MINING.

Otago Daily Times, Issue 14441, 6 February 1909, Page 12

MINING.

The height of (he rivc-r was 7ft Sin above l iio iioiimil mark nt Alexandra yost-erday, and tlio weather was warm.

Tlic master of the youth Wnikuia dred"e stales in his report that t.lic dredge is working: very good lime, and that the wash is looking bettor. llio (iredgeuiaater of the New Roxburgh Company wires that in consequence of bein" off the gold most of the week there will be no wash-up. Gold was showing on the mats yesterday morning. The following cablegram has been forwarded from Karangnliake to tlio Talisman Company's London' office:—"No. 12 level south: Progress 18ft; front 1218 ft to 1224 ft the width of the reef is 33in (assay valuo -j4 Is 6d; from 1224 ft to present face reef broken up and very mullockv, values low; reduced water in shaft 35ft."

The annual statement of affairs issued l>y the South Waikaia Company shows that the company's nominal capital is £5000, and that it, has seven men in its employ. The quantity of gold produced last year was 188oz 2dwt. valued at £727 Is 9d. and tho expenditure during I,he same period has been £1272 8s sd. 'The tolul expenditure amounts to £3922 14s, and no dividends nave as yet been declared.

The following are the principal items in tho annual statement of aJTairs issued by the Sandy I'oint Gold Dredging Company'Nominal capital, £8000; number of men employed, 11: gold produced last year, 5210z 16d\vi, valued at £2052 8s 8d; total quantity of gold produced, 79620s 7dwt 12gr, valued 111. £01,083 5s 6d; last, year's expenses, £3916 0s sd; total expenditure, £33,528 6s 8d; total dividends paid, £7200.

_\Ve take tho following extracts from tho New Trafalgar Company's annual statement of affairs:—Nominal capital, £6500; number of men employed, 9; quantity of fold produced last year, 13330z ldwt 18gr, valued at £5246 4s lid; total quantity produced, 4118oz low!: 12gr, valued at £16,199 13s Sdexpondifiire last year £3511 7s 3d; lohl expenditure, £19,084 6s Id; dividends paid, t32oC.

The Barowood Gold Mining Company (litd.i commenced operations for the -year 011 January 11, and on January 31 cleanedup for a return of HOoz, from 378 tons of alone crushccl.

The directors of the Roxburgh Amalgamated Company have declared a dividend (the 43rd) of sixpence per share, payable on the 11th inst.

The directors of the Rising Sun Company have declared a. dividend (the 19th) of one shilling per share, payable on Tuesday next.

J'lic follow-ill;,' items arc culled from llio Lake County Press:—The recent rainfall lias Kiren minors a much-needed increased supply of water, ami full timo is being worked in the various sluicing claims.— Messrs Hamilton and Harbor have (lisposed of their hydraulic claim at Sandhills to Messrs Leo anil party at a price satisfactory to both parties.—Good headway is lwing made with Iho erection of the aerial tramways to the Maeetown mines—We hear i-hat Messrs Smith Brothers are on highly payable wash in their river claim at the Sandhill?.— M«srs Pent and Ilolms are taking a crushing from a reef situated in 1 lie I'nner Shotover Valley. The prospects are said to lie Rood.--The Arrow lliver Company is taking out another paddock. We understand the last \va«h-up was very satisfactory, and ihe prospect,s of ihe next- being equally payable seems to be a foregone conclusion.

DREDGING RETURNS. Oz. dwt. gr. Mystery Flat, Waikaia, 139hrs 51 13 0 Muddy Creek. Waikaia, 126hrs 45 4 0 Musrerton, Waikaia, 125hrs ... 33 7 0 Koputai. Waikaia, 137hrs ... 28 4 0 Puterson's Freehold No. 2. Waikaku. 134 his 26 0 0 Central Charlton, , near Gore, 133b rs 22 1 0 Hartley and Riley, Cromwell, 130hrs ... ... .' 21 0 0 Chicago. Alexandra, loOhrs ... 21 0 0 Wiikaia, Waikaia, 126hrs ... 17 15 0 Puterson's Freehold No 1, Waikaia, 1351irs 14 10 0 South Waikaia, Waikaia, week 10 8 0

