MINING.

Otago Daily Times, Issue 14212, 13 May 1908, Page 6

MINING.

The weather was cold at Alexandra yesterday morning, ami the river hud fallen to Bft 9in above 'the normal mark. Wo arc advised that the Koputai dredge resumed work at 2 o'clock on Monday morning, Tho Alexandra Lead dredgemaster reports: "I liave done a good deal of repairing during the past week, principally to the main bottom tumbler and screen rollor. The screen is now running much hotter. During the time the dredge was stopped I was engaged sluicing silt off the top of tho bank. 'Die dredge is working veil, and the face is a little easier to get to fall. I find that the eilt is getting- loss as I work bade from the river.''' The Electric. No. 1 dredgemaster reports as follows: " I bavo to report for tho pastweek that tjie drodgo worked 136 hours for Bft ahead, the depth of tho ground being 33ft and the width of the cut 80ft. The bottom t consists of blue and brown pipe clay. f The river was handicapping us all the week, having been up and down, and thus .causing drift to run very strongly. Prospects give good indications." Tho secretary of the Roxburgh Amalga-' mated Mining and Sluicing Company advises, that the manager reports that ho finished his annual overhaul of the race at midday on "Wednesday lust week, and . started sluicing with a full supply of water, ! A Sydney cablegram states that the halfyearly report of-tho Block Ton mine shows that tho profits are £141,191 less than thoso of the preceding six months. This is chiefly ilue to the fall in metals, tho net profite Wing £24,594. • The secretary of the Nokomai Hydraulic Sluicing Company reports''that at No. 1 elorator sluicing off top material commenced on Friday morning last, and the progress made has been good. It had ;.'been • necessary to break out somo five ■ chains- of the main lino. Most of the servibe lines arc already laid, and a start ! made, to erect the run. of boxes. The | weather has been very stormy-and wet. ; A -food fall of snow fell to a low level on j'tho liills. At No. 2 tho ground continues ! stony and firm. Main bottom has been struck in No. 3 at 53ft. Tho wash is about 6ft deep, and hard and stony. The Mystery Flat dredge worked the usual cut last week. There was a slight | improvement in the eastern section; the ; centre one was much the same as usual, while on.the- western 6ide there were better indications. Tho average depth was about 14ft, At an extraordinary general meeting of tho Gold King Dredging Company, held on the sth of May, tho motion to go into liquidation was duly carried, and Mr It, I Coekhurn was appointed litmidator. The' special resolution to form a new company . with a capital of £2500, 1000 shares to bo given to the present shareholders and 1500 contributing shares offered to the public, was also carried. The liquidator was authorised to transfer the whole of the business and property to the new company for 1000 shares, 'the new. company to pay the liabilities of the old eompany'and bear all costs. DUNEDIN SHOCK EXCHANGE. Not- much business has been 'transacted on tho Exchange of late,- but very few parcels of ecrip changing hands. Talisman Consolidateds were responsible yesterday morning for the only sale transacted throughout tho day, Sale: Talisman Consolidated, £2 10a 6d. The following arc ycstardoy'G latest quotations, subject to tho usual brokerage:— Dbedgikg Stocks. v Alexandra- Lead—Sellers 3s 6d. Chicago—Sellers 9s. Electric-Buyers 7s 6d, sellers 10s 6d. Goklon Bed—Buvcrs Bs, sellers Ss 6d. Koputai-Sellcre £2 10s. Lady Roxburgh (contrib.;—Sellers Bs. Manuherikia—Sellers £1 2s 6d. Molyneux Kohinoor (contrib.)—Buyers Is 6d, sellers 2s 3d. New Fourteen-mile Beach—Sellers parNo Town Creek—Buyers 7e, sellers 12s. Riso and Shine—Buyers £1 6s 6d. Mixing Stocks. Talisman Consolklatcd-Ssllera £2 lie. Waihi-Buyors £9 10s. Investment Stocks. National Bank—Sellers £5 ss. National Insurance—Sellers £1. 7s 6d. Standard Insurance—Buyere £1 2s, sellers £1 2s 6d. U.S.S. Co.-Buyers £1 14s 6d, sellers £1 15s 6d. New foaland Coal and Oil—Buyers Is 3d. National Mortgage—Buyers £3. D.I.C. (prcf.l-Sellers £1 2s 6d. Milbarn I.ime and Cement (10s)— Buyers 13n (xl. New Zealand Drug (£2)-Buyers £2 lis, sellers £2 lis 9d. WELLINGTON STOCK EXCHANGE. 'J?2OH O'UB O\VK CoMIESI'ONDENT.I WELLINGTON, May 12. To-day on the Exchange the only sale of AVaihi Consols brought Is lCd. SCARCITY OF MINERS. (Per United Press Association.) AUCKLAND, May 12. Somo of the mine managers still complain in their weekly reports about tho difficulty in securing sufficient competent : gold miners to fully man the faces. • RISE AND SHINE GOLD DREDGING i ( COMPANY. The eighth annual general meeting of the Rise and Shine Gold Drdging Cornpay (Ltd.) was held in the company's ollico last evening. Mv R. Uilkison (chairman of directors) presided, and there were } iiv« shareholders present. The Chairman moved tho adoption of the report and balance sheet (already published). He congratulated the company on • its position, and said tho system on which their dredges had been worked was excellent. At an caily stage in the company's history the la!o Mr \V. Fenwick proposed that the men employwl, in addition to their wages, should be paid a bonus, and the system had given every satisfaction, as under it they got the best men and tho best results.—(Hear, hear.) Tho roservo ' fluid of the company now stood at £600, but it they looked at it from another point I of TOfiv tho second dredge, which bsd. cost

£6000 or £7000, was a- part of llio reserve, as it had been wholly paid for out of profits. If anything went wrong with 0110 dredge they had another to fall lack on. During the past year the company Jiitd paid nino dividends of Is per share, and they were also doing well this year. Tho company had also acquired a freohokl of 23 acrea of farm laud for dredging purMUCis. It would probably bo years before this was required; but it was a good thing to havo in reserve. Tho directors had been specially well pleased with tile good work during the year of Hie dredgemasters engineer, awl crews cf both dredges, ami it was satisfactory to shareholders to know that on both dredge.) tho work had been carried out harmoniously. The following joint report of l:olh dredgemaslers and the engineer would be of interest to shareholders:— "Both dredges have had their annual overhaul, and are in good workinoorder, and it is expected, under ordinary conditions, to have good runs this winter. On both dredges, where tho design permitted, all parts of machinery that broke down or woro worn out. have been replaced with heavier or beitcr designed parts, special attention having been given to this work. Consequently, the dredges are now better able to cope with the ground than More. The o'ainis have still a long lifo beforo them. It is difficult to estimate the exact length of time if will take to dredgo the claims, but probably it will be from eight to 10 years. Tho prospects are very encouraging. The three paddocks the two dredges are now taking up we averaging from 40oz to 60ms per week, proving that there is payable gold across a face of something liko 1200 ft. There is every probability of these prospects continuing to the tot) of the claims, as the Rising Sun claim, immediately above, is giving equally satisfactory returns."—(Applause.) Mr Milne seconded tho motion, which was adopted without discussion. The number - * of directors was fixed as previously—namely, four,-and Mr James wlgar, the retiring director, was re-elected The remuneration was fixed at £00, tho same amount as previously. ™ r i'i ClwllTler ,ras re-elected as auditor. Mr Edgar, m moving a hearty vote of thanks to Mr Monkman, said the work of the office was always up-to-date. The motion was carried unanimously, and Mr Monkman suitably replied.