Notes from Greymouth. Notes from Reefton

Otago Witness, Issue 2454, 27 March 1901, Page 20

Notes from Grey mouth.

Notes from Reefton

(Fbom Oon Own Correspondent.)

GKEYMOUTH, March 19. The return from the Croesus (quartz mine) is 4003 gold from 84 tons of stone for the month. The engineer for the Teremakau Company reports that the pontoons are nearly ready for launching. The Greenstone Junction dredge started two shifts yesterday. The contract for the erection of machinery on the Erickson's Reward dredge is now practically completed. The shafts on Lock's ground are now down 50ft. Judging by present appearances, there will be no difficulty in bottoming. The North Beach pontoons are just about : completed. The machinery will be "immedis ately placed hi position. Everyone is anxious ; to see the buckets turning, which will be in , about two months. m. /-, t. , March 20. lhe Urey River has been in flood for the past two dsys, and dredging has been suspended. A dredge punt was found floating down the river thw morning by one of the harbour workmen, rlie punt 13 now safely beached The Rocklands dredge yesterday momin<* only required a nse of 2ft in the river, and as the lain should accomplish this, work will b-> commenced at once. The Pactoai=s dredge has not yet propeily bottomed, but I am mfoTmed that a wash up will take place on Saturday. The Gicenstone Junction dredge is woikin" steadily, excavating the claim to insure safety should a flood break ay.-ay the breastwork. The Greenstone Creek dredge biokc Ike piston rod of the winch engine, and is now laid up to effect repairs. There will be no returns from either of the above dredges this week, as they will not open out properly. Good progress has been made with the constiuction of the Teremakau pontoons. Ihe dredge will be the largest and most up-to-date on the Coast, the pontoons being 108 ft Jon°Tne diedse will have a large wateished to pi ore, but her main difficulty will be the depth of loose drift. The New River diedge is looking a little better, but not good enough vet to get excited over. The Waipuna return last week was pooi, but the results will likely be better this week. Boring operations "ou the Grey R^er claim are at a standstill owing to the height of the ij\er. The Xo Town dicdge pontoons are being rapidly proceeded with. This company have trouble ahead of them. They took possession of a tailing site held uia.iy yeais by a miner under a cpitiicate of rejistiatton by depositing all the timber for the pontoons and coii.sk uctmg the same upon it. The miner will not be very difficult to deal with, but he intends to have something. It would bo premature to refer to the piospects of the company or part ol the creek till more is known of it. It is nine miles in length, and only abcufc two miles have been worked. Theie are four rniks of solid giound in the top part and three al the bottom, and those who have taken it up have secured good property.

Flat. Very few holes have been sunk owing to the water, but good gold has been got where the bottom was reached. In the early days m the district 3500z were washed out in one day by a party of miners, and another party in three consecutive weeks cradled 320cz, 3300z, and Ssooz. The ground in some p!ace3 will be very deep, and strong dredges with long ladders will be necessary, I March 21. The slump in the dredging share xnarket continues. Nothing very bright need be looked I for unde* a foitnight. None of the dredges are working full time, and quite a number are being repausd or altered. Tae Maori King claim, prospected by Mr Poppslwel!, tnnifcd. out wcii. Ths ground is loose and ideal dredging grcursd. Mr Poppelwell fiUed to bottom vith s>r.y of the shafts put dowij, owisg to the heavy .nflux of water. The opening of the Maori Queen dredge is put down for Ba3'.er TL<; shares are largely lick' in Warganui. There is a good deal of ■worked giound. but also a large amount of solid. The Foley's Creek Comfiny ii still shaft einl-ing on ihs 'xiev.- llarsden clam*, but the results are unknown. The New Jfjver drc'Jge co:i Tinues to improve, and Baarcho'c'ers are getting more hopetul. The Fcrd's Cr«ek dredge appears to bs doing no belter in 'lhe *r»y of gold gettiug, and ali that ran :*t present re eaid is thst the machinery \\c-rks well, ar.d h?rf turned over a large quantity cf rutenai with a vary smaK return of gola. 'ilic local riir-cfcov, who knows tii<s.ground w-»ll. is *irni in his belief in her iiltimate success, when the dredge gets about another hundred feet from where she is now dredging. March 24. ! Sii'itday night saw a <".ccldcd lift iv dredging matters, and an uicnr'it.oii o_i tba part of investors So do bu'.t'ieas. "he icasrn for the c!'a;>ge E't very <Lar, ?s t!-J reiur-is. though in most ca->cs up lo expec'vMiCas, fire by 110 meins sood. Yet the lone is rnoxe hopeful. 'me I'ew liiver and Ford's Crpek. heretofore regarded but slightly removed from failures, aie improving steadily, and those vho put their faith m these claims sire no.v te:ung unbelievers, ' [ told .ou so; it was only a question of tiutc.*' Is either dredge his yet given payable ) ciurns, but a Improvement is e'aovtti v.-aich, if costir.usd, v-ili soon place the two in the list of dividend-payer?. Tho Ford's Creek dredge is a good up-to-date machine, but the New River dredge ia a patched-up affair that may give a good deal of trouble. The Waipuua, return is 18oz for 255 hotirs' work. The dirt ;s not so rough as it was, and better progress is likely to be made if the tailings difficulty does not, crop up. At present th-j pile of shicgle thrown up by the dredge is getting troublesome. The r-est r"ro.edy, of course, is a greater height of the e!eva*oi?. Possibly 11j:s will have to he attended to. The ijeviathan return of ooz of goM for the week is discouraging to outsiders. The yield, however, w?s as much as expected. The maI chine has been gointr t>reugh old worked i ground. The diedge will Tje laid up this week i for le-ngthtmng the laoaer, the iuat?iial for j Tiiich should arrive from Puncdin to-r.iorrow. When a fresh start is niacl?, tt is hkdy that I fcolid giound will be treated, when I have r.o j hesitation is declaring iliat good returns will 1 be obtained. I On the Grey River Company's claim men 1 have been engaged boripg. So *ar bottom has ! not been reached, end boring wiJl be ccustiruxed I thij week. It i? probable th*t, in arfditioj lo I lengHiening the lad'ler, the pontoon may also ' have to be added io. The Nelson Gr<>ek>dredge has not been working well, but the returns should increase wsekiy. Last week's is not yet available. The yield from the Pactolua dredge of 240z is for three weeks. Most of the time the dredge ; has been going through loose shingle, and without getting bottom. Tins is held to indicate excellent yields in fuiure. The opinion is now strongly held that the ground from Nelson Creek to the Grey River" and Claughesy's Freehold will all pay well, with occasional rich returns. The return from the BuKer Junction dredge for tfle week is 50oz amalgam. March 25. The New River dredge is not doing so well, and evidently she only got on to a patch. The borings in the Maori Gully claim continue to give uniformly good results. Boring operations are still going on at the Gieenstone Gold Dredging Company's ground. The bore is down about 27ft, and the borers expect to-get bottom at about 30ft. Neither the Junction nor Greenstone Creek dredges are trying for bottom. The former found it necessary to put bands of sheet iron around the screen to prevent the stuff from going over the tables, and prevent the dam from silting astern of the dredge. As there are only a few inches of water to come and go on, the stuff is being sent through the elevators. This will be continued until ample room is secured. The machinery of the dredges is working well. Good progress is being made with the. Red Jacks dradge. The claim is reckoned to be very rich. Some folks name it the" Great Expectation Company." Humour hath it that the big returns secured at first from the Buller Junction had to be considerably reauced when cleaned. The Assessment Court has a large number of objections waiting. The valuations are, in many cases, outrageous, and if allowed would be a heavy tax on shareholders.

