THE WEEK'S MINING NEWS.

Otago Witness, Issue 2396, 1 February 1900, Page 20

THE WEEK'S MINING NEWS.

We understand that a new Stock Exchange been established in Dunedin, and that it Is the intention of those who are promoting it to reduce the charges in connection with commissions upon the buying and selling of shares. The name of the new exchange will be the Equitable Stock Exchange. Office-bearers have ■fa'een elected and offices secured, and business .operations are to be commenced immediately. The secretary f>i the Cairnmuir Gold- Dredging Compariy informs us that tenders have ■been accepted for the construction of the pontoons, Messrs- Ritchie and Co. being the contractors; also for the machinery by a New South iWales firm. An order has been forwarded through Messrs Marshall and Sons' Dunedin agent for a 16-h.p. engine and 20-h.p. boiler. Hen are now engaged cutting a road to and preparing the site for building 'the pontoons. Mr W. F. Payne is the consulting engineer. Barring accidents or unforeBeen delay m the delivery of the machinery, it may fairly be expected that the dredge will "be completed and ready for work within the next six months. We are informed by the directors of Ford's Creek Gold Dredging Company (Limited) that Mr Keith Ramsay, jun., has been appointed Beeretary of that company, vice Mr J. J. RamBay, resigned. In the Daily Times of the 24th appears the prospectus of the Tyson's Beach Gold Dredging Company (Limited), with a -capital of : - £8500, in 8500 shares of £1 each. This company is formed to acquire and dredge a special claim of 93 acres, being section 18, block VIII, Rankleburn Survey District, adjoining the Great Beach Gold Dredging Company's property. It has a stretch of the Molyneux River between the Great JBeach and Prince Imperial companies of 27 chains, and a large flat, which it is believed lias been at .one time the bed of the Molyneux Sliver. 'The ground has been well reported on, and full, reports will be found in our advertising columns. - A large number of shares Ere said to have already been bespoke. Messrs C. W. Harvey and J.J. Ramsay and Co. are the brokers, and Mr H. F. M. Mercer -interim. Secretary. ' The secretary of the Ophir Dredging Company reports that the directors have decided %o close down, and that a meeting of shareholders "will be called shortly to approve of liquidation. The nominal capital of the Westralia and New Zealand Gold Explorers (Limited) is £52,501. It is not now in active operation. The quantity of gold produced last year was (I7oz 2dwt Bgf, of the value of £IS4 14s id, while ihe expenditure amounted to £1303 9s 3d. The total quantity of gold produced since registration was — Milled, 1308oz 6dwt 20gr; cyanide, 2060z ; the total value being £5867. The expenditure since registration has been £13,683, »o that up to December last nearly £8000 had been spent in excess of the value oi gold won. - The allotment of the Royal Sovereign shares took place on Tuesday afternoon. This company was largely over-subscribed, and the provisional directors had great difficulty in meeting the -wishes of applicants. A brisk demand irnjnediately set in for shares, and parcels were cold after allotment at a good premium, ilessrs J. J Ramsay and Co. and Brent and Srent were the brokers for this company.

The statement of affairs of the Sailors' Gully (Waitahuna) Gold Mining Company shows that the nominal capital is £2000, but only £100 jaas actually been paid up in cash. The quantity of gold produced last year was 381oz 12dwt 19gr, pi the value of £1197 2s 2d, at an expenditure of £776 Bs. The quantity of gold -svon since registration in June, 1896, has been 820oz- Bdwt 23gr, of the value of JS2BS6 19s, while •iho expenditure totalled £3019. 13s Bd. The total amount of dividends paid is £100.

The nominal capital of the Golden Key Gold Mining Company, Tuapeka, is £4000, and the sub/scribed capital £2000, of which only £250 vr\B paid in cash. During last year 70oz 17dwt asgr was won, of the value of £227 17s sd, the expenditure reaching £929. The expenditure pince registration amounts to £1134 13s lOd. At a meeting of the piovisional directors of the Otama Gold Dredging Cornppny (Limited), Jield on Tuesday, the shares were allotted, and th-j statutory meeting of shareholders for the election of directors was fixed. Mr J. F. Harper wa3 appointed secretary. A very satisfactory report was given as to the richness of the ground. > The brokers of the Piiaco Arfclmr Gold

