MINING.

Otago Daily Times, Issue 13518, 15 February 1906, Page 9

MINING.

The directors of the Roxburgh Amalgamated Mining and Sluicing Company have declared a dividend (tho thhty-third) of Gd por share, payable on Friday, 23rd inst. Oscillating tables aro Spoken of as likely to lcplace revolving and stationary screens on dredges It is urged ill favour of the oscillating scrten that in tho matter of repairs and replacements it will not cost a third per annum oi.what is required lor revolving screens. A model of ono of these screens has recently been tested on the Rising Su'h dredge, and is said to have worked fully up to expectations. An advantage claimed for the oscillating screen oyer the revolving screen is that it takes considerably less driving power to work it. Reporting on the 10th February, the master of the Electric No. 1 dredge states that he started dredging on Monday at midday, and that the dredge ran well and made good time, getting bottom on Thursday.night. The bottom is a white, hard pipeclay, wliioll at this part of the claim lias at Bome time been consolidfTf.il nnd overlaid m places with slips from the high banks on either tide. The gold obtained is a mixed sample. The master of the No. 2 dredge, reporting on the 13th inst., states that dredging was resumed at 5 p.m. on Thursday night last, everything running well. Bottom was touched on tile 12th, and it will probably take nil :he week to open out tho paddock. No wash-up is expected this week Tho weekly report from the Junction Eleclrio No. 1 dredgo states that the iron (ablc9 lately purchased are now on tho dredgo aud in position, hut they have yet to be riveted up. It is hoped that everything will be finished on Saturday, and that dredging will be resumed on Monday, 19th inst. Tho roport from No. 3 dredge states that dredging was resumed on Wednesday evening, 7ih inst., and from the start until Saturday night was occupied in dredging away part of an island of tailings in the middle of the river. This work was necessary in order to make coaling easior and safer. On Monday tho dredgo started to open n ut u. cut on the dry ground, where she lias been shifted to. Thero will be a. wash-up on Friday. Tho master of tho Waiinumu dredge, under date 10th inst., reports that lie cleaned down on Saturday owing to shortage of water. The ground is improving, and fair returns aro anticipated when a good supply of water is obtainable. _ Tho report irom the Rino and Shine No, 1 dredge is as follows:—Worked ahead 12ft. Finished squaring up the cut, which runs' from about 53ft in dent.li on tho west side to 25ft on tho east, with a little soft bottom coining in on the shallow ground. Thero i 3 nn improvement in the wash. On Friday evening the dredge was pulled back into tho old paddock, where good ground was left. No. 2 report states: 'Worked 24tt ahead on a out about 100 ft wide, gradually opening up to the cast. Tile depth is 3Sft to 40ft, ill pipeclay bottom, very rough, with largo stones and lisht wash on tho bottom, and a fair prospect. The dredsremnstor of the Otago No. 1 dredge reports a short week's run end nn wash-up. Tho wash is becoming rougher; snd looks more promising. Xo. 2 dredge started dredging on Friday through silt, which it will tako a fortr.ialit to work out. Tho Mount Rex mine report for February 3 states that No. 1 faco is lookine about the same as when last reported, and this also applied to No. 3 faco. The races are to bo cleaned down next week. Nothing of any valuo has been found iu the Hcrculcs block, although good surface stone can be got. In Maroi'ey's block the lode Ins been sunk Sft, and llio tin stone at the bottom is tho best yet seen in the lode. Water is plentiful for alluvial purposes. The renort of the Mount Lyell mine for the week ending January 31 states that fair grade oro is being obtained in the main stopes of 300 ft. 400 ft, 500 ft. GOOft. and 700 ft levels.' Fair erade oro is also being obtained from the stones of tho 500 ft level of Lvcll Tharsis ojp hodv '.and small Quantities of ore have been despatched from the Lvell Tbarsis extension imen cut and the North T/yel| ooen cut. From iiie reduction works for 'the, half year 3004 tons of blisfer copper were consigned," The Taoanui Courier states that the Happy Volley dredge, now being re-erected near Kelso under (he direction of Mr Linklater, manager, will shortly be ready for use. The diedge will work the original course of the river in Elliot's bend. Prospects ore said to be good. DUNEDIN STOCK EXCHANGE. A quieter tone pervaded (he market on the Stock Exchange yesterday, tho only sale recorded being that of a parcel of New Alpine Consols at 12s. The inquiry for stocks was good, aud prices underwent little change, but there was a perceptible tendency on the part of sellers of some lines to come to close lelations with buyers. Tho absence of any official telegram as to the condition of the Molyncux River probably had some effect in lessening the number of quotations for stock in that locality, and the foot that it is too early in the week to anticipate returns from other quarters no doubt had its, effect also in .restricting operations. In regard to Molyncux mining slocks it is too early in the season to oxpect pormanence in tho way of a- low river, and the uncertain weather now being.experienced may result at any time in a sudden rise or tho setting adrift of largo quantities of silt. The river indications, on the whole, however, give some promise of exceptionally low water as tho season advances, and somo of those engaged in the industry are optimistic enough to prophesy that the river during the winter wilt be lower than it lias been for years. Tho wish in the prophecy referred to may be father to the thought, and time will teil. Investment stocks were in active demand at yesterday's call-over, but inquiry foil off in the afternoon. Sale made yesterday:— JCew Alpine Consols, 12s. The following are yesterday's latest quotatioiiß, subject to the usual brokersge:— Alexandra.Bonanjta—Buyers 7s, sellers Si. Alpine No. 2—SelloTs 10s. Blackwatcr 'paid)— Buyers 235. Dnnsian Lead—Buyers 4s, sellers ss. - Electric—Buyers 30s. sellers.3ls, New First Chance—Buyers Gs. Golden Bed—Buyers 20s, sellers 21s. Golden Run—Buyers 29s Gd, sellers 31s. Island Block—Buyers 5s 3d. sellers Gs. Lady Roxburgh (contrib.) —Buyers 9s, sellers Gp 3d dis. Ladysmith—Buyers Gd, sellers 2s p. Majestic—Buyers 4s, sellers ss. Manuherikia—Sellers 28s. Molyneux Kohinoor (contrib.)—Buyers 4s Gd, sellers 5s Gd. (ltago—Buyers 33s Gd, sellers 355. Perseverance—Buyers 14s, sellers 20s. Riley's Beach—Buyers fis Gd, sellers Gs 6d. Rising Sun—Buyers lGs^ Jailor's Bend—Buyers 14s Gd, sellers 15s 3d. New Trafalgar—Sellers 20s. Mining. Roxburgh Amalgamated—Buyers 4s 3d, sellers 4s 9d. Big River—Buyer9 3s, sellers 63. INVESTMENT STOCKS. National Bank—Buyers £6 ss, sellers £6 10s. New Zealand Portland Cement—Sellers £1 8s Gd. Donaghy's Rope—Buyers £7 12s Gd. AUCKLAND STOCK EXCHANGE. (From Our Own Cobeespondent.) AUCKLAND, February 11. • The following business was done on tho Stock Exchange to-day:— Kurauui Caledonian, 2s lOd, 2s 9d; Waiotahi, £0; Wailii, £7 5s 6d; Talisman Consolidated, £1 10s 6d, £1 lis, £1 10s; Waihi Extended, Gs 6d. ' The following are the closing quotations:— Kuraiuii Caledonian—sellers 3s Id, buyers 2s !0d; New May Queen—sellers 3a Gd, buyers 5" 2d; Victoria—sellers Is 3d, buyers Is Gd; Waiotahi—sellers £G Is, buyers £519s ; Bunkers liill-A-scllors Is, buyers BJd; Four-in-Hrad— sellers Is 4d. buyers Is; Taiiua Broken Hillssellers 3s, buyers 2s 3d; Talisman Consolidated— sellers £110s 3d, buyers £110s; Waihi—, Sbllora £7 Gs, buyers £7 ss; Waihi Extendedsellers Bs 7d, buyers Gs 4d; 'Waihi Grand JunctioH—sellers ±3 lis, buyers £3 Gs. , THE ENTERPRISE. GOLD DREDGING COMPANY. The annual general meeting of shareholders in the Enterprise Gold Dredging Company, held at th« company's offices, Vogel' street, yesterday, was attended by a dozen shareholders. Mr W. T. Talboys, in the aluepce of the chairman of directors through illness, presided. • The Acting-chairmau, in moving ths adop. tion of the report and balance sheet, said that although the. balance sheet was act up to the usual 'standard of the company for many years past it was still very fair, and they had been able to pay 7s 6d per share in dividends during ihe year. Dnring the time the company had been working total sum of £26,537 had been distributed to shareholders in divide'ide—not a bad record.—and thev would now perhaps have to depend iipon put glories, The last report fcoi# tj»»

