THE WEEK'S MINING NEWS

Otago Witness, Issue 2505, 26 March 1902, Page 22

THE WEEK'S MINING NEWS

M- = -rs Knew-'ublj Bros., of Port Chalmers, are tbe MKiessful tcndeiers for the election of th- liMchmerv on the Lafrai.cbi'a Freehold Company's diedge This woik is to be completed jh six weeks, so that the beginning of May should see Lafianchi's :i3ted among our gold pioduccr-'

Mr A. Cederniati, Oreymoutli. is the successful tendeier for the erection of the machinery on tlie Conimis- <ji:«t' j K'at dredge, the contract Uoib beu.g eight week?

The prospectus of the Consolidated Mystery Flat Gold Dredgirg Company '.Limited! is to be issued on Xkuxaday. The claim proposed

to be worked is about CO acres, and adjoins on the lower boundary the Mysteiy Flat Company's claimv Good gold is now being obtained by the latter company, and whilst their dredge was working its way out of the Consolidated Company's claim into then own upwards of £353 worth of gold was obtained, and it is believed that good gold exists in the Consolidated Company's claim. It is a hard matter just now to place dredging; shares, but- the brokers (Messrs Harli]a 11 Reeves and Co.) inform us that this is considered axi excellent venture by the Waikai* residents, who have asked to have 500 shares ; reserved for them, and they consider that there will Be a good demand for those that are now offered for subscription. Applications are invited in our advertising columns for the position of engineer on the Alexandra Lead dredge. The dredgemaster of the Golden Glen dredge leported on trfe 17th 111 st. that the boat and I coal were on the way from Lawrence, and he [ expected them to arrive on the claim that night. I He intended making a start yesterday after- [ noon. ( The secretary of the Boundary Creek Gold Dredging Company reports having received a letter from the engineer who originally erected 1 the machinery on the dredge, in which he says he has just visited the dredge, and is satisfied that the lengthening of the ladder and pontoons 13 a splendid job, and that they will do all that is required of them. I The dredgemaster of the Happy Valley dredge (Mr A. N. AVakefield) reported on the 17th inst. i that the machinery 13 now running very well. The tumblers, bucket limners, links, pins, ! bushes, ladder ToUeis, etc., show scarcely any trace of working, which is considered \ery satisfactory, as the wash 13 rfrther difficu't to treat. The top stuff 13 very hard and valueless, and the gold is t> 11 on the bottom. The returns [ have averaged 21oz up to the present. i The efforts to reconstruct the Remarkables Dredging Company have not been attended with j success, and the mortgagee iMr Ehodes) has decided to sell the dredge by auction. It is estimated that £150 will be required to put the dredge in thorough working order. The Rcmarkables Company will be wound up. Another few da> s should suffice to see the [ Broad Creek drerige settling down to steady work. The erection of the machinery has been completed, «nd the contractoi took a run out f ot the machinery on Saturday last, when every1 thing worked very satisfactorily. The official trial will take place on Friday, and the dredge [ will commence to woik three shifts at midnight [ on Sunday. The dredgemaster of the Central Electric dredge reported on the 15th inst. that he had i secured a crew, and expected to sta r t shifts 011 Monday afternoon. The inspector of machinery inspected tb.e boiler, and found everything in good order. The liver v.-as falling veiy quickly, and the dredgeiua--tei stated that unless heavy rain fell there should not be much rise for some time. Since the report was written, howevei, rain has fallrn, ancl the dredge w^b not shifted as was intended. I The finances o r the Golden Gravel Gold Dredging Company have become rather strained, and the directors have decided to call the shareholders together to endeavour to issue debentures in order to relieve the present embarrassment. While the dredge was at work the returns were considered very satisfactory, and the indebtedness of the I company was 1 educed by almost onehalf. Owing to the high n\er, however, the dredge was unable to work long enough to place the company in a satisfactoiy position. Shareholders will probably be asked to < onsent to the issue of debentuies to the extent of about £1300 1 or £1500, which will clear the company of debt and leave a margin when work is resumed. The total indebtedness of the company at present is le3s than £1200. Mr F. W. Payne (consulting engineer) reports having visited Alexandra last week, and while there visited the latest addition to the fleet of dredges built under his supervision, the Alexandra Lead, which is the largest dredge at I present working at Alexandra, having buckets I of 7 cubic feet capacity, driven by a 25 h.p. | I Marshall's engine, steam being supplied by a j 35 h.p. boiler of local manufacture. The hull v designed to cany a long elevator of 120 ft centres, but as this is not required while the dredge is working in the river as at present, the 'erection of it has been postponed, and it is possible that one of the patent elevators may be tried in preference to erecting the present heavy structure. The dredge is at present in very rough ground, but is working steadily and with an economical coal consumption. While in Alexandra Mr Payne also visited the Ngapara dre3ge, on which the first of Payne and Peck's patent elevators has been at at work for the pust five months The elevator continues to give every satisfaction. Thoae j interested may see a panoramic view of the dredge and elevatoi at work in the window of Messrs Marshall ami feor. 1 ?, chemists, Princes street Though it is well known that the depth of the rivers on which dredging operations are carried 011 varies considerably owing to the uneien nature of the bottom, very few, if any, companies have gone to the tioub'e of taking soundings, which would provide the dredgemasters with excellent data, and enab'e them to clef 'dt 1 in oxactlv which part of th" claims they cou'd uoiU to the be«t advantage when the river is high The directors of the Davis's Bend Company ha\e decided to ascertain the depth of ihp nvei on the o'd Cairnmuir claim fiom top to bottom befoic making a start, and with tlirft object in view intend sending Mr J Blair Mason up to the property to conduct the necessary soundings to enable them to carry the above-mentioned idea into practical effect. When tlm is completed they will be in a position to decide on the exact spot to work the dredge, which m all probability will be able to stnke gold 'mmediatelv after starting. The scheme is simple and compaiatively inexpensive, while at the same time it should prove highly valuable. Having obtained the necessary information with regard to .he depth it will be an easy matter, when the river is high, to decide where the dredge will have the best chance of reaching bottom. The official trial run of the Riley's Beach dredge took place on the 18th, when the machinery worked splendidly. The dredge, which is considered one of the best on the river, was built on the Hartley an<l°l<ilr> cUm, ->nd the woik of shifting her to hei ov.n claim was commenced on Thursday. The contractors for the erectior of the Woodstock dxedze have now oracticaUy brushed tiieii .