(From Our Own Correspondents.) REEFTON, March 25. The Old Diggings Gold Dredging Company ace now enabled to shift their dredge c'own to th° " Old Diggings" claim, as owing to recent lams the river is sufficiently high to render lemoval practicable Aheady the dredge has been shifted down over the throe channels and Thompson Creek fall safely. The former was considered the most difficult that the dredge had to negotiate. It is anticipated that to-day should see the dredge past the Buller Junction dredge, just above the Inangahua Junction. THE STOCK EXCHANGE AND NEW ISSUES OF SHARES. The following is a copy of a letter forwarded by the secietary of the Dunedin Stock Exchange to the managers of the Vincent Extended Gold Dredging Company and the Upper Magneiic Gold Dredging Company, with the replies leceived from each company — " Dear Sir,--I have been instructed to write you 111 reference to the new issue of your company's shares, which your directors have caused to be put on the market without giving full publicity to the same, thus causing sales being made under a misapprehension. My committee lifts instructed me to a9k for the following infoimation --1, Tiic paid-up capital; 2, number of shares unissued, 3, intended method of dealing with them. I shall bo obliged by your reply prompt 111 order that the same be made rublic th*<vugh thp pieis for the information of shareholders.—Yours, etc , " Johs Gage, Secretary." Mr L. G. Rpcves. secietaiy of the Vincent Extended Gold Dredging Company, lephed as follows uader date March 20: — " I beg to acknowledge receipt of yours of the ISth inst., and in reply have to state that the paid-up capital of this company is £9500, and that there aie no shares unissued. I may state that the shareholders have all the necessary information regarding the company's do-

Mr L. G. Reeves, who is also secretary of th& Upper Magnetic Gold Dredging Company, forwarded on the same date the following reply .—. — ' I have to acknowledge receipt of yours of the ISth inst., and in reply I ha\e to state that same will be brought before and. consideied at the next meeting of my directors." MESSRS SPABROV: AND CO.'S REPORT. Messrs J. Sparrow and Sons report as follcws regarding the various di edges they ha^e in. hand ■ — Moa Flat dredge was passed by engineer on. Saturday last, ard is in good dredging order. Kelly and Casey diedge has been tested under 1 steam. It is to be handed over to the company to-mono w. Bald Hill dredge was steaming on Wednesday, and is to be handed over to the company on Tuesday, the 26th. Teviot dredge machinery is being erected on tho pontoons, and good progress is being made towards completion. Long Valley dredge : The whole of the maohi'ejy is completed. The engmeeis are to arrive o:i the claim nexi Tuesday to proceed with the erection of machinery. Machinery for the Smith's Creek dredge and also for the Fiaser Flat dredge is completed, and forwarded. The whole of the machinery for the Bendigo i r . being forwarded to the claim, with the exception of the buckets, which will be completed in a couple cf weeks. A. start will be madewith the erection of the machinery immediately on receipt of pontoons from the contrsctor. Gold King The pontoons were successfully launched on Saturday last. The tumbler framing is now being erected. The main engine ha* arrived, and the centrifugal pump, wire ropes, r.nd numerous other parts are being forwarded to the claim. The balance of machinery is nearins completion, and we anticipate an earlystart with th^ erection of the machinery. Main Lead Hercules : The pontoons are under j way, the framing b-ung made. A start will I shortly be made planking. The engine has ari iived from Horae, and the pump, v-ire ropes, and other parts of the machinery have been forwarded to the c'aini. Rise and Shine The last of the biuegum i *onb°r has arrived, and has been forwarded tothe claim via Wrdderburn. The contractors me making n stait with the pontoons. Th& machinery is well under way in the foundry, and the engine is to arrive next month. Centrifugal pump and wire ropes have arrived. Golden Glen- The whole of the ironbark aad kauri has been delivered to the claim. The i main engine, wire ropps, and centrifugal pumpi have arrived, and are being forwarded to thebite. The bhiegum for the framing for ponj toons is to arrive this week by special sailing i vc^el, when it will be forwarded to the olaim. without delay, and we expect to mirke ? start itHildiug the po.ntoo.is very shoitly. CHARLTOX CREEK WATER RIGHTS. The following reph - has beer, received fr-.n* the Minister of Mr-ie?, in answar to p?lition for'vtrd»d to him i-equ?rtin? the CVirltoii Creek to i>e cknjiirod a sludge channel : — " I have the honour to acknowledge the receii^, thruutrh Mr J. A. MiMnr, M.H.R., of a petit'-OR S'gr.ed by yourself and other rspre-, 89ii f ah >•<:'■• of rl-e'lifing c'aims on fao Charlton ' I Ccc?k. j-r.^mg that the cuid creek may be, j < Ot-.Svihite'f n. water rvrnrae Jaio '\bich may be- | Ji-K'iargi-l tsi !; ngs, r}eb r i 3, etA -.Taste water produce!. 1 y r~ lesu'.^iug from dredging operation?. " In renly, I have to state xhat in order toavoid the payment of claims for compensation in the event of the creek being proclaimed, it- 1 will bo necessary to construct a. channel to carry off flood wa+er. and also to provide water fordomestic purposes. I '' Upon receipt of an agreement entered into- [ between the farmers and the miners to ronI struct a channel and provide water for domesticpurposes, the Government will be prepared to grant a subsidy towards the construction of the proposed work to an extent not to exceed one-third of the total cost on approval of plan* and specifications." A meeting of companies will be convened to consider the position. GOLDEN STAR GOLD DREDGING COMPANY (IN LIQUIDATION ). The final meeting of the Golden Star Gold Dregding Company was held in the Dunedin, Stock Exchaage Buildings last Friday. Mr T. JN'. Wilson occupied the chair. The liquidator's statement of the pffaira of the eompanyj wa3 submitted, and showed a credit balance of 2s 4d, after payirg all liabilities. The Chairman moved the adoption of the report. This was seconded by Mr W. G. Riddcll and carried. Mr Riddell moved that the books of the company b3 destroyed six months from date. Thisnotion was also carried. Votes of thanks i» the liquidator (Mr C. M. Stuait) and to tho chairman were passed, and the meeting thca concluxbd. WAIKAKA QUEEN GOLD MINING COMPANY. An extraordinary gep.eEal meeting of shareholders in the Waikaka Queen Gold DredgingCompany w,n held in the Gore. Athensum. on Tuesday evening. There were 20 shareholders present, and Mr John Turnbull (chairman) presided. The Chairman briefly explained 'that the company was in such a position that it could noi carry oa without increased capital. He believed the property was a good one, but the company had started with too little capital. It was found the dredge required improvements a:id some slight alteiations, and there was no money to do it with. The directors had placed three "proposals before the meeting. (1> To increase the camtai by the creation of 2500 new shares, to be called preference shares; (2) that the capital ba increased by 500 new shares, making a total nominal capital of CSOO shares; and (3) the company, by leason of its liabilities, go into liquidation. He also submitted an iut«Ku balance sheet, winch showed that the receipt? were as follow —Cans on 4510 shaies, £4339 si , gold won, £32 7s ; bank ovei draft, £158.3 is sd . —total, £6J14 16s sd. Amongst the items of expenditure were lGs 2J tor land, £3703 18s 7d for dredge and huts, £'260 preliminary expenses, wages £1.0 and sundnes made up the balance of £6014 16s sd. The bank overdraft, the- chairman ftated, was £1533, but the directors gnert a personal guarantee for an extra £500 to paypressing liabilities, and now everything was paid for. He lead a letter from the dredgemaster de°ciibmy several defects m the machmeiy. Altho igh the diedge had only been lunnmg a week or so, several of the brass " bushes were almost worn through, several of the pins beng m the same state. One ot the tumbler pins was veiy much worn, and, taken altogether, about £130 was lequired to put the dredge m good order. The company 3 engineers had given a certificate for ihe dredge, and the bmldeis had been paid, lhe whole troub'e leilly had been insufficient capital to stait with, and nov they wee faced wit.i repaiis and no money to do them with. They hadi hoped that the diedge v.onld have been completed and working 12 moiiths ai?o oi more, and earning gold to p«iv for wear ard te.u. ff that had been s-o, he did not behe\c thete would be. anj' trouble now. A long and acnmoi ions ducus'iou ensued, several of the sbaiehokicis aicusmg the directors oi laxity in their ihit'es. In leply to qurstions, the Uredgemastei (who was piesent) said that he had only done about cue week's woik. He hid wojkecl about 15*

