Notes from Reeftcon. (From Our Own Correspondent.) REEFTON, July 22.

Otago Witness, Issue 2471, 24 July 1901, Page 21

Notes from Reeftcon. (From Our Own Correspondent.) REEFTON, July 22.

Returns fiom working dredges m this distuct show an increasa over pievious weeks. The Mokoia, which is at the head of the list with 40oz, should be paying d vidends shoitly. Better returns are expected as the dredge works higher, up the stream. The' Reeves's Proprietary dredge is sa:J to have struck good wash, and better ictuins may be looked forwaicl to. The Rocklands dredge will be la:d up for a. fortnight until a new bottom tumbler can ba obtained. The Old Diggings diedge is almost ready, and is expected to start 111 a couple of days. This claim is considered to be the best on the Buller River, and operations aie being wa'ched with considerable interest.

ISLAND CREEK GOLD DREDGING COMPANY. An extraordinary general meeting of shaie holders of the Island Creek Gold Di edging Company (Limited) was held in Messis J. J Ramsay and Co.'s offices on Wednesday. Mr J H. Hancock presided, and there were 17 shpreholders present , while Messrs T. Ross and W. Fenwick sent apologies for non-attendance. The meeting was called for the piu^ose of confirming 1 evolutions which had been passed at an extiaordmary meeting 011 the 2Sth June to increase the capital of the company to £6000 by the creation of 1000 new shares of £1 each The lesolutio 1 <s weie connimed oa the motion ot Mr Bradlcv, seconded by M.Hunt. A letter tiom the di.^dgcma < =ter, 31 r Wvn. Poppehveil, dstcd July 11. was read by the chairman. In his report Mr PoppehvelL stated, inter aha, th.pt theie i\?s fine gold 111 all the wash from the surface, but it was o! such a fine and light nature that it could not. be saved by the sluice box alone, and it would require additional tables as he suggested bcfoie, to successfully deal with it. In his opinion the prospect to the level they weit row dicdgmg would pay woiknig expenses if tho gold could, be saved, leaving the giouiul below that level, which would naturally be lichfr and contain heavier gold, nntouclipd Nothing could be gained by continuing dicd^ mg until the laddei was lengthened. Tht dredge wa» a good one, and stood the se\er« tests *he was put to veiy well. He *uggestco extending +he ladder (the additional lergth ie> quired to be previously ascoitamed by boring)

and that tables to save the fine gold be put oh at the eneh'of the present sluice- bos. The Chairman sand the engineer advised that the cost of 'the" alterations and repairs wanld be abont If they said £120. that would pro-bablyL. be ample. That was, for the ladder and tables. They had just got to the ground where they expected good results. Mr W. F. Sligo said the- dredgem aster had that he had suggested that tables be "-put oa the dredge. When was that suggestion made, and why was it not carried out' The Chairman : It was a recent suggestion, and was not to be carried out until he came to the lead. Mr W. F. Sligo said it seemed absurd to start dredging with the view of saving gold wit'i the present appliances. Mr Hall saad th© company was m debt about £1200 at the present time. He thought it would be unwise to do anything further until they had better giounds to go on. Tke claim should be properly prospected, and an unbiased report obtained. Mr Brad-ley said in the Wareatea and Fair3own claims the best wash was got at about 3ft from the bottom, but in the Island Creek plaim, which adjoined those two, they had not got within 6ft of the botttem. It was reasonable- to assume that with a lengthened ladder tt like result would be obtained in the Island Creek claim. Afr W. F. Sligo said that so far as the goldsaving appliances were concerned, someone was to blame. From what bad been said about the appliances in use, he would not expect to 6nd that the dredgemaster could save even a quarter of the gold. KMr Poppelwpll had recommended that table-s be put on someone was to 'blame for not getting that done. Then no one seemed to know the depth of the ground. Thia should he ascertained before they weat the extent of lengthening the ladder. The Chairman said they had a first-class' dijredg-e, and. although the result up to the present time had not justified expectation?, the directors believed in the claim. The directors were told a month ago that proper gold-saving appliances would be put on, and they were surprised that it had not been done. Thedredge would probab3y be shut down at the end -of the week to enable alterations and repairs to be made. After some further discussion the meeting terminated with a vote of thanks to the chair. GABRIEL GOLD DREDGING COMPANY. A general meeting of shareholders of the Gabriel Gold Dredging Company was held at the company's office, Crawtord stieet, on Wednesday. Mi Jonathan Rhodes (chairman of oTirectors) presided, and there were six other shareholders present. The Chairman, in moving the adoption of the report and balance sheet, pointed out that the company was being run on a very small capital, *nd urged shareholders to take np the unallotted shares, so as to reduce the outlay in interest. This saving, added to an -esr>ected reduction in the coiisumption -of coal, would reduce the «xpenses, by -about loz of gold per wesk. The financing of the company up to the pregeni stage fead been a matter of considerable difficulty, and had only been managed by himself and another director becoming responsible for a Isrge suni- — a responsibility of which they would p^tdly be relieved. A new engine and boiler had been procured — the old one havm? been disposed of at a satisfactoiy price,— and he was confident that when the necessary adjustments oi the machinery were perfected improved retwrns might confidently be looked for, givinggood dividends on their small capital. Mr A. Dempster-, m' seconding the motion, txpressed gen«aL satisiaetioft with the duec•Jore'. eond&ct orf 6he conigany's srffaira, but Wanted to know why the-compaEy was Hot listed »n the • The Chairman ieplied that, under present 'trrcumstances, the directors did not consider ■Rie- necessary expenditure justifiable. Mr Noirrte> (Lawrence) suf^es-ted that ex- • senses ipight be reduced by the directors accepting lo^er fees. 'The Chairman-replied that the feea were well •afned, the" work and responsibility bsing very rreat. If anyone would take his place as director lie would not only vote him the present fees, but if he would take over his (the chairman's) responsibilities he would be ?lad to pay him 20 gumeas out of. his own pocket.

Mr M'Nkoll (local director), in reply to a question, said that the new engine and boiler would increase the dredge's capacity by 10 per cent., with a considerably les^ consumption of coal. Replying to Mr Dempster, tiie Secretary said that it was intended to wash up ou Fridays in future, so as to publish the returnt in the Saturday's papers. ,Hr C. M. M'Nicoll, the retumg director, wes re-elected, and Messrs Win. Biown and Co. were elected, aiiditors. SMITH'S CREEK AND BANXOCKBtTPvi: DEEP LEAD DREDGING COMPANY. The extraordinary general meeting of the shareholders in the Smith's Creek and Bannockburn Deep Lead Dredging Company, convened for the 16th inst. in the Board Room of the Agricultural Hall, attracted aji attendance of 15 shareholdeis. Mr John Molouey, chairman of directors, presided, and explained that the meeting was called to see whether or not it would be necessary for the qompany to go into liquidation, or to postpone things for a month to. see whether the working ot th-e adjoining claims proved payable, the 5090 preferential shares issued coily 1500 had been taken up. Mr W. Wood thought the company would never raise the money, and they might as well go into liquidation at once. Mr G. Hemingway made some strong remarks on the way the company's affairs had been run, and said that the public had hesrd a good deal of mismanaged companies, but he thought this was about the worst case that had come under his notice. » Mr Wood moved — " That it having bten proved to the satisfaction of the shareholders that the company cannot by reason of its liabilities continue its business, it be wound up voluntarily." Mr Williams seconded the motion. Mr D. Brent moved as an amendment — " That this meeting be adjourned until August 26, at 7.30 pjn." Mr Hemingway seconded the amendment, which on being, put was carried. The meeting- accoidingly adjourned. MONTE CHRISTO DREDGING COMPANY. The report to be submitted at the annual ' general meeting of shareholders of the Morfte Christo Company, to be held at Clyde, states that from various causes the engineer's estimate for constructing the dredge was considerably exceeded. In coiT=pquence of this the capital of the company had been increased by the creation of 2000 new shares, 1600 of which are now being offered to the shareholders at par. This new issiie is- being eagerly applied for. The diedge was also much longer, m being completed than the directors anticipated, occasioned partly by some necessary portions of machinery having been overlooked and left in Sydney when the balance was being shipped, and partly by the contractors for the erection of the machinery requiring much longer to complete their contract than was specified. However, the diedge is now completed, but as a measure of precaution the engineer is. ha\ing the % pontoons strengthened and braced from stem to stern, and when this work is earned out. and when the newness of the machinery has worn off, systematic dredging overa'loi,? will be commenced, and no further delay is likely to occur. STAFFORD WAIiIEA C.OLI) DREDGING COMPANY (LIMITED). The report of the directors of the above company state 3 that the Klondike dredge was puicliased for the sum of *£I<SO6. The directors are s{vk«fied, that it will be suitable for the claim. Almost alll the material is on the claim, and the contractor has agreed to have the dredge m fa'l working order by August 1, 1301. After paying the- Klondyke Company, the contractor, asnd same necessary repans to the machineiv, the directors estimate that it will not be neceasaiy to call up moire than 15s per share, and it is confidently expected that results on staitmg will prove the claim to be a valuable one. Owing to the "salting" cases on the Coast, it was thought ad\i&able to send Mr ! James Kelman (chauman of directors) round to the claim io personally supervise another prospect. The results were very gratifying, bearing out the foimer idßoit. Lv Ai he sunk.

