MINING.

Otago Daily Times, Issue 13209, 16 February 1905, Page 9

MINING.

The secrdlary of the Muddy Creek Company reports that tho current return from • the dredgo for last week was 41oz lOdwt, not 21oz as previously wired by him. The Dimstan Lead dredge had a very satisfactory run last wcok with the exception of Wednesday, when there was a stoppage for boiler inspection. The ground being operated on was still very poor. Tho Otago Company's dredgemastcr reports that both dredges had a steady run last weok. Tho ground was keeping about the samo as in-tho previous week. Tho dredgeniast'or reports that 110 got the new top tumbler 011 tho Majestic dredge fixed in pos/rion, and a start made last Friday afternoon. Everything is now running smoothly, a number of repairs having been carried out while tho dredge was at a, standstill. He intends to wash-up next Saturday. The manager of the Champion Sluicing claim reports having washed up last Friday for a return of 12oz 16Jdwt of gold, the result of less than a week's elevating. Tho high river, causing a heavy flow of drainage into the claim, was against sluicing operations being carried 011 for some timo prior to inst week. ' Tho manager of No. 1 elevator Nokomai Hydraulic Sluicing Company reports.that the whole of the water supply is now in tho nice, and may fail soon unless rain comcs. There was a light shower on the 7th, but since then tho weather has been very warm, with a temperature of SBdeg 111 tho shade. At No. 2 tho water failed on Saturday afternoon, but it was expected that the dam would be filled again on Monday, Some old workings wero come across at tho back of the paddock, where an old drive was crossed. The Junction Elcctric No. 2 dredgema-ster reports that on Monday morning,- 6th inst,, the boiler was inspected, after which it was refilled and dredging resumed 011 Tuesday morning at a point immediately abovo tho site on which the dredgo was built. The prospects were fair, and tho gold fine, but portion of the ground had been worked' in tho early days, ■Reporting for last week, tho master ot tho Electric No. 1 dredgo stated that he was occupied taking out the bottom tumbler and putting in new bushes. This took up till Friday, when the boiler was blown down and prepared for the inspector, who arrived cn Saturday, and, after an inspection, passed the boiler. It was intended to shift the headlino on Monday morning, and when that was dono dredging was to bo resinned. Tho river was falling steadily, and by the end of the month should be quite low enough for dredging. Repairs were being carried out all last week, principally to the main ladder, while the buckots and links were being rebushed. The distance worked ahead by the Rise and Shine No. 1 dredge last week was 7ft, and the width of tho eut 450 ft, with the ground varying in depth up to 52ft, The prospects continued good and wero improving-in tho centre of tho cut on a soft sandstone bottom. The wash was getting tighter, with "Chinamen " again coming in. Silt liaß been extra troublesome during the week, and 011 Saturday 10 hours were lost through the stem iino carrying away. Tho No. 2 dredge worke.. ahead a distance of 12ft last week, and was working a cut about 110 yards wide. The grouijd was very rough and' tight, but the wash? was a little wider m tho face. The improved return was partly duo to the east corner having been turned four times, as against only twice on tho west side. The annual meeting of shareholders in the Tinkers. Gold Mining Company (Limited) was held at Matokaniii on - tho 4th inst. Tho fame, directors were re-elected—namely, Messrs W. M'Connochie (chairman), C. Huddlestone, John Ewing, E. WaTiington, and T. Diiggan, A dividend of 9d per share was declared, making a total of 3s 3dl per share for the past year. The. company has paid in dividends since formation in 1902, 5s 9d, or a shade'more than a quarter of tho capital (£15,000). The amount -of gold won during tho past year was WOoz, 800oz of which have been obtained since May, 1901, when operations were started in the portion of the claim, knoyna as the Deep Lead. As there is an unlimited quantity of material to work upon, this claim should be very remunerative to the shareholders for a number 'of years.—Dunstan ' Times, '

