MINING.

Otago Daily Times, Issue 13890, 30 April 1907, Page 6

MINING.

Tba secretary of the Xolson Creek Company reports a return of Boz for 118 hours' work. Tag master of the Bignell's Xo Town dredge wires having washed lip for a return of 20oz Odwt for 143 horns' dredging, lho height of tho Molyncux River yester-day-morning was 9ft llin abovo |)io normal mark at Alexandra. The telegram reooived hy tho Stock Exchange also intimitod that frost had set in.

The secretary of the Olrig Company reports a roturn of 12oz Udwt for work carried on last week.

_ Tho Golden Gale return for last week was inadvertently excluded from the dredging table Ul yesterday's issue. Th.e yie' was 230z ddwt. During the week ended Monday, April 29, returns were reported from 31 dredges in Otago and Southland, tho total yield boi.-i" 75902 tadwt Ggr, or an average of 240z per dredge. T'lio reported returns from eight West Coast dredges f&i the samo period totalled 1960z 16dwt.

Mr r,^" man Hoevas reports tho flotation of the Riley s Revival Gold Dredging Company l com P" n y was formed to purchase tho Riloy's Boaoh dredgo and claim of 3G acres, also the Revival Company's claim af 07 awes. The dredge and ciaims are on the Clutha River, adjoining the Cromwell township. Tho directors are Messrs D. A. Jolly, W. T. Talboys, J. Solomon, Thomas Steel, and J. V/. Cochrane. It is expected tho dredge will make a start within the next fortnight,

DUNEDIN STOCK EXCHANGE. . The turaovCT for tho two call-avers yesterday was a very fair one, amounting to five sales. Anticipations of the unfortunate New Alpine Consols Company undergoing reconstilictiou was probably responsible for the demand that was m-ade for this scrip, small though the price offered was. Two sales wore put through at Is, and inquiries for further lots at the Fame figure failed to meet with response. Rise and Shines furnished a sale at Us M, Saturday morning's buying price. Tasmania n Coppers also provided a sale, the pirce being las Gd. Hercules were distinctly harder in tone,.buyers quoting at lGs Gd, and holders asking as high as 20s. t Sales were made at the following prices:— New Alpine Consols (two parcels), Is; Riso and Shine, ]-ta Cd: Tasmaaian Copper, 15a 6d; Standard Insurance, £1 2s 6d.

_ The following are yesterday's latest quotations, subject \f) the usual brokerage:—

Dkedgi.vo Stocks. Chicago—Sollors 9s Gd.

Enterprise—Sellers 53 3d,

Golden Bed—Sellers 7s Gd. Golden Treasure—Sellers £1 10s, Hartley and Riley—Buyers 12s 6d. Molynoux Hydraulic-Sellers Cs. Muddy Creek-Buyers £3 24 fid, sellers £3 lis Gd.

New Alpine Conso'.s-Buycrs Is. New Foairtocn-milo Bench—Sellers lis p. Not Roxburgh Jubiloe—Buyers 2s M. No .Town Croek—Buyers 9s Gd, sellers Us Of-a^o—Buyers £1 12s ed. Pwlolns—Buyers £1 7s lid. Now Perseverance—Buyers 2s 6d, sellers Is Gu.

Sailor's Bend—Buyers 7s 9d, sellers 8s 3d. ■Royal Waimumu—Buyers 2s 6d. Waikaka Queen (prcf.)—Buyers 10s, sellers 13s.

Mining Stocks. Ta:isinan Consolidated—Buyers £1 103 3d. sellers £1 Us. Hcimes—Buyers 16s Gd, sellers fl, Wailii—Sellers £3 Bs. Big River—Buyers os. Investment Stocks, National Bank-Buyers .{5 Bs. Bank of Now Zealand—Buyers £10 2s 6d. National Insuranw—Buyers £1 Gs Gd. Standard Insurance-Buyers £1 2s 6d West port Coal-Buyers j§7 2e Gd. igNew Zealand Portland Cement—Sellers £1 D.I.C, (prcf.)—Buyers fl 2s 9d.

SCANDINAVIAN WATER RACE COMPANY.

At a meeting of directors of the ScaadiI navmn Water-Raco Company at St. Batbans Oil the 15th iTist. the manager (Mr Nicoleou) reported to the directors that he bad obtained about 'JOOoz of gold for the past six months. Despite tiie intense drought and consequent shortage oi water, ho was enabled to continue ms operations, although sadly lumbered tltrough insufficiency of water. The supply at tiroes went below 10 heads, wheroas in an ordinary season it rarelypfalls below 30. It can bo easily understood, if the usual supply of water hud been available, a much larger return would have been secured, but. taking everything into consideration, the yiold has teen a magnificent one. A good deal of 'development work has bjeu done on the Kildarc_ Hill claim, from which a large i:ortion of the above gold has been obtained. Considerable difficulties were experienced in the reopening of this claim, which had previously remained idle for seven years, and consequently became filled up with water and material which had fnllen in" from the sides. The water was pumped out within five weeks; and the accumulated silt that the water produced by its action 011 the 'banks of the claim has now been practically removed, and regular and constant returns assured in the near future, a3 a large area of tile /woN-known lead is now exposed, showing very rich gold. Mr Nicokon UlO uiarfagcr, also reports that ho has every confidence that the life of the claim will excecd 50 years, The elevator has now attaind a depth of 130 ft, is perfectly safe, with 110 overhanging. banks, as this trouble has all been overcome by the action of the water oii the surrounding banks, which has now established a. gentle slope on'the sides. All the wreckage left in the claim has been removed, nnd. everything is clean and businops-like. Given anything like a reasonable supply of water, the manager estimates that he will secure 100007, during the nest six months out of this claim alone. This company also possess a, splendid •piece of eronnd containing 1G acres." 'adjoining the Kildaro Hill claim, into which the lead has been traced, and found to contain highly payable gold. The' deepening of the St. Bathans channel has afforded a drop of 30ft at the end of the t&ilrace which can be easily utilised without, additional expense to reduce the height of the elevating lift, Tho company has commcnecd washing up the Muddy Creek channel, which is giving handsome returns, and. tho manager estimates that theso returns will continue during tho whole length of the channel—namely, five miles.— as ho has, by placing an (levator in the channel, been enabled to lake in the sides, which could not have been remuneratively dono under tho process hitherto in vogue for the washing up of this mighty tailrace. It wag extremely gratifying to the directors— Messrs W. M'Connochie, John Pitches, and Thomas Hyndinan—who have financed the company through all its difficulties without 0110 penny of security for their responsibilities and the. time they ungrudgingly devoted to the company's interests.

