MINING.

Otago Daily Times, Issue 13941, 28 June 1907, Page 6

MINING.

'No advice was received on the Stock Exchange yesterday rclativo to the height of the Molyneux River. On Wednesday morning the rivei was 4ft above the normal mark at Alexandre. •The secretary of the Ladyswith Sluicing Company reports by wire that the manager washed up for a return of 770z as tho ' result of four weeks' sluicing. ■ The master of tho _ "Waikaia dredge reports a return of 9oz lSdwt for 136 hours' dredging in tho east section of tho cut. Tho dredge was shifted to the west section on Wednesday. The master of the Clvdo dredge wired that owing to his drag getting silted up he was unable to leave Island Basin yesterday, tut hoped to get away to-day. The Island Block Company resumed sluicing on the 25th inst., after shifting the elevator. Everything was. working well. The Lady Annie dredgo obtained Boz 12dwt for 119 hours' dredging. The master of the Uessev's dredge reports a return of 9oz 14dwt for SG hours' dredging. The master of the Sandy Point dredgo reports dredging 127 hours last week and laving hud a good run. The ground was still shallow, and contained a fair number of large atones. The seam on the bottom was tight, carrying little fine gold. The face al>ove water level had nothing in it at all, being composed mainly of silt. The dredge was to be swung during the course of this week, and she will s'Uck out into the river for a few days. Stern room was very limited. The dredgemaster will bo able to test the ground better alter he gets the face straightened up again. Very severe frosts were experienced during tho week. \?e understand that the Alpine Consols Company, whose dredge sank recently, is on the look-out for another machine. The Earnscleugh Company is putting two new machines into c 9D ul^sS^on ' old Eh«r JF.l&t to&o is tokesme

Ko. 4, and the company is bringing up the cloctric plant from Fourtecn-milo Beach as motive power for No. 5. 'When these works have been carried out the company will liave four dredges in commission, one of its machines haying dropped out of the running somo fame since.

The directors of the Rise and Shine Company have declared a dividend (tho eleventh) of Is per share, payable on Tuesday. July 2. An Auckland telegram states that tho Komata Reefs return for four weeks is £3G40, from 2300 tons of ore; the Grand Junction, £6523, from 2906 tons. Tho dredging industry in Victoria apnears to be in a very prosperous condition. Henry Tulloch, who went from this district come years ago, writing from Omeo, says:—"The company I am connected with has built, and is at present controlling, five dredges! all of which are doing well. I think we aro the smallest company holding so many dredges, there being only Jour shareholders." —Tuapeka, Times.

A. meeting of the directors of the Golden Rim Dredging Company was held yesterday, when the decision was arrived at that the response made to tho recently issued levy of Is per share did not warrant a continuance of prospecting operations at the claim. Shareholders will accordingly lie called together at an early date to consider the question of liquidation. The response to the levy represented less than one-third of the total number of shares.

•The recent output of bullion from the Talisman mine—£l6,793 from 4(10 tons—shows that the producing character of the mine is sound, and it would not surprise us to find that this will prove to be the basis of the output for some time to come. At the general meeting, held in London recently, the chairman, in his speech, foreshadowed an increase in dividends, and tho yield recorded is tho first to mark the intended increase. We quite understand the management not coming' to light earlier with increased output, inasmuch as they had to determine the strength of their deepest level before creating a basis. The No. 13 level continues to open up quite consistently with what has been laid bare at the No. 12 and higher levels, and there is now convincing evidence that the mine has several years of. prosperity before it—Waihi Daily Telegraph.

DUNEDIN STOCK. EXCHANGE. There was no business transacted on the Stock Exchango yesterday, but at the close of the afternoon call-over two parcels of Manuherikia scrip changed hands at 25s 3d, this disclosing an advance on the price registered at the sitting itself. A parcel of Portland Cements was also sold subsequent to tho sitting at 29s Gd. Dhedgikg Stocks. The following are yesterday's latest quotations, subject to the usual brokerage Alexandra Lead—buyers Is 9d, sellers 3s. Bendigo—Buyers 3s 3d. sellers ss. Central Charlton—Buyers Gs 9d. Chicago—Sellers lis. Electric—Sellers 20s. Hessey's—Buyers 2s 6d, sellers 7a." ' Manuherikia—Buyers 245. Rise and Shine—Sellers 15s Gd. Miitmo Stocks. Talisman Consolidated—Buyers 33s 105 d. Hercules—Buyers 15s Gd. Ikvestment Stocks. National Bank—Buyers £5 lis. Bank of New Zealand—'Buyers £10 Bs. National Insurance—Buyers £1 6s, sellers £1 7s. Standard Insurance—Sellers £1 3s 6d. Perpetual Trustees—Buyers 18s. ■Mosgiel Woollen—Buyers £2 10s, sellers £■2 Ms. New Zealand Portland Cement—Buyers Sl' 8s Gd, sellers £1 9s 9d. New Zealand Paper Mills—Se'.lers £1 4s.

GOLDEN GATE DREDGING COMPANY. The annual meeting of shareholders in the Golden Gate Dredging Company was held last evening. Mr B. Hart (chairman of directors) presided, and there we re several shareholders present.

The Chairman, in moving the adoption of the report (already published) and balance sheet, said he would have liked to have met "hareholders under more favourable circum-

-iiimces. A good deal of time had been lost owinsj to tho state of the river, it being, as all were aware, very high, and that had delayed operations very much. On occasions the dredge had just reached bottom when ihe river rose and prevented her continuing in that particular place, and a move had to be made elsewhere. For that reason there was a difficulty in defining where and to what extent the ground was payable. The dredge, however, was now to bo moved to where good returns were obtained . last winter, and shareholders could therefore anticipate fair yields while the river remained low. They were fortunate in having a competent dredgemaster, who did his best for shareholders.

Tho motion was carried unanimously. Messrs Grigg and Short were re-elected directors and Mx L. E. Ilaines was reapuointod auditor,

Votes of thanks were accorded the chairman and directors, the secretary, and the dredgemaster and crew for services during the past year.

GOLDEN BED DREDGING COMPANY. Tho annual 'general meeting of shareholders in tho Golden Bed Company was held in tho Dunedin Stock Exchange Hall, Princes street, Dunedin, last evening, when 14 members were present, Mr Ger.rge B. Bullock, chairman of directors, presiding. The Chairman, in moving the adoption of the report (already published) and balance sheet, said lie was sorry he had not such a satisfactory state of affairs as last year's to discuss, but, as the report informed them, the dredge was working up the flat, and found the ground getting shallower, so the directors decided to bore the claim, and had secured the Keystone steam boring plant for the work. Tliis machine was now making capital progress, having bottomed four bores, two of which were satisfactory. As the dredgemaster was desirous of a further three of four bores .being sunk, to satisfy him these bores would bo made, and the directors hope they would prove the ground to be more than payable, so that the dredge might make her way thereto without further unnecessary delay. There were very many acres of ground in the claim still to be dredged.

Mr James Samson seconded the motion, which was carried unanimously. The retiring directors. Messrs George B. Bullock and Robert Cockburn, were reelected, and Mr James Brown was again elected auditor. A vote of thanks to the dredgemaster was carricd.