four mo^e shafts, and, although bothei - ecl with Tie found a good sample of wash, th-e whole averaging about lfigr to the cubic yard. ELECTRIC EXTENDED GOLD DREDGING COMPANY. The second annua' meeting of the Electric Extended Gold Dredging Company was held on Thursday afternoon. Mr R. T. Wheelei, jun. (chairman of directors) presided, and there were about 20 shareholders present. The annual leport was as follows: — " Youi directors in handing you their leport and balance sheet for the past year* have to congrstulate shareholders on the very satisfactory start made by the dredge, though we have had the usual difficulties to contend with before the dredge could be got properly to work. The dredge started dredging in October last, but after two weeks' work the liver ros«, an-d suspended operations until Decembei, when, after starting again, only one week's work was done, when the river again rose, and operations were again suspended until March. During March and April diedging was done for five weeks and the returns were highly satisfactory. The gold won totalled SOOoz 6dwt 23gi for nine weeks' dredging, and, considering that most of this time the liver was high and opemngout work had to be done, and drift contended with, your directors feel sure that slmeholders will consider the return highly satibfactoiy. ! Several of your directors have from time to time visited the dredge and claim. The dredge lias again started work, and your directors hope for a continuance of the good returns previously obta-iiied. Mr H. L. Tapley has resigned ,his seat on the board, and Mr H. Shrimpton retires, but is eligible and offers himself for re-election. Mr Davie, the auditor, also retires, and offers himself for re-election." The Chairman moved the adoption of the report and balance sheet, and m doing so referred to the satisfactory position ot the coni- . papy. Mr Williams seconded the motion, which was carried. The Chairman read a report on the clami and dredge, supplied by the dredgemaster, which was to the following effect . — "In submitting a general report on your . company's claim and dredge^, and the future prospects in relation to the object for which the company was formed, one cannot do more than hazard an opinion founded on observation and past experience. And in reviewing the work of the past nine months consideration must be taken of the unusually high state of the river and frequent floods, which have militated agraniFt the wore successful working of your pioperty. It wa=> deemed expedient to com- | mence dredging operations at the top end of the claim, and a start was made on October 15, 1900. Before, however, the dredge had got properly started the river rose, and owing to heavy drift running it was necessaiy to close down ! till February 25, 1901, when a fresh start was j made. The two chains of river belonging to your company here were worked out in March, \ yielding 350 odd ounces. The dredge was then I diopped down to the top of the gorge portion ! of the claim. She had not been at work here thsee weeks before the river rose again, and she was stopped. On starting here the dredge opened out on ground 30ft deep, with mcc- ! looking wash, on a hard reef, but not carrying 1 much gold. A^ the dredge got ahead the groin-. d deepened to it= present depth — viz., 38tt — indicating that the shallower ground was a. bar. There was also a corresponding ltaprove- ! ment in the wash. The dredge got two weeks' i unhampered work here, the returns being rei spectively 440z and 70oz. Since then up to ' last Siturday (July 6) she has worked oply intermittently owing to continuous floods, and has not had the chance of opening out property. Ow iig to swift current and shape of riveT here, the drift runs very heavily after floods. Frotn where the dredge is now to worked ground is between eight and ten chains — made tip of two basins, the larger one of w-hieh the dredge is now entered. The bottom is a soft, decayed reef, and the de-pih 3Sft to 40ft. This reef canies a body of wash of a thickness varying from 6m to 18in, and \ arymg also in richness. The su^ioundnig country is all auriferous, and the general conformation leadss to Hi? belief that good returns may be expected m both baßins, though it is piobable, by reason, of intersecting shallower bais or icef* the returns maj at times vaiv. This

apphe- <*'-o io the s°'.- c p° vt -'o'i "r" r vn.n c'.imi i But the bottom line may bo ex'.ictH to be I liarcl. with o.ilv occaMOiial paichc- o r r> f t t>ef • In place? the? qo'ge poiton wirtoi - nut win ' <?m<il' basins Cor«icloring <s,or;d w.i-U furl medium heavy god got at top cud of "orgp, it i= leasOiiable to suopo&e thi<- p.nt "( \our , | 11m wI II l,e pio'itab'y ivoikprl 'I In' 'h r;hj,r is now m good working ordei, and with (ajc will do her work without more than the w-\\n\ nuuntenacce co=?t- 10l T!:e luniWcr haming and °antry may at =ome futiu-e time lequue stiei gtlirn.n", but thio may be done .wth little cost. The dredge 1* quite fit foi hoi woik, and i= \h\e to treat the wa^li mot with.--A P. Bbemm:h, Dredgema=ter. Messrs H. Shrimptoti and J. C Bmrov.es were elected directors, and M' John Dpmc ice.ected auditor. PRIDE OF TUAPEKA DF.EBGIXG COMPANY. The first annual general meeting of shareholder of the Pude of Tuapeki Dicdging Company was held at the company's office. 3 Bond stieet, on Thursday, when there were six fchaxeholders present. Mr Fred. Calvert, chaiiman of directors, who occupied the clian, in moving the adoption o£ the repcrf and balance sheet,^ aaid that the meeting should have been held in June, but was delayed on account oi the" royal visit, it being hoped that a largei meeting might be secured after the excitement haxfc. suosiSed. He regretted thi*t that hope had not been realised. Early*in thfe history of the claim doubts were thrown on the va.lu« of the ebrnpauy's claim at Trtapeka Flat, und £80 ttSs. spent in prospecting: the claim, with the result that it was decided to abandon it and take up the present property on the Poinah"ka River. The local papft: thought highly of the claim, and he was confident that they had a good property. JR'ight from the beginning the .nrectors had difficulties in. financing. Before they took office an agreement had been made to pay for the dredge, £1000 within a month, and another £1000 within four months ; but owing to the difficulty of getting the calls in they were seven months "in payiug the first £1000. and had only so far paid £300 of the second £1000. These fiuancial difficulties resulted in a charge n:i ihn company of £100 for interest, ai. 1 n<v-r'v •■-'- other £100 had gone in law expenses incurred in endeavouring to get the cahs i: a r .u t'-erc was snll unpaid the large sum o £ £ 1000 out- of a total capital of £3500. The time for payment ot the balance of £700 owing on the dredge had been extended three months befcie the expiration of which time the dredge was exoected to be at work; but in the meantime £400 must be found foi the re-erection and cartage contracts. The engineer reports that the dredge is a good one, that the pontoons are sound and faithfully built, and that, given good veather, they =hould be ready for dredging in a month from date. Mr Betts. in seconding the motion, Ffud he visited the claim some time ago and found that local people thought very highly of it. There was very little clay, and he was confident thst Iheir dredge would do well, as their neighbours' dredg& — a rneie toy which had been bought for £105— had Rot returns of from 9oz to 230z. Mr Charles Todd, of Henot, was elected as local director, and Mr "Robertson was reelected. Mr Chas. Grater was leappointed auditor at the usual fee of £5 ss. j The following special resolution w-a3 then • carried — " That the name of the company be j c4ronged +o the G-reenvale Dredging Company J (Limited). j The CliciriDßT.. referring to tht --pr-ce of the i new claim, that the faith of the vendors in , the (J-reenvale ci?im was proved by their readiness in making- tiie arrangements arrived at — viz.. that vendors' shares should not be allotted uutil the dredge -paid working expenses, and if the company went into liquidation within 12 months they would not participate m any dividend. PRINCE ALBERT G.D. COMPANY. A meeting of the Oamaru shareholders in the Prince Albert Gold Dredging Company was held at Mr Mitchell's tea rooms, Oamaru, on Thursday evening, to consider the call for debentures to enable the company to complete its dredge and start operations. Mr T. Wil- | hamson wa% in the chair, and there wpre 11 J shareholders present. The Chairman laid the position of the company before the meeting, and called the attention of shareholders to the position of defaulters, showing that shares m arrears might be cancelled, but that suih cancellation did not in any way leheve the defaulters from paying up the arrears due. In a letter from the secretary of the- company, which was read to the meeting, it was mentioned that at the next meeting of the dwecI tors it was irtendec 1 to submit a resolution ! that all shares m arrears should he forfeited, I aod then such shareholders would be in the position of losing their shares, while still having to pay up their arrears'. The secretary in his letter also stated that he ha-d just seen one of the contractors for the erection of the dredge, who stated that gold could be got anywhere a^ng the claim; also that a rnsui who has lived many years^ in the district told hini (the secretary') that he could put ille dvedge on to payable gold mimed lately she was ready. Practically all the shareholder^- present agreed -to take up debentuies in proportion t-o their holdings, while several who were abse-nt had Uasfuied the chairman they woiilct do tli-e same, j Before the meeting olosea the chauman called attention to tlie efforts being made by Mi? H. j Easton for the lie&efit of shareholders in dredsj jcg companies, ajid the following resolution was passed — That thiv meeting pass a hearty vote of thanks to Mr H. Easton, of Dunedin, for his exertions in the interests of shareholders in gold mining ventures, and that his efforts should he seconded by all mining investors. Further, that the members of the Hous-e o' Representatives for the district, the Hon. the Premier, the Minister of Mines, and the Hon. G. Jcies be wntten to urging them to favourably consider the amendments in the Mining Act shortly to be submitted to them by Mr H. Ea&ton." A vote of thanks to the cL a u man terminated the proceedings. SHAREHOLDERS' PROTECTION ASSOCIATION. At a meeting of gentlemen interested m the diedgmg industiy. held in Mr C. W. Stuart's | office on Friday, it was lesolved, after a good ■ deal of discussion, that an association ° be foimed for the p.otechoii of sh.'iebolders, and Mi Stuart was appointed secietai\ pro tern. The s^cretdiv was m=tincted to communicate with shareholders m the difteient mining remres re the formiuc; of -,nch au u=»o L -iatior. It was thought that a =uhscrjpSio 1 ot 5s per I nniiuni would be sufficient. Mr Easton, who I lias taken a very lfrge interest ai thr dredging { question, was pre=°nt. and afforded a tooc 1 deal of valuable mform^tioi-i. The meeting was enthusiAbtic, arc! it was generally expre«-ed thdt | pJI persons interested in dredgi'^ wo'tld l>e "lad tci liecome members. Irtcrcl'iig mr-mbers are loque-tcd to communicate with \ti Stturt. i TITR RIVER MOLYNEL'X DREDGE. The la«t '.ssf>e of the Alexandra Hevak! contains the following particulars of the River Molyneux dredge —The contract for the erectkc«n of the manhineiy was earned nut by Messrs Mouat and Wales, consulting: arid cojl/actmg enerineeis, Dunedm, expeditiously diid effectively, the work of fitting up being under the personal supervision of Mr W. G. Mouat, who has successfully fitted up several other dredges. The work was completed on the 6th, v. ith the exception of a few small parts, which were exuectad 1.3 <mive the claim at the Littci e.ul

