THE WEEK'S MINING NEWS

Otago Witness, Issue 2506, 2 April 1902, Page 23

THE WEEK'S MINING NEWS

The i.\»-r i« at piesent tin ln^!_' ft' t'if OoUlen H \i-i tlied«e to lesume woik, antl a« f'Eie .5 10 iTinieclinte p^ospfct t)f it reced.r^ to a ■o.cclgeable le\ el .ill the eni[- ; oyees have b. j en di-cl \Mth the cx'^ptiou of tlje dred^enu'-iei, i\ho uili remain i>> cl'.arce of the dredge as caretaker The dirdgeiuastpr of <l 'e Golci^p Giei rlic'd^p rcpoilcd on the 22nd ir>st that h" 11 U- Ici 1 t-dfc-i"g on the iyth mat. oil day shift, only. He c t trtr""l a cut across the live', hut up to ths time of despatching his report had rot s-truck payable w<i«-h. The gioiuul is, bowe\ei, beginnmg to deepen as he gets aero.:>. The dvedgemaster of the Happy Valley (Mr A >.'. W.ikefieldi report* for the week ended 22nd mst that tne dredge is worku.g well. Last •week'- rctu'ii i.a^ more thai, he t xpsctcd, a3 he i'dd to vark tlirougii fcevera! oV nacldocks (nled with puggy eiuni. A meptintj *of the directors of the Vppei Clu'h.l Gold Died^ii»4 Cciiii>uny vas he'd lccentiy, when t w.. 5 - decid<"d that as tho d^bejituie-holdera could not rr.ake any recon'mend.ition with re^nr ' to canyui^ on operations, tljo sharchclders lje ca"<rl 'OKetLfcr to cCiiSK-i--r Hip ...riv 11.11.1 1 liv nt I'oiiii:

11 to linmda f iou. A caictaker has bean appointed to look after the dredge in the mean-t-rue. The dredgemaster of the Central Electric dredge wired the secretary on the 28th that ho shifted the diedge 100 yds up stream on Monday, and started work the same day. Everything is going well. The dredgemaster of the New Halfway House dredge reported on the 22nd inst. that he v got up steam on Thursday last, a.nd got the lieadl.ne that was snagged in the river safely out. He expected to reach the place where operations will be commenced yesterday, and if the river does not rise any urrther he will start imb ediately. A final meeting of shareholders of the Waikaka. Forks Gold Dredging Company was held at the registered ofiice of the company, Rattray street, on Wednesday, when seven shareholders were present, Mr G. C. Matheson presiding. It was unanimously agreed that the liquidator's repoit ar-d balance sheet' should be received and adopted, and that the company's books and documents should be destroyed after a period of three months. As showing that plenty of faith 13 placed in the Consolidated Mystery Flat Gold Dredging Company by the residents of Waikaia, where the claim 19 situated, ths 50J shares reserved for that district have all been disposed of, and inquiries have been made as to whether any more are available for that place. The capital of the proposed company is JB4OOO, :n shares of AX crcli, of which 2700 are fully paid up, and go to the dredge owners an 'l claim owners in the foliowirg proportions • 1700 to be allotted to the vendors of the claim, 1000 to be allotted to the owners of the Springvale dredge, which is being secured to work the claim, while the remaining 1300 shares are for public subscription. It is es'iraated that about £10C10 or £1200 will be sufficient to dismantle, transfer, and re-erect the Spr.rgvale dredge on the company's claim. The dredge, which has a steel hull, has been reconstructed to enable it to work in solid ground, and it is capable of working to a depth of 35ft. A wne from Auckland states that ths Barrier Reefb Gold Mining Company has lesolvcd to voluntarily wind up its affairs. 'ihe appeal case of John Anderson against the Pactolus Gold Dredging Company, a case which mvoh eu the legal point as to where the lamifications of a gold mining company extend, has been settled out of court. This -neans that the 911111 'ar case of Hawkins aeaim-t the folatc K.\er Company, an appeal to the Banco division of the Supreme Court, Wellington, that was hung up pending the hearing of the Pactolu3 case, will have to be continued without the aid of reflected light. The dredgemaster of the Mokoia dredge advises that lie lesumed work at 5 o'clock on Tuesday, 25th. The directors of the Olng Dredging Company have declared another dividend cf Is per bhaie, and have added £100 to the lesene fund, which now star* els "t £'300 The dredgemaster of the Upper Magretic dredge repo-.ted on Saturday that he had a steady run for 131 hours on a soft blue pug bottom, with rich Maori wash. Everything is woikmg well. An extraordinary general meeting of shareholders in the Digger's Pride Gold Dredging Company was held in the companj 's office on Tuesday, the 25th. when the resolution passed at the meeting on March 7 to go into voluntary liquidation was confirmed, and Mr A. T. Finch was appointed liquidator. The dreclgeniaster of the Oreat Certrrl dridae reports tli.<t the diedge 11 sale, ;.< d is rot leaking .tt 'ili In c ons-eqnoi co 01 the rrccit wc/t ucatnei, he is ot oj.inioa thnt the live; wi'l nl i.ill very fasl until the frost" set in. 