SANDY POINT DREDGING COMPANY. The fourth annual meeting of shareholders in tlio Sandy Point Dredging Company was held yesterday afternoon, about liino shareholders being present. Mr Thomas Steel (chairman ct directors) presided. The annua.! report presented to shareholder; was as follows:—

"The quantity of gold won during tho year is 101707, Sdwt, valued at £13151 13s Bd. The total expenditure for the year amounts to £-1344 19s sd. Four dividends of Is per sharo each were paid.(a return of 20 per cent, on amount of paid-up capital). Tho ordinary reserve fund, with accrued interest, now stands at £(59G los. For s.omo months past tho dredge has been working 011 the highest ground met with in the present cut, which lias to some extent reduced tho returns, and it will take some months before the height of the face , above water level will be reduced much. During tho year your directors surrendered all the company's ground which had been dredged and took up maicfon ground oi the same urea. Therefore tho claint is mnv the same sizo as originally surveyed. The new ground taken up your directors deem a valuable acquisition to the company's properly. Your directors, to ensure a good supply of duplicate parts, ordered a caststeel bottom tumbler aiul a large quantity of pins and bushes from Hadficid's foundry tit- a ccst of close, on £100."

The Chairman, in moving tho adoption of the report and balance sheet, said that the gold returns for the past year'were practically the same as for the previous year. The directors had been able to declare only dividends to the amount of 4s per share. The reasons for that were that several unforseen stoppages were experienced, in addition to Which the directors had deemed it advisable to ser.d Home to Messrs HadtieJd, of Sheffield, for a new bottom tumbler of steel, also a new set oi pins and bushes for the main ladder and elevator at a cost of about £400, all of which had been paid for. Everything lwd arrived and been sent forward to tlio dredge. The returns for some time past had been smaller than usual, but that might be accounted for by reason of tho bank ahead being very high. The inside of the cut was from 40ft to 50ft abovo water level, and it would be some time before the dredge got through this high face, and until then much improvement could not bo expected, as the top stuff contained little or no gold, i urlher. the top stuff required lo bo sluiced into the paddock and lilted by the dredge, which, of course, reduced the returns considerably. During the year the directors took steps to abandon the worked ground, and lugged of! an equivalent area ahead of the old claim, so thut- the company now h-ad 10C acres of maiden ground. From recent events this movo by the directors had proved a wise step, as the ground all round the

dredgo hiul since been pegged off. The directors recently . paid a visit of inspection to tho claim, and found everything in good order.

Tho motion was carried unanimously. Mr C. G. V. Leijon (the retiring direotor) was-re-elected, and Mr John Logan was reappointed auditor. •

A hearty vote of thanks was unanimously aocordcd the sacretary, dredgemasier, anil crew for the able manner in which their respective dutie3 had been carried out during tho year.

NOTES FROM REEFTON. (From Oue Own Correspondent.) REEFTON, April 2). The manager of the ICeep-it-Darlc niino reports that during the past month sloping has been carried on over the A T o. G cross-cut from No. 6 inEido block branch and No. S level. Tho quantity of quartz sent to tho battery was KHBJ tons, and ICBO tons were crushed for a yield of 280oz 12dwt from -the battery -and 9ta 16dwt from 1 cyanide, making a total of 3750z Bdwt. Above No. 5 level tho length of the lode over cross-cut from No. 6 is 1e33 than when we started stoping. No. I. and No. 2 slopes wer the inside block havo been carried on for a distance of 80ft lo date, with an average width of from 10ft to 12ft of stone. The st-cpes over tho branch flevel are going into the footwall on a very''flat angle. We have start-ad to drive ou the stono fro/u uprise_frora the branch level to tho crosscut freni No. 5 lo tho 30ft winze, and tho quality is fair. Tho chamber for No. 2 winzo from Nci 6 to No. 5 level will bo finished next week, when the sinking of the winzo wiil bo proceeded with in the slopes over No. 7 level. A new make of stouo of good quality was met with in the hanging wall, but its extent has not yet been determined. The width, which is still increasing, is now Bft, going towards tlio uprise lei Ao. 6. Each week's development enhances tho valuo of tho lode over No. 7 level.

At a meeting of shareholders in the Caledonian Mining Company on Saturday night it was decided lo suspend operations for tho time being.