f.f is = . \,i»k Tit(> hi.U, .\hicl! 1-. buili of hardvoct! f'ap.in^- i',W Kauri olt.pif i«, i- llOtt m IpriiHi. ifcft in \ fit'i, arul Tit ii' denth. The ',viir)'o o' thp n 'fh'npry i= of a veiy heavy P!it' =m, .md itvm =pn; vhfei being 6ft ia rbarrp-^r with lOin i«< e ?nd .-ijm pitch, while I!ip r"Ti">) }», i^ pirioort Oiia'ely stiong The = t ,ro,, ,- >, t „, ir, . i, v ,t(, , fir .m<t»r of sft, ai.fi is ('liven li\ mcho'i rnlieis. The winches are of l'"p tippn gear pitiPrn, built to Mr I'oheit-- r)p=fgi', (or/iWino powpr with/ eft ec tn pup 1;*1 ;* 'The m<iiri enumf i«. of 1R horsepo.'.ii, l>> Mar-bctl l arid f-'o.is, sfpau Vmg supplied h\ ituf ol tnp *nme lirux' - 21) ))(ir^c-pov,cr ' rhed'^cr l>riil(r« Water j-. "-u pohed to tha .< 'I t,il)les liy a 10m Tangye centrifugaf pump Tfic condenser, the "uperheatei, and jir, roc<i, ,i> d bilge puropi are placed below the deck, thus allow irifj a maximum of deck room toi tiic workmen The ladder is 69ft between conties, and ui^, fitted up at present iq tapab'.e of dredging to a depth of 40ft, but by applying the ladder extension (an invention of Mr Robeits's) a further Bft can be reached. The buckets have a capacity of 5 cubic feet each. T'leie is no tailings elevator, but this will not be required in working the claim. The whole of the machinery, except about 14ft forv\ard, ia housed in. r Jhe diedge, which is a powerful-looking machine, was built to plans prepared by Mr E. Robert?. ■WAITAHITXA CINNABAR COMPANY. The dnjefors in their annual report state that on a^uming office they at once set to york to have the company's property tholonghly inspected by a competent engineer. Mr L. O. Beal, jun., was lustructed to visit (he claim, set off an adit level to open up the lode, and advise upon the most suitable ground' for lepcgging as a mineral lease. Mr BeaJ, aftei going fully into the matter, reported thathe considered the prospects of the company good. He surveyed the ground, and prepared plans and specifications for driving a low level adit. A contract. was in due course let to Mr R. S. Cooper, and a crosscut drive of 231ffc has now been completed, the drive being cut through to the far side of the mam lode, ■which is well defined, the indications of mineral being very favourable. Up to this point the cluectora had a very anxious time. The urgent r>eed o' mosey to ens>b!e the contractor to pay wage 1 ; kept a constant strain on the company's resoiuxea, and, although the work had reached a stage w.hfi)e it seemed a pity not to go on, the directors were reluctantly compelled to close down to enable th-em to get in sufficient calls to pay the then existing debts. The position is that tbp property is now opened up and awaits huther development, but before work can be gone on with it is absolutely necessary thai a co-isiderable siim of money nrttsi be in hand. In addition to the small p mount due sundry creditors, cash is required! for timbpr and materials, which have to be purchased and carted to the claim. IXo enable this to be done the road has fust to be put in order. The Tuapeka Ccimty Council have been written to, and have replied; that the matter has be«n releried to the inspector with power to act at a nominal cost. The position of the company is now in the hands of the shareholders, arid the directors can only refer to the balance shea., which. spea-ks for ltsoli, and shows that the company, Jios been managed as economically as possible. " The piofit and loss account for the 11 months only shows a balance of -£21-8 lls lld, which; li'clxidcs all preliminary expenses, brokerage, registration fees, and legal rspeiis^s. f.b.^ direc- ■ tois not having drawn ary fees ivhttever. In. accc-idauce with, the article-* or sssociVnoi. two directois retiie via.. Meters Wm. Oro«an and. John Kelson. Mr J. A. Hopciaft, the auditor, also retires, but is eligible, a::d offers himself for re-election. THE HARTLEY AND RILEY BEACH DREDGING COMPANY. The fo. Jowlig leport .Till be submitted by the dusjtorK of the Hartley and Eiley Company at th? next annual meeting — " It could not reasoaab'y be expected that the phenomenal icturn« of last year would be maintained; but notwithstanding the exceptionally unfavourable weather, wind' prevented any woik being done during a niiro'nfr of months, the amount returned to the fehftieholders during the year has been very ;_r,od. ai.d ample provision h?.s been made foi nanienance. renewals, and duplication of pa.its of the machinery likely to wear out. For >ome time tire -dredge has been taking up a strip on the western side of the river, and also going over part of the ground already dredged, and the results have been good- The piofit and loss account shows that the arnoimt of dividends declared and paid during the year amounted to £13,000, oi, taking that and the preceding year together, a sum of .£57,687 10s has been paid to shareholders — a record unequalled by any other dredging company in New Zealand. There is plenty of ground of a profitable nature yet to occupy the dredge for yeaTS to come, and your directors are confident 'excellent ielwn& will be obtained. Our dredgemaster i Mr George M'Lay) is still m command, and ever\i.hmg in the waj of working the claim and promoting- the pionerty of the shareholders has been done.' 1 ARTHUR'S POINT GOLD DREDGING COMPANY. An extra orclmarv general rueetir.g of shareholders in the Arthiir's Point Gold Dredging Company was held last Mon<3a\, and was attended by about 25 shaieholders. The object of the meeting was to consider and, if thought. ;deßirable.; deBirable. pass the following resolutions — " (1) That it has been proved to the satisfaction or this meeting that the company cannot, by reason of its liabilities, continue its business, ar.d thai it is advisable to wind up the same, aud accordingly that the company be wound up voluntarily. (2) That Hector Faulkner Monro Mercev te, and is heieby appointed liquidator for the purnost of such winding up." Mr Anderson, chairman of directors, _ presided, and explained the financial position of the company, the figures quoted by him showing that the receipts amounted to £9427 10s 7d, and the expenditure to £11,581 18s 6d. Continuing, Mr Anderson said that at last meeting it wps decided to form a Shareholders' Committee, with the object of seems if tlle dredge could be run for another three months. The coiiimittee was appointed, and after canvassing a nmnbci of the shaieh,oldeis they received fo little encouragement that they simply advised the directors" to the effect that they] could not laise the necessary money. The recult of this communication was ihat the directois met, .md the outcome of their deliberations was the n-'.olutions appearing on the notice calling the njoeti-.ir. There was no other conr=e. L*tei the directors met, and decided! tc join v, ith the rnortgag-ees m consulting with, the verdoi- m the matter, as they thought it was ju«t possible that owing to unfoitunate eircurubtances such as floods, etc., the dredge, had not had a fair trml. The le=nlt of the cojsn!i<.:-.on was they put tioivn £'200 between them loi a ■ tatter tria-1, and tie money waa placed m r trn=t account in the bpnk. It was pointed out that the fairest way would bet. for him (Mi Andeison> to act foi the company, and Mr Ciun.ug, on behalt of the mortgagees, and that airangpnient had been acted upon, up ts the pie=ent. The mortgagees instructed) ihc*drerlge>u..-ter, and the only thing they had no conxio'i aver was the gold won. The cost of voiln^ the dredge during the intervening pe'-iod hjd been £317, and •from communications fiOit- Mes-rs Moudy, Sun. and Stephens it was disclosed that the proceeds from the dredge bad b;?en Jtl9 7s and £14 12s 2d, or £33 19s 2d. On the lit s ox tins he thousht it \v«3 a very.

