THE WEEK'S DREDGING RETURNS.

Otago Daily Times, Issue 13307, 12 June 1905, Page 6

THE WEEK'S DREDGING RETURNS.

During the w«lc ended Saturday, June 10, returns were it-ported from .- tho following dredges:—

DUNEDJN STOCK EXCHANGE. Tho-gradual falling of tho river Mid tho improvement in tho returns, among which not a few over 10007, are now announced, appears to bo having an- elevating influence oh tho sharo market. An improvement was noticeablo cn •Saturday morning, inquiry being good, and values in some cases undergoing an upward tendency. Electrics were a shade firmer, and Golden' Runs 'were finn. No Town Creeks vers slightly harder, as also wero Sailor's Bends. Investment stocks were accorded very fail- attention, good inquiry being luado lor Bank of New Zealand shares. Tho river height, on Saturday morning was 3ft lOin, a fall of lin since tho previous day. The weather continues frosly. Alpine No. 2 shares receiml notice at the previous day's rates, hut Bignell's No Towns worn a shade easier, buyers offering 12a 0d and holdcra asking 14s- Gd. Buyers of Electrics were agliu offering 3Gs. and holders were a sliadn firmer at-36g 9d." Gulden Runs were unchanged, and Hartley's wero place on tha market at 40s, and Ko33ey'R at 20s, but neither drew notice. Junction Eicctrios wero a shade easier, and a. parcel changed hands at ss, further buyers being in evidenco at 4s 9d, and sellers at Gs. Majesties had inquiry at 4s with a holder an tho market at ss, and Manuhcrikias had a buyer at 27s Gd, but 310 sellers. Mystery Flats wero on offer at 29s lid, but wore accorded 110 notice. Buyers-of No Town Creeks wero a, shade easier at 22s Od, hut sellers nlightly firmer at 255. A sale was brought oft in Riley's Beaches at 5s 6d. IfurthcT lots 1/rocurablo at 5s 6d, and although additional buyers were on tho market,at 5s 3d, no further business eventuated. Sailor's Bends furnished two wore transactions, both at las, and tho market had still tether sellers at tho i*me price, 9,ml buyers at lss 9d. Sales were mado 011 Saturday as follow:— Junction Electric, ss; Riley's Beach, 5s 6d; Sailor's Bend, 15s. , Tho following are Saturday's quotations, subject to the usual brokerage:— Alexandra Lead—Buyers 4s 3d, sellers 5s Gd. ' Alpino No. 2—Buyers Bs, sellers 10s. Bignell's No Town—Buyers 12s Gd, sellers 14s Gd. ■ Central Charlton—Sellers lis.

Elcctric—Buyers £1 lGs, sellers £IIG9 9d,

Ettriek—Seltars 7s. Golden Run-Buyers £1 83 9d, sellers £1 Is.' Hartley and Riley—Sellers £-•

Hessey's—Sellers £1. • Island Block—Buyers ss. Junction Electric—Euyers 4s 9d, sellers Gs. Lady Roxburgh (eontrib.)—Buyers 10s, sellers lis GO $s. Ladysinitli (eontrib.)—Buyers 2s, sellers 4s. Majestic—Buyers 4a, sellers lis. Maniiherikia—Buyers £1 7s Gd.

Mystery Plat—Sellers £1 !)s Gd. No Town Creek—Buyers £1 2s 0(1, sellers £1 ss. Otago—Buyers £113s. Riley's Beach—Buyers 5s 3d. sellers 5s Gd. ' l'ife and Shine—Sellers £1 Gs Gd.

Rising Sun—Buyers £1 2s, sellers £1 3s. Sailor's Besnd—Buyers Us fid, sellers 15s. Sandy Point—Buyers £1. 1

MINING. Big River— Buyers 10s.

INVESTMENT STOCKS. National Insuranop—Buyers £1 Is Gd. South British Insurance—Sellers £4 13s. Westpor'o Coal—Sellers £6 14s 6d. Commercial Property—Buyers 3s 3d. Milburn Lime (20s pSid)—Buyers £1 4s. Milburn Lime (10s paid)— Buyers 12s Gd. New Zealand Refrigerating—Buyers £110s.

NOTES PROM CROMWELL. (Froh Oct. Own Correspondent.) CROMWELL, June 10.

