MINING.

Otago Daily Times, Issue 15273, 13 October 1911, Page 6

MINING.

Tho Xfasterton dredgie ohtaine<l a return of 2307. }sdwl for '120 The secretory of the Waikaia ('om|«ny report/i a rotiirn of lOaz 6dwt for 156 houni' M'ork. This was obtained on the eastern section, ami the dretlge wa.s ,-Jiifleil to '.lie western section on Weihwsdav. The f«x'retary of the Mystery Flat Company reports a return of 1407, ldwt for a r.in of 131 hours. :ie ICleetriu Company has declared a dividend of Is jxor share, payable on Menday. Octoixr 23 '! ho .secretary of tho Kopui.-ii Company ropotK a return of 21or. 16<hrt for 131 iiours' work. The Ifiamly Point dredp> wnrked 120 lmttrs J,ift wieek for a distance of. 9ft. moved ahead. Tliij widt.li of the cut and tho depth of the ground remained the sa.me as in tho previous week, and prtepects wrre fair. The dredgemaxter intended to stop to clean out the boiler and olfect. a number of necessary repairs. Although (lie drift on "the Mamihorikiii claim is very heavy, a good return was obtained last week Prospects are good and tlio ground is very deep. On the Carrick, mining mailers are at ti'i interesting stage, ns tite ('arrick Compiinv made a st;iri crushing during the last few days. This mmpitny lias a fully-c-c]uip|»| and tmiistially larg«i plant, ami it. IS a general wish that tho erection thereof will Ik? jilstifird. lOva.irs and party, a)=o mi the Carrick, will 1m CTUshinj: in the eonr.se of ;i fonniglu. DCXEDIN STOCK EXCHANGE. The three call-overs yrsterd.iy prothicet} only a small amount of business, and another dull day was passed on 'Chance. A parcel of Xo Town Ureoln> changed hiituls at. 5s 6)1, (Kid there was a further buyer at that price, but no tatter seller than one at fvs 3d. Rise and Shines were on otter at £l 14s. and Worktops at £2 9s. but tboro were no buyers of either. In the mining stock division t.here was a seller of Waihis at £3 9s 6(1. Irut no buyer. A sale wa.s rciiortod in Wiiihi Grand Junctions at £1 14s &1, and more were in deniaiiif at that- figure, but wore not obtainable under £1 14s ltid. In the investment stock division Stan<Lard Insurances wore inquired for at. Jul lis 6(t, and IVmohial Trustees at £1 2s 6d, without, a seller of either coming forward, while Union Steams were on oiler at £2 Is, with no bdyern. Milimrn Limes <£l) wore for sale at £1 19s. without result, and an otTer at 19s for the smaller issue elicited a seller in £1. j S.i le: —No Town Creek 5s 6d. j Sale Reported :-Waihi Grand Junction I £1 14s _s<l, ! The !*oll.v.vi are latest quoi tations, subject to the usual brokerage;— l)i:i:t)(;tj;(j stocks. Blaekwafor—Buyers ss. ('harilon Creek—Buyers 2s 9d. Elretric—Buyers 4s, fillers 4s 6(1. Golden Bed'—Sellers lis. M art ley and Kiley-»Solloi's 13s. ( No Town Creek—Buyers 6s 6d, sellers & 3d. Rise and Shine —Sellers £1 14s. Worksop—Sellers £2 9s, .VlisiN'c Stocks , Consolidated Goldliclds—Sellors 19s 6d. Iviiranui Caledonian—Buyers Is, scDcni Is 3d. N,Z. Crown—Buyers 2ti 6d, sellers 3s. May Queen —Buyers 2s 2Sd, sellers 2s 4d. .New Sylvia—Sellers Is BJd. Waitangi—Buyers 3s. Id, sellers 3s 3d. _ Tab*s-i:an Oonsolidated —Sellers £2 lis sd. Wtiilii—Sellers £3 9s 6(1. Waihi Extended—Buyers Is Sil, sellers 2s. Waihi Gnmd Junction—Buyers £1 14s 5:1, sellers £1 14s lOd. Investment Stocks. Standard Insurance—Buyers £1 lie 6d. I'.S.S. (.'o.—'Sellers £2 Is. Wcstjiort Coal Co.—liuyers £1 8s 9(1, sellers £1 9s 3d. Perpetual Trustees Co,—Buyefs £1 2s 6d. D.1..C. (ord.)—Buyers 5s 3d. Millmru Lime and Cement (£l)—Sellers £1 lite. I Milburn Lime and Cement (10s) —Buyers 19s, sellers £1. N.Z. Drug Co (£2)— Sellers £2 10s. N,Z. Paper Mills—Sellers £1 Is.