Dredging Company (Limited) report that nearly 400 shares had been applied for up to Tuesday

evening. The brokers for the Horowai Company advise us that an over-subscription is now assured, and that the lists will be closed at all centres on Thursday afternoon. The prospectus of the Golden Gutter Dredging Company (Limited) is now in course of preparation. The claim is situated on the Bengerburn, with a frontage to the Molyneux. It adjoins the Ettrick, and is opposite the Golden Bed, and in the vicinity of the Golden Treasure and Excelsior. The broker is Mr D. G. Davidson, who has already placed a large number of shares. The legal manager of the Junction Dredging Company (No Liability), Porepunkah, reports from Melbourne, under date January 13: — " Mr S. Molyneux has been appointed to superintend boring operations, which are to be started at or.cc. Report from him ju3t to hand states first bore down Bft, gold '"showing in every augur core."

At a meeting of the provisional directors of i the Horse Shoe Bend Gold Dredging Company | (Limited), held on the 24th, the shares were alI lotted, and the statutory meeting of share- ! holders for the election of directors was fixed i for the 15th February, 1900. Mr J. F. Harper was appointed secretary. The capital was oversubscribed by several thousands. | At a mesting of the directors of the. Golden Standard Dredging Company, held on the 21th, the engineer reported that the plans and speci- ! ficstions for the dredge were nearly completed, and that arrangements are being made to pur- ! chase and have the necessary timber for building the pontoons placed on the ground as early i as possible. | The gold won by the Gold Creek Dredging , Company amounted to d£92o 15s 7d for the halfyear ended 31st December. At a meeting of shareholders of the Champion Gold Mining Company, held in Lawrence, the resolution empowering the company to increase the capital to £12,000 by the issue of 8000 new shares of j£l each was carried unanimously. The intention of the directors is to isstie 6000 shares and to hold 2000 in reserve. In Thursday's Daily Times J. J. Ramsay and Co., in conjunction with Adams and Morrison, of Lawrence, publish the prospectus oL the Scottish Chief Dredging Company I (Limited). This claim is situated on the Molyneux River at its junction with the Tuapeka River, and is highly spoken of in the reports of Messrs M'lntyre (of Pringle and Co., Miller's j Flat), Tyson, Dunlop, Anderson, and Adams. Mr Adams, who is one of the vendors, ia well known, and has had many years' experience as a practical miner. The Tuapeka River has already been: tried by the Tuapeka and other dredges, and. all have paid welL Messrs W. A. Walton and Win. L. Hooper, brokers, notify that applications can now be received for shares in the Upper Fraser Gold Dredging Company. This claim adjoins the Fraser Flat Company's claim, whose shares are highly thought of, and have been at a good premium for some time past. Alexandra residents are subscribing largely, and the brokers state that several thousands are already placed elsewhere. Intending investors should, therefore, put their names down at once. Messrs HarmaD Reeves and Co. notify that the share list of the Golden Cradle Dredging Company is now closed. At an informal meeting of shareholders of the Ophir Gold Dredging Co. held on Friday event ing, it was decided to enclose the proposal [ made at a previous informal meeting to issue , an additional 1500 shares, and to take steps to i place the required number of shares, the allotment to be settled next Friday, j The statement of affairs of the Otago Gold I Dredging Company shows that the nominal 1 capital is J24500, and the subscribed £1000, of j which £2000 was paid in cash. During the year just closed the gold produced amounted to 7240z, of the value of £2813, making since registration in May, 1895, a total of 37170z, of , the value of £14,634. The expenditure last year amounted to £2055, and the total expenditure since registration £9521. The total amount of dividends paid is £5500. 1 Messrs Park,, Reynolds, and Co. resumed their daily sale of shares on Friday. They report sales as follow . —Central Electric, 81s p; Gold King, 8s p : Golden Link, 3s p ; Golden Elbow, 4s 6d p ; Sixteen-mile Beach, 7s 6d p ; Leaning Rock, Is 9d p. ' Messrs Sligo Bros, and J. J. Ramsay and Co., brokers, report the' successful flotation of the Golden Ripple Gold Dredging Company (Limited) — a claim adjoining the Fourteen-mile and Golden Rirer Gold Dredging Companies on the Molyneiix. The capital is^£lo,soo, and was subscribed in a few hours. Shotover Quartz Mining Company. — Mr S. ', E. Brent supplies the following extract from the mine manager's report: — Machine level ' extended sft; total length, 936 ft. Formation taken sharp turn to eastward, and very broken. Stoning at 750 ft extended 9ft for week, stone averaging 2ft in width. Have now 26 tons out, thoxigh rather mullocky. Have started crushing. The prospectus of the Golden Butterfly Dredging Co. is published in Saturday's Daily Times. The capital is £7500, in £1 shares. It is proposed to work a claim of one mile of the Molyneux River in the Crookston district, comprising about 60 acres. Favourable reports are appended to the prospectus from Messrs John Donaldson and William M'Clelland, who worked parts of the ground by means of a current wheel dredge. The brokers pre — Mr E. Trythall, Dunedm; Messrs Biuce, Christie, and Co., Oamaru; Mr J. H. Keddel, Clyde; Messrs M'Math and Co., Alexandra. 1 The Perseverance dredge commenced operations on Tuesday, 23rd, the machinery running very well. For a white she will be worked only from daylight to dark, to avoid overheating any of the machinery. Mr Samuel Cameron has been appointed dredgemaster. I The Central Otago Foundry and Engineering Company have finished their contract in connection with the erection of the Springvale Dredging Company's dredge. The company are now making some necessary repairs to the boiler before commencing work, and are having the ladder strengthened. The dredge will be ready for a start, in about a fortnight. Mr R. A. Denniston has been appointed dredgemaster and engineer of this dredge. — Alexandra Herald. The New Alexandra dredge has been stopped since the middle of last week owing to the breaking of a wheel. If the new wheel arrives when expected, the dredge will be able to resume work by Saturday. — Alexandra Herald. The preliminary notice of the Golden United Dredging Company appears in Saturday's Daily Times. Ths claim is situated on the I Duffer's Creek, just above its confluence with the Grey River, West Coast. Engineers, who