'i lie ai.nual nieetii'^ ot ihiupholdei^ 111 th" I't.ioti J»<k Gold Dredging Company ca'iccl foi the 26th was attended by only two directors, the secretary, and one other shareholder, and consequently stands adjourned for a week. The dredgemaster of tiie Leviathan diecJge (Mr Donald Sutheilaud) reported under dat» 19th March that he is very hopeitil at present of good returns for some time. -In a few days he will have a face of three chains in width, which he will follow up the two leads o* gold wh.ch iiom here on are un worked for some 12 chan<s or so. The stripping, of course, will handicap him to a great extent, but, allowing for this, h" hopes to wire a good return before the report reaches the secretary [return wired 670z sdwt]. Continuing, he saya —"Judging from your letter, you seem somewhat alrnnel at the prompt turning of dredge fiom and leaving Moricr"« grourd, in the face of returns of 4307. and 360z It ma> seem strarge, but the last 40 hour-i we -\ orkeel 111 thi& duection we wou'd h.i\ c b i-ii 1m tt 1 King idle. And, af> explained ir ]>ip\ious IcU-i, the pnjable gioai.d w too limited to °o unitli iigjin." Tl c dredgemaster o f t!ie Hi.se and Slime drrdae reported on the 24th t,hat the wa = h continue ab.'iit the same :is previou = l\ - He is v< rkmg; a cut 7'Mt wide and ))ulled uhead about lllft ('iirm^ the week. Khouirl the giound continue the fame ps at present, he estinmterthat it will take between three years and foui \i\irs to irjt'i the spot \. hoie tlie line of boie<w. 1 - jiii t do»ii. I'iid from which excellent p'o-iKi-t- woo nlitaiiicl A~- i.nnther mectiip; will 1 ot be necessary to ronfum tlip resolution passed at the meeting oi <-lniie!io'>li 1 •- in the Oo'dcii fiuw! Company o'i I'uda\ «■ •. 0 Im^ aiithon-iin^ tlir* clirrctois to la ■>(■ JLISI/) by ttie issue of debenture*, tlie clirec'.oi-> liave uecideJ to i = sue the debentures as <-con after the Ea-ter ho!ic!j\"i 35 po=&ible. Tl'» \jluo of r» ich d"b"iituro and the rate of i"tere=t w:il ,''«o he decided next week Thf drid"Piu f-i r of the Gold Deposit dredge report-ru on the 24th ult. that the nver had ru"|i Zft, and \va= still risn.g He got steam up that and pulled thf dredge in c!o'-e to the wopt side of the river, where be moored her and lowered the ladder. He also had a.iun out of the engine ard screen, and everything working well. Tlie response to the levy of Is per share made by the directors last week has been fairly satisfactory, but shareholders will do well' to remember that to protect their own interests the necessary amount must be forthcominDr, as otherwise there is every probability that they will have to face the question of hqmdat.oj. The sum asked for is small, ard the terms are such that should induce a ready response. The dredgemaster of the I'ci.t c O. di»dge bad a '•tepdv run l?-t week lie (.emu-its for the fal'irg o<T 1" tlie re ( i>r.- h\ th- fret tint he was opeiiiiis o"' >" <li s deep gicuud and

got en to s», bar cf hard leef in the centre of the i,\er. The prospects continue much sb-Sut the s<une, so when the dredge gets properly opened out towards the west side of the river where she was unable to bottom until lately 0:1 account of the high r.ver, he expects some fair returns. There -s about 30ft of wash on. the west side of the river cariymg a Little gold ail thiough, and he anticipates steady yields for a considerable time if the river keeps favourable. It takes a good time to get over much, ground owing to tlie great depth of wash. The brokers (Mcssis Quick and Smith) report a fair inquiry for shares in the Grand! Junction Company. Assuming that all the> shaies are applied for, the capital of the company will only amount to JE6SOO, aud as applicants for contributing shaies receive one fully paid shaie for eveiy two contributing shares taken Tip, the capital value to the investor is reduced by one-third. In other words, each. £1 shpie will cost 13s -id after all the calls are paid. The dredge should be at work in about two months. The secretary of the Gold King Dredging Co. reports that the dredge was stopped on, Wednesday putting m a new elevator pinion,, but the rest of the machinery is running well. The secretary of the Royal Maori Dredging Co. reports that the dredgemaster, in his report for last week, stated that ths ground was rough, thus rendering the work of opening out difficult. It will, however, aot be so- Hard when he gets a face properly opened out. In his report for the week- ending the 22nd. hist., the clredgemaster of iht-"Megi and Annie reports that the wash continues to -widen out, being now fully 50ft, and averaging about 15in in depth. The gold seems to Bs about the same* all through the wash. The Majestic dredge did not wash up last week, the dredgemaster having stopped on. Wednesday at noon to undertake gome necessary lepairs. He recommenced dredging, howex er, on Monday afternoon (2ith). The dredgemaster of the Leaning ivoofc dredge reports a return of Moz for 51) hours' dredging, obtained prior to shifting from the top -of the claim. It was not expected that there would ba a wash up last week as the dredgem-aster has to open out a new paddock. The dredgemaeter of the Upper Magnetio ■dredge reported on 1 hursday that the dredgo had met with a shgnt mishap to the winch, and injector, and work haJ been suspended. There was no wash up last week. Indications are improving. The adjourned annual general meeting of shareholders in the Union Jack Gold Dredging; Company will be held in the Dunedin Stock Exchange on Wednesday, April 2, at 8 o'clock. Judging by the numerous letters written by shareholders in connection with this company's affairs it was thought that they took a good deal of interest in their property, but if last Wednesday's attempt to hold the annual meating can be taken at> any criterion their interest is merely superficial. Apart from the duty of shareholders- to di.