSOpz. V/AIHI GOLD MINING COMPANY. LONDON, April 23. The directors oi the. Waill! Hold Mining Company have just issued Ihclf rellort for the past year, and tbey state that during the year 231,353 tons (dry weight) or ore were treated. The bullion produced realised i(j58,393. This amount, together with JJ33CO for interest, makes the total gross revenue received for the'year £061,734. The expenditure in New Zealand and London, including development' work at the mine, amounted to £236,8G9, leaving a profit for tho year of £361.044, as Compared with £273,737 in 1902. This sum, added to £30,353 brought forward, gives a total 0ff355,207. Out of (his the directors have written oft £21.591, spent in the conversion of the.mills from dry to Wet crushing, and the erection of the concentrates treatment plant. They have nlso written oft 412,7-13 for depreciation of plant and machinery, r.nd £3436 off the cost of No. I! shaft, which is no'longer used.. Four dividends of 2s Gd per share -linvn been paid, free of income tax. After these payments the balance remaining to the credit of revenue account ,at December 31' win £91,040, which the directors recommend, shall be applied as follows:—Bonus of 2s; .per sharo, £40,590; addition to reserve account' (making that account £120,000), £20,001); balance to Ie carried forward, £21,650. Some small additions to the plant and the railway, amounting together to £777, and £32.192 spent on the new pump, hr.vc been charged to .capital account. There remained 'at the end of the year an available balance-on capital account 0f'.{59,862. The balances renuiining in the several accounts, after providing for the above-mentioned bonus of 23 per share, are as follow:—Capital account £59,862; reserve account, '£120,000; revenue eccoiinl, £21,(150.. In addition there are 4p shares unissued. After full consideration' th( directors have agreed to add three new nieni' bers to Die board. Mr Henry E. Beddington Jlt Edward .James Briitton, and Mr P. Berrj Owen (all large shareholders) "are. prepsrod Riibject to the approval of the shareholders, t( join the board. ■ ■■