MINING.

Otago Daily Times, Issue 13846, 8 March 1907, Page 6

MINING.

The secretary of tho Mystery Flat Com- ' pany reports a return of 490z 2dwt for 132 hours' work. The Lady Annie dredgemasler wires having washed up' (or a rofurii of 16oz IMwt for 129 hours' work. Tho secretary of tho Mnstertou Company reports a return of 2Goz 12dwt for 131 hours' dredging. Tho height of the rivet yesterday morning was • 9ft 2in above the- normal" mark at Alexandra. 1 The secretary of the Muddy Creek Company wires sv return of 3Coz Udwt for 132 hours' '. work. The return from' the Hessey's dredge for I tho past weok is 10oz Udwt llgr for 133 horns' work. ; Tho Biguoll's No Town dredgo resumed . 'Ciporalions, after undergoing repairs, at- ; 8 o'clock yesterday morning. Tho secretary of the AVaikaia Company 1 reports a Tcturn of 230z 18dwt for 133 hours' '■ dredging, i The Clullia River dredge, which is now nndorgouig ..repairs, should, be in commission 1 again within a, fortnight, Tho Sandy Point dredge was undergoing • repairs all last week. Tbc- expected to have everything completed by tho ] end of this week. . Owing to boiler inspection, the wash-up on i the Alexandra. Lead dredgo this week will . not take place till Saturday. The return will i therefore come to hand on Monday. [ An Auckland telegram states that for tho . five weeks elided on February 28 the Grand , ilmiclion Gold Minin» Company tiwted 2407 j, tens of ore fear bullion worth £4451. Tie mill has been running on low-grade ore, pending .. tlie erection of the concentrators, which are now ready. . i • Tho overhaul to the Punt Company's dredge I is now nearing completion, and, as forc- ! shadowed by the chairman of directors at tho 3 anmial meeting, recently held, the £1000 . borrowed on debentures will cover nil cx--1 poises in. connection therewith. Messrs - ftl'Gregor and Co. have the work of repairing 1 in hand. As soon as the overhaul is com- ■ ploted the dredge will be dropped down the s river to whoro she obtained her best gold - some IS months ago. and where she will take y up her second cut. It. is hoped that dredging e "will Ira conaucnccd within , a fortnight's time. e A new dredgemaslsr in Mr V. Kitlc late of tho Jfcvival Company's dredge, has been appointed, while Mr Baker, formerly of the Sardy Point dredge, has been appointed to tb,a position of engineer. . a 'The' Electric No. 1 dredge ket week worked - for IS2 hours, and dredged ahead 24ft. The £•' cut ior part of the time was very narrow, but - '-at tho ckso of the week the dredge was cutting right across iu front of tlie sunken 'dredge on a face 93ft wide. Tho depth of the ground and quality of the bottom were ■- about the same as in the previous week. Pros- . peets were good throughout the week. Some a trouble was experienced at tho beginning of , this week in dredging round a very large rock. Since writing bis report the dredgomuster has

