MINING.

Otago Daily Times, Issue 13876, 13 April 1907, Page 12

MINING.

The height of tio Molyneui: River at Alexandra yesterday .was 10ft sin, and the weather overcast. Tho secretary of tho Malau Gold; Dredging Company reports a roturn of 6oz 6dwi for four days' work. Tho dredge is not working at present. Tho return from tho Kura dredge this week woa 1907, 14dwt for 133 hours' work. The secretary of the Muddy Oroek Company reports a return of J9oz lOchrt for 135 hours' dredging. The secretary of tho Central Charlton Company reports a return of <12oz fichvt for 135 hours' drodging. T'bo directors of the Masterton Gold Dredging Company have declared a dividend (tho eighteenth) of Is per shore, payable on Wednesday, 17th inst. ' The Pnnt dredge, whioh has just undergone an extensive overhaul, resumed work at 2 o'clock yesterday afternoon. The machinery is working woll. Th« half ycjrly statement of tho Ettriek Gold Dredging Company states that tho run of goW in tho claim has been narrowing; owing io the reof rising on the side of tho cut near tlio rcnd\ Better returns are looked for when the dredge gets nearer to that portion of thc_ claim which gavo satisfactory results when* bored. DUNEDIN STOCK EXCHANGE. A salo of Island Block stock was recorded on 'Chango yesterday at 2s H<l, with buyers remaining at the same price, but. tho lowest seller domanded 3s 6d. In regard to other stocks, thcro was little difference in the quotations. but there was an incie.Tse in tho number of stockg that recoived attention. The following are yesterday's-latest quotations, subject to the usual brokerage: — Dredging Stocks. Alexandra Lead—Sellers 2s 9d. BignoH's No .Town—Buyers 23 3d, sellers 3s. Dunftan Lsad—Buyejs 2s Id, esllcrs 2a 3d. Enterprise—So!lers 3s 9d: Golden Run (po.id)—Buyers Is, sellers 2a lid. Island Block—Buyers 2s lsd, sailers 2s Cd. Muddy Creek-Buyers £3, sollera £3 ss. New Alpine "Consols—Buyei3 Is. New Fourteen-mile Beach (paid)— Sellers 13a Gd. ' Aew Roxburgh Jubilee (paid)— Buyers No Town Creek—Buyers 8s Gd, sailers 0s 3d. Otogo—Buyers £1 12s Gd. Rising Sun—Sellers 17s. AVaikaka Queen—Buyers 8s Gd, sellers 10g. Mrxixo Stocks. Vaihi—Buyers £3 0?, sellers £3 12s Cd. Talisman Consolidated—Buyers £1 12s sellers £1 33a. Big River—Buyers Is 6d, fellers 5s Gd. Koniati Reefs—Buyers Is Od. Tasmanian Coppor—Buyers Ids, sellers lGs. Investment Stocks. A nlioiinl Bank—Buyers' £5 8&, sellers £3 10s. National Insurance-Buyers II 6s. • Now Zealand Insurance—Buyers £! 7s Gd. Standard Insurance—Buyers £1 is 3d Wostport Ccai—Buyers £7 2s, sellers £7 3s, i\e;v Zealand Coal and Oil—Solbra 3s 3d. Milbiitn Lime (28s paid)— Sellers fl 73. New Zealand Dmg (-tCs paid)— Sellers £2 10s 6d. D.I.C. (prof,)— Buyers £1 2s 3d. D.I.C. (ordinary)— Buyers 4s Gd. AUCKLAND STOCK EXCHANGE. (From Oun Owjt Cohbespoxdent.) AUCKLAND, Anril 12. Stock Esohnnge Bales: \Ynibi, £0 bs and £9 9s; TaJiewau, £1 12s Cd and £1 ]2r> 9*l • Waiota'hi, M Gs; TYailii Estcnded, Gs 7d; Tainift Broken Hilla, 3s 6d. Closing quotations: ICuranui Caledonian—sellers Is 40, buyers Is 3d; New Jfay Qiwen— Bd, buyers /dj Waiotahi—sellers £1 Gs Gd, buyers il Gs; Crown—sellers Bs, buvers 7s 10d' lairua Broken Hills-sellers 3s 7d, buyers 3s Jd; Hmhj-sellcrs £9 Ba. buyers £9 7s Gd; Waihi Extended-sellers Gs Bd, buyers 6s Gd; talisman—sellers £1 13s. buvers £1 12s 6d; Aarhi Grand Junction—buyers £2 Is. MASTERTON GOLD DREDGING COMPANY. The annual meeting of the shareholders of the Miislertou Gold Dredging Company was Jl -r, 3l '" 111 "'e office of the socretary 1 t S '■ r ' JO chairman of direotors (Mr J, R Jones) ocoupied tho chair, and sight shareholders, wore present. .Cho following is a copy of the annual 1 report: —. ' The directors have much pleasure in' Submitting the annual report and the statement ?oiv? CCO nn n k 0r . voar ended January 31, 1907. Jjie amount of gold won during the year was 295i'oz ISthrt Igr, yielding £11,633 Is !)d, and tho dividends declared amounted to £8500, or 31s per sharo, making, with the 263 per shara declared prior to January 31 last year and tho 5s per eharo declared sine® Hib daue of tho accompanying balance sheet, a total of £3 5s per share, or £10,250. The first retuni from tho dredgo was qu September 15, 1904, and the total value of tho gold won to date is close upon £25,001); the returns, since operations commenced have averagod slightly over sta per week, reckoning 50 weeks per year. The amount of unexpended capital, £400, still remains on fixed deposit with the Aatioup.. Bank qi Ne\v Zealand lutd.), and provision lias been mado for income tax to January 31, 1907, £214 2s, leaving a credit ualanco at profit and loss account of £3 lis lid. 11l accordance with the nrticles of association, Mr William Itescv xetire3 from othce, also Mr James Brown, tho auditor, and both being eligible, offer themselves for roe.cct'.on. The Chairman, in moving tho adoption of the report and batace sheet, said ho considered that the report spoke for itself. Everything was most satisfactory with tho company, and tho. fact that £3 53 per sharo had been paid up in dividends since tho dredgo commenced work, two and a-lialf years ago, ought to 1)0 very pleasing to shareholders. Someone might ask what future lay before tho company. Ho considered that tile property was an exceptionally good one, and there was no reason to expect that tho returns in tho future would not be so good as those of the pnst. The speaker mentioned that Inter on in the evening the directors of the company would meet and declare a dividend of -Is per share, which would bring the amount in dividends per sharo up t-o £3 0s since the inception of the company, representing a total distribution of £17,250. Tho company would shortly bo put to a slight expense in having the ladder of the dredgo lengthened. Mr James Brown seconded tho 'Snotion, which was carried. On the motion of Mr. Armstrong, a special vote of thanks was passed to tho dredgemaster, Sir Lawson, of whom complimentary remarks were made by several shareholders. Mr Lawson, in returning thanks, said he considered that the dredge had excellent prospects. , ' Sir Win. Ilcssey was rc-electcd a director, and Jlr James Brown re-appointed auditor. It was decided thai the remuneration of directors should remain as before. THE WEST COAST. (Fiiom Oun Own Comiewoxdent.) GREV.MOUTH, April 12. The secretary of the AVilberforce Syndicate, Reefton, has boon informed by the Mines Department that a report ■ having been obtained on the application of the syndicate for a subsidy ot pound for pound on'the cost (estimated at £5009) of driving a low level tunnel at Wilson's Reward reef, at Browning's Pass, and it having been ascertained that the cost of a tunnel would exceed £20,009, tho Minister of Mines is unable to entertain tho syndicate's application. A Wellington syndicate is about to carry out prospecting operations at the Cedar Creek reef, near Ross, and purpose spending a considerable amount of money in testing the resources of the field. Tile warden (Mr Kcnrick) has refused to grant ally further prospecting licenses for Mount Radiant, near Kxramoa, on the ground that most of the areas now taken ttp arc being

