MINING.

Otago Daily Times, Issue 13995, 30 August 1907, Page 6

MINING.

'' The height of the River Jlolyneux yestor- • day morning w«3 3ft 2in above normal ! mark nt Alexandra. The woathor oontinuca . myd. The Kura dredge washed up for 320z lOdwt as tlio result of 121 hours' dredging. , A return of 90oz 7dwt for 138 hours is ; reported from the iifosterton dredge ■, A leturn o! 4So?. fidwt for 137 home is it roported from the Mystery Flat dredge Tho Vatkaia Company obtained 16oz 17dwt ■ for 126 hours' work The' directors of tho Mystery FJa-t Dredg--3 ing Company lrave declared , a. dividend (tho twonty-Eccond) of 4s per share, payable on Wednesday, September 2. Thj secretary ot the Roxburgh Ama,!gani»tetl * liming and Shiicing Company reports a 1 partial wash-up of lOfoz for tho raorAh ol r August. The Sandy Point dredge worked 130 hours, I nnd had good running during Oμ week. The . doplh of the ground was 28ft, and tho '' average height of the face above water level , 20ft. The face still keeps very fine, consist- ' iiig mostly of silt. Tho bottom was very i mioven and light in psrts of tho cut. Pros', pects continuo nbout Uio same. Tho master of tho Electric Xo. 2 dredge reports under date Kth inst.:-"\Ve worked 122 hours' during tho past week, the machine driving ahead lift in iv cut about 130 ft wide nnd about 3Stt deep. Tho sample of gold has beon gotting finer for some weeks past. Friday's return was cgain finer than tJmt of the previous week, the fmo gold forming tho latter haJf of the week's return. The ground was very rough during the week, and especially so on the Bamiookburn side. The ground was really richer than in the previous week, but a- smaller nmoiint of bottom was cleared up owiug to its roughness, and so tho return fell short of the last one. An inspection of one of tho tumblers on Saturday nioriiing showed that «. sleeve had given out. '• Anothor tumbler is aboard, and this is being fitted with new brushes so as 1o be placed in position. Dredging will probably ' bo resumed on Wednesday." Tho Puni drodgemasto reports a good deal i. of lost time during tho past week, lie dredge having to bo stopped in order to effect necea- ''. sary repairs. Prospects are improving a littlo as the dredg* cuts ahead into the freehold. Small wash stonw aro coming in. f The machine is on'a good sandstone bottom, oairyiug fine gold. The directors of the Goldou Treasure pany have placed £50 to the reserve fund. , DDNEDIN STOCIC EXCHANGE. j At yesterday morning's sitting on 'Change a parcel of Talismans was sold at 49s Cd, and sellers advanced their prico to 49s Od, buyers refusing to give more flutp 49s Gd for the ' t stock. In'tho afternoon sellers further advanced their price to 50s, but no buyers were . forthcoming. A parcel of New Koxburgh J Jubilees also changed hands at 12s. Snles.—Now Roxburgh Jubilee, 123; Talisc man Consolidated, 49s Cd, " The following are yesterday's latest quotau tions, subject to the usual brokMJge:—

DnzDGiNa Stocks,. ■''" '' Chicago—Sellers lln. Clyde—Sellers 4s. ;i Electrics-Sellers lfls. 6d. Enterprise— Buyers.ls 9d. Golden Treasure—SeUere 355... -- Hartley and Ri!ey—Buyora 15s, sellers 20a. Manubcrikia—Buyers 17e. Nelson Creek—Buyors 4s 3d,: sellers 10s. New Fourteen-mile' Beach—Sellers 4a dis. Now Roxburgh Jubilees-Buyers 12s. ' . Rising Sun—Buyers 19s, sellers 303. SailoT's Bend—Sellers 6s M. Waikaka. Queen—Buyers 4s, sellore 63. Minmg : Stocks. Talisman Consolidated—Sellers Ms. Investment Stocks. National Bank-Buyers &. 7s. National Insurance—Buyers £1 Cs C 3. D.I.C. (prcf.)-Sellcrs £1 3s Gd. National Mortgage—Buyers £3 2s. ■ Milburn Lime (20s paid)— Buyers £1 Tβ. New Zealand Portland Cement—Buyers £1 173 3d, sellers £1 18s 3d. WELLINGTON STOCK EXCHANGE. (From Our Own Cobrespondent.) WELLINGTON, August 28. Oil 'Change to-day Talisman's showed considerable activity, several sales being effected at 49s Gd, with further buyers' at 49«, iuid sellers holtlino- for a shilling more. AVaibis sold at S& 193, with other inquiries at JEB 18a Cd, holders quoting £j it {lie close.