=po«e of their buaiiipss, it must be anything but encouraging to the directors to find that at the close cf their year's work they criiuii 1 v;t v sufficient l.Viinber to attend io hold a In contrast U> a pood muny drecltrmg comparies the record of the Krlson Creek Company ht>a been a splendid success from the begmoin^ of opc-rations, white the proipccts at present n: ..r l"rrobiblj- brighter than ever before. The dr.'dg'* ccrnmenced work in Ja cur-iry last yrar, ra il in the space of 15 months uhs pakl 9s 6J i:i dividends, or nearly half the capita". Tha' eighth dividend, amounting to 2s 'per e'.i^rc, lids now been declavt'd by the directors, ontl made payable oa Friday, April 4. Th : i dividcj;:l means a distributer; of £850 araoi'g e'c.Rieholdera, while the to'a' sura paid tuvk ♦&:'» way is £4037 10s, 111 &-idit:on to which a debit of nearly ilfiOO which oxi^ted when work was started, hss boon ivipec! off, and a leserve fund hi? a also ; ican creator l . The fortunate sharphV.deis :. I'nis cur.ipai y will have rcef-ivecU nhon t'i~ isti' si <1;\ i-ie::ii /S paid, <"s 6d p&i" ihaie in il;r> L. -,s two months. The result o r the operations of the Gold Queen DrcrijaM g Company lor the year ended Febiuarv 3 lan slow a loso of £960 13d, but allowance 111 1 st he wt'de for the fact that the dredge was severely handicapped for a long time on a.-'-outit 01 the high river. The Main Lead Hercules Co.'s dredge is now baing ahi:led to where :t .s intended to commence dredgii'g — about niidwjy in the claim. Work will be started immediately after the holidays. The Lo!,g Valley dredge 13 being shifted to her upper claim, anil it is expected the fliedge will leach her destination at the end of the week, when dredging operations will be lommeiit eci. The Ecliif-c dredge is Jjpirj? wiif'rd to t!-e liPitd of h-i claim, wheif it is '-\necie-l goo.l rctu: 01 wiii be immediately obt..i>jotl — Tu-peka Tinict. We aic giv.'it to understand that the preference shareholders 111 the Merrimac Gold D -edging Company (in liquidation) will receive a dividend of 1(H per Ehare. Tho Happy Valley dredge is now lit up with thr ?'.< ~tnc !.?l;f, the work having been en-tru'-.ed to Mr R. >!rr:p, electrical engineer, of lnvercarsil". Tho plant is simple, and compurntnely inexpensive, and gives entire satisfaction The dir?ptor« of the Nelson Creek Gold Dred<;iutr Company have declared a dividend of 2s per f-ha:e. , The K ecretsry of the Rilcy's Beach 'Gold Drcdaring Company informs us that the loral dirertor wir. r' o.i Si.turdjy io say that he expected the dredge down on the claim on Monde}', and that a Ftart would be made about 24 chnins fiom the top pegs. It was expected the diedt^p «ou'd starl work on Tuesday. At ih" itn'iual fpnpral meeting of shareholders in the Scottish Chief Dredging Company, held on the 27th inst , a lecomnicuclation was made to the directors to rhbpose of the dredge, n^uhineiv, and tlie timber alre'idy procurer! v. ilh a vjcw to purchasing a complete c'redge v.henpver a fatourab.c oijportunity ocriirs. The math.nery w;<s made in Glasgow frow dp«i<nis by Mr E. Uobeits (engineer, Dunedmi, ami 1, said to be exceptionally good. 'I lie Golden Link Company's dredgr has ljppn taken po<s;c.=<HOM of by the mortgagee, whe lias lipcn engaged during the whole of last week in taking her up out of the gorge, v hero f.h° was hist working, to a rlace of safety An ex'uncrdinarv general meeting of shareholders has bfpn called for the 14th Apul, and we are informed that it is the intention of the mortgagee, if his claim is not satisfied before tho lfctli of April, to sell the viholo of the cornpa', >'s assets. Except that thp buc4.ct lips acsm a hit worn, the dredge seems as as ijpw. and should command a ready s?le. Tlie Olrig Company's cli-pri7P n lnrd nl work or. her clnim on the Manuhenkia Flat. <t))ouL five miles above Alexandra. She is opc-iatniff on a face 150 yards wide, and thp pin=pccts are equally good all thp way across. As the ground is very tight it is hard to work, although fp\v big stonrs are met with. It seems that there is a very great extent of excellent ground both in the Qlrig Company's claim' and outside of it, and we think that parties who hold claims adjacent to the Olng Company's ground should at once determine the value of their holdings by prospecting. The dredgemaster of the Central Charlton dredge (Mr James M'Cork ndale) rpported on the 28th March that .the return of 19oz 9dwt is bp-ttpr than any he has had for Fpme timp. and what makr* it more- satisfactory is that it ha<= been obtain '-d in Giav's ground. He has no doubt but that he i« on muchimnroved wasb. H'- kent the- rlredge working nh'-ca' : t of the jji o = r>f-cf ed sh i;t '!' t'i» week, and got UV/ to it ou Fuday moinmg, and for tl ia

three days previous to writing the mats and ■wish showed great improvement. There is a lot of fairly large chinamen and white stones toming up, which i 3, however, a good indication. He does not expecs so much this ■week, as he •will have to work up the left-hand corner, ■which he left slightly behind, in order to get ■up to the shaft, as he was anxious to see what ■was in it. The average depth of wash is Bft and the average depth of stripping sft. A dividend (the seventh) of Is per share in the Pers&verance Gold Dredging Company is payable from Tuesday. The return from the Shepherd's Creek dredge last week was 6oz 7dwt. The mortgagees, who liave been carrying on the work for some time, have resolved to effect a sale of the whole of ihe property as soon as a reasonable offer is made. The dredge is in excellent repair, although it has turned over an immense quantity of stuff during the short time it ha 3 been at work. Notes from Clyde. (Faoii Oxra Ows Cop-eespoxdent.) CLYDE, March 