THE WEEK'S MINING NEWS.

Otago Witness, Issue 2359, 11 May 1899, Page 20

THE WEEK'S MINING NEWS.

The New Zealand Mining Journal expresses loncem at the fact that considerable sales of shares in dredging companies in Otago are being made for market profits, with the result that many applicants are losing sight of the inherent merits of the properties and looking to the markets. It is certain (the Journal says) that if applications are made by those who do not look to the dredgea for their profit it will have an evil effect in two directions. Pirst, it will lead to the flotation of worthless properties; and secondly, it will cause a collapse in the market value of all shares, since the public •will not discriminate between bona fide ventuies and those put forward to take advantage of the present opportunity. At the same time the Journal does not think dredging shares are in any way inflated at present values. "What it dreads is the successful floating of worth'.e.=s ventures on the market undsr the excitement cf a sharp rise in dredging shares.

The Roxburgh Amalgamated Mining and Sluicing Company (Limited) report that the gold return for che month cf Apru"-- llCoz J6dwt.

Til ore arc (ihn limes Kecord says) now 70 working dredges m Utago and Southland ; four aie under removal, and nine ar<» standing ; and fully 30 arp building cc mojected — tanking a total of about 116 On the Weft Coast there are, so far, onl* » fs»w dredges at -work, but tenders are called for several, and many other dredges are talked of. while companies are in course of formation for working areas in the Buller, Inangah.ua end Grey Valleys by dredging. On Thursday last the claim held by the Llpine Company, which is the adjoining one below the claim they are working, was floated within 24 hours with a capital pi £7500 £1

shares, of which over 5000 are held locally — a fact that speaks for itself as to the confidence in the enterprise. The claim is to be registered under the name of the Alpine Consols Dredging Company. The company intend to put on a dredge forthwith. Another claim styled the Central Electric was put on the market, and floated at the beginning of last week, held by Messrs M'Pherson and party. The ground is situated part at the bottom end of the Electric No. 2 claim and another part between the Electric NO3. 1 and 2. — Cromwell Times.

The G-lenrock Company's (Macetown) crushing for the month of May resulted in 151oz 15dwt from 265 tons of stone. The concentrates by cyanide process gave 83oz 17dwt.

An Auckland telegram states that the "Waitekauri Company crushed 1917 tons for a return in bullion valued at £1978. The company has declared a dividend, which brings the total amount paid in dividends up io £42,070. Messrs Hamilton and M'Kerrow inform us that the Waimumu Central Dredging' Company has been floated with a capital of £7000. The prospectus was no sooner issued than all the shares were applied for, with the exception of 500 shares reserved for Dunedin. The claim is adjoining the "Waimumu Gold Dredging Company.

Shotover Quartz Mining Company (No Liability).—Mr S. E. Brent supplies the following extract from the mine manager's report • — "No change in formation during the past week. Total length of machine level 673 ft, 9ft having been driven and 23ft timbered during the week."

The dredgemaster of the Macraes Plat Gold Dredging Company (Limited) sends the following report to the secretary: — "I have much pleasure in reporting that we have at last got clear of bar, and of the biggest pprt of our difficulties, and I am certain when we get further ahead that we will get good gold. The wash is getting better, and the ground deeper as we go ahead; while for the time dredged there is §, fair show of gold."

The Upper Shotover correspondent of the Lake County Press, reports: — "W. L. Davis and party have just finished cleaning up their annual washing, the result being most satisfactory, somewhere about GOOoz. Not bsd for a party of two. Messrs Gnmmell and Schusted recently cleaned up a small paddock in the river at the mouth of the Sandhills Creek, the return being lib weight for about 18 days' work. They use the surface-suction hydraulic apparatus, and it is a marked success. Dwan, Co&telio, and party have struck payable gold in their sluicing claim on Muddy Creek Terrace." The .Roxburgh Jubilee dredge washed up on Saturday. The leturn was reported to be about 25oz.— Alexandra Herald.

