MINING.

Otago Daily Times, Issue 13656, 27 July 1906, Page 6

MINING.

The secretary (Mr W. K. C. Reid) reports the following rrtums:— Mystery Flat, 50oz 9dwt logr for 135 hours; Lady Annie, ,1"ob 7dwl for 120 hours; Hessey's, 12oz Sdwt Bgr ior 137 hours' work. The master of the Waikaia Company's . dredge wires having washed up for a return of 270z 3dwt lor I*2o hours' work. A progress report issued by the manager of ihe Mount Lyell Mining anil Railway Company for the week ended July 11 states that the slopes at the various levels were produc- ;■ itig fair grade ore, as usual. The smelting end converter plant were both in operation. -.'' (During the current half-year 2ts(i tons of Wister copper have been consigned. The Olrig dredgeiuaster reports having cleaued up the Ixwes for 7oj 12dwt. The ■ dredge, as previously notified, is now closed down in order to carry into effect the scheme for working the dredge by water-power. The directors of the company have appointed Mr : P. \V. Payiie, consulting engineer, to carry ■ out the contract, and a start will be made '' on the same early nest week. The new ■ inefliwl will menu t saving of about 1850 .',' per year, which is co-jrl is-a dividend.oi 2s.

The Pelonis Guardian is informed that the .owners of the Wiikamarina dredge- have decided to dismantle her, as (here is no prospect of getting sufficient gold to warrant keeping her in commission. An Auckland telegram states that, during the four weeks ended July 14 the Komata Reefs Gold Mining Company treated IGBO tons of ore (short tonnage) for bullion valued at £2531. Tho Soutli'land Times gives tho following additional particulars of the discovery at Preservation Inlet:—Mr "W. Todd Teports tile receipt of very gratifying news front Preservation Inlet, per ketch Ann*, which brought samples of quartz from Cuttle Cove. It appears that the main reef has been struck, and an assay of the stone, made by Mr John Kingsland, gave an average of So?, to the ton. As this reef is » continuation of the Horning Slai line at Te Onerca, the shareholders in both properties consider that their faith wi'.l at hrt he rewarded. Mr Todd goes so far as to say that before 12 months are over hundreds of miners will be employed at the Inlet. Tho battery is on the ground, and operations arc being pushed forward with vigour. The stone was taken from a reef underlying the leaders cut by the old company, and had made into a well-defined re?f carrying good gold. DUNEDIN STOCK EXCHANGE. A solitary transaction was all that yesterday's two call-overs provided, inquiry for scrip was a shade more general, but there still appears to he practically no genuine disposition on the part of buyers and sellers to come lo close quarters. The stock to provide the one sale was Sailor's Rend, and the price 10s, the market at the close leaving buyers at 9s Cd and sellers at 10s Gd. Electrics were passed over unnoticed.. In Golden Beds there were buyers at 12s and sellers at 14s. The quotations established in Golden Runs at Wednesday's closing market—namely, buyers 14s 9d, sellers lGs—were in yesterday's issue inadvertently attributed to Golden Beds, the closing quotation for which stock on the same day was—Sellers 14s 3d. Golden lhin quotations yesterday were—buyers Hs 9d, sellers 164, showing no alteration as compared with the previous day. An inquiry for Pactolus scrip at 37s failed to draw any response. Sandy Points were procurable at 22s Gd, and had buying notice at 21s. Investment stocks received only moderately good attention. A sale was made yesterday in Sailor's Bend shares at 10s. The following are yesterday's latest quotations, subject to the usual brokerage: — Alexandra Eureka—Sellers 8s Gd. Alexandra Lead—Buyers Is, sellers 2s, Alpine No. 2—Sellers 4s. Bigneli's No Town—Buyers 3s, sellers 4s. Diiiistan Lead—Buyers 2s, sellers 3s nd. Enterprise—Buyers .is Gd, sellers Gs 3d. Ettrick—Buyers 2s Gd, sellers 4s 3d. First Chance—Scllerß Gs. Golden Bed-Buyers 12s, sellers 14s. Golden Bun—Buyers 14s 9d, sellers IBs. Island Block—Sellers ss. Lady Roxburgh (contrib.)—Buyers 13s, sellers 10« (lis. Molynenx Hydraulic—Buyers 2s Gd. Muddy Creek-Sellers 30s. .Mystery Flat—Buyers 255, sellers 30s. Nelson Creek—Sellers lGs Gd. New Alpine Consols—Buyers 7s Bd, sellers Sb 3d. ' New Fourteen-mile Beach—Sellers 19s p. New. Trafalgar—Sellers 20s. New Roxburgh Jubilee (paid)— Buyers 3s Gd. sellers 7ft. No Town Creek-Buyers lis Gd, sellers 14s Gd. Pactolus—Buyers S7s. Perseverance—Buyers Es. Biaing Sun—Sellers 183. Riley's Beach-Buyers Is 3d, sellers 3s 6d. liisc and Shine—Sellers 21s. Sailor's Bond—Buyers 9s Gd, sellers 10s Gd, Sandy Point—Buyers 21a, sellers 22s Gd. Mining. Nokomai Hydraulic—Sellers £14. New Four-in-hand—Buyers lOd, sellers Is 2d. Big River— Sellers 4s Gd. Talisman Consolidated-Sellers £1 4s Gd. INVESTMENT STOCKS. National Bank-Buyers £5 Bs. Bank of N.Z.