MINING.

Otago Daily Times, Issue 15142, 13 May 1911, Page 11

MINING.

Tim secretary of the Hartley and Riley Company sent tho following telegram from tlw dredgemastor yesterday afternoon |No wash-up; dredging steadily " . The ground on which the Chicago dredge is working shows considerable impiwement, njxl last week's return would' have Jecvi larger but for the amount of travellinr: dnft. The Electric No 2 dredge resumed operations for the season on Thursday afternoon on the Cairnmnir side of the river Tho dretlgomastcr reports that frosty nights aro being experienced, and that the river is receding. The two Golden Bench dredges are working steadidy with (says tho Wakatipu Mail) highly satisfactory results. No. 1 is iust turning 1 round with a view to takin" a cut up along where tho top loam has bee.n stripped No. 2is working on the west side of Dry Gully ami heading into tho bank. The master of the Sandy Point drpd"o states that ho worked 125 hours last week. Tho width of tho cut. was 100 Yards, mi/cl tho dislanoe worked ahead 6ft. The ground continues deep on both sides of the cut, the centre being the only part tho dredgo is able to bottom. As a matter of fact,''it is getting deep right across the face, and at present only about .half the cut can bo bottomed. The parts that tho dredgo is able to work, however, give fair nrospeets. Ihe Talisman Consolidated Company has despatched the following cablegram to' London ' No. 13 level south drive, progress 48ft, width of roof 12iu, value low; driving north off No. 12 winze, progress 24ft, width of reef iJ6in. assav value £5 17s; driving south, progress 22ft, reef wider than drive, nssav value £3; sinking No. 15 winze, progress ]oft,. width of reef 30in, assay value £8 Sis fid.' The master of tho Lady Roxburgh dredgo reports a return of 25nz. He states that ho cut out oil Wednesday night, and will stop for repairs to-day. DREDGING RETURNS. iv -i • m., . Oz. dwt. gr. vviukaia, Woikaia. 138hrs ... 24 6 0 Masterton. Waikain. H6hrs... IS 7 0 Koputai, Waikaia, l. 7 ishrs ... 13 J} 0 Tub West Coast. Success, 1201)1-5 21 1 0 DUNIiDIN STOCK EXCHANGE. The past week has been only an average one on tho -DunedMi Stock Exchange, no marked briskness being apparent in any division of the market. In dredging stocks buyers of Electrics have bee.u offering Is 6d on several occasions, without sellers. Yesterday, however, two odd parcels changed hand.; at 2s, and there was a further buvi<r at Is 6di, but no seller. Golden Beds have been on offer several times at 14s 6d, but the oinly buyer forthcoming was ono at 12s. Hartley and Rilcys have been consistently on sale at 16s, but have attracted no buyers. Xj Town Creeks were eve.u at the beginning of the. week with buyers at 6s, and sellers at. 7s 3d, while business took place mi ' Change on ruesday at 6s 9d. Since then there have been: sellers at 7s. but no buyers. There has been, inquirv for Riso and Shines' on two occasions at £1 13s 6d, but it met with no result. li-i the mining stock division there have been sellers of Consolidated Goldtiolds in the neighbourhood of 17s 6d, without buyers, and Kurunui Caledonians havo remained even, with buyers at Is and sellers at Is Id. New Sylvius have been quoted o.fc about 2s M (buyers) and 2s lOd (sellers), with business ou Tuesday at 2s BJd. The quotations in May Queens have ranged in tlu vieiiiilv of Is 4il ami Is 8(1, while New Zealand Crowns have beeji on ofi'cr at 3s 9(1, without response. Talisman Coneolidateiln have been oven all week with litt.lo kicini'M. £2 10s being the buyers' price B,nd £2 lis the sellers'. Tn the early part

of the week Waihis were somewhat easier, tho quotations on Monday- reading £3 3s (buyer) and £3 5s (seller). During 1 tJio week tlicy lirmed blightly, and the respective prices on Thursday were £3 4s and £3 bs •xl. Yesterday, however, they dropped back again, mkl tho market closed with a buyer at £3 3s 6d ami a seller at £3 4s 6d. Waihi Grand .lunations have attracted a good deal of attention, and a largo amount of business has boon transacted in this line. Sales took place on 'Chan go at £l 7s Cd and £1 Ba, amd others woro reported at £1 7s 7Jd and £1 Bs. Tho reason for this firmness in this stock has now become apparent in the fact that tho directors o£ t.iie company have declared the first dividend. Tho .shares olosod firm yesterday with buyers at £1 7s 9d and sellers at £1 & 3d.

