LATE MINING.

Otago Witness, Issue 2409, 3 May 1900, Page 44

LATE MINING.

NOTES FROM UPPER MOLYNEUX. CFbom Our Own Coebespondent.)

April 30. — During the early part of last week the heavy ram that fell had the effect of raising 'the Molyiiexix about 18in. At the same time, notwithstanding that a considerable amount of drift wag travelling, none of the dredges working in mid-stream were stopped. The Vincent dredge continues on good wash, with a result of 630z for the week. This return, considering the depth of the ground ox^erated on, as well as the loss of fully half a day, must be gratifying to shareholders. It was rumoured during the week that the dredge was not working on the bottom. This is not quite correct, as I have it on the best authority that the buckets were on the bottom the whole week.

The Matau recommenced work, after repairing, ten days ago, and •washed tip on Saturday for Boz. The dredge is now operating on the east side of the river, taking up the cut adjoining tlie New Alexandra, and commenced at the lower end . of the claim where it joins the Dunstan Lead. The mishap to the New Alexandra has delayed this dredge from properly opening out, but I hear that repairs are about completed and the dredge commences work to-day. Owing to the compact- nature of the material to be attacked, the dredge's operations have been somewhat retarded; but -with effective use of the hydrant lately obtained for breaking down the face, brisker work may be looted for and better returns. I fail to see that there has been any occasion for such a slump in the market value of New Alexandra shares as obtained last week. Shareholders might exercise a little patience, and not slump the market by selling shares as soon as they hear of a breakdown. It should si&o be borne in mind that bank claims t?,ke longer time than river cbima to piove their payableness. I am of opinion that other companies holding bank claims, or flat claims, might await the results of the Fraser Flat and Earnscietigh No. 3 before entering into contracts for their dredges. The Davis Bend Company, I hear, will be registered shortly. All the contributing shares in°this company were taken up by the vendors and offered privately at 7s 6d premium; but they soon went up to 14s 6d. Two West Coast companies have lately been f oated by the Alexandra Syndicate, the Golcenda and Staff ord-Waimea,. The offices of the company are at Alexandra. The Vincent Extended dredge is ready for the machinery, but there is none on the ground yet for placement. Mr B. Davis, boat-builder, has commenced business at Alexandra as dredge boat-builder. I hear that he has entered into contracts lor a number of boats.