good job the shareholders did not put up the money. They would recollect that at last aaeeting the creditors were to be consulted. They were consulted, and most of them were present at the meeting which took place. Unfortunately one of them did not sec his way to fail in with the arrangements proposed, and took proceedings against the company. They ihad to allow it to go into court, owing to his taking action, and he could have put them into liquidation had he &o desired ; but rather ■than that happening, they thought it would be ■better to go into liquidation voluntanly. MiAnderson then proceeded to expiess regiet at ths bad luck that had overtaken the company, and said it was foT the rneetmg to say whether they considered the claim had been fairly tested or not. He moved the first resolution — that the company go into voluntaiy liquidation. Replying to questions, Mr Anderson said some week or 10 days had been talvjen up in putting thedredge in a state of repair since the last trial was made, and it was only three -weeks ago that she opened up the paddock. He mentioned the names of the five gentlemen who ha-d found the £200 referred to, and read the last report from the dredgpmaster, dated July 21, which was as follows — " Since I last reported we have been dredging on the bottom, or I should say false bottom, and find it bears very little gold. So far the average depth of it has been 35ft, but yesterday we were getting it at 25ft "on the extreme right of the paddock. I have gone thiough the false bottom at 35ft, and went down as far 33 the- ladder would go, and I found nothing of the reported gold-bearing wash. I iound the false bottom very hard -to- get through, it being like 'cement, but underneath nothing" but the ordinary drift. I am aow cutting" out on the left side of the paddock, and leaviag right. The dredge is w,orking well, but I am afraid the-men-•wort't work much longer without their wages. C- Shore left yesterday, and all the rest of them ai& talking about' knocking off. I will try and k,eep them as long as I caji in hope* of getting. some gold, but if oil has not come by last n-ight's boat I can't start .on Monday." The Chaisrnan said that he had received^atelegram on Saturday from the dredgemaster stating that the return was 4©z of amalgam, which meant about 2oz gold, and he (the chairman) explained that they had not been able to publish the returns on account of the gol<l always being in this foini -and having to go to tile bank. Replying to further questions, he said there ■was about £420 in arrears for calls, and that the directors held the biggest shaie in the claim. Mr Spain having seconded the motion for winding up, it vras carried unommously. The sficond motion, appointing Mr Mercer liquidator, was also moved by the chairman, '■ seconded by Mr Crow,.and carried unanimously. The Chairman then said there had been a great deal of correspondence in the newspapers about the directors not looking after their business, etc. It was -hardly worth replying to-. He might, however, tell them that at the time the syndicate teok up the claim they had also taken up the Big Beach, and it was understood that if the Arthur's Pouri pioved unpayable they (tiie syndicate) would hand o-vei one of the Big Beach -claims fiee ot cost. They were prepared to do tlrat now, and the Arthur's Point Company could have whichever they liked. There -Were about 60 acres in each; and, if .they chose, they could ha^e another 32 acres lying between the Arthur's Point claim and the Big -Beach. The syndicate would only be tpo .pleased to prove their sincerity in the matter, -If the Arthur's Point shareholders liked- to. go hi they would prote any of these. daims. .He was- -prepared to put his money ■trat in securing- the. dredge rather than lei it go ■crat of the district, tfnd he thought a small company, with a capital of £1500, 'might meet lie case. . Mr Cuming aeentioned -that tlio mo.tgagees ■were prepared to gi-vo the dredge back io the company for £3500. They only wanted to get their money back. i A conversational discussion then took place •without any definite conclusion being come to. Mr Spain moved a vote of thanks to the directors for the able manner in which they had conducted the 'business of the eoinpiay. , Mr Giver, in seconding the vote, thought the least they could do was to make another attempt in the locality. Tie Chairman, m returning thank". =aid the directors had done their best, and, as chairman, he desired to thank his co-directors for the hearty support he had received from them under very trying circumstances The morion was carried unanimously. REEVES'S PROPRIETARY GOLD DREDGING COMPANY. ; TO THE EDITOR. Srß, — Your West Coast mining corre=uondent on July 7 states : " The return from the Rec.-es's Proprietary dredge, etc., is a proof o? what is contended by those who kiiow the giound — namely, that it is patchy, the woi st week's return, however, being sufficient to cover working expenses." ,1 called on the secretary of the company in Reference -Jo the above, and iie was good enough . to -burnish me with the following figures: — 3*roni April 6 to Jwly 5 12 returns have been sent in; there was only one and a-half week's dredging during June, two weeks being taken ' uj> in a. thorough -overhaul of the dredge, renewing wearing parts, and strengtlienHig wherever possible. It is well known that the dredge is small, having only 3Jft bucket capecity, and being on the light side breakages are frequent, thus materially .reducing the dredging time. The dredgemaster now statc3 that he expects to be able to have a sis months' run without further breakages or delays. During the pa3t three months the dredge has worked 1408 hours for a return of 2020z lOdwt of gold. Taking an ordinary week's work as 128 hours, and allowing two shifts or 16 hours per week for stoppages, the dredge has done equal to 11 weeks work for an average return of 18oe Bdwt 4gr, and as the price received for the gold is £3 19s 9d per ounce, this brings the value of the gold -won to £73 8s 2d per week of 128 hours. The largest amount of material treated in any one week was 1650 yards, the average being les3 than 1500 yards. The lowest ■value of the spoil treated was 4gr to the yard, and this was where there happened to be a eomewhat heavier overburden ; the best week being 9gr to the yard, the overburden being light. Allowing an average of 1500 yards per week for the period under consideration, the value of the spoil was sJgx per yard. The dredge is working two miles above tnc ■bottom boundary, and three-eighths of a mile "below the top boundary, ana has ju&'t completed a cut from one side of the vallej to the other, ■which must be evident as a fair test of the value of the ground. The block of country comprising the Reeves'o has been a freehold for nearjy 30 years, and it was well known on the Coast that the original owner would not allow diggers on hi= property excepting on a few zcies on the boundary of Burk's Creek, about half a mile above the bottom boundary. This proved highly payable to the diggers, and the whole of the watershed of Burk's earned a large digging population. H the present dredge is able to show an average of 18oz per week, a properly constructed dredge built to work this giouud should Tbe able to turn over 15,000 yards a week, giving ten times the present leturn. The company owning 628 acres of freehold ground, and 500 acres of this being chedgeable, it is manifestly apparent that some means must be devised to *»k ikt ground a little quicker than at the