wired that the river having undergone a sudden rise, the drift was causing trouble, and the return would accordingly be affected.. Tho No. 2 dredge last week worked 131) hours and dredged ahead 37ft, on a cut 130 ft wide, with tho greatest depth of ground 31ft. The sample oi gold was the same as previously. Tho dredgo appeared to have struck worked ground on tho north side, honce the falling .off in, last week's return. The top tumbler had. shifted on the shaft, and it was expected ttiut the best pail of the present week would ■bo occupied in effecting repairs. Dredging will probably be resumed at about tho close -of this. week. ' Tho master of the Rise and Shine No. 1 dredgo reports as follows for last week: — " Worked ahead Bft and twice across the cut, which was'4ooft wido and from 4otl to 48ft deep. The ground was rougher, with moro largo stones, than ::•■ the previous week, and prospbete were better throughout the cut; butthero was a good deal of sticky bottom. , ' The Jfo. 2 dredge worked ahead Bft. The cut was «X>ft wide and from 3Sft to 42ft deep, being all clay bolioni, with a fair prospect right across. , , Tho Mystery Flat dretlge had a steady uin of''l33 hours lust woek, towards the latter end c/ which the' western and middle sections o! tho cut turned very "driity," and tho coal ..'bottom, which had becji absent for somo time, reappeared in a good many places. ,• The Otago Xo. 1 dredge had a good run ,'last' week; .the ground continuing fair. The No. 2 dredge was working well, but was unable to do anything effective owing to tho drift being so troublesome. As a further rise took place in-the river this week, tho dredge has been dropped back to Connor's beach. DUXEDIX STOCK EXCIIAXGE. . All that transpired iu the way of business on 'Change yesterday was the changing liiuuta of a parcel of ffiley's Beach shares at ad. Values were for the most part unchanged, and quotations recorded in many cases corresponded with those ruling at the final sitting of .the previous day. Auckland slocks 'received' very -fair attention. Talisman ■Consoldalcds. hardened perceptbly. buyers' and sellers' prices showing an advance of Is ;id on the previous day's latest rates. A parcel of Kilcy's Beach shares changed hands yoster;ljiy at 3d. Tile [611owin| are yesterday's latest quotations, subject to the usual brokerage: — Dp.kdging Stocks. Bignell',l No Town-Sellers 3s 9d. lilnckwalcr (contrib.)—Sellers Hs. Dunstan Lead—Buyers Is Gd, sellers 2s. lilcctvic—Sellers 22s Gd. Ettrick-ScUers ss. Hartley and Riloy-Buycrs lls Gd. Lady Roxburgh—Sellers i)s. Matiiilierikia— Sellers 20s. Muddy Creek-Buyers GO?. Xcw Alpine Consols—Sellers 10s. New Foiirtcen-iuile Beach-Buyers IU Gd, sellers 14s .p. Otago—Buyers SOs. Pactolus-Scllers 117.=. Now Perseverance—Sellers Gj. Itiley's Beach—Buyers lid. sellers 3d. Sailor's JJeud-Sell'ers 10s Gd. Jlrmo Stocks. Talisman Consolidated—Buyers 3 J .s 3d, sellers 3iis Gd. Wafni-Buyers £3 sellers £9 4s 6d. WaiUi Kxiended-Buyers Gs ikl, sellers 7s Sd. Crowns—Buyers S3 4d. sellers Ss Gd. Big Hiver-Buyers 4s 3d. Investment Stocks. Bank of New Zealand—Buyers & 17s Gd. AVcstport Coal-Buyers Jt'G l'Js, sellers II 23 Gd. Now 'Zealand Coal and Oil—Buyers 3s, sellers 33 ad. New, Zealand and River Plate—Sellers 30s. MilburuLime (203 paid)— Buyers £1 Ga Gd.. Jlilburn Lime (10s paidl—Biiycrs 13s 3d. Neiv Zealand Drug (40s paid)— Buyers £i !).< Ctl. Otago Daily Times-Buyers i'l9, sellers 120. New Zealaud Paper Hills—Buyers i'l .'is Cd. MiNIHGO DRMDGINTr COMPAXY. Tho aiijourned aiuiual meeting of shareholders in tho Bendigo Dredging Company was held yesterday afternoon. Captain Sundstrtim (ch'dirnaui of directors) presided, and there- were seven other shareholders present. Tlie Chairman, in moving the adoption of the report (already published) and balance •sheet, said that when shareholders were called toother in September last, and tho financial oi the .compaijy placed Wore llieiu,

i __—, — ?, ~,,, „.,, the director*) ]md recommended liquidation. however, considered tho claim should Ire given another trial, and (hose ures™' tho meeting had expressed their wiU'jignoss to subscribe to a levy of 23 Gel J/jr share, A circular in connection with that levy -whs sent "out, and was responded to to tho extent of•£!•». That response was considered insufficient. Tlie directors ]ind refrained from doing anything, "thinking that us (ho season advanced shareholders would contribute to the levy and allow the dredge to girt* the ground a trial. The directors had not Qrawn any remuneration. At the present tilKe the company had a credit balance of i&t, of which £09 Us was in tho shape of outstanding accounts. I>ast year's operations had resulted in a loss, roughly speaking, of •WOO. They had practically never turned a backet. They had spent a great deal ol money in preliminary expenses. The general feeling was that the claim was a good one, and that the gold was there. Should the river remain at tho 4ft Gin love! for two or three months good returns should be obtained. It would bu in Uio interests o! all shareholders if they subscribed to the levy. So far £320 had been subscribed, but they would require a further £150. The motion for tho adoption of the report was carried. It was decided that the directors be empowered to issue a circular urguig shareholders to contribute io the levy of 2s M per share, so as io raise a minimum amount oi £351). Mr W. J. love was re-elected a director, and Mr W. F. Payne was appointed a director in place of Mr K. S. liamsay (resigned). Mr E. E, .Smith was rcappointed auditor. WAIKAKA UNITED COMPANY. The eighth annual meeting of the sia.reholders «( tho Waikaka. United Cold Dredging Company was hold in the registered office of the company yesterday afternoon, and was attended by six shareholders, representing over h;ilf the capital of the company. Mr John JlaeGregor (ohairman of, directors) presided, iind intimated that since tile balance .sheet was issued on January ,'il a dividend of 2s had , been declared in February, while that day a further dividend of Is M per sham was declared, making 37s 6d por share returned fa shareholders since the formation of the company. He moved the adoption of the report and balance sheet. This was seconded by Mr Robert Lee and carried unanimously. ' Tho retiring directors—Messrs John Jlm-G-regor and Robert Paicrsou—were re-ckclod and Mr George Blytli was reappoiiitcd' auditor.