The wash-up from tho Chicago Company's dredge last week was soz for 95 hours' work. A cross channel was met with, which accounts for the poor return. The old dredge has been permanently closed down, as it was hardly worth' while pulling ahead and opening out a fresh cut. The new dredge is expected to be ready in .about a month. The New Skipper's Sluicing Company has a capital of £1000, of which £3114 has' been subscribed, registration, taking place in September, 1902. The company has not been carrying on operations for very long periods, as during 1903 the gold yield was only some 60oz, while. Inst year'it stood at 2320z Hdwt 17gr, of a value of £378 18s 7d, which, however, was less than the amount absorbed for working expenses—namely, £961 16s lOd. Consequently the company has not yet reached tho dividend-paying stage. Tho value of the gold won since registration is £1675 IBs id, and tho expenditure £4140 ss. At the end of December last there was cash at the bank to the amount of £16 4s 9d, as against which there were debts totalling '£74 16s. The majority of the dredging concerns carrying on operations in ' the Miller's Plat district are at present doing exceedingly well, and included in these is the Golden Btd Company. Up to. about the beginning of last year, however, the company was not by any means'successful, antt a3 part of the.claim did not prove sufficiently remunerative and

. did not cover working expenses and piaintenance, it was resolved to work out into the river and drop down to the lower end of the claim. This down move proved a fortunato one, as tho dredge got on to gold almost immediately. A debt of over £300 was soon wiped oil, and before long two dividends of a shilling each were, declared. The company's gold output for last year was ISOSoz 7dwt, which is close on IOOOoz in excess of the previous year's yield. The value.of this output was £6996 Is 9d, and the expenditure in connection, therewith £5050 14s lid. The gold won since registration in May, 1899, amounts to 46G20z 12dwt ISgr, of a value of £18,110 13a 10a. Tho expenditure during the same period was £i 8,749 lis Bd, and the amount declared in dividends f1270 12s. On December 31' last there was cash at' the banker's amounting to JEBO4 9s 6d, and a sum of £452 Is 8d on deposit. In aaaition, there wero aebts due to tho company to the extent of £10. As against this there wero debts owing by tho company totalling £272 los. A progress report- issued by the Mount .Lyoll Mining and Railway Compauy for the week ended February 1 states that the "A" slope in the 100 ft level and the Tasman slope in tho 200 ft wore producing fair grade ore, i as were also the " B," No. 6, and main and extension stopes. in the 800 ft level. The main stopes at the 400 ft and 500 ft levels were likewise producing 'fair grade ore. Stoping at the GOOft level was resulting in the production of a small quantity of fair grade ore. Tho account of surface work states that at tho North Lyoll, eastern,, and south open cuts overburden was being removed and broken, r.nd ore despatched to the smelters. Stoping at the 50ft level at the Lyoll Tharsis mino was producing fair grado ore. The smelting plant No. 2 and the converter plant at tho reduction works wore both in operation. During tho current half-year 2704 tons of blister copper have been consigned. DUNEDIN STOCK -EXCHANGE. Mattors on 'Change were' extremely quiet yesterday, and neither call-over wa3 productive of anything of interest. In the investment stock department, however, the inquiry was considerably, better than of late, and a very fair number of markets, "though none of a very closo nature, wero established. The river .height above normal' mark at Alexandra yesterday morning was 7ft 9in, which indicates ai fall of 3in since tho previous day. The weather was reported to be fine. . Central Charltons and Electrics were both in request yesterday at recent rates, but in both cases the market was dovoid of sellers. A parcel of Golden Treasures placed on offer at 85s drew .no inquiry, while a demand for Manuherikias at 25s was npf responded to. Mystery Flats (quoted ex a'dividend of Is) were sought after at 20s, but holders continued wide at ,245. A parcel of New Perseverance shares was placed on the market at 30s. but buyers wero not prepared to give more than 15s Gd. Rise and Shines wero quoted at t.lie previous day's rates, while Rising Suns wero sought after at 20s Gd, without result. . Tho following are yesterday's latest quotations, subject to the usual brokerage:— Central Charltons—Buyers 10s, Electric—Buyers £1 lis Gd. Golden Treasure—Sellers £4'ss. Ladysmith' (contrib.)—Sellers 3s 3d p. Manuherikia—Buyers £1 ss. Mystery Flat (ex div.)-Buyers £1, sellers £1 4s. New Alpine Consols—Buyers Bs, sellers 10s. New Roxburgh Jubilco (paid)— Buyers '£1 ss. New Perseverance—Buyers 15s Gd, sellers .