present rate, otherwise it will last till our great grandchildien's time. We hear of dredges being built in Otago to treat fiom 14,000 to IS.OOO yard 3 per week. A dredge of this kind vould do as much m a week as Ihe present dredge has taken three months to do, and the only extra cost of working a mammoth dredge is the few extia tons of coal per week, v>lnch is dehvc.cd on ths dredge at 11« per ton. — I an;, etc , Shareholder FRASER FLAT GOLD~DR EDGING COMPANY (LIMITED) TO THE EDITOR. SrR, — Wi".l you favour me by i/seiting 1 th.s letter re above company foi lxiioimat on to the public, and m the interests ol ■shaiehaideis ±.~i this and other ccmipanie 0 . | This company was registeied on 10th M?icn, 1899, its cap tai being £13,000.^0' winch ±3000 repiesented vendois' shaies. The wo-itiou today is that £10,000 subscribed capital has all been spent, plus £"5000, borrowed on mortgage, and, perhaps, £2000 more owing, for the payment of which there is nothing available. An endeavour was made to raise £9000 more capital by issue of preferential shnre& ('which did not eventuate) to pay ?11 liabilities, complete construction of dredge, end pay expenses for some t'iree months til! things weis all ready for a start. At last night's meeting :t was intimated that there were now no funds even to liquidate, and that mortgagees had foreclosed. It was also admitted to-be found that tlve paits of the dredge ready for putting together would not make a. suitable dredge to work the c!?im. -Ail washed up. it amounts to ihis Some • £17.000 has been spent, £200frn-ore would be required to complete things; the shaicholders get noth'ng — not even a statement cf affairs for accatint,. the mortgagees for £5000 get possession of everything, and the other creditors go W'tJ G.U 1 . I .' I! ka= take*! tn-o years and =.\ n'oiitlis io vr've at the present position.— l am. etc., T. N. Wilson, Shareholder, i ' THE HON. W M. BOLT ON THE COMPANIES ACT. TO THE EDITOR. Sir, — It is with astonishment mot ur.nrxed with auauseniefit) th?t I linve read the aHove gentleman's lemarks in tlie House on thi* subject. Does he seriously mean to say that it is desirable to have as directors of coiiipanies men who are unable to pay up their qtiahficalicn, which, in many cases, need not exceed £25? It is perfectly absurd to say that such , a provision -iyould have the effect of putting on the beard men of means without commercial ability. j Sir, I would venture to assert that in this ' colouy there are few, if any, men of means without commercial ability, this being admittedly a colony of self-made men. There are, however, runny scandalous cases of men, directors of from 12 to 20 companies, who are simply guinea pigs, and who so long as they can draw their fees are utterly careless and neglectful of their duties. Then as to the Bon. Mr Bolt's remaiks re directors' personal liability to the banks, what is the value of the personal habihty to the bank of a man who cannot pay up his calls on 25 shares 9 What do jour readers thuik? Is the hon. gentleman speaking in the interests of the investing public, or as a director of several mining companies 0 It- behoves the investing public to closely follow the views expressed by the various members on these important point?. I can scarcely credit the hon. gpiitlnman will have any followii'g In tbe" Souse o> Representatives ; bill should he have^ at Hie next general election- members will have to justify their position to their constituents. In connection with j this matter, I suggest n list ie publisher of afl the divectois in arx-ears on contributing shares.— =l a«i. etc., ' KESBrr.T E. Easton. I Duucdni, July \s. i EXCELSIOH GOLD DREDGING ! COMPANY. j , TO THE EDITOH. Sin.— As one of the largest shareholders m the above company, I wish to emphatically protest a^am-si the suggestion of " Shareholder i-i Friday's Times. Notwithstanding the fact that the 'whole of sny shares were bought at a ' premium, being fully conversant with the irature of the claim, I confidently expect within the next 12 months. *o have my original outlay covered by dividends received. Being an investor, and not a speculator, and consequently unaffected by market quotations, I have hitherto remained silent, but when people who are uni acquainted with the value of the piopertv talk about hquidatiu? I feel compelled to write. It is a proved fact that a dredge of the Excelsior's capacity, starting on her boundary, where the old Ettrick was working, must get between 60oz and 80oz per veSk. The other boundary of tnis claim has also been prospected, with I excellent results, proving beyond doubt that this is a and most promising investment. I suovose I may claim to know as much about the Roxburgh dredging claims as anyone in Otago. and can safely prophesy that when the Excelsior, Gibb's Beach, and a few more of the -.river dredges get properly to work ptrblic opinion will undergo a. consid^iable change as to then- value. — I am, etc., Dunedm, July 20: S^sgctxe. ON MINING COMPANY LAW. TO THE EDITOR. Sis, — The ill fortune which 'ia= overtaken such a number of people who have staked their money on dredging schemes, ard which they cannot help- feeling in many cases to be simply the result of legpl.sed fraud, induces me to ask your permission to make a few observations on the subject. Perhaps I shall bo aWe to show Mr Easton that he is not the fiist ai.d only one, as he seems inclined to fancy, to move m the dneet'on he is urging, and whilst wishing him every success in his endeavours I may be able to throw out a few hints for his guidance. It is necessary to lemark that we have two sets of laws under which the mining companies may carry on their operations — the Companies Act and the Mining Companies Act. In former yeais moat of our mmiug companies registered themselves under the Mining Companies Act, but the dredging promoters have almost unanimously adopted the Companies Act, perhaps from a shrewd knowledge of their own that it would allow them a fieer hand, perhaps under the advice of their legal counsellors. At all events their motives cannot have been dictated by economy, because m several respects the Mining Compcnies Act is on the cheaper scale, and the ways of winding up are simplified. About 20 years ago I had en experience of the perfidy which shareholders have to guard against. The directors of a company in which I had invested a, considerable amount distributed amongst themselves a large number of unallotted shares, then by artful devices forced up the price, and sold out at a good profit. To circumvent such schemes I suggested to the member for this district, the Hon. Major Steward, the provisions now embodied in sections 40 and 41 ot " The Mining Companies Act, 1894," which he was instrumental in getting passed. Under these sections 1 unallotted shares must first be offeied to share1 holders pro rata. The directors of the com1 pany I have alluded to very scon afterwards developed another scheme for tucking the shareholders by reorganising under " The Companies Act, 1882," watering the stock, and adopting a loose set of rules which enabled them to do almost what thej liked. I UlfeU SUfi-

gestcd to the Government that all mining companies operating in the colony should be compelled to woik under the Miring Companies Act, and thai directors be prohibited fiom holding .proxies (being the means by which they genemllv accoinphsbed their ends), and that a tab'e of ui'e-. shou'd be piepared, certain of winch should be compulsory and incapable of akeiation. The^.e suggestions, howc\er, were ch«iegird< d To show how little can ba done by oidinary means I may mention that after the pas-i lg of the Mining Act of 1&91 I noticed that the pioxis.oiis foi the resumption of pri\ate lands for ru mug purposes weie materially daffeient fiom what they had betn m pievious acis, and lining an acr.ua ntance who had discovered indications ot g n !d on pnvate piopertv, which lie was anxious to follow up, I pointed cut the defect ft> Major Stovaid, who vubnrncd the Matter to Mi Sedcloii then Minister 01 Mines, and recened a rep'y that the act was correct and needed no «ltei<Uio,i. Upon that I laid the matter before tlie editor ot the Ot igo D.uly T ire<=, who produced an article on the subject. This brought out Mr Vincent Fyke as Mr Sedclon's defender, maintaining lhat the law stood exactly as it did before, whereupon tne editor contrasted the provisions :ij H\o parallel colamns, and in the next session the act was amended. About four years ago I diew Major Steward's attention to The necessity of amending the fo'iHi of annual statement of miring companies' affmj-s, w^ eh nic positively misleading, and, to my knowledge, have seriously misled people. These statPinents require the " contingent " Ha-li-I'tie 1 * to be specified, but not actual liabi'rftes (') =c that a dredging company, for instance, may oe owing several thousands as an immediate debt, and yet the statement does iiot show it. Mr Steward recommended me to eonmmn cate with the Mines depart nient on the subject, which I did. and received a reply that amendements of the act were cqiitemp'.aLed. .and aiiy suggestions would be con-a-dered. Accordingly. I made the obvious suggestion that actual liabilities should be included m the statement, and likewise precise psiticulars of all mortgages, hens, or other encumbiai. *es over the property of the company. Up to the present time the contemp'^'ed amendments have never been passed, and shareholder* continue to leeeive statements <)f th^ company's affairs which aie worse than a ivasto o f then money, because they aie oftentimes fatally delusive. Whatever amendments of the law Mr Easton may h?ve in view. I would recommend to his consideration the following- — That a!i mining companies operating in Xew Zealand shall be compelled to legistn and wo^k under the Mining Companies Act. That the animal statements shall b° ?o fiamed as to exhibit the true financial position of the company. That dnectors shall not be allowed to hold proxies. Whenever any insidious trick is meditated it is geneially" effected by the gathering of. p-foxies in the hands of directors It is impassible in a country like New Zealand for shareholders as a body to attend meetings. How can residents in Dunedm ox the interior of Otago leave their business and attend meetings o:i the West Coast and vice versa '> It is as bad as if Leudon companies held their meetings in Berlin or Madrid. That shareholders shall be entitled to vote on specific proposals by means of. attested voting papers without having to be present either personally or by prosy, and that the secretary shall be lcquired afterwaids to certify the shareholder that Irs vote was use 1 -} in accordance with his intention. » To limit the power of directors to mortgage or wledge the company's property. ..Tha* a. set of rules be framed, of which certain provisions for the proteetiou of shareholders shall be applicable to all companies and unalteiabie. That winding up'or liquidation of a company shall be conducted as a bankruptcy proceeding, aud that any legal defections of the directors in the carrying on of the company shall be punishable as a tradesman would be punished for neglecting to keep proper books or other violation of his legal duty. If Mr Easton would communicate with Major Steward it is probable he would find him willing to render assistance, the same as he has l.endered it to me when I have sought it. — I am., etc., Waimate. REPORTS FROM WORKING DREDGES. The secretary of the Ford's Creek Company reports a return of 12oz 7dwt for 112 hou^s. The dredge was stopped on the 16th, when the work of rebushmg the buckets was commenced. The return from the Gabriel diedge was 12cz for 133 hours up till Wednesday. The Upper Waipori Company's diedge resumed work on Tuesday at 8 p.m. The Hartley and Riley Beach Dredging Company obtained this wixsk 520z of gold for 140 hours' dredging. The return from the Sai'oi's Bend is lHoz lOdvt for 13G hours. The Wairnuniu Extended return is 270z 14dwt for 139 hours. " The secretary of the Kelly and Casey Gold Dredging Company reports a return of 15oz Kdwt for the week. The diedgemaster of the Globe Company's dredge (Waikaka) reports a return of 9oz 14dwt icr 140 hours-. The secretary of the Waimnnm Central Company reports a return of 12oz Sdwt. The secretary of the.Charlton Creek Company reports a return of 30cz lldwt for 127 hour*. The secretary of the Olrig Company reports a return of 13oz 3dwt 18gr for 94 hours' work. The dredgemaster washed-up two dajs earlier this week. The secietary of the Enfieltl dredge reports a return of 16oz 18Jdwt for week ending July 12 . for week ending July 19, a return of lOoz 4dwt. The Lady Charlton Company report a return of Boz 16dwt tor 121 hours. Messrs Reeves and Co. report leturns of gold from the following dredges _ Alpine No. 2, 158oz sd\vt for 133 hours, and still on gold. Alpine Con=c-K 260z Idwt I2av for 121 hours. Cential Electric, 71oz 18dwt for 115 hours. Enterprise No. 2, ISoz 17dwt 12gr for 102 hours. The Reeves' -5 Proprietary return for the week is 260z for 104 hours. The dredgemastei had a delay keying the top tumbler. Ihe diedgemaster of the Golden Gate dredge reports a return of 40oz 6dwt for six days' dredging. River falling. The dredgemaster of the Lmty dredge reports a return of 19oz for the week. The secretaiy of the Gold Queen Dredging Company reports a return of 12oz 6dwt for 133 hours' dredging. No bottom. Mr Laurenc* Ryan, Alexandra, recorts the following returns.— Perseverance dredge. 350z Idwt for four and a-half days' dredging; Molyneux Hydraulic dredge, 16oz for five days' dredging. The secretary of the Electric Gold Dredging Company reports a return of 2310z 12clwt. The secretaiy oi the Junction Electric Gold Dredging Company reports a return of 720z Bdwt. The secretary of the Magnetic Gokl Pledging Company reports a return of 15oz for f<_mdays' dredging. The secretaiy of tlie Majestic Dredging Company reports a return of 21oz" 16dwt. The secretary of the Chicago Company reports a return of 260z for 135 hours' work. The Dunedm Stock Exchange reports ti.e feUowisg £«lv»» lor laet week;— Goid*Jl JCrea*