AUCKLAND STOCK EXCHANGE. II'KJ! U SITED I'RF.M ASani'lUins . AUCKLAND, October 12. The following business was done at the 3.15 call to-day:—New Zealand Crown, os Id- Dominion, ltd; Wailn Grand Junction, £l Us 6(1; Golden Cross hi National liailk, £6 Is, WELLINGTON STOCK EXCHANGE. tl'Kit Uxitkd PiiKsa Association.) WELLINGTON, October 1?..' Tlio following Niks were reported on Iho Wellington Stock Exchange Hwlay:Wailii, £3 8s 6d; Waihi Grand Junction, *1 14s Sid. CANTERBURY STOCK EXCHANGE. tl'Eit United I'uess Association.) CniUCTCIICIIOU, October 12. The. following sties wore reported on the Canterbury Stoek Kxcluuiro Manning and Co., £4; Waihi Grand .lunctiori, ii Ks. £1 14s 6d. ELECTRIC GOLD DREDGING COMPANY. TWELFTH ASXUAL MEKTINtI. The twelfth annual meeting of the Electric Gold Company -was lieid in tho Stock Exchange Btiiklings yesterday afternoon, and was attended Wv alxint lo snareholders. Mr W. T. T.llboyb (eliairawt ol diiectoh l ) pr(i<idcd. In moving tlio adoption of tlio report ami Lilanee sheet (a-htady jiublislwli, the Chairman Haiti lie thought Shareholders would aprcc with him that the iC)X)rt was a jhci'.y explicit one, and required no comment [torn hint, 'i'lioro was one tiling, however, ho would like to refer to, and that Was tlto criticism ihe diroctois had iM'en rccontlv subjected to by eonospondeiit.s io (lie pri\ : s as to tlio riiiining of their two <lr«dg(.«. Of oonreo tiioy wfro i|iiiio pri|/.(i*d for that sort ot thing. Wlren drudges «w !iot on gold I'vuiylxiily connettixni with tlio working of tho comixniy was doing the wrong tiling. Their directors, liowover, ttt«w very la ge shati'ho'.ders in the company—in fact, tho dinctors hold almost a half' o{ the intu-rost in it. and they mig];t tjierefcte be mro l!io inaJ'jigeinent, in conserving tiii'ii- own inwere conserving the iiM-r-rests of tho sViaretioldtirs. linm«liaMy after Iho issue of their ixvlaiico sheet for tlio year ending August 31. 1911. the ftMiipan.v had oci'hi.rnl a dividend of 6d |>er share, and that day they had struck another d'vfdend of Is per rhare, If (he directors had followed out the suggestion of the writers of letters in the priss ihcy would prolviblv have wound up the ton;pi;iv, sold the dredv f S, aTid ]M alwwt is 6d io 2s a rdiarp was nil th;-y would hive obtained a* a result-. At the time th(.»,o It'ttf'rs were written the shares were w(>r.h about Is (xl eaoh, while now they I were of a value of nlmu ss. 'I his went lo | show that tho direciom had a greater knowledge of \\4iai was (or the welfare of the company than tiioft« who oritieised t,h«m. Mr A. Andoßon t-n«>oiided the motion.

