MINING.

Otago Daily Times, Issue 14357, 29 October 1908, Page 9

MINING.

Tito Molynettx River was 6ft 3in above tlic normal mark at Alexandra yesterday inoniiiip. The return from the Patereon's Freehold No. 1 dredsre for last week was 12oz lOdwt (or 130 hours' work. Reporting for the week ended 241h itisf. the Now Trafalgar dredgemaster stated that ttic face underwent no change. l[e i:tir]K'«d shifting <m <o the middle section 10-day, and expected to be working there for fully two weeks. Home time would bo lo.;t t o-rtay in selling up the bucket turret. Tl:o dii-eotors of tin* Chicago (iold Dredging Company have declared a dividend (the twenty-fourth! e,[ Is (xi per share, payabla on Monday next. The l'unt dred.iro had a 20r.il run last w.'vie. hut a poor return. The lx>ltom, winch was of I'mrd cla.v, was still dipping on ihe top side, were keeping very poor. Vu> leant from Mr I!.. A. Harlow, secretary of ihc Uood Chance Company, that

applications for over 1000 share?, including 1 lie debenture-holders, have now been received. For !he benefit of an inquiring shareholder, it may lie stated that at the present time rhe Enterprise Company has liabilities amounting to ulxuit £150, and that there J is a. sum of £12!) in (ho lianlc on fixed de-! Owinfj to expenditure on repairs, yrinapiilly due lo tho unfortunate breakin,? of the crown wheel some montlis ago, and tha poorness of the ground, the company has been thrown back .1 (,'ond <lcai, | but the dredpemaster is now hopeful that the .present returns of 20oz per week will J continue! and if such is the ease a dividend may be looked for in'a few months. The working of the company absorbs about 15oz per week. The most, rccent report, from , the dredgomaster—that for last, weekstates that the dredge had a steady run, and worked ahead 6ft on jlie full width of the cut np to Wednesday, when the head-line was shifted out to procure a bettor lead- for a wide cut. After that the dredge was working up tiie terrace side of the cul.j squaring- up the face. The dredge was to continue doing that- up to Wednesday of his week, alter which it would be working right- across again. Prospects and depth of "round (about 27ft) remained unaltered. Later information states that the return for the coming week should be the same as thai- for last week. Portion of the ground worked by the Electric No. 1 dredge last week consisted a number of small slips, the bottom being very uneven, and broken. Having readied the lop boundary, the dredge was shifted down and across to the side where the Eclipse dredge was rebuilt. The dredgemaster is now awaiting a rise in the river to get down to the summer ground. In the meantime tlie crew have ■been discharged. The return from the No. 2 dredifo la«t week was for practically seven 'days' work. During that time the dredgo worked ahead 18ft on a cut 80ft wide, .with the ground varying in depth from 30ft- to 40ft- near the Cromwell side. The gold was of a very fine nature. The save-all was included in, the wash-up, a few ounces being also obtained from the previous dredging station, but the bulk of the return was obtained from the ground now being worked. As this strip of ground extendi up the river for som.e eight or nine chains, and has never been previously worked, and as there is now every probability of it proving payable, it should add considerably to the life of the claim. DUNEDIN STOCK EXCHANGE. The share market again provided nothing of special interest yesterday. Reported 6ales were as follows:—Alexander Eureka, 2s 2d; Chicago, l(te 6d; New Zealand Portland Cement, 27s 9d; New Zealand Portland Cement- (new), 7s lO&d p. Tho foil-owing are yesterday's latest quotations, subject to tho usual brokerage: — Dredging Stocks. Alexandra Eureka—Buyers is, sellers k Chicago—Buyers 10s -3d. Elccta'c—Sellers 4s 3d. .Enterprise.—Buyers 2s. Hartley and Riley—Sol-las 17s. Island Block—Buyers 9d. Lady Roxburgh (contrib.]