Square feet, with an average of 9ft in depth, «nd that yielded 230z of gold. He was satisfied the dredge could win on an average from 18oz to 20oz of gold every week. The United Company was doing that just above the Queen claim. The Queen dredge, he believed, ■was started on the worst piece of their giound. He suggested putting down two or three bores in their gTound. The United Company was doing so now, and found 18ft of wash and from •4ft to 6ft of clay. He believed, the Queen Company's claim was every bit as good vs the United's. He also suggested that the shaft ■winches should be replaced by steam winches, as there was too much work expected from the main boiler. After some further discussion, all the resolutions on the order paper were in turn put to the meeting and lost. Mr Talboys then proposed that an extraordinary general meeting of shareholders be called for Wednesday, April 3, at 8 p.m., for the purpose of increasing the capita,! by creating 1000 new shares of £1 each, and to be called preference shares, such shares to bear inter«st at 10 per cent." In speaking to the motion, Mr Talboys spoke hopefully of the company's prospects. The capital would then be only £6000, and there were very few dredges •with a less capital than £7000. The prospects ■were good, and of this £1000 to be raised, £500 "would pay off the temporary overdraft and leave £500 to improve their dredge, etc. j , The Hon. W. M. Bolt seconded the motion, | which was carried unanimously, there being no dissentients. ■On the motion of Messrs Talboys and A. ifacGibbon, the directors were instructed to nave a few bores put down in the claim, and » xeport submitted to next meeting of shareholders. - This concluded the business. IiEE'S FERRY GOLD DREDGING COMPANY (LIMITED). "We have been requested by Mr Herbert E. Easton, a director of the Lee's Ferry Gold Dredging Company, to publish the following ■report on boring operations conducted by Mr Jas. W. Chester on the company's claim: — " Ahaura, March 1, 1901. Dear Sir, — I have the honour to forward you my report re boring operations on the Lee's o?orry Gold Dredging claim. I have thoroughly tested the claim by putting down four bores, Teaching the sandstone bottom with three bores, and in neither of the bores did I obtain any payable prospects. No. 1 bore (see sketch): SOft Bin deep through a coarse heavy gTayel, «very inch of which had to be cut through with the chisels; very little golJ (see sketch) as to positions of bore holes. Bore No. 2: I had to draw the pipes at a depth of 16ft on account of a large boulder, and other gravels were so very loose that I could not blast the boulder away. No. 3 bore : 32ft llin ; heavy, large wash all the distance : four fine colours of gold only from the whole bore, and not a colour of gold on the bottom. Bore No. 4: 30ft 2in; exactly the same result as from bore No. 8. You will ccc from the positions of bores on sketch plan that it is not possible for any lead of gold to "be in the claim. I am therefore most reluctantly obliged to report the claim as utterly worthless for gold dredging purposes. And I should not be acting honestly in spending any more money in further prospecting. I have marked on the plan the position' of the Ferry JLead claim (which adjoins the Lee's Ferry claim), -which was quite recently bored and £ound valueless.—! am, etc., , Jas. W. Chester. \ P.S. — Please find attached a. schedule of wages and expenses. — J. W. C. Yield of Gold from Bores at Lee's Ferry.— Ko. l'bore: 7371 cubic inches dirt; rather less thatrtgr of gold, equal to 1 l-3gr per cubic yard nearly. No. 2 bore: .8416 cubic inches; no gold. No. 3 bore : 8120 cubic inches dirt ; four fine colours. No. 4 bore: 7262 cubic inches dirt ;» six fine colours of gold. NELSON CREEK G.D. COMPANY. TO THE EDITOS. Sir, — I desire through the medium of your raluable journal to protest against the directors of the Nelson Creek Gold Dredging Company keeping back the reports of the weekly returns in the way they do. Why do they not do similarly to the other companies in the district? As it is now, we who live at a considerable distance do not hear the results till tho middle of the following week. It looks very like as if the directors wanted to run affairs more for their own purposes than in the interests of the whole of the shareholders. When the company was being floated the vendors were very glad to get the public to take ■up shares; but now they do not seem to consider them — only so far as it suits themselves, £rst. — I am, etc., James Norwortht. .Wanganui, March 16. A REPLY TO MR EASTON. TO THE EDITOB. Sir, — Will you allow me to make a few remarks respecting the companies alluded to by Mr Easton and his letter appearing in your Tuesday's issue? This gentleman is, I believe, •a speculator recently arrived from England, •snd visited the West Coast, spending a considerable amount of time inquiring into the .prospects and claims of various dredging companies; and, in consequence of information -then imbibed, he bought into Lee's Ferry, Wicklow, Golden Grey, Tucker Flat, and other companies. His -object was, I presume, to make "a quick turnover at a profit, but as co far there has .Tieen -nothing in the -way of returns from other dredges in tho vicinity to appreciate the values of the shares he bought on spec, he has had no opportunity of retailing. He, being a bird of passage, is not over anxious to await developments, and, with a view to rushing matters, made interest with the acting-directors so as to secure a call to the directorates. This object he achieved at the last directors' meeting, but •why the directors should have pitchforked Mr Easton on to the boards a few days only before the annual meeting is best known to themselves. These directorates consisted only of the two same gentlemen on all four boards, Mr Cook Slaving gone off. Mr Easton alludss to the reports of Mr Chester. Who is this Mr Chester, that his dictum should be received as absolute? Perhaps your correspondent can enlighten the shareholders as to his qualifications and reliability. On in«uiry I find that he has reported very favourably on Tucker Flat, and the reverse on Lee's Ferry. Bui he has not reported at all on the "Wicklow and Golden Grey, and the reports of better-known men have been distinctly favourable on these latter claims. As to the financial position of these com■jianies Mr Easton's objection is " moonshine. *The applicants for shares are liable to the companies for the calls, and are as good as the ordinary run of shareholders. With the ex- * ception of Tucker Flat, no calls have been made, merely application and allotment money, and- if the directors exercised ordinary care and . discretion in expenditure, instead of chucking •anoney away on a "white-headed boy" in the •way of employing him on boring and reporting at extravagant cost, no calls would be necessary until the claims had been reliably tested pnd .proved to the satisfaction or otherwise of all parties concerned. We all know from sad experience that all claims are not good, but it is ■unreasonable to condemn claims like the Wicklow and Golden Grey because the Lee's Ferry is an alleged failure. It is unfortunate for him ISuA Itr Eaiton i» ln»a*d with a number of

shares which he cannot dispose of immediately at a pTofit, but he used his own discretion when buying into the company after exercising his opportunities and examining the ineril.B of the claims in question, and in the interests of the shareholders it is to be hoped that Mr Easton will not be entrusted with their proxies, but that directors will be elected who will look after the true interests of the companies, and not merely those of a casual speculator who thinks he has made a mistake. — I am, etc., One Who Knows. to the editor. Sir, — With reference to Mr Easton's letter on the above subject, I shall be obliged if you will publish for the information of shareholders and the public the following summary of the joint balance sheets of the four companies referred to — viz., the Lee's Perry, the Wicklow, the Golden Grey, and the Tucker Flat Companies. The companies were registered in March, 1900: —