£1 10s. Riley's Beach—Sellers ss. Rise and £1 6s. sellers £1 10s. * Rising Sun—Buyers £1 0s Gd. Sailor's Bendi—Buyers 10s, sellers 12s. Sandy Point—Scllors £1 2s. INVESTMENT. STOCKS. Bank of New Zealand—Buyers £5 12s. National Insurance—Buyers £1 0s lid, sellers £1 Is. Standard Insurances-Buyers lGs, sellers 17s. Westport Coal—Buyers £6 3s, sellers £G Gs Gd. National Mortgage—Buyers £2 10s. Perpetual Trustees—Buyers 16s. New Zealand Drug (40s paid)-Bnyers £2 5s 3d, sellers £2 5s 9d. New Zoaland Portland Cement—Buyers- £1 0s 6d, sellers £1 Is Gd. „ THE MOLYNEUxIcOHINOOR DREDGING COMPANY, The following report for the year ended January 31 will be presented to shareholders in the Molyneux Kohinoor Dredging Company at the fifth annual, general meeting: — "The directors herewith submit to tho shareholders the balance sheet of the company for the year ending 31st January. 1905. Dredging operations have not proved very successful. With the exception of about two months, during which tho elevator was placed in position, the dredge worked on steadily till tho end of October. The returns, however, were rather disappointing, the highest being 28oz 15dwt. On the 25th November the dredge and claim wero let on tribute for a period of four months, on the following terms:—The first 12oz of gold won per week to be retained by tho tributers for working expenses, anu the balance (if any) to bo divided equally between tho tributers and tho company. Up to the end of January the gold won amounted to 188oz Gdwt 15gr, of which tho company received 58oz 3dwt 7lgr, of the value of £223 18s Bd." During the 12 months ended January 31 last the gold won amounted to 4170z ldwt 10!gr, of a value of £1616 3s lid. In addition to this, a sum of i'-[0 10s 7d was received as interest, making a total revenue of £1656 j 14s 6d, The cxpendtl-uro during the year was £2153 9s lOd. On January 31 there was cash at tho banker's amounting to £247 18s lOd, and a deposit with accrued interest of &G2 16s Id. NOTES FROM REEFTON. (Froic Our. Own Correspondent.) REEFTON, February IS. The Ulster Company's mine manager reports:—"The winze has been sunk Bft for the week, making the total depth Gsft. The reef has averaged 15in wido during the week; and carries very fair gold. The track, which is between 3ft and 4ft wide, is almost half quartz, and we should come on to a good body of stone at any time." The Alpine Company's mine manager reports:—"The rise was extended 10ft for the week, making the total distance Sift. There is between sft and 6ft of stone in tho rise, but no improvement in quality. The lovel south from the crosscut has been oxtonded 6ft, making tho total distance 51ft. There is plenty of stone in this face, but no gold.". LAKE COUNTY. (From Our Own Correspondent.) Mr Balch. is still working away at his re-cently-discovered reof in Caledonian Gully, with good prospects. A number of claims liavo been pegged out in the Gully, and several parties aro out prospecting. We aro hopeful that something good and permanent will result. At Cardrona also thero is a small stir—some water races and such like being applied for. They have started crushing at the mine at Bullendale. It will simply be a trial crushing. This mine is being worked oautiously and economically. In the interests of the shareholders, this is the course that the former companies should have pursued, What militates-against the mining industry in this, country is the taxation, and this is especially so in prospecting. No sooner does a- miner think of trying a likely piece of ground than his troubles begin. •He is charged court fees on lodging his application, and on its being granted, and' then rent on top, In the good old times no court fees were payable, and no rent, in most cases, was charged. When a claim paid and gold was won, then, and only then, was tho miner called upon to pay gold duty. He having earned the money out of the ground, did'not object to part, and tho duty charged was a fair one. The revenue goes to the County Council, and as that body is always hard up, and always will be, pressure is brought to bear on the unfortunate digger, and lie gets very little time or consideration. The law wants amending to encourage prospecting. From time to time prospecting regulations aro issued which ore supposed to assist tho miner, but they are too cumbersome and intricate. What's wanted is something simpler and to the point. COPPER IN NELSON. (Per United Press Assocution.) NELSON, February 15. The Mineral Belt Copper Company has been working for a considerable time with a - view of proving the value of the deposit in Aniseed Valley. In the" No. 5 level tho lode has been proved . 10ft wide of solid OTe. A low tunnel - to cut' wide of solid ore. A / low level tunnel to cut the monster lode is expected to reach ore in a day or two, and already stains of copper are appearing -in tho roof. This lode showed 32ft of ore in the face 125 ft above the drive now being put in. >