—Sellers £8 16s. National Insurance—Sellers XI 4s. Standard Insurance—Buyers 19s Gd. Vestport Coal—Buyers £6 14s Gd. NZ. Oil and Coal—Buyers Is 9d. ; Mosgicl Woollen-Buyers £3 Is Gd, sellers £!.4s fid. D.I.C. (pref.)—Buyers Is 3d, sellers 2s Gd.— S.oek Exehango Proprietary— Buyers i' 2. AUCKLAND STOCK EXCHANGE. (Frou Oor Own Correspondmt ) ' . , „ . AUCKLAND, July 20. liio following were the sales made on tho hxcliange to-d.iy:--Kuranui Caledonian, 2s Gd; New Miiy Queen. 2s lid. 3s; WaioUbi • £G 19s, fC 1«, Gel. £6 18,,. £G 18-, Gd, Talisman' frVV' 1 ' f 1 3s: W,lilli Uncled, U 3,1, 4s lOd. 4s lid, 4s lOd. Tho closing quotations were as follows: — Kmanui Caledonian-sellers 2s Gd, buyers 23 W; \Ulolalll~soller9 i' 7, buyers £6 18s"Gd; jNew May Queen-seders 3s. buyers 2s lid • wm J- 90 " 0 ™ M "s Cd, buyers £3 lGs Gd'; Wiulu Extended-sellers 4s lid. buyers 43'9tl-ln.isman-sellers £1 -Is 3d, buyers £1 3s !)d : •Jainia.Broken Hills-sellers 2s 9d, buyers 2s ALPINE No. 2 DREDGING COMPANY (LTD.). r, '{''V lllllßl meeting of the Alpine No. 2 Lold Dredging Company (Ltd.) was held in tlteoliice of tho company, Vogel street, yesterday. Mr Henry Stokes (chairman of dircc tors) presided, and theto were seven other shareholder* present. •On moving the adoption of the annual report and balance sheet (already published] the Chairman mentioned that since ia-t annual meeting the. company had acquired another claim on the Clutlia Ejivcr, and the sum of £442 had been spent in removing tho dredge, and £1101) in putting her in workimeider to suit the claim. This had exhausted all the funds of the company, and landed them in addition several hundred pounds in debt. Opening up the claim had knocked about tho dredge a good deal, and this had also caused them to incur considerable expense. The opening had been satisfactorily accomplished, however, and there was now a good working face; but in view of the company s indebtedness at the time, it was considered unwise to continue operations, and shareholders were called together to consider their position. The conclusion come to at that meeting was that 250 debentures of £5 eachshould be issued in order to wipe off the liabilities and leave some money in hand. Hie gold returns had been fairly'good, but breakdowns oil the dredge had prevented her from working full weeks, and. this had really got the better of the company as far as cash was concerned. Unless the liabilities were paid in the manner indicated, he was afraid there would be nothing for it but to close the dredge down for good, liquidate, and make a fresh start. Since the dredge had ceased working the company had obtained several assays from the black sand won by the dredge. The first, from a small quantity out of tho gold-box, went as high as 28oz Mdwt 22gr to the ton. The directors decided to »et another test from Mr D. 15. Waters, and sent for 7lb of the sand, which was taken practically from iho shoot after it had passed the tables. The result of the assay worked out at loz 18dwt 2gr to the ton, which was Very satisfactory indeed, judging by tho amount the dredge could clear every weeksome GO or 70 tons, he was informed. Some " blowings" forwarded form the dredge to Mr Waters worked out at a very high figure. When the d.edge had been working full time she had won 220z per week, and this would more than meet expenses, despite the fact that it was very expensive dredging in this locality. Alongside, the claim the Revival dredge, mu.-li smaller than the Alpine No. 2. had obtained as high returns as 70oz per wcok, and he considered that if they could' advance another 40yds they would be in equally good ground. That was also the opinion of local people. Some further expenditure would be necessary on the dredge in order to make her reliable.—Mr Walker seconded the motion. After some desultory discussion, the motion was carried. Messrs Aitken and Foreman were re-elected directors, and Messrs Barr, Lean-, and Co. auditors. The Chairman referred to the necessity for shareholders taking up debentures in order to carry on the work. A Shareholder: People are not taking much interest in the dredging industry now. The Chairman: That is so. 'but in this company shareholders have a good chance to get their money hack. Mr Aitken said he thought that in the event of shareholders not taking up debentures they should he offered outside to the public and the creditors of the company The Chairman said the dredgemasler and crew wore willing to take the dredge on tribute at nice, and that was a goocl sijn. She could he worked all the year round. There had been some £450 worth of debentures taken up already, and £830 or £900 worth were required at least. ' After further discussion as to the prospects •? the company, it was resolved to write to all shareholders notifying the existing state of affairs, and beseeching them to save the company by subscribing towards the debentures at once, as the claim was likely to prove a very valuable one owing to the larse quantity of black sand in it, which ho doubt would prove highly payable.