In tho investment stock division Bank of New Zealands have exhibited a gradual firming tendency. On Tuesday they wero inquired for at £11 7s 6d, on Thursday buyore hardened to £11 9s, and yesterday thoy further advanoed to £11 12a 6d, without producing a selling offer. National Insurances havo been reported as changing hands on several occasions at £1 lbs 3d, and there havo boon buyers on tho market at £1 16s, but no sellers. Union Steams maintain tlicir tirmncss, and tho quotations registered have been in tho neighbourhood of £2 Is (buyers) and £2 2s (ssllors), with littlo business. Westport Coals have been on sale on several occasions at £1 9s, and business was reported yesterday at £l 8s 3d, whilo aji offer of £1 2s 6d yesterday for D.I.C. (pref.) failed to find a sailer. A sale was'reported in New Zealand Drugs last Monday at £2 9s 2d, and another yesterday at tho samo figure, while tho market closcd with a further seller at £2 9s 3d but no buyer. New Zealand Paper Mills recovered somewhat during tlie week and business was reported at £1 2s, whilo there havo been further buyers at tlie same figure but no sellers. Milburn Limes havo been even in the neighbourhood of £2 (buyers) and £2 0s 6d (sailers), while a salo was reported on Wednesday at the buyers' figure. The quotations in Donaghy's itopo and Twines havo ranged in the vicinity of buyers $1 4s 9d and sellers £1 5s 3d. Business took place in those shares on 'Change on Monday at £1 4s (xl, and further transactions were reported yesterday at £1 4s 9d. Sales.—Talisman Consolidated, £2 10s; Electric, 2s (two parcels;. Sales Reported-.—Auckland Gas (new issue), £3 15s; ICaponga, 7d; Donaghy's Rope and Twine, £14s 9d; Westport Goal, £1 8s 9d; Now Zealand Drug. £2 9s 3d. Tho following are yesterday's latest quotations, subjeot to tho usual brokerage:— Dredging Stocks. Blaekwator— Sellers 10s. Electrio—Buyers le 6d. Goldon Bed—Buyers 12?, eellers 14s 6d. Golden Treasure—Sellers £1. Hartley iind Riley—Sellers 16s. Rise and Shine—Buyers £1 13s 6d. Mining Stookh.

Muddy Torraoe—So.lers £1. Consolidated Goldliolds—Sellors 17g 6d. Kuranui Caledonian—Buyers lOd, sellers Is Id.

Saxon—Buycre 2s allors 2>s 3d. May Queen—Buyem Is 4£d, sellers Is 7Jd. New Sylvia—Buyers 2s 8(1, sellers 2s 10d. New Zealand Croivn—Sellers 3s 9d. Old Ilauraki—Sellers Is 9d. Talisman Consolidated—Buyers £2 9s 9d, sellers £2 10s 9d. Waihi—Buyers £3 3s 6d, eellers £3 4s 6d. Waihi Grand Junction—Buyers £1 7e 9d, sellers £1 8s 3d. Investment Stocks. Bank of New Zealand—Buyers £11 12s 6d. National Insurance—Buyers £1 16s. New Zealand Shipping Company—Buvers £11 12s, sellers £11 17s 6d. Union Steam Ship Company—Buyers £2 16 6d.

Westport Coal Company—Sellers £1 9s. D.I.C. (pref.)—Buycre £1 2s 6d. New Zealand Drug Company (£2) — Sellers £2 & 3d.