The weather is fine, with exceptionally lieavy frosts, and the river is now very low. The gorge dredges are all working, and will probably have a good run now. Tho Halfway House dredge lias made a. start working, and should do well, Tho Riley's Beach dredge struck rich wash lp.-st night, and I believe is on something very rich. ,There is a good stretch of maiden river in front of the dredge. Tho Junction No. 2 dredge is doing well over tho old ground, and will likely do better from whore tho dredge now is up to tho junction of tho rivers. No. 3 dredge is not getting to work properly 011 the face yet, as tho river is' giving""trouble through being so low.

THE WEST COAST. (Frou Our Own Correspondent.) GREYMOUTH, June 11.

There has been a, decided improvement in dredging matters during tho week. In the sharo market a good many lines were not only marketable, bnt changed hands at an advance on th.o former week's quotations. A much healthier spirit is maintained by Coast shareholders, . who «o beginning to realise that tliere are many com'pr.rucs that will pay hajidsomehv.and a gooli many affirm their belief of getting their original capital back with gocd iuterest added. This is a* marked contrast to some six months ago, when the best shares were to be had ait absurdly.low prices. The \yeek's returns have tended to harden the market;

The chicf feature of. the week was the first wash-up of the Slab Hut dredge after- nine days', rim. Jt is but a fortnight since a turn .was/got out of the machine.'and, although tho ground is not anything like opened out, the roturiv. was 450z. The gold is an excellent. sample. The dredge started; work in a creek near the foot oi the terrace, and has 12 mouths' work ahead iu the present direction, on fairly flat ground. Tho waoli is about 12ft deep, easily treated, and free from timber under .the soil. Tho present face is 130 ft wide, and wilt lis steadily increased till it is almost qight chains wide. There is an ample supply, of water, with, but little fear from floods. The dredge is perhaps on the small side> hut it is well put together, aud will be quite strong enough for the present class of work. The capital is £4qoo, the greater part of whicli is owned by people of Wellington. For opening-up the return is the largest yet obtained on the West Coast. lam very much tuken with the prospects. The shares arc now at a premium..

The No Town, drf, Ago heads the letiiros for, the week with 70oz. There was a bit of timber to contend v/ith, but otherwise the faco looks well, possibly better thin ever it did) in the history of the company, and a eontinu-, anco'.of good returns'may be looked for. Jfd. 2 dredge should .be helping in gold-gathering' in a, fortnight.

J Bignell's No Town dredge is repairing, and sho«!d. ; get a start at the end ot the week.

The Jamieson's Reward - dredge obtained GSIoz. Tho wash is now liiore uniform thari.has yet been experienced,, and a continuance of good yields is confidently .expeeted for some months. to come; Scrip advanced 2s during the week. , • •

The psc'.oius dredge got SSoz 18dwt froni both machines. Three dredges.are working almost in a line with the Jamieson's Reward dredge, and should improve every week for some time to come. -

The Trafalgar dredge worked all .week, but had not bottomed. All the material is being Tim at the elevator, and this wiil bs continued till tho bottom is reached. Residents expect 'gre.it returns from: this claim.

The Nelson Creek dredge got 250z, This was quite as much as was expected. The curront week will not show much improW m.ont,' but better ground will, it' is thought, then bo reached. The report put about tha.t ( tho,claim is worked out is ridiculous. There is years of work before the company in excellent ground. Tile Blaclwater dredge obtained 430z 12dwt. This was somewhat of a disappointment to shareholders, who ospectod more. The face is looking first-class, and will, 1 am confident, 1 givo increasing returns, except-, of' course, when the dredge is on the poorer side of the lead.

The Callaghan's dredge gave its usual 250z. Though there have been no phenomenal returns from this ground the claim has been a, pretty consistent dividend-payer, and should continue to be so for a. good many years. The? Reeves's Proprietary Company for two machines.only obtained 2Goz 15dwt, 'No claim on the Coast is proving, more disappointing than this one. A good many folk declare tile machines are not dredging in the right direction.

NOTES FROM EEEFTON, IFsoir Oun Own Correspondent,! . REEFTON, June 11. .Hid Alpine Company's mine manager reports having completed a small chainher in the rise, 125 ft. from No. 7 level, and started driving south on 4ft of stone. There is.a. little gold on the hanging wall side, but at present it is unpayable. The English company which owns the New Internum mine is invitine tenders for the purchase of. the property and plant as a going concern. The properly includes a, gold mining area of IG6 acres with a coal mine adjoining fully equipped, a modem 20-stamper mill, concentrating plant, cyanide, air compressing and winding plants. Since the company purchased the property some years ago it has spent a largo amount of money in development working. Notwithstanding tho largo outlay the mine has been worked at a profit sine# crushing operations-commenced in 1903. Satisfactory reasons will he given for selling.