Your publication of the above figures •will, I am sure, prove very interesting. — I am, etc., Shareholder. Dunedin, March 19. TO THE EDITOR. Sib, — In writing letters to the press I always sign my name, and make it a. rule not to answer anonymous correspondence, but inasmuch as a letter recently signed by " One Who Knows" mentions my name I will make an exception, for the purpose of staling that if the writer will publish his name it will then, I think, be seen what the letter is worth. Had I known the financial position of the companies referred to were what the statements passed by the auditor shows (notwithstanding the fact that such financial position is alluded to by " One Who Knows" "as moonshine") I should not have recommended influential and wealthy friends in England to send me the money they did to invest for them; but I am pleased to say that I found out in- tame the probable prospective values, and did not invest any of their money. In conclusion, I consider it the duty of the Stock Exchange and all interested in gold dredging to at once take such steps as will effectually prevent companies of a like nature being floated and run on paper for a year with such a lamentable result. It is my intention to bring all these matters before the Government.— l am, etc., Herbert E. Easton. Dunedin, March 21. Box 490. A FEW QUERIES. TO THE EDITOR, Sic, — A few weeks ago a correspondent stated that the Endeavour dredge was stranded on the banks of the Molyneux. This was denied by the secretary. Can you tell me and other shareholders- at a distance what is the position ? The dredge, by the way, according to the first edition of the " Investor's Guide," was to have started work in May, 1900. in, reference to the Gibb's Beach Company, we were told that a trial lun was to take place at the end of February. Since then not a line has appeared as to the position of matters, and shareholders at a distance ca.n do nothing but wonder, or write to the papers. No. 3 query has to do with the Lady Roxburgh claim. Is it true that although this company was registered over a year ago, nothing has yet been done ; that over £500 of the shareholders' money has gone in " preliminaries " ; that although the claim is a good one, the directors have been resting on their oars? — I am, etc., Shareholder. AN EXPLANATION. TO THE EDITOR. Sib, — In the mining columns of your issue of 12th ultimo there appears a report of the shareholders' meeting of the Earnscleugh No. 3 Gold Dredging and Electric Power Company (Limited), at which meeting I was charged with not having notified the directors of the non-arrival from England of certain material for the dredge. I did not intend to touch upon this through your columns, but as many have questioned me on the point, I shall deem it a favour if you will grant me space to state that the accusation was made in error. With regard to the Fourteen-mile Beach, in which I am from time to time interrogated, will you allow me to record the fact that I am in no way responsible for the construction of -the race nar the delays in running the dredge. — I am, etc., Leslie H. Reynolds. Dunedin, March 18. GOLDEN GLEN GOLD DREDGING COMPANY. TO THE KDTTOB. Sir, — As a shareholder in the above, will you kindly allow me space to mention that I have also heaTd the reports regarding the great -difficulty that would be experienced in working the claim, referred to in " Doubtful Shareholder's" letter, and would like very much to have a definite statement from the directors, if they have satisfied themselves that the rumour is without foundation. Dredgemasters' and experts' reports have, as experience has shown, not always proved reliable guides, and some of the public who have trusted to them during the past 13 months in investing in dredging companies have had reason to regret their action. I would advise my fellow shareholders to wake up and move in this matter, which so gTeatl concerns their interests. — I am, etc.. Dubious. LAFRANCHI'S GOLD DREDGING COMPANY. TO THE EDITOR. Sir, — I notice in a- recent number of the Daily Times that the directors of the above company have accepted tenders for certain contracts re building a dredge for the claim. Now, I for one — and I feel sure I am voicing the. opinion held by a majority of the shareholders — absolutely object to any further expenditure being made. The capital of the company is £12,000, out of which there are to be deducted 4000 vendors' shares of £1 each ; 4000, mind you. Simply preposterous! Now, Sir, it has been proved beyond a doubt, to those of us who live on the dredging fields at all events, that £8000 will be quite insufficient ta place a decent dredge on the Lafranchi or any other claim round about. Why then, this utter disregard by the directors of the advice put forward in your columns by those who know? lam satisfied myself that it "will take £11,000 to build a dredge on the claim, and this I reckon would be utterly thrown away. An extraordinary meeting of this company should be called to discuss the advisability of winding up a j company which, to most .shareholders, seems but a future failure. I will be glad to tau from ©thei tbwtr

holders their opinions, which can reach me at Box 33, Alexandra. I may say that I voice the opinions of numbers of shareholders in this district, and who are iust waiting an opportunity to record their votes for liquidation. — I am, etc., Another Shareholder. Alexandra, March 19. TO THE EDITOR. Sir, — It seems pretty plain that some persons are anxious to wind this company up, so that the property may be sold for a song ; perhaps to them. I sabscribed for 50 shares. Before doing so I wrote to a friend asking his opinion. He replied favourably. I consequently took up shares, and intend to hold them. I hope the directors will tale no notice of the letters referred to, but push on witli the work, and sue for any calls unpaid. If by reason of holders of shares being " unable to pay, let those shares be forfeited, and offered to the present shareholders pro rata. at the average price remaining unpaid, so that the company would lose nothing by the transaction. As to those shareholders who can pay and don't let the full process of law be followed.— I am, etc., Holder of 50 Shares. to the editor. Sin,— The first annual meeting of shareholders in the above company will be held on the 30th April, when an opportunity will be offered the discontented Alexandra " Sharebolder," or others of like mind, to set forth their grievances, and a full exposition of the affairs of the company placed before those in- . terested. — I am, etc., „ John Dayie, Secretary. Dunedin, March 22, 1901. THE FIRST TAIEEI DREDGE. TO THE EDITOE. Sih, — Can anyone give any information as to who is the liquidator of the above company ? I have written three times to the supposed liquidator, but can never get a word from him. Is he dead or alive, does anyone know? There is a caretaker watching over the dredge, which is always eating away so much off the poor creditor's money. It seems to me that the directors, etc., have badly manage^ the concern somehow. There she lies on the claim, idle, uncared for, despised by everyone, condemning the dredging industry of the Taieri River, with several inquiring friends wondering when they are to receive 20s in the pound. I think it is about time creditors were coming to their bearings, and seeing what is to be done. It is very hard that tradesmen and others should be made to surfer for experimenting and paying for the directors' management. One of the creditors, I know for a fact, has never received his deposit, amounting to about £20, on the contract for the removal of the dredge and and partly re-erecting it. This ought to have been refunded when the contract was finished. Besides that a large amount is still owing. — I am, etc., An Unfortunate Creditor. March 18. [Mr T. M. Baldwin, of Dowling street, is liquidator of the company. — Ed. O.W.] THE UPPER MAGNETIC G.D. COMPANY'S SHARES. TO THE EOITOR. Sir, — Referring to the letter from tlie secretary of the Upper Magnetic Company to the secretary of the-Dunedin Stock Exchange, I am of opinion that shareholders in this company would be none the worse of a little information as to the manner in which the new issue of shares is to be dealt with. A. meeting of shareholders was held on the 28th February to pass a certain extraordinary resolution. This resolution was not carried, but instead an amendment was, to the following effect: — "If the vendor b are prepared to do so and so, 2000 new shares shall be issued pro rata to the present shareholders at par, otherwise the directors shall deal with the 2000 new shares as they think fit." This resolution was passed three weeks ago, and still shareholders are in the dark as to whether or not they are to get the shares. I may point out thst section 86 of '" The Companies Act, 1882," provides for the confirming of a special resolution by the shareholders before it takes effect, and that a meeting to confirm the resolution must be " held at an interval of not less than 14 day 3 nor more than one month from the date of the meeting at which such resolution wae first passed." So far I have received no notice of any such meeting, and I consider if the directors are offering any of the 2000 shares referred to on the Exchange or otherwise they are not only acting illegally, but most unjustly to the shareholders. Trusting the directors may see their way to take us into their confidence at an early date, — I am, etc., Shareholder. GOLDEN FALLS DREDGING COMPANY. TO THE EDITOR. Sic, — May I ask what the directors of this company mean, by their present pction? This company was floated to work a claim in the gorge, about nine miles down the river below Alexandra, and the prospectus stated the claim was rich, etc., etc. A dredge has been specially constructed to work the claim. Now, when it ia ready, instead of taking it to the proper claim, the directors have coolly taken it on themselves to place it on a claim belonging to someone else at Alexandra — a claim, too, with an entertaining history, if ail Teports are true. The dredge cannot work the Alexandra claim, and it is only injuring the company to keep en dabbling with it. I think if the directors do not at once take the dredge to her own claim a meeting of share- | holders should be called to inquire into the little game going on at Alexandra Brir'g?. — I j am, etc., Shareholder. March 20. ' TO THE EDITOR. Sir,— lf "Shareholder" would apply to the office of the company instead of foolishly rushing into print he would find : 1. That events have fully justified the action of directors in having exhaustive trials at actual dredging in varying conditions of the liver before removing the dredge down the gorge to a place most difficult of access. These trials have recently shown that certain alterations and adjustments are necessary in order to secure the full effectiveness of the dredge. 2. That directors are the largest shareholders of the company, and are not disposed to prejudice the excellent prospects of success which the company has by any hasty or ill-advised action. 8. That a meeting of shareholders is what directors require, if only to demonstrate the illnatured folly of those who make sneering reference to the " little game at Alexandra- without endeavouring to learn the facts of the case. The secretary of the company is always willing to give information to shareholders who are duly registered as such. — I am, etc., F. Wilkinson, Chairman of Directors'. Cavershamr, March 23. JUTLAND FLAT DREDGING COMPANY. TO THE EDITOR. Sir, — The claim dredged by this company during the last 10 years being practically worked put* i$ is now firofiosedi to li&uidfrt*. Unfoi-