—Sellers Bs. Jfoiyneux Hvd.rwulic—Buyers Is 3d, sellers & fcd. Mystery ]M—filers £2. I'-actolus—Sellers lis. Rise- and Siiinc—Sellers £1 12s. Rising Sun—Buyers £1 12s, sellers £1 15s 6d. Mining Stocks. Earewocd—Buyers 12s, sol&jra £1 ss. Big River—Buyers £1 15s, sellers £2. New Zealand Crown Mince—Buyers 4s. Talisman Consolidated—Buyers £1 19s, Bellors £1 19s 6il. Wailri—Buye-m £8 17s 6d. Waihi Grand Junction—Buyers £1 13s, sellers £1 13s 6(1. Investment Stocks. Bank of New Zealand—Sellers £8 IDs. National Insuramoo—Buycas £1 Bs, sellers £1 as 3d. West-port Stockton—Sailers 10s 3d. Now Zealand C-oal and OLl—Solleta 2s, MilbuHi Lime and Cement- (£l) —Sollex-3 £1 lis. Mil-hum Lime and Cement (10s)—Sellers 15s. New Zealand Paper Mi lis—Stilus £1 ss. Now Zealand Portland Cement—Buyers £1 7s 9<l, sellers £1 Ss 3d. New Zealand Portland Cs-mcmt (new)— Buyers Bs, sdlor's 8s 3d. WELLINGTON STOCK EXCHANGE. (Feoh Our Oy.'k CoasEsrosDEUT.) WELLINGTON, October 28. Talisman shares sold to-day at £1 19s; Wellington W-collens at £3. Waihi sellers now ask £9 Is. ALEXANDRA LEAD GOLD DREDGING COMPANY. The tenth annual meeting of shareholders in the Alexandra- Lead Gold Dredging Company was hold in the ollira of tho secretary (Mr G, A. Harloiv) on Tuesday afternoon. Mr C. F. Sundsrrum presided. The Chairman, in moving the adopt ion o! the report (oiresdy published) and balance sh«t, said be. regretted that ihe directors were not. abb lo place a mere favourable neport before shareholder. The report, which had been in the hands of s.harelrelders for some time, spoke for itself. It would lie notiosd f-rpm the ixil-.ntce slreefc that the year was commenced with a debit balance of £1754, and the year terminated with a, debit, balai.ee of £2410. showing a loss of £656, Breakages to the elevator, etc., were partly responsible for the loss while it. -had also to bo remembered that the average working time ran into only 100 and 115 hours ]>ev week instead of 140 ivr weok. It was hoped that an improvemen I would lw ell'ceted when they got the r.ow pumping plant- at work at- the claim. This plant was being erected to pump water <>ut. of the river for the paddoeic dam, and also to enable them to sluice away the top stuff from the- bank, which carried no gold, to a depth of 15ft. and meant, of course, only dead work. By reducing tho quantity of i-.1-ulf to be deal! with the dredge would have la 1.-etter chanco o.f getting over ground. A trial of this pumping plant was to liave been made on. Wednesday of this wcifk. As lo prospects, there was roa-on to believe lliat ;o Inng as the dredge was able lo do her work properly, they would strike payable gold almost at any time. The Mo'.yneux Hydraulic claim was only 50ft or 60ft away from where i-ho company's d-redgo now was, and gcotl gold was obtained by ihe. Molyneux Hydraulic Company over the greater .part of the faco adjoining tho Alexandra Load, tho returns varying from 250z to lOQoz per week. Tberc 'was every reason to believe that- the Alexandra IjCvkl Company would gel. the same, Tho -report and balance sheet were adopted unanimously. Messrs Alexander Kyle and C. G. Le-ijon were re-elected directors. Messrs Ban', Lc-ary and Co. were reappointed auditor-;-. STANLEY PARACALE COMPANY. Tho first statutory meeting of the Paracale Gold Dredging Company was held at the olfice of the company (Messrs Reeves and Co.) yesterday afternoon, when a number of shareholders were present, or represented by proxy. Messrs Thomas Steele, Joseph Sparrow, W. Binstcd, and Joseph M'George were elected permanent directors of the company. Mr I'. 11. Power was appointed'auditor. At a subsequent- n;e-cti-i!g of i-he directors, Mr Joseph Sparrow was eloet-cd chairman. It is expected that Ihe dredge will bo shipped about November 5 from Dunedin to Sydney direct, and th-'nee transhipped to Manila. The whole of the machinery is now ir. Dunedin, and the necessary repairs, etc.. are_ being alt-c/mted to. Mr Joseph Pearson arrived in Manila on the 15th inst., and should now be civ the claim attending to the erection of the pontoons.