MINING.

Otago Daily Times, Issue 15823, 23 July 1913, Page 7

MINING.

The master of the ICaraunui dredge, reporting on the 20th instant, stated that the dtedge worked 130 hours durinp the past week. Tho ground was very patchy, but at time of writing the mate were looking well. . •

The manager of- the Old Hauraki mine, Ooromandel, reports that at the 400 ft level the footwall crosscut was in a total distance of 192 ft, and according to survey a reef should be met with at any time. Driving both seaward and north of the winze had been in progress. The reef was 6mall, and the flow of water was heavy. Work had been suspended. Another winze was commenccd at a point directly under the spot at which the richest patch of gold was obtained in the new reef.

Stoping on No.: 2 reef over No. 5 level at the Occidental Consolidated mine, Thames, was carried on last week. In the top stope the reef was a little better than the previous week, though it was,.still split up and mixed with the country. * Gold was seen in most of tho ore broken. Both reef and country in the south stope were very promising, and good dal* of gold could l>e seen in the ore. A few pieces of picked stone were taken from |t. A survey was made of the south drivel No. -5 level, and the position marked for rising to connect with the chamber which was being taken out at No. 4 level. A little more needed to be broken out at No 5 level to get the right position for starting the rise.

The secretary of the Tsokomai Hydraulic Sluicing Company reports that the stripping off of the top material at No. 1 was finished ,'»i! Saturday and elevating was started on Monday, No. 2 had a full -week's sluicing and fair progress has been made. There aro a lot of big stones in "wash met with in tlv's paddock. A run of 13 sluice boxes have been erected at No; 3, and a strong (Stone wall lias been built to keep the creek away from tho operations.

An Auckland Press Association telegram states t/liat the New Waiata returns are £1400 from 95 tons.

GOLDEN BED DREDGING COMPANY. RECONSTRUCTION. PROPOSALS ADOPTED. A special meeting of the shareholders in the Golden Bed Dredging C'ompanv was held yesterday afternoon in the Dunedin Stock Exchange call-room, for the purpose of considering a special resolution embodying the reconstruction proposals drawn up by the direotors of the company, with a view to improving the company's finances. Mr G. B. Bullock (chairman of directors) occupied the chair, and there were 12 shareholders present. The special resolution provided. for the liquidation of the present company and, the registration of a/new company with a capital of £2600, ''consisting of 5200 shares of 10s each, of which 2600 should be ordinary shares, and 2600 preference shares. Half the capital would be" allotted fully paid up to the present shareholders in the proportion of one 6hare to five of their holding. The other half would be offered for subscription to the present shareholders in the same proportion, and would rank as preference shares, the present holders having precedence in Preference shares (only would participate in dividends out of profits till all calls had thus been refunded; together with a bonus of 2s 6d per share, and when that point was reached they would rank in -all respects as ordinary shares. If tliat point was not peached, and liquidation became necessary, the preference shares would have first claim on tho proceeds of tho assets to the extent of all calls paid, together with the bonus of 2s 6d per share, but minus any dividends out of profits.

In moping the resolution, the Chairman staled that the reconstruction proposals had been brought forward on the recommendation made at tho annual general meeting of shareholders held a few weeks ago. At that meeting the shareholders had had plaeed before then the exact position of the'company, and for what reasons it was thought nccoesary to reconstruct. In drawing lip the proposals the directors had done their best to place the present shareholders on equal terms, and although the issue of new shares might seam a little too favourable to the present holdcns of shares, if they took up their quota everybody 'would bo on the same footing. Tho whole of the capital that had been called up was only equal to a levy of 2s per share on the old capital of tho company. The advisability of making a levy had been dieeusaed by the directors, but it was found that they had no power to do, so, and the proposed schctno certainly seemed to be tho best way out of the difficulty. The conditions at the company's claim had not improved. Tho dredgemaster had advised that as a result of the heavy rain the creek had risen, and tho water in the paddock was as high as ever. It had been suggested that the water could bo syphoned awav, but this method would require at least 400 yards of piping, which would moan a heavy expense. Nevertheless, he thought that it was still desirable that tho oompany should operate the claim. The motion was'seconded by Mr Ivemay. In reply to a question, the Chairman stated that the working expenses of the dredge would he covered by a return of 20oz weekly. _ In connootion with the taking up of shares in the new company, a shareholder asked what lead the directors intended to give. The Chairman thought ho could speak for the whole of the directors, and he had no doubt whatever that they would take up their full quota. The motion was then put to the meeting and carried unanimously. Tho resolution provided that Meesrs CI. B. Bullock, William Brown, R. Coekbum. F. G. Duncan, and C. G. V. Leijinn shou'd be directors of llie new company till the lirst statutory meeting. WAIHI MINK. AUCKLAND, July 22. A oableeram sent to tho London office of the Wnihi Company slates:—Dread-' nought lode in southward crosscut, 6ft wide. £12 10s per ton. MOUNT LYELL RETURNS. Press Association—By Telegraph—Copyright, MELBOURNE, July 22. Tho Mount Lvell returns from June 12 to July 9 (inclusive) show that. 25,708 tons of ore wore treated; also 1139 tons' of purchased ore. Tho converters produced 350 tons of blister copper, containing: Copper, 325 tons; sliver, 18,459 m; and gold, 6940z, Tho smaller output is due to lo.wer grade of North Lyell ore being treated. 1