UPPER MOLYNEUX. MINING.

Otago Witness, Issue 2356, 20 April 1899, Page 29

UPPER MOLYNEUX. MINING.

April 17. — Speculators in shares anxiousl} watch the week's returns as they come in froir the several dredges. These returns, as soon »i made known, are posted up by the loca brokers, and commented on as to their beinf good, fair, satisfactory, and so forth. Now this matter of buying and selling shares is be coming a big business, and the investing pub he need to be on their guard against what h usually termed bulling and bearing the shari market. I" have every reason to believe tha' those engaged in the legitimate business o brokers are above stooping to such tactics t< increase their business or to depress or en hance the value of any particular stock. A' the same time one cannot avoid wondering oi what grounds the value of stock in companici not in operation, and that have not even a sticl of timber on the ground for the pontoons, hai risen so maikedly. In fact the shares in sony companies that have only lately been regis tered, and that have only paid one or twi calls, are at a premium of from 2b 6d to 5s 6d From this enhanced value, without anythiri( being done to bring it about, one can bu conclude that cither the vendors parted v/itl their rights too cheaply or by the act of re gistration tha company put a premium on tin value of the claim from 124 to 25 xserx ser cent This, no doubt, is called good business, but i can benefit no one except those speculator: who are satisfied to sell out at a rise o Is or Is Gd, and fee take their profit. However the only true test of the market value of Bhare; in any dredging company is the sizs of thi company taken m conjunction with the aver age weekly returns of gold won from " tin claim, and any other test of vahie can onl; be that of supposition. Of the dredges about Alexandra the Goldei Beach still maintains her high weekly averag return, washing up for five days' working tini G3oz for last week. Notwithstanding the high river and the run ning drift, the Vincent lias improved her re turn, washing up 360z for the week.

- , The Matau recommenced dredging operations last Wednesday, but, owing to having to open out afresh, there was no wash-up on Saturday. The Golden Point keeps steadily working in on the beach, with a return for last week of ' 230z. - - • The Molyneux Hydraulic continues her cut '_ up towards the head of the claim, and is nearly " past the Molyneux coal pit. Her return for the ' week was 16oz. The Moa, at Frenchman's Point, has much ~ running adrift to contend against, consequently J her return for the week was only lloz. On the Manuherikia, the Nil Desperandum has been undergoing_ some neceasary repairs. The Galtee More is working capitally, and I hear is getting a little gold, but how much has not j transpired. The Chatto Creek washed up for the week ' 16cz. The popular manager of this dredge, Mr i G. Blue, having accepted the position of manager to a London syndicate about to commence , dredging operations on the Fraser River, Bril tish Columbia, bas resigned the manager- . ship "of the Chafcto Creek dredge. 3. hear, too, that several of our ablest and znost experienced ~ dredgemen are under engagement to proceed [ to New South Wales to help in expanding the j dredging industry in that colony. This, in acj cordance with the laws that govern an expand- ■ ing industry such as gold-dredging, is as it should be. Otago has been the very cradle ' of the dredging industry that is radiating from ' its centre to all parts of the world, and is send- , ing out her trained men to different parts to maintain her prestige in this industry. Mr F. S. Clarke, one of Alexandra's'most ex- . perienced dredgemen, who left here for.Vancouver some ten months ago, is making a'name \ for himself as a dredging expert. Mr Clarke is now in Glasgow superintending' the construction for a London syndicate of two dredges for operating on the/Fraaer River. Mr Clarke was the first in Vancouver to advo- [ cate bucket dredging as followed on the Molyneux' as applicable to the/rivers of British Columbia. ' 1 I GENERAL. ' ' Mr Rawlins, the member for Tuapeka, addressed the electors at Alexandra on Wednes- ' day evening. There was a fair attendance, but I the hall was not by any means filled. The \ chairman, Mr Kelman, in introducing Mr Rawl lins, bespoke a patient hearing for him.. Mr * Rawiins spoke, for about an hour and a-half, J but his speech was somewhat coldly received, evoking little if any enthusiasm. None need 3 be surprised at this, especially when one con1 siders that the speech mainly consisted in * abuse of the hon. the Premier and the lion, the [ Minister for Lands, whom this session he was | going up to Wellington to worry. He was sorrj; ? that there would only be one to worry, as the | Minister for Lands would be away; but he 515 1 waa going up like a young tiger thirsting for j i blood to worry that one. To say the Jeost of it, i such language in a legislator is both undigniJ i fied and uncalled for. At the conclusion of the 'I , address Mr Terry moved a vote of thanks to 5 ! and confidence in Mr Rawlins. This was se-_ < conded by Mr Munroe, and ofi. being put to the* [ ' meeting was declared carried. I | Social. —A social in connection with the Ani glican Church took place in the Town Hall on " j Thursday evening. ■The object of the social ' j was to arise funds to assist in building a j i place of worship. A large number of those inj tereßted in the church attended' and enjoyed ' j themelves for a few hours in pleasant and 1 i harmless amusement. ; ' , * j , , a r > i , i i . i 1 b