25. The Monte Christo dredge has started at the lower boundary of the claim. The Leaning Rock dredge has dropped back some 200 or 300 yards. Soundings taken in the Cairnmuir claim showed a depth of 38ft of water in parts of . jfche river. | , Dr Hyde -leaves for the West Coast to-day, | going with a view to acquiring an interest in 1 .dredging and other mining ventures in that J locality. J r The Unity dredge is working full time. Tie weather is still unsettled, but the rainfall has not affected the level of the river to J SUtj greai extent. March 27. - The values in the Vincent County for 1302 show a falling off of £136,000 as comparea with those cf last year. The Leaning -Kock dredge is working full time. The i?atau dredge has had a new top tumbler shaft put in, and has rrsumed dredging again. I Notes from Cromwell. J (From Our Own Cobsespondekt.) | CROMWELL. March 25. j The weather has a more settled appearance, and the river is falling steadily. The Junction Electric No. 1. Electric Extended, and Central Electric dredges started | yesterday. \ There is no -word yet of the Alpine Consols I or Aipmp Xo. 2 dredges starting. , The Riley's Beach diedge is on the w^y down , to heT own claim. ' The Rise and Shine dredge is getting in j Ijetter time so far this week, and should she ■work 120 hours I believe she will have fully 100 ounces. It is going to be a gTeat claim. I have not heard of the Royal Maori -dredge being on anything rich vet. • March 29. The weather 13 fine, and the river is falling fast. _ I The Rise and Shine dredge lost a good deal of time during 1 the laiter portion of the week, and I believe they had c, bit of hard reef, but it -is soft again now. Had the ground continued the same as in the early part of the ■week the return would have been considerably over lOOoz. The dredge will be stopped for a Jew dayß repairing the winch, etc., and should get in better tune afterwards. __ I believe the prosnects of the ir-lectri" Extended and Central Electric are looking fairly "well. The gorge claims -should get a start very shortly now if the -weather continues tine. "fiawaraa >*otes. (From Oub Own- Correspondent.) March 25. The equinoctial gales were strictly on time this year. We were favoured with a strong southerly buster on the 21st and 22nd, culminating in a heavy downpour of rain the whole of the n'ght. Forturjate'y it pnoived heavily on the ranges, or there might have been another ] flood to chronicle. One result of the heavy ' body ol water that tore down a gulch on the eastern bank of the river was to undermine a large rook to which the stern line of tli3 ! Grand Junction Company's pontoons was at- , tached, causing the rock and line to slip into . the river. The current then swung the pon- j toons on to the beach, where- they grounded. | As the beach is a hard, gravelly one and they are lying level, there is* no danger of them becoming- strained. A slight n?o in the river t ■will float them off again. They have been securely rernoored in the meantime. 1 The record yield of tho Meg and Annie and the splendid return of the Upper Magnetic amply prove the richness of the Kawarau up here, and it is to be hoped will hc^'.p to restore cosifiuenca in the capabilities of that stretch of rive: between zhr Victoria bridge and the Arrow junction. Undoubt.-dlv the gold is thare, given a low nver and length of .ladder sufficient to reach bottom, good and .rich returns will be the rasult, and raisa that "■portion of the district from the slough of Oeitiond in which it seems at present plunged. Both the Meg and Annie and Upper Magnetic ?'ctl«ps are singularly fortunate in having firstcissss drcdgeiua-iieTS and trews. I fully expert to see tho Upper Magnetic Teach three figures before long. She is demonstrating v.-hat a rich claim the Grar.d Junction Company possess, just ahead of her. :Tbero should not be many shares. 111 this reconstructed company unapplied for now. I ' have always maintained that at the junction of the Nevis and Kavrarau some phenomenal returns will be got. The Gentle Annie I>S3 only started a few 'days ago, but I hear she has struck a splendid soft bottom, and by the end of the week will, I have no doubt, give a good account of herself. As the claim adjoins the- Meg and Annie, the same rich gold will undoubtedly be found in it. Ifotes trom Roxburgh(Frosi Ohr Own Correspokdent ) ROXBURGH, March 25. The river has been rising for the last few days, and this is causing a gcod deal of drift to travel, thereby blocking some of the dredges. The Ettrick dredge has had to stop work out in the river for a few days until it falls. The Golden River dredge is stopped at present, as the manager is effecting some repairs. The weather continues dull and threatening, but very little rain has fallen. Kotes from Eeefton. (Frou Opr Own Correspondent.) REEFTON, March 29 Alpine.— The mine niamger lenorts. I have discontinued cross-cutting, and will drive the u-ain level 20ft, completing the contract in aCo. 7 level. The north face in No. 11 level has been extended sft, making 52ft driven north on the reef, which is still 2ft wide, of good quality, with no appearance of cutting out. I have i'ow started a leading "tope, which is looking very well. One hundred and thirty tons of stone have b^en =ent to the battery. The south face has not bi_en extended since l?st report. March 31. A new =creen has been fitted on the Buller Junction dredge, and it ha? resumed work. The fitting of a new screen on the Moko.a <lredi£s is proceeding.

