MINING.

Otago Daily Times, Issue 14700, 7 December 1909, Page 9

MINING.

*> The Molyncux River was 6ft Sin above tho normal mark at Alexandra yesterday morning, indicating a rise of 4in sinco Saturday. The weather wa6 reported to be fine. The secretary of the No Town Creek Company reports a' return of 20oz for 103 hours' work last week. Time was lost owing to boiler inspection. The master of the Good Chance Company's dredge wired yesterday stating that he had completed all repairs, and {lie general overhaul, but in consequence of tho high state of tho river and the fact that it was still rising, he has closed down and paid off all hands pending the (ailing of the river to a favourable level. The following telegram was received by the Dunedin Stock Exchange yesterday;— "Progress Mines, 13 working days. Crushed 2607 tons, yielding gold valued at £3229; cyanided 1585 tons, yielding gold valued at £791; smelter working 19 days, and treated 135 tons; estimated gold in furnace, 1960z. Wealth of Nations: Crushed 1740 tons, yielding gold to the value of £2494; cyanided 910 tons, yielding £536. Blaekwaier Mir.e: Crushed 3260 tons for gold yield of a value of £7103; cyanided 2070 tons, for gold valued at £934." The master of tho Rising Sun dredgo reports as follows for last week:- " 118 hours and worked ahead 6ft on a cut 100 yards wide. I understand that tho old current-wheeler worked the top seams for somo distance ahead. The eccentric drive of the box gave considerable trouble during the week, which, together with stopping to put plates on tho top tumbler, greatly reduccd tho dredging titce."

DUNEDIN STOCK EXCHANGE. Yesterday's market bore an improved tone, and values in a few stocks were firmer. Waihi Grand Junctions and Talisman Consolidateds wero quoted at an advanco on Saturday morning's prices. Although one of four sales reported as having taken place in Junctions was at 35s 9d, the quotations at t-ho last call-over of tho day read: Buyers 365, sellers 36s 3d. Muddy Torraces showed an appreciable advance, the first return from the claim just announced evidently having given a stimulus to values. Sales.—Muddy Terrace, 29s 6d, 29s 9d, 30s; National Insurance. 27s 3d. Sales Reported.—Waihi Grand Junction, i 355, 365, 3fe 3d, 35s 9d; Golden Bed, 16s; ' Waihi, £9 16s; Muddy Terraco, 29s 6d, 29s 6d. Tho following are yesterday's latest quotations, subject to tho usual brokerage I)kkdi;in« Stocks. j Alexandra Eureka—Sellers 3s. Blaokwater—Buyers 4s 3d. Electric—Sellers 4s. Golden Bed-Buyers 17s, sellers 17s 6d. Hartley and Riley—Buyers 13s, sellers 16s 6d._ ICoputai—Buyers 235, sellers 275. Mystery Flat—Buyers £l 4s, sellers £l IC6. Rise and Shine—Buyere £1 15s, Mining Stocks Mudrlv Terrace—Buyers £1 9s 6d sellers £1 lie 6d. N<aw /inland Crown—Sellers 5s 6d. Consolidated Goldlields-Buyers 17s 9d, sellers 18s 6d. Kunmui L'aledoniau—Buyers Is, sellers Is 3d. May Queen—Sellers 3s 3d. New Sylvia-Buyers 4s 6d. Taliam:", Consolidated-Buyers £2 2s 6d, sellers £2 4«. Waihi Grand Junction-Buyers £1 16s sellers £l 16 s 3d. Waiolahi—Buyers 4s 9d, sellers ss. Investment Stocks. National Insurance-Buyers £1 7s, sellem <sod. National Mortgage Co.-Buyers £2 19s (35 shares), sellers £2; IPs (10 shares). i £1 BsM, n sdte £Ylos C * ,TOnt <£1) - BuyWS : seUM 1&?" 011 i,,actorj - B "^ re £2 t lMd Drl ' S Com P an y (£2) —Seli vipw « Is Donaghy's Ropa an d Twine-Buyers £1 AUCKLAND STOCK EXCHANGE (Pfk United Press Association.) q. , .. . AUCKLAND, Doeemiber 6. I ro following business was done at the to-day :—Bonanzj, 4d; May Old ftm V Waiotah '. M : W a ■?!"?" °° nfiol i<lated, M,vssi tent*-* a WELLINGTON STOCK EXCHANGE. (Per United Press Association.) fpv , WELLINGTON, December 6 Sales reported: Waihi, £9 14s 6d: Waihi elds I&Tm 16s; C<,ns °l'date<l GoldLONDON STOCK EXCHANGE Press Association—By Tel ej ra.ph-Cop jric ht Wu'li.' c< j December 5. «£, Juntt ' on = B «Jers, 33s 9d; WATER-POWER REGULATIONS. TRIBUTE TO MR MASSEY. (Fitoa Ouii Oivn Cohbespondent.) mi . WELLINGTON, Dccomber 6. thrwif'r 13 f \ ssoc,at . I ?. n at Rimu - on he West Coast, has published the following telegram, which was recently dethankful 't MasSß /=~''The peoplo aro hankful to you and others who voted m iT* to , fhfi regulations, which are blocking tho development of the mining industry. F.,r your information we may say that thft abusc-d syndicate, which is iwrtly composed Ti,«°flm ng ,mn€ / s - has nearly £2000. ilie BBU acres of ground' mentioned by the Minister is part of a. worked-out and abandoned goldfield winch can never employ one man unless water is available. We only want the water until the ground js worked out, when it could revert to ' , " ls "ot required for any industrial purposes other than mining.(Signed) Borkin-, President Rimu Minors' Association." THAMES DEEP LEVELS. ANOTHER DEADLOCK. (From Our Own Correspondent.) ■ AUCKLAND, December 6. .'if i '' ,i°', V lO seenunsly interminable fieadlocks that have characterised the history of tho Thames deep levels scheme has arisen. The latest trouble (again a wrangle between tho companies concerned) may, it is feared in some quarters, wreck a wheme that was on the very verge of fruition. The now development is the outcome of the presentation of a claim 1? -^^ nies Deep Levels Committee by Slion Q ue sn Gold Mining Company for £4180. Tho following statement on' the subject has been made to tho press by Mr C. Hudson, chairman of the oommittee:—"The account presented by the May Queen Company was in resnect of money expended by it in unwatering the Thames Hauraki shaft and deepening the same lWft. This amount (£4180) is exclusive of the sum contributed by the Government (£6000) and tho local bodies towards file cost, of tho work. The expenditure was undertaken by the company under an arrangement made by the former Minister of Mines (the Hon. James M'Gowan) with the Thames Drainage Board. Under this arrangement part of the conditions under which the May Queen Company undertook the unwatering and deepening and obtained Government assistance was that in t the event of other mining companies being desirous of using the Thames Hauraki shaft they should be called upon to reimburse the May Queen Company a portion of its outlay, such portion to be allocated by an application- to tho warden. The May Queen Company now claims that the various companies interested ia this deep level scheme must apply for an easement and come before tho warden for the proportion of cost due by them to the May Queen Company to be settled. " The present position of the deep level scheme is," continued Mr Hudson, " that the Slay Queen, Saxon, Victoria, and Waiotahi Companies havo signed the deed drawn up by the Mines Department, and the attorney of tho Kuramui Caledonian Company (Mr Devore) has intimated that he has the cabled instructions of his London directors to sign, and is only waiting for more information on this claim of the May Queen Company before affixing his signature. It is important to mention that this deed ignores all mention of compensation to the May Queen Company, and gives tho Deep Levels Board (which is to consist of a representative of each of the subscribing companies and two representatives to be appointed by tho Government) the right to enter the Thames Hauraki shaft md' commence the work. This deed was signed by the May Queen Company with a reservation, but it now claims that its rights under the arrangement .made by Mi M'Gowan must be taken into account, and that it will not pay its contribution to the scheme until the matter is settled. The position was discussed at a meeting of tho Deep Levels Committee," said Mr Hudson, " when the amount of the claim was for the first time before it. A motion offering the May Queen Company £1000 i»t full settlement of any claims it mav have was carried (the May Queen representative dissenting, and stating it was useless to make the offer). There the matter stands." Asked for aa official statement s>{ the