work, and the dredgemaster has taken charge. Work will be commenced at the beginning of this week, and Mr A. Kyle, who is proceeding to the West Coast on a visit, will represent the directors at the opening ceremony.

A rumour having gamed currency that the Kelly and Casey Beach dredge had been condemned, shareholders will be pleased to learn that such is not the case. A few trifling alterations are necessary m order to comply with the requirements of the Mines Department, but these are now being effected, and will be completed in time to allow the dredge to take advantage of the low river.

The dredgemaster of the Waimumu dredge reports that he is now dredging to a depth of 20ft, and. he finds that the gold goes down to that depth The prospects are good. This should enhance the value of the property very much, and should add materially to tbe hle> of the claim. The cut that is now being worked' is seven chains wide, and is gradually widening out. The dredge is now in thorough working order, and should shortly be able to work with veiv little broken time.

The dredgemaster of the New Halfway House dredge, in his report on the 16th inst., stated that the engineer intended joining the dredge on. the following day, and the rest of the crew would be there on Tuesday or Wednesday. When the)- had all joined he would at once drop down to the bottom of the claim, and commence diedging. If the river continues to fall" this week the conditions for dredging willjr he ♦• believes, be satisfactory.

The dredgemaster of the Point dOr dredge reported on the 15th inst. that he was still able to- bottom the full width of tbe- river, and as it is falling steadily -he hopes to be able to continue to do so. The bottom was not quite so soft during last week. On. Saturday the reef seemed to be getting a little softer, and he may get it soft at any time, as it changes \ery quickly. The ground^ is shallow at present m the centre of the river, but it deepens tc ware's both sides.