Repairs to tho Old Diggings dredge are being effected by the Birchiield Foundry. The Rocklands ground is improving, and the dredge is now returning' a reward for the investment. The Premier dredge has worked across the Buller, and is now in the vicinity of the freehold land owned by Mr J. Zinus, through which the lead of gold is believed to run, upon which the dredge is now woikmg. The company is negotiating for the purchase of this land, which consists of about 70 acres. The drec'g.- 10-t some time during the week awaiting an alteration to the duplicate pinion whet's. ; A number of shareholders in tlic- Old D ggings Company in Westport propose to call a meeting on their own account, with a view to inducing the company to liquidate. The Keep-it-Dark Mines for March treated S9O tons for 2S3oz 12dwt 12gr. The mine maaager's report for March states th-t stoping is going on as usual. There is no chaige to report in No. 2 stope. In No. 0 stopc the re?f i? agcin ooening out and looking much better, i The best "quality of stone exists jn the west end of Xo. 3 stope. The lecf iia= rone smaller. | corresponding to what it v:s on the floor of j No. 2* level. Eight hundred a:: 1 c gh'v-e g'l., | tons of stone- have been -cnt to the b t:c-y for the month. The shaft contractors sunk , 10ft at the beginning of the month, and have j since cut out and completed the contract to: j No. 4 chamber, and are now driving. As soon as the drive hzs reached a sufficient distant they will again start sinking. The "New Scotia mine manager's report for the month .states that No. I level has been exterded 6ft on wages and 27ft on contract, making a total distance driven for the -mouth f of 30ft. In all 112 ft lia3 been driven since the change in the conrse was made. The face is now in sedate country, and there is evejy indication of the reef being cut at any moment. | No. 2 level has been extended sonth 4n on i wages and 45ft by contract; total, 49ft for the j month. There is no change in the country since laßt report. There are a lot of quartz leaders showing in the face, but a hard tor has appeared in the centre of the face during the last few days. Should i:o change take pines inside sft or 10ft further, I would recommend cro.=s-cutting both ways, io ascerta n the true reef trrck. In the north winze 35ft ' has b?en baled, and we are new opening cuV; on the south end. The Alpine Extended mine manager reports that he has discontinued cro==-cutting, md I will drive the main lead for 20rt, comp'et.ng the contract in No. 7 level in the north face ' No 11 level has been extended sft, making 52ft driven north oa the reef, v.bich is st'll Cft j wide and of pood quality, with no appearance j of cutting. He has not started leading the j stope, which is looking vciy v. c!! He hod J sent 230 tons stone to the balterv. The so-ith face has not been extended since last report Xotes from fTrcyuionth. (Frou Our Own Coriiesfondent.) I GREYMOUTH, March 25. i Owing to a breakdown no return was expected fiom tho Nelson Creak dredge, l.ut the vash has proved so rich that it was deemed advisable to wash up after 6S hours' work, and the handsome return of 71oz was obtained. The Erickson's Rewaid ii steadily improving, and bids fair ere long to come prominently to the ftont. The wash locks good ahead, and last week's return ot 3103 foz 168 hours was very assuring. The No Town is also steadily improving, 41oz fo. 117 horns beirg the record yield lor tho *n. The wash is 28it deep, with a good f«c«. _o appearance of the Ahaura Company's ground 's such as to warrant the expectation, ol better returns in future. j The Grey Extended return d:d not come up to expectation with a yield of 13cz, but as )t j is dredging where the foimer dietlge got little or no gold, the lengthening of the lac'.dei shews I to advantage, and further confiims the belief ' that powerful dredges placed on the Dobson | No 2, Grey Extended, and Orey River claims would pay well. i The Maori Gully dredge had an cxtraoidinary accident last week, the ladder breaking, which is considered to be »n oc, unpice that leqtures n.vestigation. The diedge will not get a start again much before this d«y week. The Cornwall, owing to being <=hort cf coal ' for two days and having a coupe of mishaps, I did very little work, and will not wash up befoie 'lhursday. Close upon 100 men will be thiown out of employment at the Biunner 'tnme on Saturday owing to the mine only working one shift. I believe this is only temporary, owing to the change in ownership which has or will take J place ere long. The coal trade, howevel, is very dull at present, Westnort bunkers being full and waiting foi the mcrket. A gcod number of Brunner miners left per steamer to-day for other parts of the coiony. As the Government only asks the Harbour Board to susnend work on the northern tiamu:g wail pending .i lei o. - L by mi English expert, only a thud oi tho men will be thrown [ out of work. j Boring for coal with the new diamond drill j just imported from America commenced to-day. Twenty dredging returns tor last week give \ a yield of 5520z, or an average of 270z 12dwt psr dredge. The bore hoe bottomed in tho New Greenstone ciuim at 3Sft is considers b'y deeper than was expected, and wtl! tci-aii a considerable addition to the ladder The Greenstone Junction