reasons for tho May Queen Company's attitudo, tho Hon. E. Mltchelson (chairman of directors) stated that before tho agreement for the sinking of tho Queen of Beauty shaft was entered" into tho May Queon Company had failed to obtain any assistance from any of the other companies, and applied to the Government, which gvntod a subsidy, and in order that the \oy Queen Company might bo protected stipulated that in the event at any timo of any company or companies dosiringto work from tho Queon of Beauty shaft tho question of reimbursing the May Queen Company should be dealt with by (ho warden, and that whatever his decision wight be as to the equitable proportion to bo paid by each company or companies to tlio .May Queen Company, it should be final. The agreement entered into between the Minister and the Deep Levels Committee contained & clauso which tho company's mlicitors (Messrs ]>evore and Martin) considered took away from tho May Queen Company the rights conforrcd on. it by the letter,from the Minister of Mines dated July 7, 1907, and it was not until such advico lwd been received from tho solicitors that ho (Mr Mitchelson) IxJcamo aware of the position. He immediately telegraphed to the Minister of Mines, and was informed subsequently that the Crown Solicitor a<t Auckland had been instructed to prcservo the rights of tho May Queen Company, and to prepare a olause accordingly. "At the meeting of tho Deep Levels Committee yesterday," proceeded Mr Miichelson, " the companies other than tho May Queen Company would not agree to submit tho question of adjustment to tho warden, and a resolution was carried, I alone dissenting, offering £1000 in complete settlement. This, of course, tho May Queen Company could not, and will not, accept, but is prepared to acccpt any amount that may be allocated by tho warden. At tho meeting, however, on behalf of the company I made a counter offer for the May Queen Company to contribute one-third of the £4178 expended, leaving two-thirds to bo made up by the other five cornpanics—viz., tho Saxon; Moanataiari (justregistered), tho Victoria, the Waiotahi, and Kuranui Caledonian. Thus tho May Queen's proportion would bo £1394, and that of each of tho other companies £557 —very small comparatively "speaking." Tho May Queen shareholders, added Mr Mitchelson, were' not philanthropists, and could' not be expected to bear tho whole oost without being reimbursed by other companies which were going to participate in the benefits of tho sinking of the shaft. They only wanted to bo treated fairly.