held lor. speculative purpose? Ho holders were, he said, doing no wojfej They had paid the fa for 12 mouths, and there did not appear io l» any provision in the act' to see that the holders did prospecting'work on the areas. ,Irt future he would 'refuse applications ou proved fields, such as Mount Hadiaut, to tako up special claims. They would tlicn havo to comply with tho conditions of th'o act in the matter of employing the require*'! iiitnibor of men to the area held. Consideration of several applications before the court was deferral for a month to, enable the applicants to take up special claims. Mr Clajcoigiie (general manager of tho. State Col'.eriea depots) and Mt Gordon (consulting engineer) nrrivod in Weslpari on Monday, and m the afternoon they paid a visit to the State briouofcto plant. Thev were well picked according to (lie Westport Times, with what they saw there, and made arrangements for tho ground for storage of tho briquettes to bs filled in, ami elso for tho supply of tho nocoasary trollies. The machinery --worked splendidly, and turned out some 20 tons of briquettes. 'Die machine for making tho small briquettes for household purposes is r.ot yot complete. Samples of the briquettes mada have, however, bwn sent to t3» Union Company for trial on their bcat-s, and others are to bo tried on the Railway Department's locomotives. , i Mossrs 11. Williams, and Thomas Hutchinson havo returned from a visit to UwsWilberforce, where they havo Imi inspecting tie work done by the prospectors. TJley ■ report' that prospecting lias l»eu carried cut on l&o southern portion of the claim,' with the result,. that the rcof has bonn traced there, oarryiag good gold. As it lias now been t.raoed for l»twcon two and three milo3 tlic avndrica'to proposes -trying to find ,t!ic reef from tho creek lied, to, sco if it liyes down. There is some doubt 'as. to the next course of actioei tehveen securing a battery or driving s> tunnel for 20i>:t or 300 ft, and larob&bly tho latter course -will be adopted. The. viz*t<rrs esorcas fhemseives well pleasd with prcspecba in view, tho reef having now been traced through Pfn-hlcfffc and party's ncd Bnuche and Fiddss's claims,