.VI Oz.dirt. gT. Electric-No. 1, Cromwell, 1311irs 210' 9 0 Mamihcrikia, Alexandra, 12Shrs 123 0 0 Electric No. 2, Cromwell, 5 days 121 15 9 New-Fourtecn-mili Boacli, below Alexandra, I4?hn 74 9 o Clyde, Alexandra^week' .v .. UC 0 0 Otago A'o. 2, : Island Block, week 61 0 '0 Mys{*ry Flat, Waikaia, 1041ns „ 56 5 0 Rising Sun, . Upper Clutha, '1271m .. ' .. 43 18 9 Chicago, Alexandra, 12Ghrs_ .. 38 17 0 Junction Electric Nol2, Crom- . well .. .. .. ... -,. .. 38 0 0 Goldoi; Treasure, Miller's, Plat, 133hrs .. .. . .. .. .. 37 0 0 Enterprise No. 2, Alexandra, 138iirs .. ... .. .. .. .. 33 II 21 Dunstsin Lead, Alexandra, week 33 0 0 Riss ajid Shine No. 1, Upper Chitha,week 32 10 D Lady Annie, Waikaia, GShrs .. 30 11 0 Ettrick, Roxburgh; 133hrs .. .. 30 8 0 WaifeafcvUnitcd No. 1, Waikaka, ' ' JSlhrs ; 29 13 0 New Alpirni Consols, Cromwell, ISOlirs 29 10 0 Mijcstic, Millet's Ekit, UC-his .. 23 15 0 Olutha River, Clutlia River, SOhis 2S 12 0 -'lUrynl Waimuum, 'near-.Mata.uia, 133l)rs .. .. .. '27 15 0 Gclden Gate, Miller's Plat, week 27 12 0 Central Charlton, near Gore, _• 138hra .. 2G 8 0 '■Hessey's, AVaikain, ISOlirs .. 25 7 0 Otsgo No. 1, Miller's Flat, week 23 0 0 Rise and Shine No. 2, Upper * Clutha, loOhra. .. .. .. 22 0 0 Waimumn, near Mataura, 120hrs 21 13 0 .Lady Roxburgh,-Roxburgh. .. 20 7 0 Wailtaka, Wiukaka, lSlhrs ... 19 ' G 0 W-?iikaktt United No. 2, Waikaka, llSlirs .. 19 3 o MacCharlt-ou, near'Gore, 130hrs.. 17 10 0 upper Waipori, AVuipori, 130lirs 10 9 0 AVaikikci Queen, Waiknka, 1241ns 15 13 o Gaiden Gully,- "Waikaka.. 120hrs 13 3 0 Iachdale, nr Palmernton, 132hrs 12 8 0 Junction Electric No. 3, Cromwell "' 12 1 0 Waikaka Syndicate, Waikaka, wk 11 3 , 0 Olrig, Mtm-uhctikia, 12Slivs .. 10 < ' o Nujont, Wood, Waikaia, 130hrs 10 4 0 Charlton Creek, near Gore, week .10 0,0 Ncv; Bemligo, Alexandra, .. .. C 3 0 Enterprise No, 1, Alexandra .. 2 13 0 Total .. '.. 1530 0 21 The.West Coast. No Torai Creek, ISiihrs ... 70 0 0 .Tenritson's Reward, week .' ... 09 0 0 Bignell'a No Town, 2Ulirs .. 51 12. O Pactolus No. 1, 122hrs .. ,, 43 11 0 Slab Iiut, 9 d-aya 45 0 0 Blaclcwater River, 120hrs '.43 12; 0 Pr.ctohis No. 2, 120lirs .. 40 15 ' 0 Mokoia, 123hrs .. ..' .. 31 13 0 Calhsghnn's Creek, lSiirs ' 25 0 0 Kelson Creek ,, 25 0 0 Mlevuo, 95hrS 22 10 0 Reeves's Proprietary' No. 1, 103lirs .. .. 10 0 o A3, 12-thrs .. ., 12. 10 0 Reeves's Proprietary No. 2, 112lirs 10 15 0 Total ... i 511/ IS 0