sure Company, 31oz for nine days' work ; Otago Company, 260z 2dwt for four and a-half dsjs' woik. The secretary reports the following returns — Earnscieugli So. 1 dredge, <12oz 3dwt foi 31 hours' dredging, Eamspleugh No. 2 diedge, 550z for 121 houis' dredging. The secretary of the Morning Star Dredging Company reports a return of 14oz 6dwt for 120 hours' di edging. The secretary of the Central Charlton Company lepoits a leturn of 260z lOdwt for 113 houis' woik. Ihe .secretory of the Tuapeka Dredging Corrpany revolts a return of lOoz 18d\\t foi la=t week. The secretaiy of tbe Cromwell Company rcpoits a return of 540z 17dvvt for 136 hours:' work. Piospects fair. Mr J. J. Gibson, Lawrence, reports the followiug returns — Success dredge, 28oz 2dv.t J2s;i , Lav.iejice diedge, ISoz odwt. The dredgemaster of the" -Golden Bed dredge repoits a return of lloz 15dwt gold for 118 hours' dredging. In his weekly report he states that m making his present cut into the giound, which is shallow, he has encountered nothing but sand and drift (apparently old sluicing workings), and it will take him a week or two to get into deep ground. The diedge is now heading straight to wh-ere the 60 ounces were obtained, and, roughly speaking, he is only from i\ to 5 chains from it. The seci-etary repeals that the rettun fiom the Spec Gully dredge is 17oz lGdwt for 132 hours' dred^itg. , The dredsreiUEi'^ier of the Second Magnetic reports — " Unable to wasn up to-day; passing pipes, wash up Monday." The secretary of the Central Mataura No. 2 Company repoits a return of 4oz 9dwt 6gr for 119 hours' diedgmg. The return from th° Dunback dredge is Boz 2dwt for 07 hours' ii'cirk. "The dredge was de'ayed k->t week on account of the head line brake strap breaking. The dierlgemaster "of the Wainuimu dredga reports a i etui n oi 20oz 19dwt for 131 hours' woik. Wash much improved. The secretary of the Alexandra Eureka Gold Dredging Company reports that there was no' wash up. " Not picked up solid ground. The secretary of the Manuherikia Gold Di edging Company reports a return of lOSoz ISrtwfc 23^r foi 60 hours" work on bottom. Duft still bad. The secretary of the Golden Link Dredging Company leports a return of 9oz 19dwt for the week. The =<ecretary o{ the Teviot Gold Dredging Company reports a return of Boz 17dwt 18gr fer last week. Prospects better. The secretary cf the Mokoia Dredging Compan}' leports a return o} 40oz lOdwt for 120 hours' dredging. The secretaiy of th<" Vincent Dredging Coinpan3 - reports a leturn of 220z lOdwt for 140 hours' dredging. The secretary oi the Chde Company repoits a return of 4oz. River 4ft lin above noimal mark; bottom so far poor; endeavouring to sink midstream. • The sreretaiy of tlie Matau Company reports a return of 330z. The dredgeniaster of the Golden Beach Hydraulic Elevating and Dredging Company, by telegram to the secretary, states that he started dredging on Saturday morning. The secretary of the Three-mile Greenstone Gold Dredging Company reports a return of 30oz lOdwt io r 115 hours' dredging. Ground .veiy hard. The -secretary of the Erickson> Reward Dredging Company reports a return of Hoz 4dwt for 115 houis' dredg-ing. The secretary of the Inch Valley Dredging Company reports that a start was to hare ljeeTi . made last week, but on getting up the -condenser cvJhich is outside the dredge and Tinder water) for overhaul it was found to be honeycombed all over, and it was found necessary to order a new one. This will be ready in a day or two, and will be got into position without delay. The secretary of the Electric Extended Company reports that there was no wash up last week. The dredgemaster has been engaged in shifting lines. The secretary of the Paul's Beach Company reports as follows- — " Slight mishap to clutch, \Vill not wash np this week; on little gold." The secretary of the Island Creek Company repoits that the dredge is now reaching the lead. The diedgemaster reports that they are on heavy wash, which is making right across the face, though they have not touched the lead proper. The gold is heavier, and more is saved at the head of the box. The dredge ha« net yet bottomed. The ladder will have to bo 1c igt'rtpred, and additional gold-sar'ing tables fitted up. The directors are suspending dredging to effect tli^se alterations. A return of 240z amalgam is reported for the week. The Empire Ccmoanv's dredges did not recommence wofk until Friday of last week owing to the difficult y of setting coal on board through the Waipori River being in an icebound condition. The thaw which =et m about the middle ol tho week favoured work beiii" again started on Friday. The vet mil jrom the Meg end Annie dredge for 12S hours' work lust week was 360z 6dwt. The Waitahuna Oully dredge yielded Boz 4dwt 7gr gold for last week's work. Owing" to the difficulty in picking up an experienced crew, the di ed/gemaster of -the Merriniac was unable Jo get a stait di edging last vepk. As he has =-iy>ce £°t a cicw together and al'o a fail coal sunplv. he- expects to nmke a- start this (Monday) nioniiue. He reports that the Kawarau is iio\\ veiy low, with very Httle drift travelling. " The secretary of the Fourteen-mile Beach Conroanv reports that Mr Sleel. the chairman of directors, who ha= lust visited 11ip claim ' wnes him as fol'ow= — " Shining to bottom of claim. Start Monday. No wash-up, hard reef." The secretaiy of the Reliance Dredging Company reports a letum Oi -270z foi the week ended 20th inst. The secretary of the Evan's Flat Dredging; Company reoovts a return of 17oz 14d\vt for the week ended 20th in=t. The secietary of tlie Gibe's B<>ach D'-pdgma Company repoits a lettun of o^oz foi 137 houis' work. Opening out. The secretaiy of the Bannockburn Creek Comnajiv has received the following wi r e from the dredgemaster — " Wash ux>. 9oz 9dwt for ]0S hours' work. Ground suddenly dipping, with pood prosDPcts . wash u-p on Tuesday , short time caused by frozen race." Tlie Upper Wainori Alluvial Go^ Dredging Company obtained last week 9oz 7dwt of gold for 80 hours' diedgme. Tlie dredgemaster leports having stopped diedging yesterday owing to the breaking of the winch shaft. The dredgemacter of the Grpy RiveT Consolidated (Mr D. Marshall) wires — " Return of 4oz 14dwt for 128 hours, shifting the diedge m towards high terrace , deeper snound." The dredgemaster (Mr P. M'Vicar) of the Ahaura River Gold Dredging Company wues"Return of 4oz 12d\\t 101 six days' dredging. The dredge l? working a cut up towards the mouth of Sulhvar.S, wlieie deeper ground is expected." The following i= a ropy of the dvedaemaster's letter ol 19th July of tie Central Mataura — " Enclosed please find return from No. 2 dredge, which is not up to expectations, owing to the bottom having- dipped from 18ft to 22ft. Considerable difficulty has been experienced in keeping on the bottom while opening out; this will be overcome next week if possible. River low; slight rain; thaw set in." The dredgemaster oi the Happy Valley Gold

