MINING.

Otago Daily Times, Issue 16315, 23 February 1915, Page 7

MINING.

The gold output in Western Australia for December was 102,748 fine oz, valued -at £436,444. The total is 77520z less tl«an for the pre.vioue month, <in<l 9372«z below that for December in 19] 3. The aggregate output for the year is 1,232,9770z, valued at £5,237,350, compared with 1,314,0430z, valued at £5,581,701, for 1913. Victoria's yield of gold for Docem>ber was 44,2260z gross, or 41.516 fine, oz. valued at £176,350. Compared with the yifclrl for Oocombw of the previous year, an increase of 1200oz fine, occurred. The return for ihe. yoa.r 1914 was 439,&050z prosß, or 409,7060z fine, valued at £1.740,320. This shews a decrease of 25.226 07. fine inmpared with tho quantity won durihpr 1913. Tho returns of thn Mount Lycll M. and R. Onmpiiny for tho liLst two four-weokiy periods rnded reppeotively on January 20 and December 23 phow tho followincf rosults, the fijnirf-e beinir those in paronthoses: — Oro tr«it<?d. 20.634 (27.768) tons--viz.. 14.740 (17.035) ton* Mount Lycll, 6294 (10,733) tons North Mount Lycll,

purchased oro 4 (nil) tmis. 'Hwj oonvertiirs prod need 556 (595) loiw of blister copper, contiiiriitt/; 550 (553) tons oopper, 35.878 (40,453) oz silvw, and 792 (772) 02 gold. Ail parte of the works aro now connected with the c!e<'l.ric;d |>ow«r sapf>ly, mid preparations for installing- a flotntion plant for treating schist* from tho Lyell Corn-toek mine, havo been commenr-,ed. A calamity, which threatens effectually to onil the career of tho lJi.imond. ffold mine, ut Diamond Crock (V.), occurred on January 27, when a fins which broke out in tho middle of the afternoon, demolished tho entire winding and pumping plant-. poppot. liciida, buttery, and all surface buildings, I lie dumaffes being estimated at £50L0. Under tlm naino of tho Diamond Creek (Sold Mining Oontfmnv. tho property was jwcrawfully and profitably worked from 1907 to 1914, and yielded 29.8530z of gold, valued lit £121.047, from 23,153 ton*, a triflo over 10 pnr cent, of tho output (£12,250) boim; distributed unionist shareholders on a paidup capital of approximately the sarno nmrmnt. A whomo of reconstruct km was submitted to shareholders, who. howo.ver, declined it, and the oompnny was wound up. Then , wore still pcoplo whoso fnith in the property w<w unshaken, partioulwly amonijft t.he men who hnd l>oon working it,, in spite of the fnrt fhat for months tho operations were uilprontaMe. A new company was therefore formed, and fair quan-t-tins nf trold wort? again obtained, but. it is doubtful if tho new company will bo Mo to survive tin's disaster.

BSIiANX) BT/WK PTJF.TKJTNO AND SLUICING COMPANY. ANNUAL MET7TINO. The fifteenth annual meeting of shareholders in the Island Block Dredging u-nd Sluicing Company was hold yesteruay afternoon in the otlico of Mr James Brown (secretary). Mr H. JL' , . Necs (chairman of directors) presided over u. fair attend-iiico of shareholders.

In moving the adoption of tlte annual report and balance sheet the Chairman stated that, in reality, very little had been done during tho year, and tho meeting vould to practically a. formal one. The, Gokk-n Run dredging returns had been very satisfactory, and during one portion of the year had been exceptionally good. latterly, however, they had not been quite so pood; but it was hoped that thoy would pick up again. The company hn<l a balance in tho bank of £408 16s iOd, and altogether its surplus amounted to £452, and though it might be aeked why that money was lying idle, he felt sitro the. directors -were- following the proper course in holding it at present. If sluicing were started again, or any active operations resumed, it was necessary to have capital, and the beet course in the meantime was to retain their money, pending tho development of tho company. In June or July the question of paying "off a part of their debentures would be considered by the directors. Mr W. F. Sligo seconded the motion. Mr R. T. Stewart, manager of tho elaiin, stated that the Island Block Company was in practically the same position as it was at the last annual meeting in so far as active operations were concerned. Nothing had be-en done, and he did not think it would be wise to do anything, as the company had boen waiting to see what would be disclosed by tho operations of the Golden Run dredge. These had been fairly satisfactory, and he hoped they would continue to bo so. Tho boring operations showed thnt srood ground existed for some distance ahead of tho dredge. The ground between the last line of borea and the next lino would probably take tho dredge some four or five year? to cover, and though they did not know the vnlue of thfl ground bcbetwprn tlie tivo rows of bores, they hoped the returns would bo satisfactory. The result? had so far borne out tho mines obtained by boring, and they trusted the present richness of the ground would continue until the next lino of bores wns reached. Mattors at. tho claim wero now fairly under -,vay, and it was expected that good returns would bo -won in fnture. As a shareholder, the speaker would not bo favourable to any further active ope.rat.iona at t!i". present time, or, for eorao tiroo to oome. Tie honed the roydtv -.von by the Golden Run Gommny wonild enable tho directors to pny off the gronter part of the Island RK-ik'doHentirres. Tho plant and tho -water race? had boen kept in Tood order, nn<\ t'-io interests of the debenture holders had uhn boen carefully gi'^rdcd. The motion this carried.

Mr F. J. Lake was re-elroteri to tho directorate of tho company, and Mr T. S. Gnham was ro-nppointed auditor.

Tho doctors' fens were fived at £37 16?. tho chairman announcing that only half of this amount and of the sPcretary's salary would be drawn.