tunately for a section of the shareholders the company's shares are not all of one paid-up value. This means, in the event of liquidation, that the holders of 10,000 shares will have to make a. present of £1166 to the holders of 5000 original shares. On the face of it, and without explanation this seems a hardship, and so it is proposed to ask the holders of original shares to abandon their legal Tights and agree that the shares shall not be equalised. In consideration of this concession the assets of the company are to be divided m proportion to the paid-up value of the shares. It will pan out in this way. The dredge, which is out of repair, and only adapted for a certain clas3 of ground, will probably not realise more than £500. To that there will be £250 to divide among 5000 pnid-up shares, and £250 among 10,000 contributing shares, Is per share to the former, and 6d per share to the latter. Not much consideration when it is remembered that all these years dividends have been paid (11s 6d m all) per share irrespective of amount paid tip. There are several original holders who have had to submit to this hardship in the matter of dividends, and which woiild never have happened had the original understanding been carried out. The intention was to equalise the value of the shares, but when it was found prudent to be content with one dredge instead of two, then was the time to have come to an equitable arrangement with the holders of paid-up shares. This was not done, so all these years the parties who sold out to the present company got the same dividend on their 15s paid up shares that the others got on their 8s paid-up shares. It is only right to mention that some of tho largest paid-up shareholders were also tlie largest contributing shareholders. Now that liquidation is necessary, the comparatively few original vendors who liave never parted with their shares, and who hold few, rf any, contributing shares, are "being appealed to to forgo their legal rights for the benefit of those who have drawn two-thirds of the profits. The proposal now made to distribute the assets in proportion to the paid-up value of the shares does not meet the equities of the case, and it is unlikely that all the parties will agree to accept these terms. There is, however, no necessity for the company going into liquidation at all, but for the preponderating influence of a few large shareholders it never would have been proposed. For the following reasons liquidation is not the course to adopt: The dredge is worth more to the shareholders to retain and remove to another claim than to sell. There is abundant capital to call up, and there 's better ground than Jutland Flat to be got a few miles away. No earnest effort has been made to obtain another claim, only an insensaie cry of " Liquidate, liquidate!" coupled with " monstrous injustice " if anyone seeks to enforce his legal rights. Large shareholders invariably monopolise the directorship of most mining companies, and in cases where every share carries a vote the interests of the general body of the shareholders are not invariably studied.— l am, etc., E. THE LEE'S FEKRY DREDGING CLAIM. TO THE EDITOR. Sir, — I am not a shareholder in Lee's Ferry, nor do I know any of those who have been m correspondence on the subject, but I cannot resist making some comment on the report by Mr Chester published in your issue of the 22nd, which (as- 1 understand the position) is said to warrant the winding up of the company. I may at once slate that I have had some few years' practical experience on the West Coast, I and that my comments are put forward from a practical and not theoretical point of view. It always appears to me that it is a matter of regret that directors and -other investors in dredging ventures should place so much faith in boxing as a fair test of the value of a claim. There is only one way to estimate, even approximately, the value of a claim, and that is by taking out a " bulk test," either by sinking a shaft, taking out a paddock, or in some other suitable manner putting through a good bulk of the dirt. But in order to avoid the risk of spending a large sum in useless prospecting, a bore hole or two should be put down to prove (1) whether the ground is auriferous, and (2) what is its depth. Boring only indicates whether it is worth while spending more money in taking out a bulk test. If the bore shows no gold a careful man would probably advise no further expense, and if it proves the ground too shallow or too deep it is decisive as to the value of the claim for dredging. But if the bore proves the ground to be auriferous, it is surely a serious matter to say that it does not average enough to make it payable for dredging—it rather proves that it is worth going further, and testing in bulk to prove its true value. To say that boring four or five holes in 100 acres is a sufficient test is, to a practical man,, absurd ; and yet many claims are condemned on the result of one or two bores. Take the report on Lee's Ferry now under notice — the total amount of stuff put through is 26,169 cubic inches, or 20J cubic feet, and the result of this infinitesimal test is put forward as a valid reason for condemning the whole claim. The value per yard of so large an area is estimated from the result obtained from less than one cubic -yard! Mr Chester rightly says that on such a result he did not think he ought to go to any further expense, but surely it is only due -to the company that a bulk test should be made to find out what the true value of the claim is, since the boring has proved that the depth is suitable, that the bottom is good, and that -the ground is auriferous. And this is all that boring ever ,can prove. For how can anyone so place four Sin holes on a claim of this shape in such a manner that no lead could cross the 'ground without being found? I leave out the consideration of the fact that the gold won from a bore can only be a portioii of tha gold in that bore, as it stands to reason that the " shell " or pump U6ed cannot bring up all the gold. The whole system of bumping the pipes down and then grinding the core with the drills tends to jerk the gold ever downwards, till the bottom is reached, and the pump cannot clean up the bottom completely. Of course some gold comes up, but equally, of course, some gold is lost, and that shows how incomplete a test is boring to find the value per yard. Any practical man will agree with me in this, and it all points to the fact that boring is only a preliminary, and not a final, test.

Now, Sir, I wish it to be distinctly underStood that this letter is primarily a comment on the value of boring as a test, and I do not wish to say that Lee's Ferry is a good claim (personally I do not like it), nor do I wish to criticise Mr Chester's ability, as I have not the pleasure of knowing him, beyond the fact that he has honestly condemned a claim be believes to be valueless. But at the same time it seems a pity to condemn a claim on boring alone, when that boring has proved depth, bottom, and auriferous dirt. It does not give the shareholders " a run for their money." One cannot help commenting on the practice

of floating claims which have not I a fir^ piospected. To properly prospect claim 1 costs, say. from £150 to £300, and yet je Bed claims floated first and tested afterwards, and l , by the time they have been proved valueless 1 ! they have cost the public (what with comims-' sions and fees) about £1500, instead of the £300 which they would have cost if honestly prospected first. Surely this is a serious drag on the industry. It of course must be admitted! that the value of some river claims cannot b^> estimated until a dredge has worked on them, My remarks are intended to apply to claims which can be pioperly tested by taking a little trouble. Most river claims could be tested with a small dredge and boiing for depth, anc 1 "flat" claims by taking out bulk tests, an>J yet how many are so tested ? — I am, etc , Arthur P. Haeper. Christchurch, March 22. FOURTEEN-MILE BEACH GOLD DREDG ING COMPANY. TO THE EDITOR. Sir, — It is now many months since the abov^ company was floated, and shareholders hav< been given to understand that the dredge ha< been completed for some considerable time, andi, I have it on the best authority that the portion of the river to be worked by this dredge it quite low enough to be worked at presents I would very much like to know if this dredg* is to be closed down all the summer and hall the winter of every year? If so, all I can sa^ is that we unfortunate shareholders have anyi> thing but a good investment. If this deplor» able state of affairs lasts much longer I would advise shareholders to call a meetuig and see into the matter. Surely some explanation is due to shareholders. Aie the best months of the year to be allowed to pass by without any attempt being made to work our claim? — I am, etc., "Wearied. REPORTS FROM WORKING DREDGES. The Hartley and Riley Beach Dredging Conn pany (Limited) washed up on Friday for a return of 670z 17dwt of gold for 134 hours' dredging. Tho secretary reports a return of 19oz 7dwfc for 133 i hours' from the Inch Valley Gold Dredging Company's dredge. The secretary of the Inch-holme Gold Dredging Company reports a return of 19oz for tha week ending Friday. The dredgemaster reports the prospects as good. Messrs Reeves and Co. report that the Central Electric dredge washed up 530z 13dwt 16gr 37 hours. The Nevis Gold Dredging Company reports a return of 12oz for 105 hours. The secretary of the Central Charlton Dredging Company reports a return of 7oz 12dwt for 110 hours' dredging. The dredgemaster of the Earnscleugh No. 2 dredge reports a return of 113oz 16dwt gold for 127 hours. The secretary of- the Clyde Dredging Company reports a return of 38oz for the week. The river is sft above normal. Heavy drift has been travelling since Wednesday. The secretary of the Tuapeka Dredging Company reports that the return for the week ended on Friday last was 20oz Bdwt for 120 hours' dredging. The secretary of the New Alexandra Goltl Dredging Company (Limited) reports a return of 350z for nine days. The dredgemaster of the Magnetic dredge wires that the return for last week was 630z. The secretary of the Electric Gold Dredging; Company reports a return of 20Goz lOdwt. , The secretary of the Waikaka Forks Gold! Dredging Company reports a return of 14os for 120 hours' dredging. The dredgeniaster of the Globe dredge (Wai-i kaka) reports a return of lloz lOdwt 18gr foil 126 hours' dredging. The dredgemaster of the Golden Gate dredge wires a return of 260z 7dwt for six days' dredging. River steady. The secretary of the Golden Bed Dredging; Company received a wire from the dredgemaster on Saturday stating that he had washed up 250z 6dwt gold for 110 hours' dredging. Prospects improving. Mr J. J. Gibson, Lawrence, reports a return of 40oz 2dwt from the Success dredge for 12S hours' work. The secretary of the Waimumu Central Dredging Company reports a return of 250 a lOdwt for 127 hours' work. The secretary of the Waimumu Gold Dredging Company reports a- return of 12oz lOdwb for 52 hours' dredging. The secretary of the Ngapara No. 3 Dredging" Company reports a return of 16oz for 110 hours*' work. The secretary reports that the Chicago dredga has been stopped all last wqek owing to p. broken crank shaft. She is expected to stare work to-night. The secretary of the Olrig Dredging Company reports a return of 15oz 19dwt 12gr for 129 hours' dredging. The secretary of the Golden Link Dredging Company repoits a return of Boz 14dwt 18gr. The secretary of the Meg and Annie Dredging Company reports a return of 60oz 2dwt 22gr for the week. The secretary of the -Empire Dredging Company reports a. return of £loz. 13dwt for last week. Th.c secretary reports that thp Majestic dredg* obtained 250z lld-svt for 119 hours' work last week. , The secretary of the Charlton Creek Dredging Company reports a return of 17oz for 134 hours' dredging. The secretary of the Vaimumu Extended Dredging Company reports a return of 17oz 2dwt for 130 hours' di edging. The secretary of the Enterprise Dredging Company reports the following returns for last week.— No. 1 dredge, 550z 19dwt logr for 13C hours' work; No. 2 dredge, 48oz ldwt 12gr for | 132 hours' work. The secretary of the Alpine No. 2 Dredging Company reports a return of 13oz for 99 hours' work. The secretary of the Second Magnetic Dredge ing Company reports a return of 7oz 13dwt for 105 hours' dredging. Ground very rough. Mr Laurence Ryan, Alexandra, reports thefollowing returns for last week — Mc-lyneux Hydraulic dredge, 19oz lOdwt, Perseverance dredge, 82oz 13dwt 6gr. The dredgemaster of the Centval Charlton Dredging Company, reporting a return of 7oa 12dwt for 110 hours' dredging, says — The ground where the dredge is at present is very patchy — at some places the wash is very looee and drifty, which is poor, and at other places is a nice firm blue wash, which is very good 5 . The dredge is working faiily well, and those who know the ground affirm that the wash will be much better when we get up the flat about four chains. The secretary of the Matau Dredging Company reports that the dredge has been shifted, and resumed work on Weuncsuny. The follo-u--