-dtedeemsster stated that » cut was being taken across put of their old ground, and it was tmticipsied that good returns would bo obtained in threo or four weeks', time from ground where, the No. 1 tfredge started dredging. They,had, in addition to tlus prospect, ft big thing before them in the Golden Point ground. .There was good gold there, he had no douW, but it was heavy ground to work. The ground now being worked had been worked before, but for the past thrco years they had been working ground that had been previously gone over. From the report it would be observed that the No. 1 dredge had been closed down, and in this connection he had to state that when the dredge was on the market for sale the Black's Flat Company had made an offer to take over the dredgo and give in payment 700 fully paid-up shares in that company. Tho capital of this company, which had all been subscribed, was £2250, and the directors thought it advisable to accept this offer. In reply to a question from Mr Brown, tho Chairman stated that the reserve of £1000 was a cash reserve in the P.O. Savings. Bank for repairs and other contingencies. The adoption of the report and balance sheet, as read, was then agreed, to. Messrs J. Mitchell and W. T. Talboys were re-elected as directors, and Mr G. Blyth was reappointed auditor at the samo remuneration as previously. After discussion, it was resolved, on the motion of Mr Brown, seconded by Mr Wilson, that the fees of the five directors, in consideration of only ono dredge working, be reduced from 80 guineas to GO guineas. It was also resolved that the matter of the manager's salary be loft in tho hands of the directors. The Chairman asked for some direction from tho meeting sas to how shareholders wished the 700 shares in Black's Flat Company dealt with—whether they should be placed in the hands of trustees or divided pro rati over the shareholders of tho Enterprise Company. In connection with a pro lata division, he suggested that some difficulty might arise over fractional parts of shares. Mr Timson suggested that an objection to ths shares being held for the company by a trustee might arise if a shareholder wished to sell out. Such a shareholder would dorivo no benefit fron- his proportion of the shares. The Chairman: The shares of tho Enterprise Company would be morn valuable owing to the asset represented by tho 700 shares. It was resolved, on the motion of Mt Win. Brown, seconded by Mr Wilson—"That the shareholders approve oMlie action of the directors in soiling the No. 1 dredge to tho Black's Flat Gold Di-edginsj Company for 700 fully paid-up shares in that company, and they approve of tho nomination of Mr Tolboys as a director of that company and trustee for the 700 shares to be allotted to the Enterprise Company." During a discussion which followed a general opinion was expressed that, if thought necessary, tho Black's Flat shares could be shared and the prcceeds added to the reserve fund.