have inspected the property, report favourably on its possibilities.

The , legal manager of the Shotover Quartz Mining Company (No Liability) notifies that a call of Id per share has been made on all shares in the company, payable at the company's office on Wednesday, February 14.

The Skippers Sluicing Company report a return of 290z 19dwt, from top stuff only, since the 16th December, 1899.

The directors of the Hartley and Riley Dredging Company have declared a dividend (the seventh) of 7s 6d per share, payable on the 29th inst. i

A meeting of shareholders of the Craig Flat Dredging Company (Limited) was held in the office of the company, No. 1 Bond street, Dunedin on Thursday, the 24th January, to confirm th<> resolution to wind up the company voluntarily under the provisions of " The Companies Act, 18S2. The shareholders confirmed the said resolution, and appointed Mr Edward Trythall, the secretary, liquidator to wind up the company's affairs.

Joseph Sparrow and Co. are making good progress with the machinery for the Golden Bed Dredging Company's dredge. The timber for the pontoons is on the ground, and the erection of these will be pushed forward with the utmost despatch, so that the dredge will undoubtedly be at work well within the contract time.

A meeting of the first directors of the British Lion Gold Dredging Company was held at the registered office of the company, 3 Bond street, at which the shares were allotted. Great difficulty was experienced in this matter, as the shares were largely over-subscribed. Mr Sidney T. Mirarns is the secretaiy.

Mr D. G. Davidson, the broker for the Golden Gutter Dredging Company (Limited) advises us that the list is closed, the shares being largely over-subscribed, applications having come in from Southland, Central Otago, Canterbury, and Wellington. Those who resell ed shares should lose no time in sending in their applications as the stock will shortly be allotted. A copy of the prospectus is in Thursdays Daily Times, and for public information only.

Shares were allotted in the Prince Imperial Gold Dredging Co. (Limited) on Thursday, The list was considerably over-subscribed. The claim adjoins the Royal Sovereign, and the piof.pectus. has already appeared in our columns. Messrs J. J. Ramsay and Co. were tha brokers.

The statutory meeting of shareholders of the Big Flat Dredging Company, Limited (Post Office Creek, Waipori) was held in the Chamber of Commerce- on- Thursday. There was a fair attendance of shareholders. Mr T. K. Harty was voted to the chair. The following ' gentlemen were elected to serve as directors for the ensuing year: — Messrs T. K. Harty, R. T. Wheeler, jun., E. Bowler, J. E. Palmer, and W. Crossan. Messrs Barr, Leary, and Co. were appointed auditors, and Mr Leslie H. Reynolds consulting engineer. A committee was appointed to work with the engineer in facilitating the preparing of plans and calling of tenders for the pontoons and macliinery. The work will be got in hand at once. Mr D. Leslie (Mitchell and Leslie) is secretary. The Nugget Gold Dredging Co. (Waikaia) expect to be ready to commence working in the river about a fortnight hence. Mr Durward and his staff are now engaged in fitting up the engine and boiler, and when this is completed he intends to start the machinery and make a trial cut. Mr D. R. Jones, at present engineer on Pringle ar.d party's dredge, and formerly of the Island Block claim, has been anpoinfced engineer and dredgemaster of the Nugget dredge. There were numerous applications for the position.