ing wire was received from the dredgemastsr «n Saturday: — "Opening out; no wash-up today." The secretary of the Premier Waikaka Gold Dredging Company reports that the return for ilast week was 3oz 17dwt. The dredgemaster of the Leviathan Gold •jDreuging Company, near Greyniouth, repoits W return of soz letorteS gold for 100 hours' '^dredging. 'j, The dredgemaster of the Golden Beach iHydraulic Elevating and Dredging Company '{(Limited) reports he will not finish overhaul <>f dredge until latter part of next week. „ The Upper Waipori Alluvial Gold Di edging iCompany obtained last week 220z 7dwt of gold lor 132 hours' diedging. ■The secretary of the Gabriel Gold Dr<-jg,r.g Company reports a return of 15oz Ttfwt iOgr tor week ended 23rd March. • ' The secretary of the Enfield Gold Dredging Company reports a return of 19£oz for 112 hours' dredging. , f Mr J, J. Gibson, Lawrence, reports tnat the teturn from the Lawrence dredge last v»eek was 12oz 12dwt 6gT. , . The secretary of the Nelson Crec-k Preagmg Company reports a return of 230z for 111 hours' •work. , . The secretary of the Evans Flat Dredging Company reports a return of Hoz sdwt ior the week ended Saturday last. The secretary of the Morning Star Dredging Company reports a return of 21os 15dwt lor 120 hours' dredging. , , , The dredgemaster of the Chatto Creek drccge viied on. Saturday : — " Will not wash up till next Saturday." . The secretary of the Vincent Dredging Company reports :— " Dredge stopped Tviesday ; tiver high; start to-day (Monday); no washSp." THE WEEK'S HREDGING RETURNS. ■During the wee,k ending Monday, March 25, returns were reported from the following 40 dredges, the total yield being 13460z 16dwt 21gr, «r an average ot 330z per diedge: — 02. dwt. gr. Electric, Cromwell 206 10 0 Earnscleugh No 2, Alexandia (127 hours) 113 16 0 Perseverance, Alexandra . . . . 82 13 6 Hartley and Riley, Cromwell (134 hours) 67 17 0 Magnetic, Cromwell 63 0 0 Empire, Waipori (2 dredges).. 61 13 0 Meg and Annie, Kawarau River 60 2 22 Enterprise No- 1, Alexandra (130 - hours) 55 19 15 Central Electric, Cromwell (87 hours) 53 13 16 "Enterprise No. 2, Alexandra (132 hours) 48 1 12 Success, Waipori (126 hours).. 40 2 0 Clyde, Alexandra 38 0 0 3N T ew Alexandra, Alexandra (9 1 days) 35 0 0 <Solden Gate, Miller's Flat (6 days) 28 7 0 *fajestic, Miller's Flat (119 hours) 23 11 0 iWaimumu Central, near Gore ' 127 hours) 25 10 0 Golden Bed, Miller's Flat hours) 25 6 0 Upper "Waipori, Waipori (132 hours 22 7 0 Morning Star, Manuherikia (120 • Jiours) •...'..'* .... 21 15 0 Tuapek*, Tuapek* Flat (120 . hoar*) 20 8 0 JMolyaetix- Hydraulic, Alexandra 19 10 0 'finfieta, Waipori (112 hours) .. 19 10 0 ■Inch - Valley, near Palmerston I.'1 .' (133J hours) , 19 7 0 -incli-hoime, near Palmer 3ton „ 19 0 0 £Waimumu Extanded, near Gore '• <130 hours) 17 2 0 Charlton Creek, near Gore (134 • hoars) 17 0 0 Ugapara No. 3, Nevis River (110 1 hours) " 16 0 0 Olrig, Manuherikia (123 hours) 15 19 12 •Gabriel, Tuapeka Flat .. .. 15 7 10 -lAlpine No. 2, Cromwell (99 hours) 15 0 0 Evans Flat, Tuipekn, ... 14 5 0 VWaikaka Forks, Waikaka (122 \ hours) - .. 14 0 0 iLawrence, Tuapeka Flat . . . . 12 12 6 AVaimumu, near Gore (52 hours) 12 10 0 iNevis, Nevis River (105 hours) 12 0 0 ;Globe, Waikaia (126 hours) . . 11 10 IS •Golden Link, Alexandra . . . . 8 14 18 Second Magnetic, Cromwell (,10a hours) 7 13 0 Central Charlton, near Gore (110 hours) 7 10 0 Total 1346 16 21 The West Coast. .'Fuller Junction, Buller River, t week (amalgam) 50 0 0 .Pactolu3, Nelson, Creek (350 r hours) - 24 0 0 'fttelson Creek, Nelson Creel: (111 I - hours) 23 0 0 ;Waipuna, Upper Grey (255 ' hours) 18 0 0 -Jtieviathan', near Greymouth (120 :' hours). » .. .. 5 0 0 ■BUKTEDIN STOCK EXCHANGE. : The following sales were made during tha week: — " March i& — Aldinga, 5s 9d; Bendigo, 6s 6d: ,Grand Junction, 6s Cd; Trafalgar, 8s; Woodstock, 4s 3d — prem. Alp.me Kb. 2, J£2 5s ; Arrow function, 295; Boundary Creek, 245; Cairnitnuir, 85s 3d and 355; Central Electric (10 iihares), £4 3s; Electric, £2 12s 3d, £2 12s, and )£2 13s; Electric Extended, 395, 38s, 37s Gd, 134s 6d, 345, 34s Sd. 34s €d, 35s 9d. 36s 3J, ,n7s 9d, 37s 4|d, 37s 6d, S7s 9d, 38s, and 3Ss 6d ; (Enterprise (5 shares), £5; Gibbston. 20s; GolJllen Bed, 19s; Golden Lick, 20s and 21s; Go]llen River, 6s; Golden Run. £1 6s; Kelly and •Casey, 36s 3d, 56s 6d, 36s 9d, 365, and 36s 3d; itMagnetic, 34s 3d, 34s 6d, and 355 ; Meg and lAnnie, £3 9s 6d and £3 9s ; Moa Flat, 20s 6d ; INew Alexandra, 12s and 12s 6d ; New Eiver, UOs 9d; Sailor's Bend, £-2 2a and £1 Is 9d; iSecoud Magnetic, £1 19 a, £2, £1 0s 9d, and £1 ,tls; Upper Magnetic, 37s 3d and 375; Vincent (Extended, £2 4s 9d. \, jMareh 20.— Bendigo, 6a 6d; Woodstock, 3s Bd— prein3. Alpine Consols, £2 103, £2 Ss, £2 7s ; Alpine No. 2, £2 53 6d, £2 6a 63, and £2 6s Ifed ; Boundary Creek, 23s 6d ; Electric, £2 12s ; AElectric Extended, 38s, 37s 9d, 375, 3fis 6d, 375, B7s Bd, 37s 6d, 38s. 37s 9d. 37s 6d, and 37s 3d ; ■•Galvanic, 25s 3d, 2os, and 245; Golden Link, i!23s 6d; Inch-holme, 10s; Junction Electric, 181s; Kia-Ora, 11s 6d; Kawarau Bridge, 12s; feelly and Casey, 36s 6d and 36s 3d; Magnetic, ,863, 36s 95, and 375; Nelson Creek. £2 19s Q& uind jE3; New River, 10s 6d: Richards's Beach. • (is and 4s l£d ; Sailor's Bend, £2 Is 6d ; Second . '.^Magnetic, 39s 9d, 39s 6d, 40s, 39s 6d, 40s, and - !B9a 6d. Dart River shares were sold at Is and Bd discount. " March 21.— Island Creek. 3s >8d; Pactolus, 1B2; Trafalgar. 9s 9s 6d. and 9b 9d— premiums. •1 Alpine Consols, £2 5s 6<3 ; Alpine No 2, £2 5s *)d, and £2 Ss : Boundary Creek, 23s 3d ; Cairn:.niuir, 353"; Electric, £2 11s and £2 11s 9d; , Extended, 38s, 38s 9d, 395, 39s 3d, 39s >6d, 39s 9d, 40s, 42s 6d, 435, 43s 6d, and 433 00 : i ".Ford's Creek, 10s apd 8s 9d ; Galvanic, 21s Gd •and 19s; Golden Beach,. 21s; Golden Lick,' »J2s. 2ls Gd, 21s 3d, and 21s; Inchdale. 133 6cl ; ,Kelly and Ca3ey, 36a, 36s 9d, S7s. rind 36 [ 6rl: ' 'Magnetic, 375. 9d and 375 : Second Magnetic, £2 Is and £2 Is 6d; Upper Magnetic, 3Gs ci end \^ : Vincent, £2 la 9d :«*=»/» i March 22.— Buller Junction, 8b w; ilroa •

