MINING. THE WEEK'S MINING NEWS.

Otago Witness, Issue 2181, 19 December 1895, Page 37

MINING. THE WEEK'S MINING NEWS.

Mining affairs, writes our Auckland correspondent on the 2nd, are as brisk as ever on the goldflelds, but the Auckland share market has suffered, if not a colUpse, at least such a set down (hat a recovery is not (-x^ccJied until after the New Year holidays. The principal mines are looking as well as ever, and the returns satisfactory, but compauy promoting has practically cocne to an end. Some of the mines are still passing into the hands of English capitalists, but of the mass of scrip '■' on the market there is &n undue proportion of tellers to investors. The stream of Australian and southern capital flowing in for investment apptars to be dirahiisbing, and this has uot . improved matters. The failure of the Bunker mice—the greatest gamble of the goldSelds —to intersect; the Hauraki reef has hid a great deal to do with the fall in the share roaiket. Its stock is sow at about a third of its former Belling value when the question of its striking I the famous Legge's reef was regarded as merely % question of hours. Of course, the j mine manager may yet catch the reef, as all things are possible in.tLe lotteries of gold mining, and if so the whole mining stock of the field will be sympathetically affected for the better. The amount of money which must have been won and lost in speculation in Bunkers" must be considerable. The Hauraki and the Wsihi are the two mines which are .-steadily keeping up their high outputs of gold. The followingitems are from the Tuapeka Times : —A correspondent informs us that the Golden Run Company are getting things ship-shape at the Island Block Extended claim, recently acquired by them. The race is just about cleaned otit, and in a day or two the re-laying of the pipeliae will be completed. Mr Stewart is now in full charge of the works. We understand the affaiis of the Island Block Company were never better or more prosperous than at the present moment, proof of. which is afforded by the fact that the last five weeks' work haa yielded a retum_of 2270z of gold. This makes up a total yield of 532 z since August 24 last. What the management has accomplished during the past three years may be understood when it ia stated that in. that period the company's bank overdraft has,been reduced from £6000 to £1900. The company at present employ 20 men, and what with aplentif al water supply and good ground to work, the prospects of the company are of the most i reassuring kind. —Prospecting operatioua continue to be pushed vigorously forward at Canalareef. A shaft of 300 ft has already been put in, and arrangements are being made forgoing on another 300 ft. , During his trip thivugh the Otago goldfields prior io the last session of P*rlia- " ment, tha Minister for Mines paid the claim a visit, and was so favourably impressed with what he Siw as to induce Parliament to vote a sum of •. money to enable the ground to be more thoroughly prospected. . , Mr David Richardson, of Gore (say 3 the Southern Standard), has applied fora patent for improvements in gold-saving machines, to be called "tire Richardson improved gold amal-

gamator." The following is a short description of the invention :— The amalgamator may be constructed for working by the hand or by machinery. For -working by machinery, the amalgamator consists uf a silver-lined copper cylinder, inside^f which is fixed a perforated grader. The cylinder and grader revolve on a perforated iron'tuhe, which, is used as a spray to wash the material. For working by hand, the amalgamator consists of a silver-lined, copperplated cradle, together with a perforated grater, and working on a perforated tube, which is used as a spray, as in the amalgamator constructed for working by machinery. The amalgamator, when working, is fixed at an elevation and angle to suit the nature and quantity of material to ba acted upon. It is claimed that the material passea over the plates somehunrlreds of times instead of once, as at present, and that a larger quantity of stuff may be acted upon than with the old machines, and at the same expense as to time and labour. The Tuapeka Times understands the affairs of the Island Block Company were never better or more prosperous than at the present moment, proof of which is afforded by the fact that the last five weeks' work has yielded a return of 2i7oz of gold. This makes up a total yield of 5520z rince the 24th of Auscus*. la-t What the management has accompli-h'd durin,* the past thiee years may be under.-tood whi-n it is stated that in that period the company's bauk overdraft has been reduced from £d(WO to £l&00. The company at present employ 20 men. and what with a plentiful water supply and good giound to wck, the prosp:cts of the corupiny ate of th« most reassuring kind. An abiidged ■prospectus of tide Gal Jen Bar Amalgamated Quartz Mining Company (Liraite i) appeared in Monday's Daily Times. The company is being formed to acquire from the present proprietor) certain reefs in the Upper Dunback district, and to erect a 20-head battery, Ac, for crushing purposes. The promoters have in view the use of the cyanide process, and iv the full prospectus which has been circulated there are reports as to results obtained from crashing samples of the stone by various assayers and metallurgists wbos* names are well kaown in Dunedin. In one of the reports it is stated that "theie is more gold-bearing atone in the claim tha,u any other in Otago, being a mass of reefs running thf-ugh the property." A Wellington telegram states that the returns of gold from a trial parcel of rubble taken from the Karori district, and treated at the Thames School of Mines, U considered td be satisfactory, and it is now proposed to erect machinery on the ground. The assay value of the gild is £2 17s 9d per ounce. Our Reefton correspondent telopraph* :— The return from the Big River mine in 190iz amalgam from 116 tons of stone (top plates)." A movement is on foot to form a Free Stock Exchange on the lines of the one in Auckland. A meeting of iho3e interested will be held on Monday. Mr Thomas Callender reports 16oz 2dwt 18gr gold from the Matakitaki Gold Dredging Company (Limited) for the past week ended the 6th in?rMr Jabez Burton »eports under date December 12 —The Ettrick dredge washed up for the week 211<?z gold. The Roxburgh dredge washed up 9oz gold for about three day..' work. On account of the river being very high the dredges have not been able to work to advantage. The secretary of the Otago Gold Dredging Company (Limited) reports 25Joz of gold for five days' dredging last week:.