Dredging Companj (Mr J. Donaldson i leporf* that by Wednesday he expects to have the three shifts working. Dredge working well. Mr H. A. Bailee, secrclaiy of the "Reeved Proprietaiy Company, has received the following fiom the dreSgen^aster --' Retni a >6oz foi? 104 hours' work onh , on account of delay keying top tumbler. The bottom is -soft, and we have it ncht acioss the cut. The buckets aie running full nearly nl' the time. We could no* wish for better dredging ground than we aie now in, and I do not think that the retuir.s Will go below 20oz for some time." THE WEEK'S DREDGING RETURNS. During the -,veek ended Monday, July 22, returns were reported fiom the iol'owing 55 dredges, the total y ed being 1711oz 2dwt sgr, or ar aveiage ol 320z per dredge —

SUMMARY OF OTAGO RETURNS. The following table shows the gold returns fioui the d\edgcs in Otago whose returns are made public since the beginning of the present yeai , with the return foi the corresponding

week of last yeai : —

DUNEDIN STOCK EXCHANGE. The lolloping sales were made during tin week July 16— Alpine No. 3, 4os 6d, 44s 6d, 4i9d, 455, 4os 3d, i3<> (id, 45s 9d. 4<is . Bendigo. 265, Caunmuir, 27& ; First Chance. 36s 9d 375, Fourteen-mile Beach. 445. 41s 3d. Jure tiou Elect) ic. SO*, 30s fid, Pacto'u = . 20s p, Upper Magnetic, 18*, 17* 6il, 17*. Vincent,' 34s 9cl, 3,;& 3d; Vincent E^cnled, 30s. Juhr 17. -Alpine No. 2, 43s 9cl, 46s fid. 47-. 47s 6d. 47s 3xl T 48s. 48s 3d, 47s 9d. 47= 6il , Bendigo. 26s 6d , First Chance. 375, S6-, 9d. 355, Fourteen-mile Beach, 44s 3d, 41s 6d. -Us 9d, 455. 44s 3d, 43s 9d, 13s 3d, J3s, 4Qs Crl . Junction Electric, Sis 9d, 325, Lcviatha", IP"* 6d, Pactolus, 95s 6d p ; Reeves's Piopnctai\, 13? 6d, 13s 3d, River Molynenx, 255, Sixte-i,-mile Beach, 16s 3d, 16s, Vincent. 375, 38b 9d/ 395, Vincent Expended, -28s 6d, 265, 2Gs. July 18. — Davis's Bead. 2s Fi-eauugJi

Alpine No. 2, 48s; Central CharKon, Bs ; First Chance, 355 ; Fourteen - mile Beach, 41s, 40s 6d ; Golden Falls, 15s 6d ; Golden River, 6s Cd ; Great Central, 21s ; Junction Electric, 31s 9d; Kelly and Casey, 24s 6d, 24s 9d ; Majestic, 275 , Pactolus, 25s 6d, 25s Bd p ; -Reeves' s Propnetaiy, 13s , Yancent Extended, 245. July 19.— Alpine No. 2, £2 Bs, £2 8s 6d, £2 9s, prices : —Alpine No. 2, £2 Ss, £2 8s 6d, £2 9s, £2 9s 3d, and £2 9s, Boundary Creek, 16s, 16s 6d, 16s 9d, and 16s; Cairnmuir, 20s; First Chance, 29s 6d ; Fourteen-mile Beach, £2 0s J3d, £2, and £1 19s 6d; Galvanic, 8s; Golden River, 6s 43 and 6s 4Jd ; Junction Electric, 82s; Majestic, 255; Monte Christo, 225; Reeves' s Propiietary, 13s (3d and 14s; Eiver •Molyneux, 24s and 23s 9d ; Vincent Extended, 20s and 19s 6d ; Waiinumu Extended, 14s. July 20.— Alpine No. 2, £2 10s and £2 10s 6d ; First Chance, 28s ; Fourteen-mile Beach, 365, Pss, 34s 9d, 34s Cd, 345, and 33s 9d; Great Central, 255; Junction Eleetrjc, 31s 6d ; Kelly and Casey, 25s 6d; Nelson Creek, £3; Vincent Extended, 20s and 20s 6d. July 22. — Pactolus, 28s premium. Alpine No. 2, £2 13s 6d, £2 13s, £2 12s 9d, and £2 12s 6d; Bouartary Creek, 18s; Endeavour, 16s ; First Chance, 28s, 29s 6d, and 30s 6d ; Fourteen-mile Beach, 34s 9d and 355 ; Golden Falls. 14s and 12s; Great Central, 265; Junction Electric, 32s and 31s 9d ; Kelly and Casey, 2os 6d; Mokoia, 21s 6d and 21s 9d ; New Alexandra, 4s 6d ; River Molyneux, 24s 6d and 24s 3d ; Three-mile Greenstone, 19s 6d and 21s; Upper Magnetic, 10s and 9s 6d. The following are Monday's latest quotaskns, subject to the usual brokerage : — Alexandra Lead — SeHeEs 1 155.' Alpine No. 2— Buyers £2 12s-, sellers £2 13s. Arthur's Poiirfe— Sellers £1, Bendigo — Buyers £1 ss, sellers £1 6s. Boundary Creek— Buyers 15s, sellers 18s 6d. Cairnmuir— Buyers 18s 9d, sellers £1 3s 6d. Central Charlton — Buyers' 's, selleis 9s. Central Electric— Buyers £2 ss, sellers £2 19s id. Cromwell— Sellers £4 2s. Dunstan Lead — Buyers 16s, sellers £1 Is. Eclipse— Sellers £1 Is. Electric— Sellers £2 Bs. Electric Extended— Sellers £1 lCs. Endeavour — Sellers 16s. . First Chance— Buyers £1 xOs, sellers £1 12s. Fourteen-mile Beach — Buyers £1 I4s 6d, sellers £1 16s 6d. ' Galvanic — Buyers 6s 9d, sellers 7s 6d. Garibaldi — Sellers 2s 6d dis. G-ibbston — Buyers Is p. Golden Bed— Buyers 16s, sellers 18s. Golden Falls— Buyers 9s. Golden Gravel— Sellers £1. Golden River— Buyers 5s 9d, sellers 6s 3d. Great Central — Buyers £1 ss^ sellers £i o? Sd, • ■ ' " " ' Grey River Consolidated— Sellers 9s 4id. Halfway House — Buyers JSI 19s, sellers £1 335. - Junction Electric — Buyers £1 11s 6d, sellers £l 12=. Kelly and Casey — Buyers £1 5s 3d, sellers £1 £s 9d. Leviathan — Sellers 17s 6d. Magnetic — Buyers 18s 6d, sellers £1 2s. Majestic — Buyers £1, sellers £1 ss. Metallic — Buyers 2s, sellers 6s 6d. Mokoia — Buyers £1, sellers £1 2s. Nelson Creek— Buyers £2 18s 6d, sellers £3 0s Sd. New Alexandra — Buyers 4s 6d, sellers ss. North Beach— Sellers £1 Is. .Oiago— Sellers 15s. Pactolus — Buyers £1 7s. sellers £1 8s p. Perseverance— Sellers £4 2s. Prince of Wales — Sellers 4s p. Reeves's' Proprietary — Buyers 13s 6d, sellers 14s 94 River Molyneux— Sellers £l 4s 6d. Roxburgh Jubilee — Sellers 15s. -Sixteen-mile Beacli^Sellers 16s 6d. Spec Gully — Sellers 17s. Teviot— Sellers 18s. Three-mile Greenstone — Buyers 29s &&, sellers £1 Is 6d. Upper Magnetic — Buyers 9s, sellers 10s. Vincent— Buyers £1 9s, sellers £1 14s. Vincent Extended— Buyers 19s 9d, sellers £1 ts. .Walmumu Extended— Sellers J6s, OTAGO STOCK EXCHANGE. The following sales took place during the •week • — July 16.— Alpine Consols, £2 4s; Cairnmuir, £1 8s 6d ; Endeavour, i7s ; Electric Extended, £1 14s 3d; Fourten-mile Beach, £2 4s; Golden Bed, 17s 9d ; Monte Christo, £1 4s 6cl ; Kiver Molyneux, £1 5s 6d ; Vincent, £1 15s 3d. July 17. — Cairnmuir, 26s 9rl ; Fust Chance, 375 ; Fourteen-mile Beach, 44s 3d and 445 , Merrimac, 11s 3d; Sailor's Bend, 52s 6d; Vincent, 3Ss 3d and 38s 3d. July 18.— Alpine No. 2, 48s; First Chance, 1 34s 3d, 31s 6d; Great Central, 25s 3d; River Molyneux, 255; Vincent, 39s 6d, 39s 3d, Waiinumu, 24s 3d. July 19.— Alpine No. 2, £2 8s : Kelly and Casey, 265; Vincent, 36s 3d. July 20.— First Chance, 32s 6d and 32s 3d, Junction Electric, 32s 6d ; Alpine No. 2, 50s; unction Electric, 3-2s; Mokoia, 21s; Vincent Extended, 19s 6d. July 22.— Central Charlton. Ts 6d : Excel»ior, 6s Gd; Golden Bed, 17s 3d; Great Central, 2ls 9d; Kelly and Casey, 265. THE EQUITABLE STOCK EXCHAXGE The following sales took place during the week • — July 16. — Electee, i6s 6d ; Endeavour, 16s 6d; Gibb's Beach, 8s 9d ; Kcllv and Casey, 23s 9d ; Reeves's Proprietary, 13s 6d. July 17.— Alpine No. 2, 45s 6d, 46s , Boundary Creek, 18s Gd ; Electric, 47s 6d , Upper Magnetic. 15s. Ju.ly 18.— Alpine No. 2, 47s 6d, 47s 9d ; Bendigo, 26s 3d; Fourteen-mile Beach, 435; Golden River, 6s 6d; Merrimac, 10s 6d. July 19.— First Chance. 34s 6d, 34s 9d ; Golden River, 6s 6d, 6s 9d ; Junction Electuc, 32s 6d; River Molyneux, 255. July 20. — Fust Chance, 29s ; Galvanic, 7s 9d ; Golden Falls, 15s; Reeves's Proprietary, 14s.

