MINING.

Otago Daily Times, Issue 13632, 29 June 1906, Page 6

MINING.

Tho secretary (Mr W. E. C. Reid) reports the following returns:—Lady Anni<>, OV.s 17dwt (or 132 hours; Mystery Flat, 230z Kdv.t for 133 hours; Hessev's, eoz 19dwt Ssr for 120 hours' dredging. The master of the Otago No. 1 dredge reports a- steady ruu for last week. Owing to having to do some dead work part of the time, the return was not so good. Tho master cf the No. 2 dredge reports the rivt-r in fair condition for dredging up till Wednesday of last wcok, when it started rising. Owing U> the «moinrt ot drift travelling there may not bo anv wash up this week.

Tho Punt Company's dredgematttr reports as follows for last week: " Diodgiag 124 hours, worked ahead 10ft Giu, width of cut 100 yds' depth west to cast Kit, 40ft, 36ft. Prospects alww slight improrome-ul Ground still ti'aht and rough, with plenty ot stows. Bottom soft.

Referring to tho sinking of the Wakatipu dredse (.uU Prince Arthur) on Sunday last, tho Wakatipu Mail.atatea that one pontoon was partly under water, and it is likely when !ho river goes down to iti normal level that the dredge will be high and drv, but nevertheless in n most awiward position owing to being on top o! some large stones. Mr Kit-to (the dredgemaster) was on tho dredge at tie time of (ho Boeideut but was powerless to do anything as thc.ro was no ono abowt, AH arrangements had practically been made tor another start in a few days. A month's supply of ccr.l was on tho gTound or on the way, nnd it wjs hoped by the shareholders that tr.other trial wou'd have proved the richness cf the ground. A meeting of the Wakatipu Company was hold in tho secretary's oihee yesterday afternoon, when it was decided to take ateps to havo the dredge brought to tho surface. As a matter of fact tho company bs.l already accepted an offer for the raising' of the dredge. Such perseverance i 9 certainly worthy of reward. As a dredgi tho Wakatipu, or Prince Arthur, lias been particularly unfortunate, and this is not the first occasion on which she has gono to the bottom. On tlie previous occasion repeated attempts were nutw to dost her, and it was only after considerable trouble that this was accomplished.

A progress report issued by the manager cf llio Mount Lyell Mining and Railway Company for tho week ended June 13 ehow9 that at the different etopes in the 200, 800. 400 500, COO, and 700 ft levels, and in others fair grade ore was being produced iu varying quantities. Tho emelter ind converter plants were both in operation. During th» current half year ISOS tons of blister copper have been "consigned. The secretary of tho Waikaia Company reports a return of 4Soz lGdwt for HO hours' drodgirw, making a total of 530z 2dwt*for Si days work.

Tho builders of the Koputni gold (Vaikaia) report that during (ho recent spell of fine weather gcod progress had been wade with pontoon construction, the planking being all on and half the caulking finished. Given good weather, launching could take place within a week, but the dam construction rill tako about a fortnight to complete. Meanwhile (ho lumblor and gantry lrauuii-r w being put together, and will be ready for placing in position immediately the dredge is launched.

a meeting of the Shotover Quartz Mining Company was held last evening, Sir H. E Wilson being in the chair. Seven other shareholders were present, holding and representing by proxy 21,8110 shares. Tile following resolutions, passed on May 31, were conlirmed:—"(l) That it is expedient to effect an amalgamation of this company with the Opliir Mining Company (Lid.) (2) That tho bhotover Quartz Mining Company (No Liability) bo wound up voluntarily, and that Septimus Edward Brent, of Dunedin, be and he is hereby appointed liquidator for tho purpoM of such winding up. (3) That Die said liquidator he and he is hereby authorised to consent to the registnition of a new company, to bo named the Shotover Consolidated Mining Company (Ltd.), with a nic-moraiidum and. articles of association which have- been already prepared with the privity and approval of the directors of this company. (4) That the draft agreement expressed (o 1,3 made between tho liquidator of this company of tho first part, this com-pany-of tho Mcond part, the liquidator of tle Opliir MiniEff Company (!,<<).) of tho third part, tJw Ophir Mining Company (Ltd) w tho fourth part, and the Shotover Consolidated Mining Compajiy (Ltd.) of tho fifth pirf t be and the same is hereby approved, widj-tuat the- said liquidator be and he is hereby directed to enter into an agreement, on behalf of this company on tho terms of Lie draft, and to carry tho same into effect,"

DU.YEia.\ STOCK FjXCHAXGE. Inquiry for ssrip on 'Chanire yefbrdav wts extremely limited, with actu.ii dealing' at, a shindsli!!. The river height, above tho normal marie at Alexandra yesterday mornim; was 10ft, -showing a riso of Ift -(in since tho nrevious day. With tho -Mob/neus at such a lore! the marisot cannot he expected to teiin any olher but an inaaiiiate state. Investors for the. time being appear to bo diroclin<r their attention to investment stocks, and although practical:;/ nothing has recentlv transpired wit bin the call room, still t. very" fair amount of business is reported to be passing in this class of stock. The following are yesterday's latest quotations subject to the u311.1l brokemge:-^. Alexandra Load—Sellers 4s. Alpine No. 2—Sailers 7s. BißixdPs No Town—Sellers 6s. Chicago—Buyors 12s. E'ectric—Buyors 24a, sellers 2Ss. Eltrick-Sellors Bj. '■ Golden Run—Sclera 2ai. Hartley and Riloy—Sellers 21s fid. Island Block-Buyers 4s, sellers ss. ' Iradysmith (contrib.)—Sailers 2s p. Mamiherikia—SeJlers 21s Gd. Molyneux Hydraulic—Soi'ere 5a 3d. Molvncux Koliinoor (contrih.)—Buvers 5s Gd Ee'lcrs Us Bd. Myaiory Flat—Buyers 2.15. sellers 2Ss. N«!?on Creok—So!'*js Ib's. New itaburgh Jubileo (pjidHWlers 7s Cd Puololuf.—Buyers Mb. soilers 37s (Id. Riley's Bench—Buvers 3s Od, sellers 03.

