MINING.

Otago Daily Times, Issue 13834, 22 February 1907, Page 6

MINING.

Tho master of Hie Lady Annie dredge reports having washed up for a return of 16oz 1 lOdwt. 1 Tile sccrctary of the AVaikaia- Company reports a .return of 31oz ladwt for 120 hours' work. The height of the river yesterday morning vi-xs Tit llin above the normal mark at Alexandra, ltaiu fell over-night. The secretary of tho v Hcssey's Company l reports a return of 12oz Jdwt for 137 horns' work. Tito Mystery Flat dredgemaster wires a ■ rolurn of Ho?, lldwt for 120 hours' work. > Tho W'aikaia," dredge was, up toi Saturday, the 9th inst., working in the deep scour-out ill tho middle section, and alter that was ~ operating in tho west section, which was carried ahead on a line with the east section. Tho wash in tho river was hard and rough, . with the bottom unchanged as compared with i tho previous week. The Saridy Point dredge was again working • on tho river side oi tho cut last .<eek. The ■ gTound continued deep, and very tight, also i very stoney. ProspecU during the week sVowcd a slight improvement-. The water supply from the raco was fairly good, j The manager of the Mount Itex Tin Mining [ Company reports as follows under date Utli inst.:—" Xo. 1 level: The drive has been , extended 9ft; total 20ft. At 13ft we struck . some, stone. It is still in the face, but much , r mixed with the country rock. The' stone ! tin, but it is not payable. Allit- ■ vial: No. 1 face: We have stripped the paddock through to the old ground, and will ■ now commence to put through the wash. No. | . 2 face: Tliis has gob a little rougher, but J otherwise about the samo as last reported." j DUXEDIN STOCK EXCHANGE. Yesterday's two call-overs of the Stock Ex- - change wore non-producti"e of business. Xoc thing further was done than tho establishing j of quotation!. In mining scrip Electrics, [ although the quotations recorded do not j show it, have a tendency to harden. For this t anticipations of a good return from the No. '2 dredge are probably responsible. There - was inquiry for Mastertous at 545. and holders d responded at GOs. Request for Muddy Creeks :e *1 oss failed to disclose any sellers. The 111!f vestment stock market is at present rather sound, though that is not altogether reflected '• in the Stock Exchange quotations. New Zeao land Paper Mills, cum a dividend of 7 per cent., have received a very fair amount of 0 attention, and largo parcels have recently j changed liands at 235. Vestport Coals have ' also attracted buyers oi late, sales taking

place off 'Change at £7 2b and thereabouts. Th« following flre yesterday's latest quotations, subject 1o (ho usual brokerage: — Dredgikg Stocks. Electric—Buyers 21a, sellers 235. Enterprise—Sellers 6s. Golden Run-Sellers 4s 3d. Hartley and Bilcy—Buyers 10s. Manuherikia—Sellers 20s (id. Molvneire Hydraulic—Buyers' os Gd, sellers 6s 3d." Maslerlon—Buyers 545, tellers 60s. ■Mystery Flat—Buyers 32s 6d, sellers 355. Muddy Creek—Buyers 555. New Alpine Consols—Buyers 7s, sellers 10s. Otago—Buyers 30s, sellers 355. Paotolus—Buyers 27a. sellers dOs. Rising Sun—Sellers 15s. Rise, and Shine—Sellers 15s. Sailor's Bond—Buyers 9s, sellers 10s Gd. Roxburgh Amalgamated (contrib.)—Buyers 5s 6d. Talisman Consolidated—Burcrs 31s, sellers 325. Investment Stocks. Bank oi New Zealand—Buyers B 7s. New Zealand Oil and Coal—Buyers 2s Gd. Perpetual Trustees—Buyers 18s Gil. Now Zealand Drug (40s paid)— Buyers 40s. D.I.C. (pref.)—Buyers 225, sellers 22s Gd. New Zealand Paper Mills—Buyers 22s 9d. AUCKLAND STOCK EXCHANGE, fFaou Our Own Correspondent.) AUCKLAND, February 21. Stock Exchange sales: Waiki, £3 3s; Waiotahi, 325, 32s 3d; Talisman,' 31s Gd, 31s 3d; Waihi Extended, 7s; Tairua Broken Hills, 3s 9d, 3s lid; New May Queen, 3s 2d: Closing quotations: Kuranui Caledonian—Sellers Is 2d, buyers Is Id; New May Queen, 3s 2d and 3s Id; Waiolahi, 32s Gd and 31s 9d; Tairua Broken Hills, 4s and 3s lid; Talisman; 32s 3d and 31s Gd; Waihi, B lis and £1 2s Gd; Waihi Extended, 0s lid and Gs 9d; Waihi Grand Junction—sellers X2 7s.

ISLAND BLOCK DREDGTNG AND SLUICING COMPANY.

