MINING.

Otago Daily Times, Issue 14715, 24 December 1909, Page 11

MINING.

There- was no reported '.change-' day in the height.of the Mblyheux River, which was 6ft 11m above tho normal mark, at Alexandra on Wednesday morning. The master of the Mystery Flat dredge reports a return of 3toz sdwt for 137 hours' work. The master of Electric No. 1 dredge reports a return, of 250z ldwfc for'4'34 hours' work. ' ■•■:-•■:i-' This .week's return fromf'tho':: Waikaiadredge is. 2207. 6dwt for-153 hours',-worjc. Hie. Secretary of the South Waikaia, Co. reports a return of lOoz 7dwt for 159'hours-' dredging. Tho master of Otago. J<o. 1 dred"o reports a, good run during last' week. ° The ground roinamed much about the eame as during the previous week: The drcdre will close down to-night.for (ho holidays! News- from Nevis states that Messrs "C. b«ott, A. M-Lean, and O. Moon are moving to start another hydraulic claim, and as they have secured a fine right of water operations should soon be under way in getting a plant. They have been :grant«d' a large area of ground, which carries line gold from the surface down; and it i« almost certain to turn out well. The following report was received at the block Exchange yesterday from tho manager of the Waihi Grand Junction mine-:-'Crushing 224 tons per dav; average value, £1 17s 6d. Martha lode; No. 5 level east, 221 ft, low grade. Martha lode r\o. 5 level west, low grade. Holed though (o winze No, 1. No. 4 lodo. No. 5 level, east 357 ft. low grade. Roval lode, No. a level, east 87ft, Width ol ore 23m; away value, £5 lis 3d. No 5 level, west 97ft; width of ore, 42in; assav value, £1 Us 9d.", '. ' ..-

The Cromwell Argus slates that quite a iniiiibor of quartz claims were apnlied 'or at tlio sitting; of the court last week, and a* they arc ?ihmtod in nil rcirts.of the district (' Mr( , i s vcrv |i ltlo t j wt . |lftv _ aWo iwfs will l.c found' bofc.ro tohir-." Four areas at Carrk-k Ran<fo, two at Bcndi-n: and two at Qiiartzi'-Rccf Point, nil for reeling, looks well, and- there is another party rcnortoil as having found-stone at Moonlight Creek. Mount Pisa, which showed gold fvoely. This has - alwavs been looked upon as a' likelv nlace for "a good reef, as conic very rich' specimen? have been found out that wav. several parties having- spent a considerable time thore prospecting, but without being su<'M6sful ill finding (he reef. . It ms reported nt yest-ordav's mwt mg of the Muddy Terrace Sluicing-' Coin pany that the Waikaii River was now «• unprecedentodly-Jo-v that the whole of i; could bo ■ caprice in ihc c-crapanj's'race'...