Mr.vnw. Roxburgh Amalgamated (paid)— Buyers is Si. sellers 5o Cd. Roxburgh Amalgamated (conirib.)-Buvers 4s 3d. Talisman CouEoUdat-eil—Sellers 255,

INVESTMENT STOCKS. National Bank-Buyers £i 13s Gel, sellers £5 17s.

National Br.nk (new issue)— Buyers £3 3s. I ißank of New Zealand-Buyers £8 ISa, sc'l\mr £3 19s. Sta.nda.rd Insurance—Buyers 193, Westmrt Coal—Buyers. £6 lis. Cromwell and Bannockbum—Sellers 18s. New Zealand Oil and Coal-Buyers la, sellers 2s. D?.U»ely—Buyers £5 13s. Milbu-m Lime (103 paid)— Sellers 125. Moqrie! Woollen—Buyers £2 13s. sellers £Z Now Zealand Drug (£2 paid)—SclJefs £•} 8s! AUCKLAND STOCK EXCHANGE.. (Frob Our Owb ConxF.eporniENT.) ■ ' AUCKLAND. June 28. The following were the sales on the Stock Exchange to-day:—Waiofahi, fa, £0 Is 6d, £0 In, and £) la 6d; Kuranui Caledonian, 2s 8d and 2s 7d; Tairua- Brokon-Hilla, 5s 4d and 2s Id; Talisman. £1 h 9d and £1 ss; Waihi. £8 9s. £8 9s Gd. and £8 9s. The following wcro tho closing quotations: Kuranui Caledonian—sellers 2s Bd. OTyers 2s 7d; New May Queen-sellers 3s 2d, 'buye's 2« lftl: _ Victoria—sellers Is 2d, buyers'is; Waiotahi—sellers £9 is Gd, buyers £9 0s 6d; ionr-in-hand-scllers Is Id, buvers fldl\iiriia Broken Hills—adlera 2s Id. buyrs 2s; Talisman-sellers £1 5 5 . buyers £1 in 9d: Waihi-sollcrs £d 9s Gd, buyers £8 9s; Waihi hiltendcd-sellers 3a sd, sellers 6s 3d.

THE FIRST CHANCE DREDGE. Tba First Chance dredge at Alexandra has undorgoco a thorough overhaul. Now liftin" gear has been placed in the ladder, new liners on tho drop chute. A new spindle has ken placed in the centrifugal pump, two new driving rollers in (lie screen, and 30 buckets have been rolipped with 0:n by lin lips, and oil tbe buckets and links have b=en robnshed Four now heavy buckets and six specially designed grabs havo also been put in tho • buokot string. Other improvements nro a. new spur wheel on (lis headline, tho bmrel of tho winch mam engine, the boiler and winch engine have been overhauled, and all defioiomt parts renewed, and a. new set o! Hadlield pins liavo replaced the old ones, this overhaul coating-nearly 4300. When the dredge starts work she will be in' bettor trim than ovei before, nnd. given iv fairly low river, should give a good account of herself. So fair, however, owing to tho river keeping unprocodently high for tho last few months, all the gorge dredges have been idle, but shareholders-must not despair of good returns yet- before tho season closes, seeing that this d'rcdgo last yea,r in tbo mont-ks of August and September, for seven weekp 1 dredging, obtained gold valued at £1202. Mi Hoy (tho dredgemaslor) is quite confident that whon the river is suitable he will get on the gold. Ha has never yet bottomed on the claim without getting goad gold.

THE GOLDEN BED DREDGING COMPANY.

The annual general meeting of shareholders the- Golden Bed Dredging Company was held in the Chamber of Commerce Room, Stock Exchange Bui'.ding3, Princes street, last evening, when nino sharcholdcra were present, and nine other shareholders holding 1-101 shares were represented by proxy. Mr 'Win. Brown (ehainnau of directors) presided, and in moving tho adoption of the report and balance sheet (which, having been sent to all shareholders, was taken as read), referred lengthily to tbe financial position of the company, which, he said, v.-as vcrv satisfactory, being 50 j!er cent, belter than the previous year's, as shown by the iotas to shareholders— namely, 8s per shore in dividends during the past I*2 months, and a considerable increase to the reserves. .Ie also reforred to the-fact that tho company on a former occasion was vory near .tho end of its finances, »o it was a duty of tho directors wliet (bay wore financially strong to make provision by creating a substantial reserve, to cnablo the company in case of accident or the dredge getting off the gold to weather such an emergency. The Chairman a'.eo fully explained the nature of the doposits lying at interest belonging to tho company.

The adoption cf the renort and balance cheot wa.s carried unanimouslv.

The retiring directors, Messrs Wm. Brown and C. G. V. Leijon (no other gentlemen being proposed), were re-elected; and Mr James Brown, tho auditor, wa9 also re-elected at the some remnn'eratioa as before.