dredge got a start at midnight on Sunday, but, unfortunately, broke the driving pimons of the wir.c-h engine a few hcuis afterwards. The break is trifling m itself, but it is enough to pievent the work I j being proceeded with tint:! new pinions have I neon secured. The Prince of Wales Company is issuing 400 debentures of £5 each to shareholders to provide the ba'ance requued on the machinery and erection contract. The Keep-it-Dark mine has returned to shareholders in dividends the sum of £5 17s Id. : March 2G. There was some movement to-day in diedging matters, and an l.ichnat.on to buy stocks. The work of fitting the new screen on the Mokoia, dredge is proceeding. A new scre-sn has been fitted on the Buller Junction dredge, which ha 9 resumed work. Theie is no advice as to when the machinery for the Ross Day Dawn dredge will be forwarded, although it is understood that all the debentures have been taken up. Repairs are being effected to the Old Digamcs dredge. A call has been made by the directors, and when the machine recommence 0 opeiations the company will be clear of debt Only a few cases of machinery for the Prince of Wale^s dredge have been carted to the claim. The screen is already down, and the work of erection is being pushed ahead. Another fortnight should =cc the Great Woodstock dredge ready. Only the tables remain to be fixed and the finishing of the housing Mr Cederman is pushing on with the work of erecting the machinery of the Conimi=-iour r's Flat dredge, which vri!! be oi.e of the most powerful in New Zealand. The Woodstock dredge commences working next Monday, but at. tlur- ;= pome suriace I t'mber to be dealt with it will take a. few weeks to open up. The Greenstone Junction dredge, after running for an hour yesterday, stripped the mam driving pinion on the second motion i-hatt. This means a stopnage for about four days. In the Assessment Court, when & number of

objections to mining claims were being dis- | cussed, it came out in evidence- that the valuer had been s.vorn five years ago. Mr Guinness argued that he must be sworn at each annual valuation. The Warden took time to consider tho point If the point is fatal all the valuations in Grey County will be void Mr Chester is suing Mr W. R. Cook, of dredging fame, in the Warden's Court for £220 for wages. Plaintiff alleges that his remunerat.o 1 v;as to be £4 per week, all trave-liirg expenses, a bonus at the end of the year of an unspecified amount, and interest in seme properties, plamtift paying out-of-pocket expenses, wages, and disbursements, and from tune to time drawing upon defendant for the same. This agreement continued horn the Ist of April, 1900, to the 31st May, ICOI, at winch date, according co plaintiff's evidence, there was due to him, aftei giving ciedit for all payments made and drafts accepted by defendant, the balance sued fo: o* £220. The case was adjourned to allow Mi Moffat, the deie-idr'nt's solicitor, to produce e-.idence to the effect that Mr Ko'sted, secretaiy of the Golden Grey Company and the Lees Ferry Coniuar>y. had pail plaint ft lo guineas each fo. - reoorts on these ciasrn=. March 29. The fol!o>v:r.<3i returns are to hand for tiie week — Leviathan, 650z frr 120 hours' dredging, Mosquito, 16c:: 12dwt icr 70 hourb' dred..lrj,, Pactohi", 790z tor 130 hours' dredging, Creersto-.e Creek, 9cz Idwt Jor 132 hourV drcdgiiig; Greenstone Junction, ISoz for foil.•daj"s' drr-clgmg ; Xorth Beach, 52cz for 11 days' dredging. The Keep-it-Dark mines, at Reef ton, returns for March were : —Battery, 175cz gold ; from £90 tons cyanide. lOSoz were obtained. The total for the month was 28',cz gold. March 31. Although both Xelsoa Creek and PactoJus dredges hare obtained good returns, more was esp«ct°d, and larger returns are regarded as certain this week. The Easter holidays, of course, interfere- 1 wit'i business, and no transact.ons were recorded, although there has been an all-round hardening of stock. The Xelaon Crpek, w th 1470z lOdwt, put uo a record, but the wash immediately ahead indicates a better return Ihis week. Tkf* company has declared a dividend of 2s, making a total of 9s Gd since registration, and as the wash ahead indicates a 2s divi'l°nd per month, it is evident that it will Jiot be lons ere tho full amount of cap.tal subscribed will be returned to the fortunate shareho'ders. The Pactolus. with 79cs for 130 hours, has uioved the quality of the ground, the dredge having worked round to whece it was getting about 30oz before. This company, with a second dredge going, is considered almost certain to generally head the returns with about 200oz per week. The Leviathan obtainol 650z for 120 hours, again restoring the confidence of shareholders, and although it will be a long time ere the original capital is returned, there is now hope. The machine is now working Clough ! 