MINING.

Otago Daily Times, Issue 13996, 31 August 1907, Page 12

MINING.

An Alexandra telegram received at tho 1, Stock Exehango yesterday gave tho height of 0 tho Molyneux • River as 3lt 9in, this reprc--8 scnting a sudden rise ot Bin sinco Thursday. The weather was warm. J _ The manager of tho Island Block Sluici, ing Company reports tiiat he is starting a k new paddock. The water supply shows a a great improvement. !. The Muddy Creok Conipauy appears to be on a particularly sound footing, the i- directors having declared their twenty-eighth ). dividend (6s per share), and this making tho 1 total amount paid in dividends to date £1 Gs per share. r The Molyneux . Kohinoor dredge obtained a 6oz 7dwt this week. The dr«lgeraas!or wires: i, —"Bottomed Thursday morning; ground y deep; prospects fair. if In wiring his return, tho master of the llaiiuherikia dredge advises that the river i- has risen Ift. I. All (lie Cromwell dredges at work are doing I. well, and the two latest additions to the s Cluitha fleet arc showirg improvements.' it Tho directors of the .\"o Town Creek Company have declared a dividend (tho. thirtysecond) of Is per share, payable on .the Oth ii l'rox. The master of the Charlton Creek dredge H writes:—"Pivot shaft broke; replaced; going 0 Tho Masterton Company has declared -a dividend (tho nineteenth)" of 69 per 9hare, ' payable 011 September 3, , Increasing interest is being taken in alluvial mining at Quarts: Rtef Point and Bendigo, and. for the benefit of the district, it is to e hoped the ventures will bo successful. One e party is making preparations to work a large 3 tc-rraco at Quartz Heef Point, a very big n undertaking, and in gold-bearing countiy lite " that there are great probabilities. At Bendigo " it is not very certain what will be done, but there is every prospeot ot an attempt being made on a large scale to open up new reefs. '• According to tile Alexandra Herald tho " go:ge dredges are experiencing a mere favourable rim this season than lias been the caso for five years. Have you tried WOLFE'S SCHNAPPS for kidnty ailfflsats, . .

Increased attention is being devoted lo tile dredging industry in different parts of the world. Within recent years dredges hare boon introduced into Siberia, California, South America, British Colombia, Burmah, and 'West Africa. According to the annual Hints Roport, there ttoto 15 dredgta les3 in Now Zealand on December 31, 1906, than there were on December 31, 1905, and there has lic-oii a further decrease during -the current year, but for all that there is a large and substantial fleet still at work, and many of the machines are obtaining large quantitios o! gold, but, being under private ownership, the individual returns are seldom published.

DREDGING RETURNS. Oz. dvrt. gr. Maiuiherikia, 119'uis 131 0.0 Masterton, Waikaia, 138hrs ..00 7 0 Hartley and Riley, Cromwell, 133hrs 80 0 0 Mystery Flat, Wailtaia, 1371ir5.. 49 C 0 Huia, Waikaia, lSllirs 32 10 0 Eoputai, ■ Waikaia, 126hrs .. 29 10 0 Charlton Creek, near Gore, ( Ms 21 0 0 Perseverance No. 1, Alexandra, 20 11 0 Wailjpio, Waikaia, 125hrs .. ~ 16 17 0 Central Charlton, near Gore, m.hr ß 15 u, 0 Molyntux Kohmocr, Roxburgh 6 7 6 Miatau, Clyde ■ .. 7 0 0 Molyneux Kohinoor 6 7 0 THE WEST Coast/^ Blackvrater Eiver, 118hrs .. ... 15 0 0

DUNEDIN STOCK EXCHANGE. There were no. sales on 'Change yesterday rlic following are . the latest quotations! SUbjcct to tho usual brokerage:—

Dredgikg Stocks. Alexandra Lead—Sellers. ; 2s,Gd. Bignell's No Town—Buyers 2s Gd, sellers 4s 3d. „ Clyde—Sellers 4s. Electric—Sellers 19s. Enterprise—Sellers 5s Gd. . Hartley and Eiley-Buyers 15s, sellers 20s. Island Block—Sellers 2s 3d. Mdnuherikia—Sellers 20s 6d. Nelson Creek—Buyers 4s Gd. New Roxburgh Jubilee—Sellers 18s, Pactclus—Seller 295. Rise and Shine—Sellers 21s, Rising: Sim-t-Sellers 20s. Sailor's Bend—Sellers 7s. Miking Stocks. _ Talisman Consolidated-Buyers 495, sellers 50a. • • •' Investment Stocks. National Bank—Buyers 107s 6d, sellers 110s, D.I.C. ,(pref.)—Sellers 23s 3d. WELLINGTON STOCK EXCHANGE. (Fbom Our Own Cobbebpondent.) , WELLINGrTON", August 30. Talismans htul a lAiak demand, sales buin? recorded at 49s 6d, 49s 9d>,- and 60s. Waihis sold at £S 19s.