Junction, 6s; North Beach, 49, Ss 6d— prems. Ahaura River, 5s 6d; Alpine No. 2, £2 2s 6d; Cairnmuir, 355; Electric, £2 11s; Electric Extended, £2 2«, £2 Is 9d, £2 2s, £2 Is 9d, £2 Is 6d, £2 Is 3d, £2 Is, £2 O3 9d, £2 0s 6d, £2 0s 3d, and £2 0s 6d ; Galvanic, 19s, 19s 6d, and 18s 3d ; Golden Link, 20s ; Kelly ar.d Casey, 36s 6d and 36s 8d; Leviathan, CO3 and 25a 9d; Magnetic, Scs and 31a 9d; .Miller's Flfit Electric, 4s; .Nelson. Creek, £2 19s 6:1 and £2 19s; New River, 9s; Eichards's Beach, 4s 3d; Roxburgh j Jubilee (paid up), 21s 3d; Sailor's Bend, £2; Second Magnetic, 39s 6d, 395, 365, 375, 36s 3d, I 365, 35s 6d, 365, 35s 3d, and 353 : Vincent, £2 5s 9d. March 25.— Pactolus, 31s and 31s 6d; Riley's Beach, 15s Gd; Woodstock, 3s 6d— prems. Alpine Consols, £2; Alpine No. 2, 12 7i 6d Belniont (pref), 13s 6d; Central Electric (10 shares), £4; Electric Extended, £2 Is 6d and £2 2s; Enterpr > (11 shares), £5 15s; Gentle Annie, £2 4s; Uolden Bed, 21s 9d; Gokle'u Run (15 shares), £2 4s ; Kelly and Casey, 563 6d, 36s 9d, and 36s 6d ; Leviathan, 21s 3d, 245, 23s 6d, and 235; Naiunai, 19s; Nelson Creek, £2 17s 6d; New Alexandra. 12s; Sailor's JBenrt. 395; Sevond Magnetic, 30s Gd, 31s, 30s 9d, 30s, 30s Od 31s 80s 9d, 31s, and SOs 9d; Three-mile Greenstone, 22s 6d. The following are Monday's latest quotalions, subject to the usual brokerage: — Ahaura River— Buyers 6s, sellers 5s 9d. Aldinga— Buyers ss, Eellers 5s 6d p. Alpine Contois— Buyers £1 18s, sellers £2 Is. Alpine No. 2— Buyers £2 ss, sellers £2 7s 6d. Oauaofkburn Creek— Sellers 15s. Bendigo— Buyers ss, sellers 5s 9d p. Belmont (preferential)— Buyers 14s. Blackwater — Buyers 6d dis, sellers 3d p. Boundary Creek— Buyers- £1 0s 6d, sellers JBI Is 3d. Buller Junction— Buyers 8s 7*d, selleis 9s 6d p. Caiiiimuir— Seliors £1 16s. Central Ghsirlton— Sellers £1. Central Electric — Sellers- £4 ss. Charlton Creek— Buyers £1 12s 6d,. sellers £1 los. Clyde— Sellers £3 12s. CromwoH— Sellers £i 7s. Eclipse — Sellers £1 17s. Electric— Buyers £2 7s, seUers £2 9s 6d. Electric Extended— Buyers £2 2s s^lle^s £2 2s 9d. El Dorado — Seliors par. Endeavour— Buyers 19s 3d, sellers £1 0s 3d. Enterprise— Btiyers £5 15s, sellers £6 2s 6d First Chance— Sellers .fl.lls Gd. Ford's Creek— Buyers Bs, sellers 10s 6d. Fourteen-mile Beach— Buyeis £1 10s, sellers £1 12s 6d. Galvaqic— Buyers 17s 6d, sellers ISs 6J. Gentle Annie — Sellers £2 7s. Gold Kiag— Buyers 15s 6d, sellers 17s. Gold Queen— SeHsis £1 9s 9d. Golden Bed— Buyers £1 2s Gd, selle.-s £1 3s i 6d. Golden Link— Buyers 13s, sellers £1. Golden Run— Sellers £'2 4s 6d. Golden Treasure— Sellers £5. Golden United— Sellers par Grand Junction — Buyers 53 6c! p. Great Centra' — Buyers .-£1 9s, sellers. £1 lGs. Greau=toße Junction — Sellers £1 ss. Grey .Duek — Buyers 5s 6d ths. Grey River— Buyers £1 Is 9d, seller? £1 14s. Grey River Consolidated— Buyers 13s 3d, selltrs 13s 9d. Grey River Extended— Sellers par. Halfway House— Sellers £2 4s 6'J. Hartley and Riley— Buyers £S ss, sellers £C 17s. HokLtika Extended— Sellers par. Hokittka, River — Buyers 9s, sellers 9s 3d p. 1 Inchdale— Buyers 13s 3d, sellers 133 9d. [ Junction Electric— Sellers £1 10s Cd. Kia-Ora — Buyers 9s. 3d, sellers lis. I Kelly and Casey— Buyeis £1 16s 4|d, sellers £1 16s 7£d. Leaaing Rock— Buyers 6s, sellers 3s 9d dis. Leviathan— Buyers £1 2s 9d, sellers £1 3s 3d. Long Valley— Sellers £1 10 a. Lower Enfield — Buyers 2s 9d di 3, sellers €d p. Maerewhenua (paid)— Sellers 13s 9d. ' Magnetic— Buyers £1 11s, sellers £1 153 9d. Majestic— Buyers £1 7s 6d, sellers £1 11s. Maori King— Buyers Is 3d, sellers 2s p. Maori Queen (paid up)— Buyers £1 13s, sellers £1 ISs 6d. Matau— Sellers £2 15s. Meg and Annie— Buyers £3 6s, sellers £3 12s 3d. Merrimac — Sellers £1 13s. Moa Flat— Buyers 19s 9d, sellers £1 Is 3d. Mokoia— Buyers £1 3s 9d, sellers £1 5s 6d. Morning Star — Buyers 3s 6d, sellers ss. Mosquito— Sellers 8s 3d p. Naumai — Buyers 183, tellers £1. Nelson Creek— Buyers £2 17s, sellers £2 17s 6;]. Nevis— Sellers"£l 2s. New Alexandra — Buyers 10s, sellers 12s. New River— Sellers 10s. North Beach — Buyers 3s, sellers 4s p. Old Diggings — Buyers 2s 6d p. Pactolus — Buyers £1 10s, sellers £1 13s 6d p. Pactolus No. 2— Sellers 2s p. Perseverance— Buyers £4 Bs, "sellers £i 15s. Ponsonby — Buyers 3s dis. Premier Waikaka — Sellers 6s. Reeves Proprietary— Buyers 14s, sellers 15s. ; Richards r s Beach — Buyers 4s 3d, sellers 4a 9d. Riley's- Beach— Buyers 15s 6d p. Roxburgh Jubilee (paid)— Buyers £1 Is, sellers £1 Is Gd. Sailor's Bend— Buyers £1 17s, sellers £1 18s 6d. Second Magnetic — Buyers £1 10s 6d, sellers £1 Us. Teviot — Buyers 2s 6d dis. Trafalgar — Buyers 7s, sellers 30s p. Tuapeka — Buyers £1 4s 6d, sellers £1 9s. Upper Magnetic — Buyers £1 14s, sellers £1 15s 3d. Victory — Buyers 8s 3d, sellers 9s p. Vincent — Buyers £2 3s 3d, sellers £2 7s. Vincent Extended — Btiyers £2 3s, sellers £2 7s. Waimunm — Bayers £1 4s. Waimumu Central— Buyers 17s 6d, sellers £1 Is. Waimumu Extended— Buyers 7s 6d, sellers 9s. Waipuna— Sellers £1 2s 3d. Woodstook— Buyers 2s 6d, sellers 3s 6d p. OTAGO STOCK EXCHANGE. The following sales were made during the ■week : — March 19. — Buller Junction, 9s premium. Cairnmuir, 34s 6d; Electric Extended, 40s, 33s 9d, and 39s 3d: Kelly and Casey, 363 6d; Magnetic, 35s 6d, 35s 9d, 353 6d, 35s 9d, and 35s 6d; Mokoia, 22s 9d ; Nelson Creek, £2 ISs 6d, £1 18s 9d. £2 18s 6d, £2 19s, and £2 19s Gd ; Sailor's Bend, £2 2s (,'d ; Second Magnetic, £2 ; Upper Magnetic, 35s 6d ; Vincent Extended, £-2 2s 6d. March 20. — "Woodstock, 3s 9d premium. Alpine Consols, £2 11s; Alpine No. 2, £2 6s; Electric. £2 12s 6d; Galvanic, 24s 3d, 248 6d, and 245; Hartley and Riley, £6 12s 6d; Magnetic, 34s 6d and 35s 6d ; Sailor's Bend, £2 Is 9d ; Second Magnetic, 39s 6d; Upper Magnetic, 863; Vincent, £2 8s; Vincsnfc Extended, £2 5s 6d. Dart River shares found purchasers at par and 6d discount. March 21.— Riley* Beach. 15s 6d premium. Electric, £2 11s; Electric Extended, S7s and 40s; First Chance, 335; Ford's Creek, 10s and 93 9d ; Galvanic, 16s; Golden Bed, 20s;' Golden Link, 21s; Halfway House, £2 4s: Hartley and Riley, £6 12s 6d ; J\"a : ,*si-C 25s : Nel&r •> Creek, £2 193 9d : Sailor's >jp^c n . £' i: Sd ard L* 2z; Second Majestic, 3 .3? 61, t-1 '-0~. yv. 22 B--<uK(P£r 3reek, 23s 3«J» Electric Extend «C fr/X jfc fi >C£ £Z~lWi &&