A trial run was taken out of the machinery of the Maori Point dredge, on the Shot-over River, on the 10th inst., under the supervision of Mr Maxwell, the superintending engineer, everything working to the entire satisfaction of those concerned. The work of rebuilding this dredge has been completed in a remarkably short space of time, only nine weeks elapsing from the time of the commencement of the reconstruction of the pontoons and machinery to the time of handing them over. The erection of the machinery, which was done under the guidance of Mr Maxwell, occupied only three weeks. The dredge will get a proper start about the <nid of the month.

The Barriers Reefs Gold Mining Company, of which great things were expected, appears to be in a bad way. A meeting of shareholders has been called for the 24th inst., when a resolution will be submitted to go into voluntary liquidation. In a note to the circular to shareholders it is stated that the meehug is necessary, as sufficient shares have not been applied for by members of the company to justify reconstruction, and unsecured creditors have intimated a desire that the company shall go into liquidation.

The dredpemaster of the Golden Glen dredge* wired the- secretary on Thursday that he starteddredging on Wednesday, and that everything was working satisfactorily.

The dredgemaster of the New Nevis clredgewired 011 Thursday that the pinion of the bottom elevator shaft has given out, and that he is repairing the screen, etc.

The secretary of the Nelson Creek DredgingCompany has received advice that the dredge started work again on Wednesday afternoon.

A Wellington telegram saysr The Takakav Sluicing Company's return was 290z . for 10days. The drodgemapter of the Leaning Rock dredge reports that there was no wash up last week as he is engaged in shifting the dredge lower down the claim. He will, however, wash uj thia week. The Lady Charlton dredgemaster reports that there was a good fall of rain on the 17th, and there is now plenty of water. The wash is improving on one side of the face. The secretary of the Clyde Dredging Company has been advised that the pontoons of the Moa No. 2 dredge were safely launched on Thursday afternoon, so the erection of the machinery will be proceeded with at once. The directors propose to roMime work with the No. 1 dredge as soon as the river falls to the sffc level.

The dredgemaster of the Meg and Annie dredge, in his report for the week ending 15th lr.st , bays that the wash 13 looking well in. the middle of the river, and is widening out ut< the dredge moves ah»a«r. There i« splendid soft bottom 111 the middle of the river. Th-. dredge is working very Fmoethly. The secretary of the Stafford Waimea Dredging Company reports that the crown wheel of the dredge was smashed on Tuesday night, and a new one will be required to replace the broken, one. ' It will probably be a fortnight before dredging operations can be resumed. With respect to our West Coast correspondent's statement that the dredge could not bottom, the secretary states that he communicated with the dredgemaster, who has' replied that the statement is incorrect. '

The gold won by the Sandy Point Gold Dredging Company's dredge last year was valued at £1415 7s lid, while the total yield from, the time of legistration up to December 31 represented a, cash value of £5996 Os 2d. The expenditure last year amounted to £1998 5s sd, while the total outlay to the end of the year was £6622 10s 7d. The debts owing by the company reached an aggregate of £7095 10s lid. There are only 14 shareholders m the company. Fair progress is being made with the woik of erecting the machinery on the Great Woodstock dredge. All the stores have now gone forwaid to the claim, and the latest report* state that the dredge should be ready for work in about a fortnight's time. Mr Gilbert Cunningham has been appointed to the position of dredgemaster, and Mr John M'Harg to that of engineer. The operations of the Golden Crescent Sluicing Company last year were veiy successful, the value of the gold won exceeding the expenditure by £1392 11s lOd. The gold yield amounted to 6460z 9dwt 13gr, valued at £2498 Is 6d, the expenditure for the 12 months reaching a total of £1105 9s Bd. From the date of commencing work until December 31 last the chum had pioduced 1168oz 12dwt 10gr, equivalent to £4497 10s in cash, while the expenditure from tlip time of registiation till the above-mentioned date was £7037 4s 4d. In addition to paying £777 10s in dividends the company had a balance of £325 17s 2d in the bank, against which therp were contingent liabilities amounting to £35 16s 2d. Tenders are in\ ited for the taking down and removal of the machinery of the Mil Desperandum dredge. The Golden Standard Dredging Company invite tenders for erection of machinery, etc.