Messrs Park, Reynolds, and Co. re|jort the sale of the following shares on Saturday: — Electric Extended, 13s p.; Reliance, Is p.;" Old Dunstan, 5s p. ; Remarkables, 6d discount. The statutory general meeting of shareholders of the Golden Horseshoe Dredging Company was held at Wood's Hotel, Rattiay street, on Saturday evening, when Messrs Adam, Burnside, Whitall, Wood, and Wright were appointed directors of the company, and Mr Thos. Chaliner auditor. At the request of some of the shareholders present, Mr Wood gave some information regarding the position and surroundings of the company's claim, and general satisfaction was expressed at the company's prospects. There has certainly been no delay in getting this company under way. Only two weeks have passed since the prospectus was first issued, and to-morrow the directors meet to consider the adoption of plans of a dredge, which will be laid before them by Mr Roberts, the company's consulting engineer. The directors speak hopefully of having the dredge at work within 12 months.

The retivrn from Craig's Freehold claim, South Hokitika, was 330z ldwt 12gr for a fortnight's work.

The prospectus of the Upper Fraser Gold Dredging Company appears in Monday morning's Daily Times. The capital is £11,000 in £1 shares. Reports of a favourable nature are attached to the prospectus.

The prospectus of the Lady Charlton Gold Dredging Co. appears on Monday's Daily Times, and, as will be seen from the reports, particularly that of Mr Howard Jackson, the property is- considered one of the safest dredging investments offered to the public. The claim is situated above the Charlton Creek Gold Dredging Company (Limited), which is now on good gold, the shares being quoted — buyers 11s premium. The capital is small when it is consideied thit two dredges are to be provided, the dredgeable area being about 170 acres. Messrs Barr, Leary, and Co. report that the list is filling up rapidly, and will be closed as soon as the requisite number is applied for. Over 2000 have been taken up in the Gore district, which speaks for itself.

The prospectus of the Hokonui-Charlton Gold Diedging Co. appears in Monday's Daily Times. The claim is situated next above the Central Charlton, and below the Lady Charlton. The claim consists of 100 acres, and was favourably reported upon by Messrs Louis G-ards and J. P. Smith, M.A.LM.E. The Dunedin brokers are Messrs Quick and Smith, Brent and Brent, and Sligo Bros., who inform us that applications for shares are corning in very freely since the publication of the last good return from the Charlton Creek Gold Dredging Company.

Mr H. S. Talentine and Mr Thomas M'Cracken, brokers for the Prince Arthur Gold Diedging Company (Limited), report the successful flotation of the company. The capital required was £6000, and 9475 shares were applied for.

The secretary of the Gibbston leports having received a wire on Monday from the company's engineer that the first hole bored, bottomed at 51ft, is distant three-quaiters of a mile from the Merrimac claim. The second hole, bottomed, at

76ft, is further down the claim. Width of claim, widest part, is about three chains; narrowest, two chains. Mr Payne was to arrive m Dunedin on Monday night, when his full report will be obtained. Meanwhile the directors are of opinion the three-quarter mile of iheir cairn next Merrimac is about same depth as latter.

The statement of affairs of the New Alexandra Gold Dredging Company (Limited), which was registered on December 10, 1898, shows that the nominal capital of the company is £10,000, and the amount of the subscribed capital £8500. The amount of capital actually paid up in cash was £6801, and the value of the scrip given to shareholders on which no cash had been paid w?s £1500. The capital was divided mto 10,000 shares, and there were at present 123 shareholders in the company, which employed eight men. The total expenditure of the company since registration was £5333 8s 3d, bul the company's claim had not produced any gold up to the 31st December last.

