MINING.

Otago Daily Times, Issue 14686, 20 November 1909, Page 11

MINING.

A dividend (the 34th) of Is per share, payable to-day, has been declared by the directors of the Rise aid Shine Company. The Molyneux River was 6ft- llin above the normal marl; at Alexandra yesterday morning. The weather was dud. The maskr of the Electric Company's No. 2 dredge ;:dviec-s that the drilt'is running very strongly. A new iop tumbler for the Mystery Flat dredgo was dl.-opatehed to t'lio' chum on Thursday, and sliould be in position by this evening. There \v,is jonio little unavoidable delay in making Iho tumbler, owing to a portion of the material, which ',ia.d bo'jn discharged by a Moms steamer, bsjng ill ait inaccessible part of one of thewharf sheds for iwo or throe days. Full advantage, h.6wever, has been taken of the stoppage to give the divdge a general overhaul. Tlio Otago Company's two dredges had a good run last week. Dp to the close of tlio week the No. 1 dredge had not reached solid ground, the go:d being obtained from some old workings. Tho No, 'i dredge has also just run into ground i'iia.t has evidently been previously worked. Reporting for last week, tlio master of the New Trafalgar drodgo stated that although tho ground was rough with boulders there- was not much wash showing. Tlio gold was of a good sample, and an improvement in things is anticipated shortly. Everything was running well. DREDGING RETURNS. Oz. dwt, gr. Koputai, Waikaia, 1591ns ... 78 14 0 Ma-sterton, Waikaia, 134hrs 78 10 0 G'tiieago, Alexandra, llOhra 28 0 0 New Roxburgh Jubilee, Roxburgh, 126lirs .'. 26 7 0. Muddy. Creek No.; 1, Waikaia, 127hrs ... ... 20 2 0 Central Charlton;- near Gore, - .131hrs ... ...' ]9 15 .0 Electric No. 1, Cromwell. 5J days '..'. 18 14 0 Electric No. 2, Cromwell, wi; II 10 0 Olrig, Manuhorikia, wk ... 9■ :2 0 Waikaia, Waikaia, 139hrs ... 8 10 0 South Waikaia, Waikaia, 5 days .„ 7 13 0 ~~i DUXEDIN STOCK EXCHANGE. A very fair volume.of.business lias Ijc::i put 'through'during • Ilvi past .week, and tho market as a whole, has coniinucd -omul, but very lew stocks showing any fluctuation rif any moment.

The investment slork mavkot liis been a quite satisfactory on?. Vnere was a certain quietness in the early pan of th'a week, but towards vim cio*; Gcveral .stocks .showed a tendency io improve in value. National Banks, (or instance, were on olt'er in the early -pari, i.f tho w,>..k at £5 IDs, but. on Thurday buyers. were rjiiitc- prepared to give that, figure, withoul, how-M-cr, eliciting- any soiling quotation. Bank' of Now Zealand's have had inquiry at £9 10s, without s-llors, anil National lrcsiiranors 'have been on oiler ai 280 6d, .x dividend. ,Sl:mcla;d Insurances have firmed somewhat, for while faies were recorded last week at £1 2s 6d and £1 2< 9(1, bujvre liavo Ihis. wcok been offering sih, .wiiinout any sfllets in cviilonc;. Union Steairs have been procurable at SI l<ls, and at the last call-over vester-day were still available at that figurej without tempting buyers. D.l.C.'shares 'nave had inquiry at 5s for the orferv and at £1 Is 9d for tlio preference issue, both ex dividend, but thorn has been no response from holders.. Kafonal Mhnpages iuyo Lvcn quoted at, buvers £2 18fi 6d, sellers £3, and thcro W been demand for reipetual Trustees at Ih fed, ex dividend. The market has been bare of Milburn Limes, and an inquiry for tho £i issue- at i £1 7s 6d nus been made all the week without .producing a selling oiler. Mining scrip has attracted a fairly large amount of attention (hiving the week, and (no business transacted has been by no moans limited. • There has been a good deal of fluctuations in Talisman Consolidated and Waihi Grand Junction vjfes, Waihis hare held fairly for,, w |iile m the remainder of tho stock-,- that lcreivo quotation the market has, it anything, b<cn rather depressed. To 'tbal with the individual stocks, West Coast Consolidated liOldlkta have been quoted at buvers 15s, sellers 16s 3d, which is tho lowest prices this scrip has been quoted for somo considurablo time, Prc-sress Mines aro in demand at Us 9d, without golfers. May Queqn values have never quite recovered since tho rump that was in use at the scene of operations broke down, and until the water is again- pumped out out of the mine and the driving of the crosscut continued prices aro not likely to advancj again. Talisman ConsoHcktcds were holding fairly strong at the toginninff of the week, being quoted at buyers 51s, sillers 52s fxt.on Monday, but owing to water trouble having arisen in (ho mine, have since declined in, price, and were' yesterday quoted at. buyers 48s 9d, sellers ~49s Dd. Waihi Consolidated* are cut of 'favour just now, the general impression boing'that'the new company is not provided with sufficient capital to prospect and develop the mine. Waihi Extenders weakened to the extent of kper share during the week. Very little js known, as to the cause, but general anticipations arc that Hie lode values liavo been disappointing as the crosscut has, been extended. WnAhi GTand Junctions have furnished a rather large volumo of business, but lave fluctuated pretty considerably during tho week. They touched 36s 9c! on Tuesday, which is the lowest obb reached for straw considerable time, but recovered later to 39s 9d. They receded', however, to buyers 395, sellers 39s 3d yesterday. As ■previously explained the fall in values which was so pronounced in tho early part of tho week is attributable simply to forward delivery operations. The majority of dredging stocks have had nothing more than nominal quotations. Golden Beds have been sold at Ms Sit and 15s, there being several transactions during the week at the latter figure. Yesterday they were easier, buyers quoting at 13s 6d and sellers at 14s 9d. Manuhorikias have provided a fairly good market, but, buyers and sellers do not appear to be able, to get any closer than 9s and 9s 9d. Eiso turf Shines have displayed an upward tendency, and sales have been recorded at 3?s, with inquiry for more at tho -samo figure yesterday, but nouo offering. Tire Muddy Terrace Sluicing Company, has been listed on tho Exhanigc during the week, and the shires have already, reeedved notice, tho quotations at tho last' call-ovor yesterday being-buyers 22s 6d, sellers 23s 6d.

.Sales: Waihi Extended, 4s 3d, 4s 3d; Waihi Grand Junction, 39s 3d, 395, 395; Waihi Grand Junction (forward delivery), '41s 41s 3d. Sale reported: Waihi Grand Junction, 39s 6d. The following are yesterday's latest quotations, subject to the usual brokerage: — DiiEBGiNG Stocks. Alexanda. Eureka—Sellers 2s 9d. Blackwater—Buyers 3s 7d, sellers 4s fid. '. Electric—Sellers 4s 3d. Enterprise—Buyers' 3s, sellers 4s. Golden Bed—Buyers 13s od, sellers 14s 9d. Hartley and Riley—Buyers 15s, setters 17s 6d. Koputai—Buyers £1 2s 6d, sellers £1 6s. Mastcrtoni—Sellers £2 10s. Manuherikia—Buyers 9s 3d, sellers 9s 9d. Mystery Flat-Buyers £1 3s, sellers £1 10s. Pactolus—Buyers ss, sellers 7s. Rise and SdTmc-Buyems £1 18s. Mixing Stocks. Muddy Terrace-Buyers £1 2s 6d, sellers £1 3s 6d. Nokomai Hydraulic—Scllcis £1 2s 6d. - Consolildated Goldfields—Buyers 15s 3d,' sellers 16s 3d. Progress Mines of New Zealand—Buyers lis 6d. Kuranui Caledonian—Buyers Is ojd, sellers ls_sid. May Queen—Buyers 3s ICd; sellers 4s 2d. Tasinanian Copper—Buyers 5s sd, sellers 6s. Talisman Consolidated-Buyers £2 8s 9d, sellers £2 9s 9d. Tairua Broken Hills—Sellers Is 6d. Waihi-Sellors '£10. Waihi Extended—Buyers 4s 2jd, sellers 4s 4d. Waihi Grand Junction—Buyers £1 19s, sellers £1 19s 3d. Waihi Grand Junction (optionij—Buyers 12s, sellers 15s. ISVESTIIENT STOCKS. National Bank-Buyers £5 19s 3d. Standard Insurance—Buyers £1 3s. Union Steam Ship Company—Sellers £1 14s. National Mortgage Company—Buyers £2 16s 6d, sellers £3 Perpetual Trustees—Buyers 17s ud. New Zealand Paper Mills—Buvors £1 Is 9d, sellers £1 2s 3d. AUCKLAND STOCK EXCHANGE (Per X'nited Press Association.) AUCKLAND, November 19. The following business was done at the afternoon call to-day:—Now Sylvia, 5s Id; Waiotahi, 4s lid; Golden Belt (pd.), Is 2d, 1« Id; Golden Belt, (cont.), 8d; Tairua Extended, til; TalijniAa .Consolidated, 50s;.

Waihi Extended, 4a 4d; Handsworth, lOd; Old I-laurafci, Is 8d; Waihi Consolidated, 4s 2d; Tairua Reefs (pd.), 3d; Waihi Grand Junction. 39s 9d, 40i; Westport Coal, 1265; Auckland Tramways (ord.), 21s 6d; Wilson's Cement (ord.), 10s 6d. WELLINGTON STOCK EXCHANGE. (Pep Usited Press Association.) ' WELLINGTON, November 19. The following are to-day's -mining quotations -.—Dominion, sellers sd; Golden Belt (pd.). buyers .Is Id; Kuraiuii, buyers 6s, sellers 8s; May Queen, buyers 3s lid, sellers 4s 2d; Mnorilaml. buyers Bd, sellers M; Mountain King (pd.), sellers Is 3d; Mountain King (cont.), sellers Is; New Zealand Crown, buyers 5s 8d; Now Sylvia, buyers 4s lOd, sellers 5s lOd; Reliance, buyers 4cl; Saxon, buyers Is 2d, sellers Is 4d; Tairua Broken Hills, sellers U 4d; Tairua Golden Hills, buyers 5s 6d; Talisman Consolidated, buyers £2 9s 9d, sellers £2 10s 3d; Waihi, buvers £9 15s, sellers £9 16s 6d; Waihi Consolidated, buyers 3s 8d; Waihi Grj-.id Junction, buvers £1 18s 9d, sellers £1 19s 3d; Waitangi Consolidated (N.L.), buyers 3s 2d, sellers. 3s 3d; New Alpine (pd.). buyers 3s 6d, sellers 4s; Progress, buyers 12s; Ross Goldfields (pd.), buyers 10s 9d, sellers lis. Sales.—Maoviland, 9d; Talisman Consolidated,. £2 10s. Sales Reported.—Tairua Broken Hills, Is 4d; Talisman Consolidated, £2 9s 6d; Waitang:, ; 3s 2d; Ross Goldfields, lis; Muddy. Terrace, £,1 2s lO^d. ! .DREDGING IN THE ALEXANDRA DISTRICT. A correspondent has supplied us with

tlio following interesting particulars in regard to the dredging industry in the Alexandra district;— "Mining hero has not the life in it of former years; still, thero arc.quite a few companies working away profitably. The gorge fleet' still waits for tho low river, and knowing ones opine that it will come this sunnier. The Good Chance dredgo has demonstrated that operations can bo-carried on even with a .moderately' low river, a point that might well Ik. considered by other companies. . Not a few of tho old hands considered that tho amount of silt that existed int former years does not occur in the river now from various causes. The Good chance dredge has done excellent work, and lias a .good future before her. Tho claim is a. rich one, and quite a largo •iron, yet to 'be worked adjoining. The Sailor's Bend' claim is considered by 601110.' io be the richest in the gorge. There has been practically no work done on it, and, giveirfayom-ablo opportunities, this nlredgo should give a very good account of itself. Tho Island Basin Company has acquired the' old Fourteen Mile dredge, and is about to ertttin her with a new string of buckets, etc., with a view to working the old Bendigo claim, where so many buckets ami other parts of other dredges lio buried deep. Thero is gold in this claim, but for a dredge to do any good a, very low river will bo required. "The Manuh'erika dredgo works "away,' and continues to return a profit. This is by far the best mnchin« in tho gorge,' and it is a pity that- the other companies operating in this part of tho river have not similar dredges. Some startling returns would result were that the case. All the=e dredges have capable dredgomasters, who appear to know the rivet well, but tlioy have anxious times during floods. " Above the Alexandra -bridge much the same number of dredges still workaway. 'Lane Brothers are srill busy with their' seoond dredge, and expect to have her in commission shortly. S!ie will have cost her' now owners a 'tidy sum by the time she starts, and they deserve to secure handsome returns. They to fortunate in haying a good dredgemaster. in Mr D. Livingstone, who is a.thorough' dredgeman. The Kauranui G.D. Company, recently floated by Mr G. A'. Horton, has purchased the asset* of the late Alexandra Load Company, and is busy putting that dredge in thorough repair, this including the putting on of a now string of buckets. The company should start operations early in the year. The claim, is considered a good otic, and, possessing such- a dredge, good returns are' assured. Her last return was 270z for 80 houra' work, with tho dredge in very bad repair, so that with a fair start she should nearly double that. This venture, as far as dredging goes, is a sound one, and will ho well looked after in tho hands of Mr C. Simonsen as dredgeinasfer, and shareholders should have little to fear. The best of tho ground is ahead, and the future of this company is thought highly of in the district. . " The Eanisclough :Company 'is well ahead of anything, in the' dredging line in or about Alexandra. It has a thoroughly up-to-date system of electricity installed, and runs most of its dredges with this power. Ihe recent purchase of the Dunsta.ii Lead dredgo has, after tho installing of electricity, done good work, and I understand IS giving very good returns. Tho local management is in the hands of Mr Charles Weaver, who spares neither time nor attention for the welfare. It now has fi,-e dredges which are semi-privately hold. It is an enterprising concern, and deserves all that is won. It;is a matter of astonishment to see how long so many of the older dredges continue to work on, and some of them profitably at that. Truly the river in the vicinity of Alexandra has yielded many thousand ounces of gold, and it looks as if many more are yet to bo won."

CROMWELL NOTES. (Fbosi our Own Cokresfokdent.) CROMWELL, tvovember 19. the weather has been very warm and unsettled during (ho last week, with -heavy thunderstorms yesterday. It is rainin" slightly here to-day. The river has not bsen favourablo for dredging, as the drift is troublesome. There is a considerable amount ol activity locally in reefing, as several parties are prospecting for reefs in different parts of tho district.. There is every prospect of a good reef being opened up on the Carnck range, as some good work has' been put in there for some months past. A local syndicate has also pegged out a-largo area between Quarts Ilcef Point and Bendigo, and intends prospecting n reef that, has been found, which is 3ft wide, carrying'' a fair prospect of gold on the surface, As the locality is ,i good one, it may turn out well. Dredging mattes are quiet,..but there are great hopes of tho Clutha Valley soon hav. ing several more large dredges at work. The last holo put down by tho Keystone drill was on Iho rising bottom, and tho syndicate is now putting down two others to test the wash between them. As there have been some good showers of rain, the water supply on tho Nevis is keeping up well, and some splendid returns aro being made by the dredges and hydraulic claims.' WATER-POWER REGULATIONS. CONTINUED DISSATISFACTION. (Pes-United Vuss Association.) HOKITIKA, November 19. The promoters of tho Rimu Toaroha syndicate, which proposed to generate electrical power for the purpose of pumping water to work a large auriferous area, ot ground in this district, have- received cables from London stating that the water power conditions imposed by-the Government made it impossible for them to undertake the flotation of a company in England. Dr T.ichclmann, the ohairman of the syndicate, • has telegraphed to the Minister of Public Works stating that the syndicate had consequently abandoned the scheme, and asked for ..the- refund of tho £500 deposit in accordance ; with the conditions. ■ Great disappointment and much feeling is manifested throughout the district at the treatment tliat tho. promoters have received who have spent 'over £1600 in preliminaries! Further public meetings of protest in connection with the matter - are to be held in Hokitika and throughout the district. NEW WATER RACE. (Fbok Oub Own Cohhesjokdent.) . GREYMOUTH, November 19. An application >was lodged in the Warden's Court at Kumara on Tuesday by Mv Murdoch for the extension of the Hohonu wateT raoe- as' far as Fuchsia Creek. This may bo taken as the preliminary to tho opening up of a larage tract oi auriferous country-on tho Capo Terrace side of tho Greenstone Creek, which has liithcrto been dormant owing to the scarcity of water. The .cost of contraction of the race is set down at £80CO..