TALISMAN CONSOLIDATED COMPANY.-

THE DISPUTE SETTLED.

(Per United Pbess' Association , .)

AUCKLAND, August 29. The agitation among, the colonial shareholders in the Talisman Consolidated Company in connection -with, their demands for ■representation on the London board, otc, reached finality to-dny. On Teceipt of the offer Jrom the directors, telegraphed yesterday, communications passed between the Auckland and Wellington shoreuolders' committees. The former was in favour of accepting the offor, which it declared to bo a practical concession of all the demands made. The Wellington' committee,' however, sought further concessions, the principal one being (ho light to have two representatives' on Hie board instead of one. This point was threshed out on tether telcgraphic'comuiunioations, and ultimately an agrcomont was reached by the Wellington committee giving way. A wiro was received to-day from ite chairman (M_r S. WcsUin) announcing that his oommittoe had deckled to agree to tho acceptance of the board' 3 offer. On receiving the Wellington measaeo: tbo local committee telegraphed to Mr H. Stansfiold, the manager of tho mine, to the effect that the colonial shareholders accepted the offer'of the boaid and requostcd him to cable Home accordingly.

MYSTERY -FLAT DREDGING COiMTPANY.

The annual general meeting of shareholders in the' Mystery Flat' Dredging Company was hold in the Stock Exchange Hall last evening. , Mr A. Co'wic (chairman of directors) presided, and there were about 20' shareholders present.

Tho Chairman, in moving the adoption of the report and- balance said, he could congratulate shareholders'on the success of tho past year's operations. Up 16 the end of June, the end of the financial year, shareholder's had been paid. 16s per shaie in dividonds, or 80 per cent, on .the original value of shares. That night they had just declared a dividend of 4s por share, making a. return to date of 100 per cent, since Inst annual mooting. Ho (tho chairman) and Mr Rutherford had visited the dreJgo and clsim last week. He would read to.the meeting a report visit. •" . ' '.

The report slated that when the dredge was visited everything was found to be running well, and everything was dean-and in its right place. Tho engmos and boiler had teen nowly painted, this having been done' while tho dredge was closed down for repairs u short time ago: Tho dam, with its straight, even face, waa quite a large sheet of water, being 15 chains vride, and .widening ■ out,._ being at the widest park 18 chains in width. The. bottom was of different formations, there being, blue, olsy and gravel oa the hillside, which was producing fairly coarse gold, and on tho flat mostly • red oky imd sandy bottom, with a few chinamen showing here and thoro, with plenty of uraoria, and giving a much finer gold.. Dur■jng the year 12 bores were nut (town on the borders of the Mystery: Hat ana Mesterton ckums, Practically no gold was obtained until bores Nos. 9, 10, 11, and,' 12 wero reached, when ;roia began to .show freely, the last two being very rich, ihiring . the yeat 24 new buckets bad bceii purchased, nine of which have bson put in position. Thirteen were on the claim and three had yet to be :do!iyerod. There wns oii baud about 90 tons of coftl," which wm!d ; . ihike. 'the'company - quite indei>endent of the -epririg floods in the .river shortly to be expected. (Thev present crown wheel waa. cracked, bnt might last (or aome time. There was, however, a new one on board. The company, was fortunate in having the drodgemaster it had. As.soon as any machinery showed signs of,-wear a now pvrt'.was obtained,'and by this-means the dredgo could bo kept at worlc, \vhich mecnt steady ' returns. As ,to returns and time Svprked, tho 'Mystery Plat dredge was, it would ba admitted, one of (lie^ most'consistent, on the goldfielda. The omy item of considerable expense to be met during Iho year would be a Hew ladder. A design of iv lighter, and stronger, ladder Imd been submitted to the directors. It would a,lso require to- be larger, ,aa tlie ground ran deeper towarde tne top ■•'of the cairn. There, was no doubt but that as the dredge continued working ahead returns would increase. Tho future of the company appeared to be a very bright one, and one that -would produce many. dividends. The motion -waa seconded and , the report adopted.