vanic, 18s; Halfway House, £2 4s 6cl aud 12 4s; Hartley and Riley, £6 12s 6d; Kelly and Casey, 355; Magnetic, 365; Metallic, 17s, ilca Flat, 21s; Nelson Creek, £2 19s; iiichards's Beach, 4s 9i; Sailor's Beucl, £2 Is 6d ancl £2. Dart River shares were sold at 2s dircount. March £5. — Alpine Consols, £2 S3 6d; Golden Bed, 233 6d; Junction Electric, 31s; Kelly and Casey, 36s 6d ; Magnetic, 333 6d and 82s Gd , Nelson Creek, £2 17s 3d; Eichards's Beach, 4s 6d; Sailor's Bend, £2; Second Magnetic, 33s 6d ; Thres-mile Greenstone, 225. THE EQUITABLE STOCK EXCHANGE The following sale 3 were made during the week : — March 19. — Alchnga, 5s 9d p; Endeavour, 209 9d ; Fourteen-mile Beach, 30s ; Kawarau Bridge, 13s; Kelly and Casey, 38s Gd. March 20. — Ahaura- River, ss ; Cairnmuir, 35s 6d; Electric Extended, 34s 3d, 33s 9d, 37s 6d ; Ford's Creek, 10s; Gold Queen, 265; Horowai, 2s di 3; Junction Electric, 31s Cd ; Maori King, la Sd p. Jiolynevuc Kohincor, Is dis, Nelson Crock, 58;: Orwell Cieek, par; Second MagnrVic, SJ3 Cd. Marrh 21. -Aloinga, Gs 3d r> ; Boundary Ck, 23a 9d; CL?rlton Creek, 33s Cd; Electric Extended, 37t(9d; Endeavour. 225; Meg and Atnie, 7'2s 6J: Nelson Cieek, 60s; Second Magnetic, 39s ;s-L March 22 — .Vipine Consols, 455 ; Alninp No. 2, 45s 6d; Binary Creek. 233 Gd ; Cairnmuir, 355; Electric, Mi; Gibb's Beach, 15s 6d ; Golden Lii>it. 20s; Halfway House, 46s>; Junction Electric, 31s; Magnetic, 36s 6d. JJaich 25 — Alpine Consols. 40s; Boundary Crtc-V, 23s Sd; Electric Extended, 40a; Gentle .Annie-. 4.C3; Gibb's-Beach, lGs Sd ; Golden Bed, 21-S.; Kawarau Bridge, 13s ; Merrimac. 'Sis 6d , .Roxburgh Jubilee, 21s 9d; Second Magnetic, 31s. THE RUBY GOLD DREDGING COMPANY. ■ The directors in their annual report for the period ended 28th February state: — The contracts were let in July last — the machinery to tha Austral Otis Engineering Company, of Melbourne, a-nd tho pontoons to Messrs Knewstubb Bros., the engine and boiler being ordered from Home "ihrough Messrs A. ! and T. Burt in the same month. The j following is tlis report of the company's en- 1 gineer (Mr F. W. Payne), dated 19th March, 1901 : — " Machinery — I beg to report that the contract for this is completed, with the exception of riveting up buckets, fitting lips, boring and bushing, also a few links to be forged. Material ready to be shipped when ordered. Engine and boiler — These are in the Wakanui, pud due here on the 26th inst. Pontoons — Too bulk of the timber 13 now on the claim, the balance bsing a-t Lawrence or on the road." Two directors (Messrs George Leslie and Thomas S. Lee) retire, but are eligible, and I offer themselves for re-election. The auditor j (Mr H. H. Leary) also o£fer3 himself for xc- j election. !

SUMMAEY. By cash received £1903 10 4 To brokers' commission on flotation „ .. £574 2 6 Preliminary expenses .. ,„ .. 269 17 1 Charges „ 187 0 7 Stationery '„ 74 11 10 Salaries .. <• *, .. JtJ .. 275 0 0 Petty cash .. ,; 13 3 4 Directors' fees .. ,'. .. „ i. 252 0 0 Eent .. .. M U t .i .'. .» 912 1 .£1655 7 5 Cash in tank and on hand .. 254 211