6 freehold, and as the country is unbroken for the full length, it is believed that the wash lines it for the full distance. The North Beach dredge, with 520z for 11 days, shows a falling off; and there is but little apparent alteration in the wash, and the ncher ground anticipated does not appear to be com1112 in. No Town Creek dredge, with 39cz for 122 hours, shows a ialhng off, but it 13 little under the circum-jtancos of the timber encountered, which made the diffprencp. There 13 no alteration in th? value of the wash, only there was less treated. Erickson's Reward J£ improving, and as it is intended to put more power on the dredge, it may soon be .exuected to clear off arrears and figure as a dividend-paver. The Callaghan's Creek return of 270z 12dwt for 118 hours, gives proof that this creek -is rising from the =ame country as the Xelsoa Creek, and will likely be quite a,s neh as scon as well opened out. The timber is a trifle troublesome. The Red Jacks ob'amed 220z lOdwt for 86 hours. The quantity of dirt treated was small, the timber beirs; troublesome. Other returns recorded are — Rocklands Beach, 390z lOdwt amalgam for 110 hours; Gieenstone Three-mile, ISoz Idwt foi 307 hours; Greenstone Junction. 16oz for four days; Mo&quito, IGoz 12dwt for 70 hours; Ahaura River. 15oz 9dwt Gar foi tlie wck , Greenstone Crr-k. 9oz for 132 hours, Kohikohi, 15oz lldwt foi 111 hours. THE MAPOURIKA COMPANY. WELLINGTON, March 27. In chambers the Chief Justice ordered two petitiors for winding up the Mapounkc River Gold Di edging Company (one from Christchurch and one from Wellington) to stand over till the 29th April. He directed that a meeting of shareholders be held meantime, and appointed the secretary of the company as leceivei. BRITANNIA GOLD DREDGING COMPANY. A meeting of shareholders in the Britannia Gold Dredging Company was he-Id m the Cofec Palace on the 126 th to consider further the financial position of the company The circular calling the meeting stated tha: a petition to v/ind up the company had been filed, thus precluding the claim from being worked unless the shareholders indemnified the directors or made arrangements by reconstruction or otherwise to pay off the debts of the company. This was to be legrctted, as everything was ready to commence dredging. The directors stated further that they were satisfied that the debentures would not be taken up to the extent ueces=arv to pull the lompany through. It was necessary therefore to endeivour to formulate and carry out some other scheme that would prevent the propcity being lost to shareholders. About a dozen shareholders attended the I meeting, and Mr P. Miller (chairman oi dire:.t tors) presided. The Chairman said the circular pretty well explained the position. At last meeting the" I wculd remember it was decided to issue ciebentuies. Only 25, however, representing £123, were applied for. Suc'i a ie«ult was not very encouraging. The company had two liens registered againit the dredge, one by the contractor for the machine) y and hoiibUig fcr £291 lCs and one by the engineer for £190, the balance of his commission. Th<U \v?s all well and good, however, and the directors were making every effort to gt-t the dredge to work, bu' the British Company. who had a claim against the Britannia Compni.y, had issued a writ. This nece-'-itated tho=e holding the hen 5 - nipking them good, and a petition to wind up tho company had been lodged to prevent the Bi.tish Lion Company s»iz'r.g the dredge. At the present time the Britannia Company owed £1721 16s, again=t which they had calls equal to £650 considered good. When he said good, he meant that if a little time was given to the=e to pay up they I would do so. Theic were a large number of ] people in town who were doing their vpry I best to pay up, but, unfortunately, being burI denel with chum 3 from other mining com- • panics they could not psiy at once. There were a number of others vhose position was not I definite. The solicitor had had the names of these placed in his hands, with the result that tome had paid a little. The company had a credit balance in the bank of £70, and the deficiency was thus £1600 and 1800 bad shares. The iJiitish. Lion Company, m taking the

action they had, had debarred them from working the dredge. The dredge could hz started at once if necessary, but the directors would be held responsible if any -further debts were incurred after the petition was lodged for liquidation. They did not feel warranted in doing anything further until they had got the shareholders together and obtained thfir opinion. In regard to the action of the British Lion Company, he did not think that company had treated them well, because at an eariier stago they offered to give them a mortgngc for the whole of the claim of £1187 over the dredge, which had cost between £5000 ?iid £6000. Had they accepted that offer the director could have financed on tha calls and ihe urrdge to work. However, shareholders iiad ie free matters as they were now, and ho . ivited their opinions and stiggestions. It \;ou'J bo a pity if the company went into '"vi.dat.on either conipuUoiy or \oiurtaiy. 