The seventh annual meeting of shareholders in tho Island Block Gold Dredging and Sluicing Company was held in Wood's Private Hotel last evening, when there were some 13 shareholders present. Mr 11. F. Nees (chairman of directors) presided. Tho Chairman, iu moving the adoption of Iho report (already published) and balance sheet, said that the hopes expressed at tho beginning of the season as to belter results being obtained, unfortunately, had not been realised. They had got off the run of gold, and had some difficulty in picking it up again. Since December they had also been hampered through want of water. Tlio Golden Run Company, which was working part of the company's ground under lease, had also not como up to expectations in tho matter of gold won. They had received a small royalty of £109 from the Golden Run Company on tho gold won by it out of the ground leased. Tho question of going in for a more expeditious plan of working their claim had been hung up in order to ascertain what the Golden Run Company's operations would prove the ground to be like. The operations of that company would not justify them in going in far such a scheme. Tho work of the year had showri a. loss of JE255. During the year offers had been made to the company in regard to the working of the claim on a better system. That mattor was dealt with by the board, but had not reached finality. Tho directors, had paid cli!!c attention to the affairs of the company during the year, but circumstances had been against them.

llr It. T. Stewart seconded the motion. In doing so he said he lied noticed that an actual loss of £127 2s 6d had been made on the working of the claim' during the year just ended. During 4-1 working weeks the actual gold won totalled G3502 lldwt, giving an average of Uoz per week. He claimed to have a special knowledge ot hydraulicking and of the Island Jilock property, and maintained that if operations had been conducted throughout the wholo of the year in a thoroughly practical maimer that'they would not have sustained the loss they hud. He was at the claim in August, and while there saw that the work was being carried on in a very slow manner indeed. The material treated was actually being lifted by the elevator three times before being deposited on the surface. From one paddock 7Soz of gild'bad been taken out. In that paddock there was to he seen a face of wash extending to the western limit, the- lead of gold crossing the workings in an oblique direction. Notwithstanding 'that, the elevator was shifted elsewhero and another paddock taken out. The western section was not followed.' The workings were, iusfcad, extended in a north-easterly djrection, thus getting further away from the gold all the time. All that was necessary to have done was to havo sunk a new paddock on the western boundary of the previous paddock and rich gold would have been found. Further, the elevator was not consiructed as it should l have been. He had pointed out that it was possible to double the capacity of the elevator, aud although an llin pipe had been forwarded, to the claim it had not been used, tho old 9in ono having besn retained. Thev wanted on the board of directors someone with a. practical experience of hydraulicking. The directors had dono well, but they did not have the practical knowledge which would enable them to see that things were being carried out as they should be. He would suggest to the directors'that boring rods be put down. At a certain point a rich lead could be obtained'. To take the elevator back to where the dredge started work and begin there would be an error of judgment, for the reason that no facilities for the stacking of tailings were there. The point where operations should be commenced was some distance from.the western boundary of the paddock last worked by the elevator. He maintained that the gold in the Island Block claim followed a tolerably straight lead, but nothing had been done to trace it. The putting in of a drive where it had been done had been a stupid operation. The place to put in a drive was at right angles to the line along which work had been carried. An alteration also required to be effected to the gold-saving plant. Ho considered the property was one of the best mining propositions' in Oiago at <Ju present time, and that if only worked properly it would be found to be one of the best gold-producers.

The Chairman said ilicy had been deluged with advice as tci where Hits leadl of gold really was. Their experience was that there was no defined lead. The driving referred! ta by Mr Stewart was an experiment that cost but a pound or 30s. 'When il was found that there would be the expense of closo timbering it was abandoned. They only got in some 2ft or 3ft. The mine manager was not present at the meeting, and it was thereforo not possible to reply fully to Mr Stewart. The manager, ho could say, held contrary opinions to some of those expressed by Mr Stewart.

In reply to a question, Mr Stewart said that the leads of gold that hod be?n followed in tbo Block had been continuous. The gold that was found in 1003 would be found in Uk< western side of where the workings now are. Mr Sligo said the chances were that tho ground that had been worked during the past year if followed either to the western or eastern side would not have given the results obtained in the previous year. The leads of gold might rim in a straight .direction, and still be poor in place?. Their object in putting in the drive which they started on was to ascertain whether the gold ccctimied in that direction ontl learn whether Ih?y were justicd in proceeding further in that direction—towards the hill or river side.

Mr William Wood was re-elected a director, and. Mr P. 11. Power was apoointol to fill a vacancy on the board. Mr Stewart was also nominated for the vacancy, but declined, staling that, if appointed a. director, he could not give tho at'enlion ho would feel justified in giving as a director for tho remuneration offered.

Mr T. S. firnham was reappointed auditor. A. vote of thanks was accorded the secretary (Mr James Brown) for the arduous work undertaken by him, and for the excellent manner in which it had been carried, out: