MINING.

Otago Daily Times, Issue 14698, 4 December 1909, Page 11

MINING.

Tho Molyneus: River w as 6ft li„ above the iioimal mark at Alexandra yesterday morning, showing a rise of lin since the previous day. The mas.er of the Electric No. 2 dredge rcpuiU that the drift continued troublesonic over tho past flock. \w" 1 ?}«"i" u w i M T lo t\ by f ; llo , masfor of tho i\eu Roxburgh Jubilee dredge this Heel; repairing tiro winch and buckets. The actual time worked was 118 hours. lho return from tho Chicago Comiwny's dredge during the past week was for 90 hours actual work, tho remainder of the tune being taken up with effecting repairs to lho buckets.

lho master of the Stanley I'nracalo dredge cabled from Manila yesterday as follows:— U a.slicd u]) 520z for seven days up to Novcmbor 21. All machinery in good order, and working well. Tho present prospects aro about the same."

Reporting for last week, the master of tho Sandy Point dredge stated that some time was lost througli the ladder line stranding on Monday and having to shift the headline ou Wednesday. The width of the cut and depth of ground were about tho Kiiue as in the previous wcok. The dredge was still working on a sandstone bottom, ami prospects underwent a slight improvement.

'l'lie Minister of Mines has notified that the Government has decided to grant the Lake County Minors' Association a subsidy at the rate of £2 for £1 up to £500 on tho usual terms.

r The following ilems are from the Abx--1 andra il.jr;ild: —The party tlinb took up tlio quartz area near Butcher's Gully has Ikou busily*-engaged during the past two weeks in. tin; old. cliaft that was sunk many years ago. Tim water Jius been lowered about 45ft. <uid in order to clear the water from the shaft more quickly a now pump has beeji scoured. It is ext peeled that- the sliait will Iks unwaterod in a few days, when the extent ot the old workings will Ire iweakd During the week some picked stone was taken out from a. portion of the .'■topes, and when treated highly satisfactory piosp:xU wvro obtained, —\\j undei'-lai • that two different parties o! Alexandra. investors who "hold two claims 011 the G'lutha, River above . Cromwell have agreed to conjointly pros- , peci their properties with the Keystone j borer. Tlu .ivarnscleugh Company has . decided io bore through the clay on itis , claim with a view tu ascertaining the ! paya.blo nature of the wash said w bs underlying the clay. Tho other party , placed an order with Mcssre Stevenson and Cook, of Port- Chalmers, for a very large dredge to work its claim near Fivcmilo Creek. It has been suggested that it Would bo a wiser movo to install a continuous string of buckets on tlie dredge, by placing buckets where the links intervent* oil the crdiiutry type of dred'ges. in tho opinion of experienced dredg-eniastsrs, who are interested in tho venture, the proposal has its drawbacks, for the ream that, owing to the rough nature of the ground, considerable difficulty would be encountered with big stonos, and tlio ground would not be worked so advantageously with a continuous string of buckets. As soon as the claims have proved payable, suitable dredges will be built to work tho properties. DREDGING RETURNS. 0/.. dwt. gr. Jlastcrton, Waikaia, 135hr5... 60 6 0 Koputai, Waikaia, 137hrs ... 33 15 0 Jlystory Flat, Waikaia, 1441ns 31 5 0 Electric No. 2, Cromwell, wk 29 5 0 Chicago, Alexandra, 90hrs ... 27 0 0 New Roxburgh Jubilee, Roxburgh, llShrs 20 7 0 Electric No. 1, Cromwell, 136hrs 17 15 o Waikaia, Waikaia, wk 16 17 0 Central Charlton, nr Gore, 136hra 11 5 0 South Waikaia, Waikaia, wk 617 0 DONEDIN STOCK EXCHANGE. The share market during the past weekhas, taking it ail over, been rather dopressed, aJitl while there has been no cause for complaint on the score of business done values generally have not boen maintained. I'rotU litis it has also been made apparent, that there is a tightness of money in the north, and more, holders have bin ctear-

ing their stocks there than in the south. This, of course, lias produced cvon weaker markets in the North Island, but still, as already pointed out, there has been a noticeable depression about the local market over the past week. In investment stock, National Banks havo not been much inquired for. After they touched £6 last tveek inquiry has practically ceased. Bank of Now" Zcalands are quoted in the vicinity of £9 14s 6d, with very little business. National Insurances are easier, and a fairly large parcel has changed hands during the week at $1 7s 6d, with still more availablo at the same price. Standard Insurances have been sold at £1 3<s. U.S.S. Company's sha.res are easier than they have been for some con-' siderable time. Coal shares havo uot had quotation during the week. There has been a close market in National Mortgages, tho quotes being-buyers £2 19s, sellers £3. Douaghy's shares are in demand at £l 2s, without sellers. Milbura Lime is one of the few stocks that hold firm, buyers offering £18s3d, with no better seller than £l 9s 6u. Buyers and sellers of New Zealand Paper Mills yesterday reached within sixjxmce of each other without coming to business on 'Change. In mining stocks, Consolidated Goldfield; have attracted a good deal of notice during the week, and sales have taken place up to 17s, tho closing quotations vesterday being—buyers 16s 9d, sellers 17s" 9d. Tho whole of the Thamos goldfield stocks, excepting Waiotahis, havo weakened considerably. Values in the stock excepted (Waiotahi) have shown a reeoverv. and as during the past few months the working of tho mine has been showing a profit of £400 per month, and as the company bus a reserve fund of about £15.000, shareholders are lookine forward with some (onfidence to the declaration of a dividend at an early date. May Queens are no.v quoted ex rights of the shares in I tho two subsidiary companies recently | formed, thus aocounting for the reduced figure at which they apjiea-r on the board. Talisman have undergone a considerable fall during the week, and yesterday had quotation at —tellers 425, which is the lowest price touched siuco the mine was flooded some 12 months ago. Waihi Grand Junctions have also eased considerably, and sales were made yesterday at 345, 34s 6d, 34s 9d, and 35«. 'There was evidence of a slight recovery at the close, when the market was disposed to firm. The impression in certain well-in-formed locol quarters is that in regard to the principal Auckland ventures there is fairly strong evidence of "boar" movements by northern firms. A good number of circular le!l«re have been received here from Auckland, which indicate that an effort has been made in this direction. Undoubtedly tho primary cause of the ea.-eiiient, as compared with prices ruliii" seme weeks ago, lias been forward deliver* sales falling due, a position which lias been accentuated by London forward deliveries coming on top of local ones, but contemporaneously with the falling due of these deliveries tho "bears" would appear to havo come in and worked the market down to cover their deliveries and leave a profit commensurate with the extent of the suooass of the " bearing." It is mattes of interest in connection with

'bo aihi Crawl Junction Company's mine that tho Waihi Company, having fiecui'o:l t'.ic ris[ht to bring in elcctric.il power to its mine, and having- to «%tand the initial cop). thercf£, and bcins bound to supply power to others who it, tho Grand Junction Company will be in a position to take advantage this, and in coni'ie of time will lie nolo to work its mino very much more cheaply. I'wo things which arc Iwing looked forward to to 2"U'o Grand Junctions a .stimulus are. in the lir.st nkce, the continuation of sinking in the main shaft and the gradual approach fo the lodes, and in the second place, the prevention of (he north-easlorn I'lOSivC'tit lo intercept the No. 2 section of the Martha lode. The progress of both developments will be watched with interns!.

In dimming stocks values have been fairly stationary, and the depression apparent wilh respect to investment and Auckland shires bus not. affected dredging flocks. Incidentally, Golden Bods are on tho up grade, Hartley and llileys continue firm, and I'.ise and Shines maintain a good level. Sales.—Muddy Terrace, 295; Waihi Grand Junction. 353 6d, 55s 6d, 345, 34s 6d, 34s 3d, 255; National Insurance. 27s Gd. Sale Reported.—Standard Insurance, 235. Tlw folloving are yesterday's latest quotations, subject to tho usual brokerage:— Drcdging Stocks, Alexandra Eureka—Sellers 3s. Blackivator—Buyers 4s, sellers 6s. Electric—Buyers 3s 6d, sellers 4s. Golden Bed—Bayere 15s 3d. sellers 16s. Hartley and Riley—Buyers 15s, sellers 17s fid. Koputai—Buyers £1 3s, sellers £1 7s 6d. Stanley I'araca'.e—Sellers £1, Manuhcrikia—Buyers 9s 6d, sellers 10s. Molynoux Hydraulic—Sellers ss. No Town Creek—Buyers 9s 3d. I'actolus—Sellers 6s 9d. Rising Sun—Buyers £116s. Mixing Stocks. Muddy Terrace—Buvers £1 fis 6d, sellers £1 10s.

Consolidated Goldfields—Buyers 16s 9d. sellers 37s 9d. Kurunui Caledonian—Buyers Is, sellers Is lid. May Queen—Sellers Ss 3d. Watehniiin—Sellers Is 9d. ' Talisman Consolidated—Sellers £2 2s. Waihi Intended—Buyc is 2s 10s, sellers 3s 6d. Waihi Grand Junction (options)—-Buyers £l llfi 9d, sellers £1 15s 6d. Waiotahi—Buyers 4s lOd, sellers ss. Investment Stocks. National Insurance—Sellers £1 7s 6d. Union S.S. Co.—Sellers £l 13s 9d. JJ.I.C. (ord.)—Buyers ss. Milburn Lime and Cement (£l)—Buyers £l 8s 6d. Mosghl Woollen Factory—Buyers £2 15s 6d. N.Z. Drm; Co. (£2)-Buvers £2 6s 6d, sellers £2 7s. ■ I> "'^ a P° r Mills—Buvers £1 Is 6d, sellers £1 2s. Donaghy's Rope and Tivine—Buyere

AUCKLAND STOCK EXCHANGE. (Per Uiiited Press Association.) AUCKLAND, December 3. llio following business wa6 done at the afternoon call to-day:— Dixon s Coneo'tidatod (oonkib.), sd; Point Kussoll, 3J<i; oaxon, Is 2d; Waiotahi, 4s lid; Consolidated Gold fields, 18s 3d; Ikuraki Freehold, <M; Moivlo Christo, 5Jd; Now Z:iiland Crown, 4s 10d; Golden Belt (contrib.), 6iU; Talisman Consolidated. £2 h £2 2s 6d; Waihi 3s sd, 3s 7d, \Vaahi Grand Junction, £1 15s 6d £1 16s; New Sylvia, 5s Id; Old Hauraki, Is 6d; May Quo<cn, .53 ItT; Northern Steamship (coutnb.), 5s 4d; Northern Stconisliip (puid up), lis 6d; Kauri Timber (contrib.), 15s 3d; Wilson's Cement (prcf.), £2 2s; Bank of New Zealand, £9 12* 6d

KARAUNUI DREDGING COMPANY

. first annual meeting of shareholders m the Karaunui Dredging Company was held yesterday at tho office' of Mr G, A. lllrlow, tii3 chair being occupied by Mr J. Glendining. It was resolved that there bo three dncctors, at a remuneration oX 60 guineas to Iw divided as tfcjy think fit. Glendining, J. G'. Short and William Grey were elected directors, and Mr D. Crawford auditor. i lie OJiairnmn stated tha.fc everything connected with the company was gomo- on satisfactorily. Ilioy had all the lendcis in, and prd.fy well all had been let, and the probabilities were that the dredge would start work about the Ist of February. Mr Short had br-ou up at the claim, a.nd had gone very- minutely into tho question of repairs and everything required, and when J3ie dredge was in commission she would bo in thoroughly good order.

Mr A, Anderson said shareholders had jwrfeot faith in the gentlemen at the lioad of the company. Ho understood Mr Short had devoted a lot of time to ihe affairs of the company, and 110 thought it was only right that a vote of thanks should be passed to him.

Ml- Short, while thajiking Mr Andoreon for his complimentary remarks, said he had done no moro than ho should have done.

As showing tlw interest. taken in the manatjoinent of th fl company, it was mentioned that, since the company was registered on the I2i.h of October 13 meetings had been hold.

NOTES FROM CROMWELL. (Froji Onn Ows CouKESroNDEKT.)

CROMWELL, December 3. The weather is exic|/..iumuiy warm and dry, and the river is keping low. Dredging matters are quiet, nothing' in the vruy of sensational returns being scttircdL The Rise and Shino N, 1 diMlgo is still on rich ground, and the No. 2 dredge will probably strike better ground shortly. The l'unt dredge is expectod to strike tlio rioli run of goki very short lv, as the bottom started to dip this week. "As thero is no overburden of soil where tho dredge is opening out this should lx> a great liWp in working the ground. Tho Clutha River dredge, which has been worked by a tribute pany for a considerable time with vary little euowas, owing to .tire ground being too heavy for the machine, Bloppod to-day as the river is too low, and it is doubtful if thoy will continue again. The Hartley and lliloy dredge is not doing well at present, Th» ground is deep, and very little bottom lias boon won. yut. WELLINGTON STOCK EXCHANGE. (Per U;uthd Pit Ess Association) WELLINGTON, December 3. The following sales were effected today:—Kuranui Caledonian, 3s 2d; Talisman Consolidated, £2 ss; Ross Gold-fields, 8s 9d. Sales Reported ;—Kiiranuii Caledonian, 3s ltl; Saxon, Is Id; rairua. Broken Hills, Is Talisman Consolidated, i! 2 3s 3d; Waih-i Extended, £1 14s 9d, £1146 Sd* £1 14s 3d, £l 14s; Progress 12s lOd; Ross Goldlields, 9s, 9s 3d.

THAMES DEEP LEVELS. (Pie Uhitid J J ar.s3 Association.)

AUCKLAND, December 3. Negotiations in connection with tire Tliajnw doop level scheme aro at present hung up. The May Queen Company, in pursuance of a. letter from the Minister of Mines dated July 7, 1907, Jias sent in a claim for ' 'iO in connection with the un-

wavering ami deepening of the Queen of Beauty shaft, from which the crosscut is to bo driven. JL'ho other live companies concerned have offered £1000 in full settle-.

mcnt, but tho May Queen Company has declined this, and' suggests that ibe companies should apply to tho warden for easement uimor the letter referred to. The companies decline to adopt this course, and negotiation am noiv at a standstill.