The latest report with regard to the Oo!<I Deposit dredge is that the nver is almost lowenough to enable dredging to be resumed. Mr llatthew Harliwich has been appointed to the position of dredgemaster. At a. meeting of shareholders on Wednesday evening it was decided to make a levy of Is per share on air shareholders, to be issued only for the purpose of paying the interest on the debentures nowdue. The money thus raised will be placed iix the hands of the' trustees (Messrs J. Hatton, A. G. Graham, and the secretary), who will only issue it if sufficient is obtained for the purpose rpquired. The levy, together with a bonus of 100 per ceut v will be refunded to the sub-

scribers out of the first surpluses. In order to bo of any use it is necessary that the levy be paid at once, and it must be in the hands of the trustees at the company's office not later than April 2, as otherwise the mortgagee will close on the property. The dredgeruaster of the Ahaura River dredge (Mr If. K. Sligo) reported on the 15th Maich that the week's work was very broken for dredging, Tuesday and Wednesday being occnyied with repairs. The face is now opened up to four chains, with a depth of 24ft, s>rd the ground tight and rougher than usual. He does not intend opening out wider, but will take this cut up past where good returns were foimerly obtained. About a fortnight will see the dredge oposite that point, when thi^returns should increase.

The Benger Burn Gold Dredging Company's dredge was offered for sale by auction by Messrs James Samson and Co. at their rooms on Friday afternoon, under power of sale in an instrument of security between the Pride of Tuapeka Gold Dredging Company and the vendors. The attendance was fair. The bidding started at JE2OO, and after a few advances on that sum the machine was knocked down to the liquidator of the Benger Burn Company (Mr Wm. Burton) for £290.

The dredgemaster of the Golden River dredge reports that owing to the high river he was unable to start work on the 17th, as he had intended. A rise in the river was responsible for ■washing away a portion of the load, and the men have been employed in repairing it. The river was falling on Tuesday, and he hoped to be able to resume work soon.

The dredgemaster of the Leviathan dredge (Mr D. Sutheilsuid) reported on the 17th March that the wash in Dr Morice's freehold ran out after the had worked about 20ft into that ground, and as that width of payab'e ground was not good enough to work back north on he has arranged with Mr Clough to work his freeliold.^ He expects to be ab> to wcrk the company's own ground and his together. The face on tlieir own c'aim will be about two chains in width, and he can work this for a fortnight, and then drop back again and work Clough's for a week, the width of his giound being scarcely a chain. The average depth of wash was. Oft. Foi the 113 hours' dredging he obtained S2oz 6dwt amalgam, which yylded 360 c lOdwt retorted gold. Everything on board the dredge c intinues to run well. The dredge was stopped since Friday morning turning the dredge and putting a new driver on the winch. The boiler was also cooled down and thoroughly examined, the tube plates ard furnace crown scraped and cleaned, and altogether everything inside was fiound t« be in very good order, and much cleaner than was expected

From all accounts shareholders in the Golden Gravel Gold Dredging Company have every reason to be grateful to the contractors for th» construction of the dredge (Mo-srs Stevenson and Poole). The chairman sUt"d that that firm were good enough to renew a bill for them, and had met the directors in every possible way, and before the close of the meeting lpst evening Mr Poole informed those present that they •would still do all in their powi to a-sist the company by giving them the best terms possible for the payment of the amount still due for the construction. The dredgemaster oi the Thiec-milr (Orosnstone Creek) Diedging Company, in his report for last week, states that he has been iiinniug ahead on the south side of the face. The bottom was very uneven, and the wash was making much stronger, with fair prospects. A considerable amount of time was lest owing to snags and bounlders. Tlie dredgemaster intends to run the south Bide well ahead while the weather is line, and he will keep widening the face toivards the creek bed till old workings were struck. The dredge was stopped on Saturday, as he had to take out the bottom tumbler and put a new bu-h in the shaft. Tlie ladder hangers were fitted up at the same time. As the directors of the Britannia Gold Drt-dg-ilig Company are not at all sanguine about their prospects of success with legard to the is?ue of debentures, a meeting of charehoklprs has been called to further con = ide»- (he financial position In a circular calling th^ meeting it is stated — "Your directors are satisfied that the debentures will not be taken up to the extent necessary to pull the company through, and trust the shareholders will attend and as3ist in formulating and carrying out a scheme which will prevent what they consider a good property being lost to the phareholders." Another attempt to hold the annual meeting of the Golden Sovereign Gold Dredging Com■panv proved unsuccessful, only four shareholders putting m an appeal am c on Friday evening. On Tuesday, 18th. the Ettrick Gold Drcdpins Company's dredge came across a high reef that had been worked, and washed un Boz 4dv>t of go^d. The dredge js being shifted into the river. The necessary laying of lines will probably be completed at the end of the week, when dredging will start again. An Auckland telegram states that the Mararu Gold Mining Company treated 186 to i<- of ore and 206 tons of tailings for bullion valued at £1113. The Kauri Freehold Company treated 1688 tnn« o? ore. 1288 tons of tailings, ar.d 593 tons of shines for bullion valued at £1409.