DUXEDIN STOCK EXCHANGE. The market lias not been particularly brisk during the week, it being' generally recognised tlmt money is still a little tight. The recent wool sales should set a good deal of money in circulation, and the prospect of good crops throughout the Dominion is almost certain to have a beneficial effect on the investment market. National Banks have finned during the week, there being buyers at £5 3s with sellers asking Is 9d more. Banl: of Now Zoalands have also improved,, there, being a buyer at £6 lis

and af poller nf* £8 13s. There was a close market in National Insurance, thp figures being £1 8s anil £1 8s Aid for buyer? and Rollers respectively, _ Westport. finals have firmed several shillings, and buyers are quoting- £6 9s. with sellers holding /or £6 lis. Hie company's balance sheet for the year ending Decmnber 31, 1908, is now in tho hands of shareholders, and it must, he considered a favourable production. A comparison with the preceding balance sheet shows that fho insurance fund bus improved by sonic £'1000. tho rosorvo fund by £7489, and a further addition of £5000 has been made to tho sinking fund, Tho amount on open account and of cash in bank also shows up favourably. The icduecd price ottered for Mosgiols does not appear to tempt holders. A salfi of Union Steams was reported yesterday at £1 15s 3d. The market in Portland Cements is having its periodical rest. Curiously enough, every now and again there is a desperate buying and selling of Ihe.se shares, and during ihe process ihe market usually firms a shilling or two. Then for a week or more the stock is quite neglected. Investors arc wondering whether the swing of the Waihi-Tulis-man ptmduluni is reflected on the Portland marked or whether it is a quest ion of supplying the cement, or whether the peculiar movement is accounted for bv the marl mine being patchy. Domighy's Rope uud Twinps are ottered at £l without a buyer, l'ourpenee halfpenny separated buyer and seller of contributing Kauri Timbers. N,L Paper Mills were inquired for during ihe woi'k at £1 Is 9d, while sellers wore asking £1 2s 6d. Talbnmns have been fairlv firm, and are now quoted at £2 8s 3d and £2 8s 7{d. Waihis were wanted at £8 18s with a seller at £9. Grand June!ions have firmed steadily, and reached £l 7s, £1 7s 3d, for buyers and sellers yesterday morning, but they were easier in the afternoon, when tho quotations were £1 5s 6d, £1 7s.

There is very little change to report in dredging stocks. Some parcels of Island Blocks changed hands at 2s, and the quotations are now Is 6d and 2s, indicating that (ho market _is slightly easier. Mystevy I'lats are slightly firmer, buyers yesterday afternoon offering £l 15s 6d with sellers about 2s in advance. An offer of Muddy Creeks at £2 5s failed to disclose a buyer. There are sellers of Pactoluses at, 10s, bur, no buyer.-?. Rise and Shines have recovered the amount of the dividend, and arc now wanted at about £1 10s. There is a demand for Rising Suns at £1 lis, but there are no declared sellers.

Sale Reported.—Union Steamship Company, £1 15s 3d. Tho following aro yesterday's latest quotations, subject to the usual brokerage: — Dreming Stocks Alexandra Eureka—Buyers 2s 6d, sellers 4s. Alexandra Load—Buyers Is 3d, sellers 2s 6d. ! Blackwater (contrib.) —Buy ere Is, sellers 2s 6d. Chicago—Buyers 6s Gd. Electric—Buyers 2s 6d. Enterprise— Buyers 3s. sellers 1s 6d. Gulden Bed-Buyers 4s, sellers 6s 9d. Molyueux Hydraulic—Buvers Is 3d, sellers Zt 6<l. Aluddy Creek—Sellers £2 ss. Mystery Flat-Buyers £1 ]Ss fid, sellers New Perseverance—Sellers 2s. No 'Jown r!re.ok—Sellers 12s 6d. Pactolus—Sellers 10s. Rise and Shine—Buyers £1 Ste 6d. Itisiiifr Sun—Buyers £1 Us. Sailor's Bend—Buyers os. Minini; Stocks. Talisman Consolidated—Buyers £2 8s 3d sellers £2 8s 7J,d. ' ' ' Wailii—Sellers £9. Wailii Grand Junction—Buvere £15sfxl, sellers £1 7s. N.Z. Crown Mines—Sellers 4s 9d. Investment Stocks National Bank-Bnyers £5 3s. National Insurance—Buyers £1 8s •■ol. lers £1 6s 6d. ' ' Kauri Timber—Buyers 13s IOJd. WELLINGTON STOCE EXCHANGE. (FROM OUR OWK COI'.rksi'OKDF.KT.) I'LLINGTOX, February 5. .1 ho following s „l ts took ))lac( , " on (ho >-lt.e.. Exchange to-day:—Talismans, £2 £ 6d; Waihi. £9: Wellington Woollen Co. (ordinary), £3 !« 6d.