The Sewciiio' then read lottere (published ill tlie rciicrl.) from Mr Janus Horn as to the ground liting worked by flip two dreefcew and ;ti to the pwpcets of payable ■returns b-oinf; secured. 'Hip Chairman nmiarkral that t-horo was 1:0 dfnrl>r in liih mind t.!iat the dircetors <lid !k> rifj-lii thins in sticlnny to their property. The i|iK«ti«n had been eonsidered som- lime hick of putting on a inn of lyws instead of tlio wrwns. Tlio dim-tors did not ('(insider that when the deep <rioiiiid was worked out their claim wns dune by any mum;, and tliey inlciKM to put oit a run of Iraes. '."in- speaker .'aid lie of a mmpaii.v which was now pe;.tin<* •tOim or 50.-17, which ho/l been jot 1)v Hie .wen. He wns quite aitisfied they still bad a fair p:t;;ii'.rty. whlcih woi:'.d return dividends for some years to come. Shareholder had Wen well paid by rwivwrs! £116% pur stare, and this w;jh on a rapital of £26,009, and i.liC}- fiioilkl Slick to (.hf* properly. In arswer to a tpirstifin by .Mr W. DjII. the (.'liainna.il stated that, aft.:-r the p.).yincilt of il dividend of 1? per share (which appropriated £1200), and laying aside £817 to nie'-t- i i.jx'i:se.s, thrro- rtmurired a Ixi'itiiee in t.lie hank of £183, and there J wn.s further the resorvo of £2000 on in the lank. M r Da.ll said t.lmt (lie impression tjiven bv one letter wbioli bad appeared in the papers wns thai drodse No. 2 was eating I till the, profits obtained ftom dredge No. 1. IV quost-inn- was whether it was wiso to cciiliime w:Ui No. 2 at all® Th« Olwinnnii: In t.!io opinion <vf the directors it was wise. Time Wllld prove (he wisdom of the directors. lie believed No. 2 Would ye.t l.x« a soiiree of profit. As ho had rfnlwl More, their shares n.iw had ait increafed vnlno, and any shareholder who was noi satisfied eoti'd foil out at a fair nnrffin on the 1b6.1 nt which Ihey were previously quoted. He, l.oivever, would not advise anyone. t?i foil out. t-'o far a.> I,ln* IH-avrapnr rarwmwkww was <*:n<vrn«l. the direction; preferred i:ot (o enle.r iivt-i ,T!f fitioh discussion. His exTcricrscn uviI,liat thow< wild wroto the ni« noHspnjx-.r ronvaHindenco r.'iticifiinj.' the working of pnlitif ronvpani' R were tlie f7nallpjt s-bare-livylflors Mr Pall reiterated It's rptetfion whether it w.'itild not l>:> lutvjVablc o tJiruw rjvor dtodrio tfo. 2.

rite. Chairman; 'Hie directors do not j think so. Tho prospects of securing g«!J • from (Jiis claim are ccod. >U.« said it Jmii I oal_y taken iui average l;mt year of 320z ! weekly to work the two (hedges. |

Mr 1 kvil sail. 11 i,.-v were getting payable returns from No. 1 dredge, Inwould like !o know whether i:, was net advisable lo give these jiroiit-sto (hoshareholders instead of umiij,' th. Mit to further Xiiospret. No. 2 claim.

It was itated that the loss on No. 2 dredge for last year wa.< only abtntt £200.

Tim Chairuiiin -said (hat if Xn, 2 di'Wlgo Were sold tins n«.\t. day a of th,': dinxitois wfinkl i'mmh:U« il.. It t!i:-y this pi<>iM>rty ;imi got fair returns he what would lx> t.he oj>!ni<iii of .shareholders? After they had dredged over 'No. 1 claim they intended to go over if. again wilh Ikixiw, No 2 dredge nii|-lit be a lailure--thev rotilvl not al>?!ihrt.e)y .swirantee that it would retvifn dividendv~init then iigain it might turn out a areiiter success \li.in No. 1. Altho:iyl; Ihe No. 2 had lost money year," cue previous 12 montlis it hiiit made money.

The report and lulance flrcot were then adopted.

Tho relitii:- dii'e< , !oi , s—Mes-r.s .iame.i Horn ami Alox. Honi —tfero ve-oleo'i-il and Mr P. 11. Power was ie-electcd auditor.

Mr Ajule.r.on pro|>i>sed a hearty v<-.te of thanb to the ilim'tors and the et'nployeiu of tho (•onijja.ny. which was carrii'd titiimiinoiuily.

Mr Anderson sttid there, was a matter ho would Jiko to v.Mitikltv There was a <«irespondent at Cionnvel! who was wrilbi-: lvports not conducive to t.he welfare of tho company, lie thoiiulit lie might lie approached and asked if he could not do a iittlo hotter.—.(Langliter.) This e<irres;jorideni had stated tJiat the dividoiid of 6d recently ytruek would be the hist (ho comp.'iity would ever p:tv. 'l'itat was damafji::? ill", company, lie thought, the correspondent lv in('nec<l to tone down tiling a little more

Tho Chairm.in said there inighl he a. obtain ainoiint. of bi:.Ls in the matter. He was not going to say nnylhiftg about tho Cromwell reenter. Thev know who lie was. lie was quite entitled to his own opinion