The Vincent Gold Dredging Company (Limited), which was registered on September 13, 1897, has a subscribed capital of £5500, of which sum £4800 was paid up in cash, £700 being the value of the acrip given to shareholders on which no cash was paid. There are at present 121 shareholders in the company, and the shares are fully paid up. During the past year 12890z ldwt 19gr, of the value of £4965 8s 3d, has been obtained from the company's claim. The sum of £3380 19s 2d was expended in carrying on mining operations during the year, the total expenditure since registration amounting to £9165 10s sd. The company employed seven men, and the total amount they had declared in dividends was £637 10s.

The Golden Point Dredging Company (Limited), having a nominal capital of £6000, and a subscribed capital of £5400, was registered on August 31, 1897. I'll ere are 125 shareholders in the company, which employs eight men. The amount of gold obtained fiom the company's claim during the past year was 880oz lldwt 9gr, of the value of £3410, 3s Id. The sum of £4435 0s 8d was expended in carrying on mining operations during the year, and the total expenditure since registration amounted £10,235 4s Id.

The Inch Valley Gold Dredging Company, which was registered on September 15, 1898, has a nominal capital of £5000, the amount of the subscribed capital being £2600. The company at present consists of 62 shareholders, and it employs eight men. The yield of gold from the claim during the past year was 6370z 17dwt 2 gr, of the value of £2457 7s Id. The company, since i% came into existence, has paid two dividends, amounting to £500. The sum of £3225 6s 9d was expended m carrying on mining operations during' the year, the total expenditure since Tegistration amountina: to £5084 4s Bi.

The Bakery Flat Sluicing Company (Limited), which has a nominal capital of £3000, and a subscribed capital of £2500, was legistered on September 10, 1896. There are 27 "shareholders in the company, which employs r.me men. During, the past year the compaiij-'s claim produced 2030z 9dwt liu,r of gold, ol the value of £1179 13s 2d, the total production since registration being SOOoz 12dwt Ugr, of tlie value of £306-1 8s 9d. The sum of £143 0 -Is 6d was expended in carrying on mining opera'tioiis during the past year, the totsl expenditure since legistration amounting to £4710 18s 2d.

The Skippers Sluicing Company (Limited) was registered on July 30, 1837, the nominal capital of the company being £4000, and l!ie subscribed capital £3500. There are 24 shareholders in the company, which employs nine men. During the pa&t year 1630z 6dw» IGgi of goM, of the value of £621 7s sd, .was produced from the company's claim, the total production since registration being 2730z Jfidwi. lSgr, of ike value of £1031 16s Id. During iths yrar £1172 15s 4d was expended in carrying on minii-g operations, while the total expenditure since ree:straiio:i amouniecl to £4'lS2 7s Id.

The Chaito Creek Dredging Company (Limited), having a nominal capital of £5500, and a subscribed capital of £5000, was registeied in Au^u^t, 1897. The company consists of 91 shareholders, and employs eight men. During last year the dredge has yielded S27oz 9dwl lSgr of gold, of the value of £3223 15s 2d. The sum of £3683 Is was expended in carrying on mining operations by the company during the year, the total expenditure since registration amounting to .£7917 9s 4d.

The Sunlight Gold Dredging Company (Limited) was registered on October 14, 1898. It has a subscribed capital of £3090. The nuniber of shareholders in the company is 58, and there are seven men employed. During the past year 679cz-2dwt 9gr o* gold, of the value of £2514 14s 8d was produced from the company's claim, the total gold production since registration amounting to 7210z 17dwt 19gr, of thej value of £2679 7s lOd. The sum of £1900 10s 8d was expended on carrying on mining operations during the year. The total expenditure since October, 1898, amounting to £4032 2s 9d. The company has paid altogether £750 in dividends.

The Adam's Flat Gold Dredging Company (Limited), with a nominal capital of £2700, and a subscribed capital of £1500, was registered on April 24, 1899. The company, which consists of 31 shareholders, employs seven men. The total expenditure of the company since registration, amounted to £1300 16s Bd, and 360 3 18dwt 17gr of gold, of the value of £137 15s 3d, has been obtained from the company's claim.

The Enterprise Gold Dredging Company (Limited), which was registered in August, 1891, has a nominal capital of £3000, the amount of the subscribed capital being £2000. There are 22 shareholders in the company, which employs seven men. The yield of gold from the company's claim last year was 13410z 16dwt 20gr, of the value of £5166 12s 6d, the votal yield since IS9I being 54010z 16dwt 20gr, of the value of £20,799 8s 9d. The sum of £2582 18s 2d was expended in carrying on mining operations during the past year, the total expenditure since registration amounting to £16.599 4s. The company has paid £5650 in dividends.