| Mr Frost said it had been eliatoct 'that when they purch*»cd i'no now boiler the coal consumption would bo reduced They appeared to be using inoro coal now than before.

The Chairman said they did not him more cool now than previously. Further, drams. the past year they liad put in much nioro. time than'in ihe previous year. Tihe number of hours worked in the past year was 58iO, ttr.d in tho previous 12 months 4750. Mr Frost-asked how it me ftat the oast of retire was so much larger than in tlio •previous year. , ~, The Chairman said they bad purchased 24 buckels »t a cost of JC274.' In reply to another questbn he stated that the company paw 8s poi Ui for its coal, while 'the carting of it to tlm claim cost 4s Gd per ton. : Mr Lows said they wore paying Is moro per 'ton lor their coil than the other componios iri ■. the district. . : , ._ 'Mi .ltuihwford said the differeaca was in tho cartage of the coal. Eyeryone toj charged the. same price for the cral-iramely, Ss per ton. They Had celled tenders tor ino carting of t'ho coal, and the price now paid ter thocarting was 'tho tender accepted. Mr Love asked why Wre change was mwte in the secretaryship during the year. Tho Ch'jirmfin ■ -explained, that they . Had been threatened with litigation by tho Masterton Company, and as they would , require .to collect considerable evidence in.ieirard to the claim made on tlurra, which for alleged cnoxoachnic-nt,' aad as .both- the Mystery l*l»t and Masterlon Companies, wero in the .one office, tho directors, naturally regarded _tho position.as an impossible one, and decided on tho chiHtgc. He wse •'satisfied' lfouit mutt had been dono was in-tho best'interests of. (ho company. ' ' Jfr M'lndce maintained .that the ilueoiore had hot dealt fairly with.their late seorotary. 110 had been a- good scrraol to ilio cornpiaiy. Mr Lovo askod> why «v dividend was not declared .la?t month. Tho Chairman said that they were just a. littlo short of the 2s, which 'they woro in the habit of declaring, and' they .accordingly doeided to .wait until the following month: Mr Love said that sort of thing—holding oil to-pay i4s dividend—was soniowhal in tho nature of playing to tho gallery. Tho directors could easily have declared a 'Is dividend instead of allowing the month to pass by without paying anything. Mt Frost moved that the number of directors of tho company be increased to five. 'Mr Love seconded the motion.' Tho motion mot with some disfavour, it being maintained that a working board of three was preferable to pro of five. Further, tins increase waa objected to by one shareholder on the ground that it might .possibly mean an introduction to the board of too much o[ the " Masterton" element, whicli was undesirable in the present state of affairs. The motion was put to tie mooting, and on ft show of hands lost by 10 votos to 7. Jlt Lovo donvMided a "ballot, nhich was granted. The result was: For three directors, 3014 shares; for five clirectccs, 1563 shares. Tho motion was accordingly declared lost. The retiring director, Mr A. Cowic, wae Teoiceted, the directors' remuneration hoiip fixed as formerly. Mr James Brown was appointed auditor. This concluded the business