The engineer of the company (Mr Rawms) avcrrcti that the Mather was absolutely phenomenal, and stated that from this causo the company had now at work but .one num overlooking ■ an automatic nozzle. An interesting report upon the fui ure provisions of the company for a water simply was made by the engineer to jho meeting of shareholders.' The directors of the Rise and Shino Company have' declared a dividend of 2s l>er share, payable to-day. This will make 12s per share, returned to shareholders during the.present year, and a, Total of £1 18s per share, representing, a distribution of £22,800. ■ The directors, of tho Golden Treasure Company have declared a dividend of Is per share, payable to-day. The secretary of tho Koputai Company reports a return of 690z Bchrt for 160 hours' work. ■ .' DUNEDIN STOCK EXCHANGE. ' At the : conclusion ' of yesterday afternoon's call-over tho Stock Exchange was closed for business during the holidays. Before members dispersed the retiring Chairman'(Mr 11. S. Fenwiek) extended seasonable greetings., to the members present, and wished them a pleasurable holiday, and'after an : exchange of" courtesies' business was suspeiidi-d for this year. During the day there were two sales of Old Ilaurakis atv3s : 7d f ■*and about. 500 shares were booked ijfor,.forward delivery ai; an, adyanco : ,oiii'that, figure,, ■'.)Vailu Grand.. Junctions,:,•accounted /for ■' ono sale at a £l.,'lfor 6fl,:ianci'-..,'thcro ■ were, reported" sales-0f,.. Muddy, Terrace /shares at '£1 5s Qd.And. luirunuiv Caledonians at-Is ,2d:«,Ail classes -of: stocks-, were freely-quoted.-and in many instances thero was only a very narrow margin in price between buyer and seller, but with the exceptions' mentioned above, the prices oflV-ivd did not reach sellers' reserves. During tho past few days several stocks have shown' a. weakening tendency, duo no doubt to the approach of the holiday season, but. in, cacti instance the decline,is regarded as tern-: porary, ami it is almost certain that prices'' will harden considerably ■ a "few. •■ weeks hence. '•■■'". ;, i :■•■•.-..•:.•.-'■. .■'•■.>: :-'i' j Sales.-Okl Hautitki,''3s:7d, i 3s'7;"\Vailii. jGriind JunctioiV,'''£l lEs 61L " :; '' '■•"'■'" : Reported Saleiv-Mtuldy. Terrace, £1 5s ;9d; Kuranui Caledonian, is,2d. Tho following are yesterday's latest quotations, subject to tho usual brokerage:— DiiEuiHNi; Stocks. • Alexandra Eureka—.buyers Is, tellers 2s 3il. ' • • ■ Blackwater-.-Buyers ,4s Bd, sellers 7s 6d. Electric—Sellers ,4s. -.. ■..-. -.-.,;<. : 'Enterprise-Buyers 3s 6d; sellers. ss. Golden. Bed-buyers 19s 6d, sellers £1 .Hartley' and , Riley—Buyers 15s, sellers .17s 6d.' •■•'••' '- .: Maslcrtoii-—Sellers £2 6s. Manuherikia-Buyew 7s (xl. ■Mystery Flat-Buyers £1 3s, sollers £1 Bs/ . ■ • No Town Creek-Sellers 10s. Riso and Shine-Buyers £1 18s 'sd, sellers £2. Rising Sun-Buyers £1 16s 6d. Sailors Bend—buyers 6s. Mining Stocks. Muddy Terrace-Sellers £1 6s 3d. Blackwator-Seliers £1 65. Consolidated Coklfields—Buyers 16s 6d, , sellers 17s-9d. ' Kuranui Caledonian—Buyers le Id, sellers Is. 4d. May .Queen—Buyers 3s 4|d. New Sylvia-Sellers 6s 3d. . "New .Zealand Crown, (paid up)— Buyers 's*:7d; filers ,5s 10d. Victoria—Buyers Is 2d. Old Hauraki-Buyers 3s 7d, sellers 3s ,Bd. Talisman Consolidated—Buyers £1 19s, sellers £2. Taiarua Broken Hills-Buyers Is, sellers Is 3d. _ Waihi Extended—Buyers 3s 3d, sellers 3s 9d. ■ Waihi Grand Junction—Buvers £1 15s 6d, sollers £1 16s. Waiotahi—Buyers 4-s 9d, Investment Stocks. National Bank—Sellers £6. Bank of New Zealand-Sellers £9 10s. Nationa Insurance—Buyers £1 7s 3d, sellers £1 7s 9d , ' . ' ; New Zealand Insurance-Sellers ! £3 : 175." South .British •Insurances-Buyers £1 2s 9d, sellers £1 3s 6d. Onion 'Steam Ship Company—Buyers £1 12s, sellers £1 13s. Wcstport Coal Company—Sellers £6 4s. Wostport Stockton—Buyers 63 9d, sellers Bs. New Zealand Coal and Oil-Buyers 2s. Milburn Limo and Cement (£ll—Buyers £1 9s 6-J, sellers £1 10s. Milbum Lime and Cement (10s) —Sellers 15s; ■ ■ ■ ' : Mosgiel Woollen..-Factory—Sellers £2 ■17s 6d; ■ New Zealand Drug Company (£2)— Buyers £2 6s 6d,. sellers £2 7s. New Zealand Paper Mills—Buyers £1 Is 6d, sellers £1 2s 3d. New Zealand Portland Cement—Sellers £1 18s 6d. Otago Daily Times-Sellers £22. Donaghv's Rone and Twins—Sellers £1 4s. . M'Leod's Soap-Buyers £13 7s 6d.. .Wellington stock esohange;,. (Per United Phess Association!) WELLINGTON, December 23. The following sales were effected to-day: Saxon, Is sd; Talisman Consolidated, £2 £1 19s 9d. Reported! pales: May Queen, 3s od; Waihi, £313s M j Waihi Extended, 3s stl, AUCKLAND STOCK EXCHANGE. (Per United Press Association.) AUCKLAND,'December 23. Ihe follownvj business was done at theafternoon call to-day:—May Queen 4s£ew Sylvia, .63 Id i Saxon, Is sd; Old Hauraki 3 3 Bd, 3s .M,' 3s ed;..Golden Belt 1c0nt.),.6d; lalisman 'Consolidated, £2 Os !3d,,£2 : 0:i. 8d;. Waihi, £9- 15s; Bcndigo, H:,- lainm Golden. Hills, 4s lid; South British Insurance, £2 Us, . .... MUDDY TERIUcFfsLUICING COMThe animal meeting of this company was held yesterday afternoon in the olh'co of the secretory, Mr P. Duncan presiding over an attendance of eight simrehoiders. . In moving- the.adopiion of the directors' report ami- balance sheet (already published) the Chairman said they hop-d next .yda.r to hold the annual Meeting a •little earlier-m November, .alter tho close ol tho hnancial year. This veur they had delayed the meeting to enable them to :cpinplete tho work as much as possible .60 as to bo in 3, position to- report' to the shareholders on tho likelv success ;,of the company, Shareholders, "continued the speaker,, iiaturally. asked when they wight, expect dividends.. ■ To this question tho directors mado reply,,, that the indention-of the board whs to aubmiMo (.shareholders, in. a few months, a-'scheme for dealing with tliCamounts owing by tho company, with the view of getting on to dividends. In round' numbers, tho amount' owing by tho company was £13,000, of which £9000 was owin<*'to the ''.Government. Tho. directors believed (hat ■ within, six months'-all.-moneys-.owing, apart ;from Government Loan, should-be cleared' .oft, including tho 'expenditure which' v/as odivtemplatetl in raeo" construct ion" to : 'bring water from.'tho Steeple CiMv r 'T|iii" water should.be available..to augment'the 1 Dome Creek water by,the end.of March,' and should add materially to the revenueproducing power of the company. The information which the board would then have gained would enable it to adviso shareholders as to whether they .should then wipe, off the Government lean bv obtaining a loan or debenture extending over-several .years., and, allowing the-pay" ment of ; .divideiidf, which; could...not bo ■done while the Government ioanJexisted,: ;of-. leaver the-, Government until -tho".company.'had accumulated tho' money and paid off the Government''as opportunity allowed. Tho adoption of the former course" would "more speedily bring-, the company into .the dividend list, and thero was little room to doubt that it was tho couise which the board would recommend 'and shareholders approve of. The forecast. • of directors, based upon advice of their engineer, as to probabb date when the company's turnover would warrant the course indicated, being... foh lowed out, was about June or July next Ofall this and'of the progress being made shareholders would be made acquainted by circular from time to time. Mr Thomas. Ross seconded tho .motion,. and in doing so paid .a tribute''to the work which ,had been dono by'tic; chairman; He stel (ho company "had proved; to.lv sucessdil in a manner-never antic.!-, pa ted by him or by the early promoters. This wjis entirely duo to the .efforts'of. tho chairman, a more energetic" worker than whom he had'haver been associated with. Mr. Duncan passed this praise on to the engineer, referring to him in terms of high commendation. The motion was carried Mr C. C. Rawlins, the company's engiiic:t, gave a comprehensive review of tho claim and the additional water scheme, 'lb Muddy .Terraces, lie said, ,vere only •iv.leratcly rich in gold, but were j-ery '.u-go and extensive and easily worked. ic was only by bringing in a large quantity of water that' they could be mwe to '