ISUI. X3UU. Dredges Oz dt gr Dredges Oz dt «] First week 14 293 3 1 9 232 13 3 Second week 22 532 913 25 613 18 !» Third week . 29 617 19 15 32 1021 3 13. Fourth week 31 722 11 9 37 1197 1 0 Fifth week . 39 823 4 6 35 902 312 Sixth week 34 829 14 14 29 693 023 Seventh week 42 1027' 3 0- 31 774 018 Eighth week 43 994 022 28 893 17 0 Ninth week 42 3153 134 37 1026 3 7 Tenth week 48 1604 35 3 32 944 8?< Eleventh Meek 41 1417 12 22 34 1251 13 7 Twelith week 40 1347 14 1 32 2074 15 5 Thirt'ntii week 44 1608 018 34 1572 10 7 Fourt 1 nth week 47 1644 9 4 34 840 812 Fifteenth week 49 1713 17 12 32 790 1 3 Sixteenth week 43 1041 12 9 38 &53 11 X Sevenf mh w'k 39 823 15 22 35 1235 719 Nmet'nth w'k 49 IJOB 716 36 1102 10 5 Twentieth w'k 53 1409 16 19 38 920 0 8 Twntv-fust w'k 39 768 16 3 36 1103 13 4 Tw'ij'-sc'd w'k 42 863 10 17 29 657 0 7 Tw'ty-thrd w'k 4.5 726 16 13 S2 1115 5 -' Tw'ty-f ith w'k 34 597 320 3-1 1408 17 13 Tw'ty-oth w'k 34 642 420 30 1350 12 2 Tw'ty-6th w'k 35 774 14 0 36 1136 117 Tw'ty-7th w'k 35 759 10 17 32 954 18 ? Tw'ty-Bth w'k 45 1022 15 10 33 2284 18 11 Tw'ty-9th w'k 50 11S2 112 31 1765 35 3!< Thirtieth w'k 53 1741 2 5 90 1503 IS It Total*. .. 29,790 3 17 32,420 S 2'

The West Coast. iokoia (120 hours) Pactolus (week) rhiee-mile Greenstone (135 hours) 3uller Junction (124 hours) Jeeves's Proprietary (104 hours) 3-rey River (101 hours) Ll (week) tfaori Queen (107 hours) Srickson's Reward (115 hours) . . jeviatlian (110 hours') Jrey River Consolidated (128 hours) Uiaura (six days) [sland Creek (aaial&am) .. .. 40 35 30 27 36 18 17 11 9 8 4 4 24 10 17 10 13 0 0 14 0 4 10 14 12 0 0 0 0 0 0 0 (» 6 0 0 0 0 c

Oz d\\t. sr. Electric, Cionuveil 231 12 "o Alpine Xo. 2, Cionne!! (133 hours) .. . i:8 5 0 Sailor's Bond, near A'exandia (136 houis) Ut 10 0 Manuhcrikia, Alexandia (GO horns) 108 13 2] Jvmctjon Electric, Cromwell . 72 8 0 Ceutial Electric, Crornweil (115 homo) 71 15 0 Earjiscleugli Ko. 2, Alexandra (121 liouis) . .... 55 0 0 Ciomw^-11, Cromwell (136 hours) 54 17 0 Hartley and Eiley, Ciomwell (140 hours) 52 0 0 Eariisclpugh No. 1, Alexandra (131 hours) 42 3 6 Golden Gate, Miller's Flat (6 days) .... ... 40 6 0 Meg and Annie, Kawarau River (123 hours) 36 6 0 Perseveiance, Alexandra (4^ days) 35 1 tt Matau, Clyde ... 33 D 0 Golden Treasiue, Miller's Flat (9 days) 31 0 0 Success, Waipori 28 2 12 Wainmruu Extended, near Goie (139 hours) .. .. 27 14 0 Reliance, Tuapeka Flat (week) 27 0 0 Central Charlton, near Gore (118 hours) . .. . . 26 10 0 Otago, Miller's Flat (41 days) .. 26 2 0 Chicago, Alexandra (135 hours>.. 26 0 0 Alpine Consols, G^omwell (121 hours) . . . .... 25 1 12 Vincent, Clyde (110 hours).. .. 22 10 O Majestic, Miller's Flat .. .. 21 16 0 Waimumu, near Gore (131 hours) 20 19 0 Charlton Creek, near Gore (127 hours) 20 11 0 Laurence, Tuapeka Flat .. .. 19 5 O Eniield. Waipori 19 4 0 Unity, Clyde .... . 19 0 0 Enterprise Xo. 2, Alexandra (100 hours) . • 18 17 12 Spec Gully, near ,Goie (132 hours) 17 16 O Evan's Flat, Tuapeka (week) 17 14 0 Molyneux Hydraulic, Alexandra (5 days) 16 0 0 Kelly and Casey, near Clyde (week) .... . 15 15 0 Magnetic, Cromwell (4 days) 15 0 (J Morning Star, Manuherikia (120 hours) 14 6 0 Olng, Manuherikia (94 houis) .. 13 3 IS "Wairnunm Central, near Gore 12 9 0 Gold Queen, Dumbarton Rock 033 houis) 12 6 0 Gabriel" Tnapeka Flat (133 hours) 12 0 0 , Golden Bed, Miller's Flat (118 hour*) 11 15 0 Tuapeka. Tuapeka Flat 'week) . 10 18 O ■ Golden Link, Alexandra 9 19 0 Globed WaiJraka (140 hears) . . 9 14 U Barmockbuin Creek, near Cromwell (108 hours) 9 9 9 Upper Waipori, -Waipori (80 hours) „ .. 9 7 0 Tcviot, Roxburgh (week) .. . 8 17 18 Lady Charlton, near Gore (121 hours) • 8 16 0 "Waitahuna Gully, Waitahuua . 8 4 0 Dunback, Dunback (97 hours) .. 8 2 0 Gibb's Beach, below Roxburgh (137 hours) 5 10 0 Central Mataura No. 2, Mataura (119 hours) 4 9 6 Clyde, Alexandra 4 0 0 Total 1741 2 5