The King Edward Company has suspended Operations for a time For the past week an effort has been made to reach the main bottom. On Saturday a depth of 9ft below the false bottom was reached, but as then? was no prospect of leaching the main, it wa= decided to Suspend in the meantime —Lake County Press. The tributere in tha Morning Star uiuie,

Preservation Inlet, have got to work, and are sinking in jVo. 2 level, and have got on stone yielding from 12dwt to lodvvt to the ton. There has been no crushing yet.

At a meeting of delegates from dredging companies in the Gore district it was decided to form an industrial union of employers, to be called the Southern Gold Mining Industrial (Union of Employers. The following officebearers were elected — President, Mr T. Gieen; vicc-pres'.aents, Dr Donaldson and Mr A. A. ilacGibbon . committee— Messrs If. W. Paisons, T. H. lbbotpon, S. Patcrson, F. Walks, D. Collins, J. Boyne, and W. Weatherburn ; secretary, Mr J. A. Yule, auditor, Mi E. Dewar; solicitor, Mr E. 11. Bowler

The secretary of the Waimumu Extended Dredging Company reports that owing to several necessary repairs there was ro return last week. This week's wash-up wll be for a fortnight's work.

The dredgernaster of the Broad Creek diedge reports that a trial run of the machinery took place on Friday, everything working satisfactorily. He anticipates very little trouble in getting good running time out of the machine.

The dredgeruaster of the Gold King dredge reports that the dredge was idle frcm the 12th to the 18th mat. waiting for new winch pinions. The company have given orders foi the duplication of several parts m ordei to avoid acy unnecessary delay in the event of a breakage.

The aunual meeting of shareholder in the Gleniti Gold Dredging Company was held in Wood's Hotel on Thursday evening last. The report and balance sheet were adopted, and the retiring directors (Mes3rs Gilkison and Wright) were\ re-elected, as also was the retiiing auditor (Mr H. Law). The company liß'-e now purchased the Nil De=perandum dredge, and are calling foi tenders, for its re-erection on their claim.

Tenders are invited in the Daily Tunes foi the purchase of the Naumai dredge and claim, together with all tools, stores, and vvatei lights. A notice to creditors 'n connection with their claims on the company also appear? in the same issue.

The drcdgcinaster of the Gold Depos.t dredge reported on the 20th mat. that the dredge was lying about 100 yards above wheir the o'd Dunedin dredge was erected. lie i«, however, shifting her about 300 or 400 yards further up, where the river looks very favourable. He did not expect to bo able to resume work before Monday next, 31st inst. He wired the secretary on Saturday that there had been steady rain for the past two days, and the rivor was likely to rise.

Our Wetherstones correspondent writes — The Golden Crescent finished their paddock on Monday, the 17th, when they got about 40oz. They were 15 days from the time they commenced elevating Out of the above time they lost on an average about three hours a day through then water b°ing short, having to clow the darn each shift to allow it to fill

The died^emaster of the Central Cliarlton dredge (Mr J. M-Coikmdale) reports that he experti ■an improvement in the return « in another fortnight, by which time Ibr- shah in Gray's gTound will be cut out. He thought he would have got thjough it before i.ow, but owing to its very hard nature lip has not been able to make as much progress as desired. Five days' work last wck was done in Campion's ground, so all the fa.c.2 a1 present could stand an improvement. The average depth of the wash is Bft, and tliat c r the "tripping 4ft.