HESBEys. GOLD DRED&ING COMPAKY

The annual general meeting of shareholders /? Hessey's Gold 'Dredging Company (Ltd.) was-held, at the company's offices yesterday afternoon. Mr _\Y/ D. Houston (chairman), in moving the adoption of the report and balance sheet, siu«. that they bed bsen ablo to keep the dredge going without getting into debt. Payab.c gold having been obtained lower down, it had been deemed ndvisnblo to tako the dredge io the bottom end of the claim. This had novj been workctj out mid abandoned, the ground having only just paid expenses. Saviegs hod been effected by doing away with tutoß boxmon and f-ortain. reductions of salaries. The umvorked portion of the claim now measured Gi acres. The dredgo was to 03 taken back to a. spot which, when left previously, had yielded COoz a week. It was pointed out _ that ooxmcn would have to be token on again when the dredge returned to the upper end of the claim, as the ground was rough, and abounded in big flat stones, which would have to bo boxed. The dredge was reported to be in good order. The report and balance sluet wero adopted. Tliej retiring director (Mr Win Hessey) and ine retiring auditor (Sir Jas, Brown) woro rc-electcd.

THE NEW ALPINE MINE. (From Our Own Correspondent.)

_ GREYMOUTH, August 30. J'he following is a sum man* of the procress report of tho superintendent of tho r»ew Alpine mine:—The No. 7 level has been extended for a distance of 123 ft. At 114 ft wafer began to mafco its appearance in tiho face more freely, and a reef is now beginning to show in the level. It carries fine gold, but tho portion so far in sight is insufficient to form an estimsfc of its sizo and value. Tco inclined winze folic,-ring the l'ioh leadnr has been extended north .to a point Gaft from fho vortical winze, o.nd is now being extended south to connect with the. level. Rich ptono was met with south of the vertical winze. The winze at the gonth end of No. 2 level has been sunk to a death of Silt with no change in tho nature ofHbe reef. A orosicmt ha? been put into the lii&nging wall for a distance of 17ft, passing through the big reef, which i 3 7ft in width at this depth and low grade. A crosscut is now being put into the footwall to cut the roef met with higher up. The ripe from the uiidd-Q of the level has bsen extended to a point 5-1 ft above tho level to meet the blcck Roing under foot. In No. 11 level a solid body of stone is making its appea.ra.nco in the; face. A chamber is being cut out for the air winze before continuing the middle winze, which is 30ft in depth, to a deeper levol.

TALISMAN CONSOLIDATED COMPANY. (From Our Own Correspondent.) , mi mi- AUCKLAND, August 30. lahsmaii trouble is now satisfactorily en.cd by tho acceptance of the offor of iho directors. It is understood that oareful work is to be pTocosded with on a comprohensive scale. In this connoction ;}° s f l3 Waihi correspondent wires to-dav thiat tho daTOlcpment proceeding at No. 3*2 and 33 levels in the mine continues to psuotrato occc of high grado character. The drift, eouth upon tho. now make of ore at No. 11 level is now forward from tiho orosseut J lotal lonffth of 100 ft. The full bwast of tho dnft is in ore, and both vails are Jndden. The oro here is of an. cxcsllent giflde in VAlue, and, judging by the of tho vein mutter exposed to tow, it is the geceral opinion that the chut© will prove to bo a. continuous run right into the Dubbo ssction. A-t No. 12 level the breast of the drift mut boon put forward a tota.l of 300tt in high grade ore. Both walls are hidden, thus showing that there is a voin of oonsidcrablo fitrengtli boiug penetrated in this direction Ihis race is exactly lOOit in advance of the south of the face of the drift at No. 13 level and aa there i 3 very rich oro there, and at Ao. 13 matters look very promising for tho company. If tuo height of tho lede no^v Jcing so sftlisfaotorily proved in levels M. \ . ' 13, going south of what was or.'gmally known as the Bonan&a chute, is inaintadiu>d, the available staping height will be approximately 800 ft. I{ will be seen that as the?© levels,advance tho reserves will increase at a rapid rate; in fact, during the past; nx months tho ore reserves have nearly doubled. It is quite possible that t»ho run ot oro will continue on until tho Dubbo diuto >s inched, and font is 700 ft further sout-h of the face of the drift in No. 13 level. Thcro is. no doubt that there is a great future before tho company, and it is only amattcT oi . time when the outputting capacity of tho mine wilj be nearly doubled.