pay the necessary dividends, and the onl way to do it was to-get .all the water tha was available. By the Steeple Creek pre posal it was intended to bring in a euppl of water which' commanded very near! as big an area, as the JJome Creek Th Stceplcburn race would be transferred I tlio main race by the' establishment, of connection at a. cost of £1500. But in ask 'ing for this oxpendihim they were takin a course which would enable them to gc a. quarter aii much water again, and o the basis of their late returns—got o tho use of but. one-half of their availab! supply,—they would be certain to get fioi 40007, t0.6000z per month Tho ground wa repjilttr, if not exceptionally rici, ami i only needed adequate water to deal wit it." His' experience of the ground dread wrought enabled him to sa.y thai withi the 10 chains of their pipe line there wa work for the next four years on groun whero. jf; they got tho water they won! get tha gold. Tha pipe line already do\v was sufficionfc to earrv tho extra watei With' the expenditure' of the £1500 the would secure from 70oz to 80oz extra, po month, and this would pay off the monc in seven months, after which period the might build a dam, which was a. nccsi eary tiling. That, "however, was in' th future. The election of directors resulted i tho re-election of Messrs D. M. Fea an AVijliftm Donaldson. ; l&jtr C. Grater' was reappointed auditoi at ;tlio._sa.mc fee. as last year. A specis of £5 5s was given for Work i: ithoi.-past year. "' Oii-i tha motion of Mr Moss, 6econdcl)y:Mr Salmond, it was-decided to plac on tha'minutes a record of the company' thanks 'to the engineer for his forcsigh and promptitude iii regard to his proposa of the Steeple Creek race. CROMWELL NOTES. (Fhom Ouit : Own CoititEsroxnENT.) CROMWELL, December 23. . Dredging is quiet. Most of tho dredge "■will close down on Friday, night for WJ'dk's holidays. - ■ Both'- Rise and Shine 'dredges"are sti ; doif)jr well, and there is a'keen 100 l ;out. for tho dividend this month, as i means a large amount of cash distribute' here. There are several largo mining; venture going through locally "just now, includin a new hydraulic claim at tho Nevis, ;>!s ono at _the Meg, lrsides several -partic prospecting for reefs, and there is n doubt .the mining outlook in this distric is.. better han for some years. Quite a number of claims will be pegge, out for dredging on tho Clutha if th boring results turn out satisfactorily. Si ■far only ono claim has been tried, tho re suits being one good bore and two poo on« 2,' but fchwa are somo distance awa from the river. '•