New Zealand Paper Mills—Buyers £1 2s,

AUCKLAND STOCK EXCHANGE. (Per United I'iif/js Association - .i AUCKLAND, May 12. The following business was done at the 3.15 p.m. call to-dav:— I Tairua Mines, Is sd: Waihi, £3 4s 6rl; Talisman, £2 10s; Northern Coal, 10s 3d; Saxon, 2s 3d.

WELLINGTON STOCK EXCHANGE. (I'er United Press Association.) WELLINGTON, May 12. The following were to-day's Stock Exchange sales:—Waihi Grand Junction, £1 8s 3d, £1 Bs," £1 The following sales were reported: — Waihi, £3 4s 3d; Kapanga, 7|d; Tairua Mirtes, Is sd,

LONDON SHARE MARKET. Press Association—By Telegraph—Copyright.

LONDON, May 11. Wailii Grand Junction—Buyers 27s 6d, solid's 28s 9d.

ALEXANDRA NOTES. (FrOJI Ouu Own CORRESPONDENT.)

ALEXANDRA, May 12. After a week's frost, tile severest being on Wednesday morning last, wheji 14dcg. wore registered, a change in the weather hai; taken plaoe to-day. A cold eouthorly wind is blowing, and a. light rain is falling. There is every possibility cf snow falling on the high country. With the exception of tho gorgo fleet, which stopped owing to the high river, all the dredges are now working.

Tho Chicago ground shows an rmpiuve-mc-nt, and only for tho travelling drift tho returns would be greater.

Tho Olrig dredge is working on a nice run of wash, with indications of further improvement.

Both the Lady Annie and Surprise dredges which a-ro on tho Manuherikia and owned by private parties. aro winning payable returns. The former is said to bo doing exceptionally well, and the suction gas plant i-s working satisfactorily. On Golden Bcach the two dredges owned by Luno and party aro also doing very well, and turning over a lot of ground. Both the Ngapara and the Molyncux hydraulic dredges aro doing fairly well. Tho former is taking a cut down below Golden Point.

Tho Earnsclough Company's dredges are all working. No. 3 rocentlv underwent an uxtensivc overhaul.

The Karaunui dredge is turning over a lot of ground for just payablo returns. Tho pumping plant for supplying water to tho paddock is running swcct'lv.

CROMWELL NOTES. (Fnoit Our Own Couhespondent.) CROMWELL, May 12. The river is falling steadily, and is now at a fairly low level again, being sufficiently low to allow most of the gorge dredges to get another start.

The Hartley and Riley dredge is working on shallow ground, and the high river lias not affected it greatly. Owing to a breakdown the dredge only made a 6tart about tho middle of the week, and did not wash up.

Tho Electric No. 2 dredge .made a start oir Thursday, but the No. 1 dredge will have to wait for some time yet, as they are doing soma rora.irs, and waiting for machinery.

The Rise and Shino No. 1 dredge is doing exceptionally well, with every prospect of tho lino returns continuing. The contractors will shortly make tho attempt to lift tho sunken dredge, and it is almost certain to be successful.

Tho owners of the Punt dredgo, Messrs Taltoys and party, visited tho dredge and claim last Thursday, and it is very probable that work will be again resumed by them.

The Golden Swi dredge is still opening out into the beach on tho west side, and the prospects are steadily improving as the river is irow falling to the normal level. The full cut will likely to worked next week, when considerably belter returns can be looked for.

The Lowburn dredgo is working steadily, and is stated to be doing fairly well.

The low level tunnel at Bendigo is now getting pushed on vigorously, and last week a nice leader, carrying good prospects, was struck. It. is Iho general opinion locally that rich leadens will he found all tho way in, ;<> this property will probably yet turn out the rich returns of tho old days. Work at the Carrie!; is also being pushed on, and when tho large cyanido vats, which aro under construction at the Alexandra Foundary, are finished, a lot more men will bo employed. At present there are about 40 engaged.