The following letter wa« sent by the secretary of the Firot Chance Gold Dredpivg Company (Mr L. G Reeves) to the D lined in StoJc Hxchange on Saturday morning, having refoience ir the verdict eiven in the ca e e in wh.rh compensation v^as claimed owing to t^e death of the dredgeruaster (Mr M'Lean) — " Pleaep inform the members of your exchange that tho vrrdict 'foi £400 given against the First Chance Company this morn me will not affect tlic company's financial position, as at the tune of Mr M'Lpan's dcatli the company held an accident insurance po'.ioj covering all its employees." The repair^ to the Tllertrir dredge have been completed and work ha- b'i-:i resumed. Ihcrc was no 'a ash un last vvfk

The secretary of the Oir'g Compan\ leporis having received the following wire from Alexandra on Saturday — " New tuinbJer and screen lines in position , ptart dredging this evening."

The secretary of the Mauuhenkia Company reports that the dredgemaster is shifting the dredge to last winter's ground and will start dredging when the river 1= suitable.

Th" dredgemaster of the Big Flat dredge wa =h"-l up on Thursday last, obtaining 4oz 2dwt for eijjM flays' work. The wash i e fine and haul t'l fortunat"ly the drrdge spranjr a leak on Fr'dav 1 I'll \iifX . and =omc trouble vvn = experienced :n stopping il The buckets ha'"n been fitted vith a rew s'U of lips, ard the dvciopma^ter c::pee'ed to resume work last Thnr°div.

The Upper Wpipori Alluvial Gold Dredgir.z Company's dredge was uot working la^< week ownjr to lepairs to the boiler, which are expected to take 10 days to tomplete

The dredsemaster of the Electric Extendpd dred«<> w-.r^d to (he secretary that tho dredge started work at rjcon on Monday.

The 3ecretaiy of the Corn .vail Dredging Cornpauy reports that there was no wash up Ja-^t week owing to one or two small breakages and the stoppage of coal.

Oi'r London correspondent. wn 4 in;? on Februaiv 15, says — " A fortnight or =o a?o ar< article on gold dredging in New Zealand nprjeaxed m. the Pinjun/ual iNeufa. oabtribiited t.o

that paper by Mr C Spencer Booth. A correspondent now writes to the same paper, referluig to Mr Booth' 3 article, and he says ' Your readers might believe that gold dredging as an industry was ou-cessful in >.cv. Zealand, which ir not the case. The Hartley and Riley shares, while th" dredge was on a ric 1 ' pocket of gold 1 two years ago, lan up to over £20 each. Xow tht-v ?rc £2 10s—quite a goccl price for an ' oiigMial investor; but bow about- the ma'iy ' that bought at .£lO to 120 > j\hne to«» me £'T, aud I sold at £1-2. This one dredging company has cost the colomal investors millions, by causing them to su^scr'be for shares m new companies which have turned out failures. 1 I either hold or have held shares in most of the companies named by Mr Spencer Booth,' proceeds th:s coirespondsnt. ' but I should br some thousands 'n. pocket if 1 had never touched a dredging bhare. At the end of 1900 there were i some 400 d 1 edges eithei at work or building, lepresenting a capital of £4,000,000 at least. To-day you could buy the lot for £2,000,030. ! und I think I am right in saying that abcut one-half the companies are already either wound ' up or in extremis. The losses over the dredgiag boom of two years ago have lumed many j colonists and have crippled many more. !Xow j I see by the colonial papers tlie promoters are t going to give the London capitalists a chance to lose their money.' ' J In consequence of the near approarh to comi pletion of the Island Block Company's dredge it has been decided to discontinue the sluicing 1 operations for the present. As' the dredge will I =tart work m proved grcund good results are ' expected.