'HIE WATHI MINE. (Per United Pijess Association.) .. AUCKLAND, J'obnuirv 5. Dunod a period of 17 thvs ended j:„ nw , v last Iho Wailu (,o!<l Mininu' Co. crushed !1 "d treated Vl.m tons of ore. for a return of bullion valued at £55,203. In tl, o corrospomlmg period of last vtur. ivhe.ii tho.ro wore 21 days' orn4iiim,' 25.133 tons yielded £61,634. The decree oii'the ])lx , sent occasion is accounted for bv tlioshorter crushing period. In December last, the return from 27,530 tons wr.s £65.133. The £7 268 488 lUt fl0 '" "' C '"'" 0 ( ' af ° ' e

SOUTI-I WAIKAIA DHKDfiJXG C'O. _ The first annual meet ins of shareholders m thy ifout.h Waikaia Dredging Compauv was held in the secretary's oflice Inst night', the chair was occupied by Mr A. Sligo', ciiainnaii of directors, and 'l.hei o wore seven shareholders present. The Chairman, in moving tlio ado|>tion of the annual report and balance sheet, oiiiit spoke for themselves pretty clearly. The company's progress up to the piesent had not be-on of a very definite and satisfactory nature, hut tliev had still loom for hope, and he was one of those who believed that the company would vet vindicate its existence. Ho wiis the more cpnltnned in this opinion bv a conversation he had recently had with the dredginaster about the prospccts of the claim, ■liie drcdginaswr had told him, for example, that ho had got as much us of gol<] in one piece, and "junks" of gold, II 110 nnght so torm it, wore very common, lie believed they would yet satisfy shareholders with th<? results'obtained." For a few weeks, as 1 hey wore aware, they had some returns that more than pa id expenses A good many weeks' relurns. however, liail hardly readied that. Still, he trusted that, they were going to sec better things Individually he fully agreed with the reference ill the report lo the drsdgmaster'; aC r. vices. Ho believed Mr Plumb was tho right man in the right place, and they were getting very good and effective services from him. He moved the adopt ion cf the report and balance sheet.

Mr \V. T. Talhoys seconded the motion. He thought that, as the chairman had gaid, the directors had every faith in the company turning out a .success.

Tiie Chairman said they had enough money in band yet, with what was being earned, lo tide litem over n period of difficulty.

In reply to questions, it was slated that the money in hand amounted to about £427. The dredge required to earn between 12oz and 13oz a week to cover all expenses. The gold won was valued at. £3 19s Id per oz. Mr .J. A. Sligo pointed out that coarse "oM was always a good indication that there should be more gold in the vicinity. The motion was carried unanimously.' Messrs AV. R. Prost and W. J. Love wore re-elected to the hoard of directors without opposition, and Mr W. Vivian was reappointed auditor.

IMPORTANT SM'ICIXG VENTURE. Mr I'. M. Pink, of Alexandra .South, is at pre-:e it. completing t.ile details of a scheme by which lie hopes to secure a sufficient supply of water to enable successful sluicing operations to be carrie<l on at an old and extensive claim near Ilyde. Jn conversation with a reporter yesterday, Mr I'iiik gave some interesting information about the history and prospects of Ibe claim. Records of early workings at this particular spot, he says, are somewhat uncertain ami unreliable, but it is known that 11 company of miners some 30 or 10 years ago, with a capital believed to amount to £90,000, commenced deep sinking at Ifyde. They spent anything between ;J?.0,00D and £40,000 in bringing in a race from the head of the Shag River. It was a splendid piece of work, and the greater part of it is there, still, but, unforUmaUily, a serious error bad been made in calculating the levels, and it was found that the water would not run. The same company also spent about £30.000 in putting in a drive in the wash, hut this was immediately abandoned when they saw that the water could not be brought in, and they subsequently drove above llie wash. Mr Pink believes that about eight or 10 years ago the property was again taken up, and a company with a large capital was actually formed in London, but .Mr Robert Hay condemned the proposal to obtain water from the Slias River, on the ground that even if the race could be successfully c«nstrucled, the loss by evaporation would too Hrcat.

'Ihe claim, Mr Fink understands, was formerly known as the Star of Olago. anil consists of from 200 to 400 acres of land, situated right opposite the old township of Hyde, across the river. When he came to ihe spot, he saw that a supply of water could bo obtained from the Taieri River, and it. is now his intention to install a large pumping plant some three miles distant, capable of raising the water to tho necessary height of 850 ft. He is of opinion

{hah an engine of lffi-li.p. would l>e ablo lo lift two head* of water continuously, and by working if liours a day, and constructing a dam, llio necessary supply cnul.l be obtained. In llin meantime, lie contemplates using steam power, but, Jit F. J. Williams is goinff to Hyde on Monday to investigate and report, and he may find it possible to utilieo cloctrioity. In any case only one power anil pumping B t n . lion will bo required.

Tho beauty of the claim, says Mr Fink, if that it. carrier gold right l.hrough from top to bottom, and ovc-n in Iho very stripping*. The average all through is about ldwt, to the load. lie has scon as much as lclwl washed up in the dish himself, and has !;nown of an ounce, and even lOoz, having bocn obtained in tho same way. Ho is at present prospecting the claim for his own sati>fadion, and finds a certain amount of pipeclay in llio ground before the wash is reached. The ground, he says, is very easy for shiiciiig: mdc--d,' so easy that he believes there will be (lunger of loss resulting through tho boxes ■getting choked. He hopes after Mr Williams's visit of inspection to be able to make a moro complete statement of bis plans.