ROSS FLAT GOLDFIELDS.

REPORT BY DIRECTORS. (Pkom Our Own ComrasroNnENT.) GRKYMOUTH, May 12. News is to hand that the shareholders of the Ross Flat Goldfiold Company are to meet in AVcllington next, Tuesday to consider the report, of tho directors. The report shows that 70.0C0 shares in Ross Goldfields Reconstructed (Ltd.) at £l <mc.li have ]>ecn allotted. The sum of 7s 6d per share is payable, equal to £26,250. Of this principal the sum of £7017 has been received, and £0095 has been paid out in meeting the liabilities of the. Roes Goldfields (Lid.) during liquidation and the expenses of the liqui-

dators. Tliero is thus a little over £20,000 available in uncalled oapital for tho working of the new company. In tho interim, since tlio previous meeting, the reports of special oxperts have teen secured to report on the power plant, pumps, and mining machinery, and they wore asked to embody in their reports recommendations for future working. The report shows that to utilise the preaeirt plant to drivo tlie existing pumps and machinery (1) that it will oost £4510 to put tho generating station pipe lines, transmission litre, tho Eos substation, and the mine electrical equipment in thk minimum state of working efficiency; (2) that an auxiliary stand-by plant to work in conjunction with tho present plant will need to be erected at tho mine, and, tho estimated oost of the latter being £6840, the board is faced with an immediato expenditure of £11,360. In addition £5786 has to be provided for mino oxtension, thus making a total anticipated expenditure of £17,136. The report goes on to say " Having in view tho fact that the adoption of the above scheme involves tho retention of the preeont. stationary pumps, and that tho mino will be flooded for at least 14 days in the ovent of these pumps breaking down, and the fact of the auxiliary plant having to be kept under steam all tho time, your board dccidetl to ask Mr Gaudin (the expert) for hia re- ■ commendations. Should the hydro-electric scheme be otherwise utilised his scheme is to utilise a steam engine direct coupled to the pump rods of a bucket pump. His estimate for this scheme (which allows for two boilers, each capable of carrying the load) is £10,820, and, adding the mino expenses (£5786), brings the total to £16,606. Thjs scheme, of all those placed heforo it, is tho ono the board recommends should be adopted by shareholders by reason of its reliability and its efficiency, factors which the board deems of paramount' importance in working a deep level gold mine. Tho annual working costs arc approximately the 6ame a 6 would be entailed by the electric cheme. Your board considers it would he advisable to 9ell tho existing power plant, and, should it he successful in doing so at anything like the estimate of its value, shareholders would have the new power provided free of cost, ami would nrobably not be called upon to contribute more than Is or 2i per share of additional capital. Your directors regret that the shareholders 1 money should have been expended on a plant which has proved unreliable and inefficient for its primary object—i.e., the working of the- Ross mine, when it is assured that a reliable and efficient steam plant oould .have been erected for £10,820. Unless the hydroelectric plant can be sold, in tlie board's opinion the available capital to t® called' up is inadequate to test the Ross Flat.

THE WAIIII MINE. Financi \ij Statement, The final accounts of tho Waihi Gold •Mining Company (Limited) for the year lJiq show a. gross profit of £559,003 as Igamst £606,000 for the previous year, l:i'3 expenses of development during tha l /inn'! loUin '' ?£ ' £20,000, as against £13,030 in 1909. Dividends of 80 per cent., or 16s per share, amounting to £396.726 Havebeen paid during the year, and. the addition of £44,280 income tax in England and iNew Zealand makes a total of £441 OCO L f t ' ast ? eal '- The.sura of nS / 0l ; ca P ltal expenditure (as against £37,000 last year) and £37,000 for depreciaf?7nm t rate ? f , 10 per'cent, (as'against £37.000 last rear) have been provided out M?T' a t" rJ 1,1 lddition of new' hJl™ I °f n - Pl '°y idwl towar tls the mdro-dMtric scheme, leaving a balance of £57,700, which the dirrcfors recommend bo carried forward