The Upper Taieri coiresnondent of the Mount Ida Chronicle reports:— " Mr John Cogan has discovered a reef of excellent gold, which he estimates will run half to threequarter ounce to the ton. He has sunk two shafts about 20ft deep on it. The reef appears about 4ft wide. He discovered it in the couise of sluicing operations." The Xcw Zealand Alining Journal protests against the suggestion that a scheme to dredge Lake "WcihoJa should be unloaded on to the Bnh»h investor unless it shall have been conclusively shown beforehand by exhaustive prospects that its success is placed beyond the reg-ion of reasonable doubt. The Journal confesses to being sceptical about Ihe success of drodging the lake. Mr Kdward Try thai 1 report-; that the 6500 shaTes in the Craig Plat Dredging Company, offered to the public have been oversubscribed. Letters of allotment will bo issued in about a week, as soon as the registration of the company is completed. The Dunstan Times reports: — The Molyneux Hydraulic dredge's return for the week was 1802. She is still -working her cut up along the boundary. There is a slight improvement in the wash, and the sample of gold is much better. The return from * the Galtee Morn diedge last week was sJoz. The wash is getting heavier, and prospects are fairly good. The Chatto Creek dredge is undrr repairs. Some good prospects have been obtained from shafts sunk on "the Earnsclc'ugh No. 3 claim. The main crank of the engine of the Enterprise dredge broke in the early par! of the week. The lower tumbler of the Golden Point dredge uiuke ou Tuesday, and a new one is being made in Thmedin. The Earnsclcujrh Xo. 2 is undergoing slight alterations. The Perseverance Gold Dredging Company has been registered with a capital of £10,000. The Xelsou Mail says: — As a result of the recenl discovery of cluome at the Croixelles, a mineral lease o\er the giound has been applied for by a party of Nelson residents. Three men who have been employed to thoroughly prospect the ground have proceeded to the Cioixelles, and doubtless some information of a definite nature as to the value of the discovery ■will be available in the course of a few weeks. Some samples of the ore, which were recently brought to towa. are pronounced to be escheat

specimens. The contract for getting out the chrome has been let, and the stuff will be sent down hill to the waterside in bags. It will be readily taken by vessels as ballast, and at current rates it is expected that the sale of "the chrome should prove remunerative.

The Golden Crescent claim on Wetherstones Flat is under offer to Sir Walter Buller for £12,000. — Tuapeka Time 3.

An Auckland telegram states that tribute parties in the Kuranui Caledonian got goid valued at £450 from 44 twis and 1261b picked stone. The Woodstock Company's return for the nr.cnth was 14280z, of the value of £1799.

The prospectus appears in another column of the Lower Waimumu Dredging Co. The capital is £8000, in £1 shares, of which 5000 shares are now offered to the public. It is proposed to acquire and work 131 acres of freehold on the Waimumu below the Extended Co's claim. It is stated that the property has been prospected, the wash varying from 12ft to 30ft in depth, with gold said to be payable all through. Arrangements have been made to place a dredge on the ground within six months. The brokers are Messrs Quick and Smith, S. E. Brent, C. W. Harvey, and Arthur M. Sidey and Co.

The success of the dredging industry has caused speculators to turn their eyes on Wyndham as a field. One or two farms have already been prospected, and at present Mr Itobert Young's paddock is being tested for its auriferous qualities. We understand that small wages have been made on the land under unfavourable conditions and with crude appliances. It is such land that has been found to give the most steadily jiayable returns for dredging operations. From what we have heard as to the nature of the wash, we consider it would pay to dredge. However, the practical men who are making investigations will be able to decide that question. — Wyndhain Herald. Dredging claims are being pegged out in all directions. Two years ago a large number of claims were taken up at Gibbston, but most of them were abandoned. The correspondent of the Lake Wakatipu Mail now reports that a Tush began about a fortnight ago, and all the ground has been again pegged out. The Cardrona correspondent of the same paper states that the boring rods have been at work there with satisfactory results, and Mr Tacon is arranging for the capital to put on a dredge. The Mail states that prospecting has been going--on somewhat quietly in the bed of the Dart River, head of lake, where splendid prospects are reported to have been obtained in the beaches of the river— gold being found in almost every dish of dirt washed at several depths. A syndicate of local and one or two Dunedin people last Thursday morning sent up three other prospectors. It is understood that applications have been made for two special claims for dredging purposes. An Auckland telegram states that the Waihitailverton Company crushed 1000 tons of ore lor 6400z bullion, valued at £1414.