'Ihe former was very expensive and the latter v;f c , of course, uiule=irab!e. They had 0 good p.operty, he was convinced, ami an attempt should be made to give it a tria 1 . A convers?t:onal discussion the.i ensued m regard to a suggestion to mak" a levy so as to -aise a «urn sufficient to pllow the dredge giwng the claim a trial, and ether matters mentioned b;, tho chairman. Mr Miller supplemented hi<; previous remarks concerning the readiness of t'le dredge to work, stating that the crew were l^ady, and ccal and stores were 0.1 the ground sr.d "paid fO'\ She could, fh fact, stait nest day. It would cost about £200 or so to give the ground a good testing. Eventually a. committee was appointed to interview shareholders and find out whp.t assist-a-nce they were prepared \to give towards indemnifying the directors in woricing the dredge. It was decided that they should" ba asked to contribute not more than one shilling per share, the amount so raised to be paid into a special trust account. If £200 was not raised the sum realised by the contributions would be returned. * GOLD QUEEX DREDGING COMPANY. The dirp^tors of the Gold Queen Dredging Company will present the following report for the year ended February 3, at the third annual meeting of shareholders — The directors gieatly regret that their efforts to further the company's interests by issuing debentures have noo met with the success they anticipated, as the high river pre- \ ailing during the past six months prevented work in mid stream, where good returns were fully expected. From the 25th October; 1901, to 6th February, 1902, the dredge was laid up under the charge of a caretaker After due consideration and upon the advice of tUa cliedgernaster, your directors decided to try working into the bank of the river, as it was assumed that more than working expenses would be obtained, until such time as the river would permit the dredge working in mid-stream. It may be pointed cut that since the dredge started to work into '.he bank of the claim on 6th February last an unusual number of breakages to the machinery occurred, thereby causing the dredge through stoppages to open out giottnd a second time and giving a fair show to test the value of the bank. Having received from Mr James Brown, trustee for debentureholders, a demand and notice of intention to exercise power of sale owing to the company not having paid interest on debentures due 31st January la3t, and in view of the small return for last week, about 7oz, also the financial position of the company generally, your directors had 110 option but to close down the dredge meantime. An extraordinary general meeting of shai^eholdeis has baen called for the «tli April, and will be held" immediately prior to the annual meeting, when the position of the company can be fully discussed. The retiring directors are Messrs Broad and Hart, and, being eligible, offer themselves fcr re-electio.i. Mr James Brown, the auditor, also retires, and 13 eligible for ra-eiection." At the extraordinary general meeting, which takes place immediately prioi: to the annual meeting, the directors intend to submit resolutions in favour of putting the company into voluntaiy liquidation. WATTERSON'S CONSOLS GOLD,DREDGING COMPANY. The following is the report to be submitted Ly the directors of tho Watterson's Consols Gold Dredging Comnany at the second annual meeting of shareholders. — " In presenting the balance sheet for the year ended 31st December, 1901, your directors beg to report that they have had a number of difficulties to contend with in carrying on the company's operations. After the completion of the machinery contract, which was about fivn months behind contract time, a contract was let to the Despatch Foundry Company for the cartage and erection of the machinery of the machinery, but, owing to a misunderstanding for which the directors were r.ot rrspo.isible, the Foundry Company thiew up the contract, and wo ba\e row to face the questior of raising money. It was first thought that the machinery would be placed on tlie pontoons at the building site, and thus save the expense of road cutting, but, owing to the operations of the Ahaura dredge changing the course of the stream this cannot now be done, and a tramway has had to be made n«ht down to company's claim, at a cost of .SI7J 10s. Floods have also caused uiilooked for expanse to the company, the pontoons having been submerged twice, but they are now afloat again umnjurrd. Your directors have every confidence in the value of the claim, and feel sure that if the shareholders will only make an effort they will bp able to complete the dredge in a very few

weeks, when, good returns may confident -y r/» expected. Two proposals will be submitted for your .consideration at the a:imia '. meeting : — (s) Issue of shares held m reserve (1503), earning one preferential dividend o: 10? per eta 'c and preference in l'qv'datn- , :ssue of •-!«"- bsntures for £1750. cur.yi-j i,>l?;eEi at xhr n'Zi of 25 per cent, per annu. .. Tho ic..r:r<g citctors are Mr E. Ackrryl and- -Caatasn J. Pa cr Eon. The last-named beTg ci;g.ble, oiTcro hliiisslf for ie-elccno.i. THE WEEK'S DREDGING RETUENS.Durirg the week ended Monday. March SI, returns were reported frora tha lo'lcwir.r 42 drecges, the total yield boic;; 113So^ i'&wt 21gr, or an average of 2Soz »per drrdge: —

COMPARATIVE DREDGING RETURNS. The following table thows the weekly returns reported so far for the present year, with the figures for the corresponding weekly periods in 1301 and 1900 — 190.\ 1901. lf'OO.

BONANZA GOLD DREDGING COMPANY. The following report for the year ended February 28 will be presented by the directors o! the Bonanza Gold Dredging Company to th,? sharr-Holders at the second annual meeting:— " Your directors, as instructed by share holders in general meeting, acquired an optioc over the Meteor claim, on the Kawarsu River, this option to be exercised in the event of th« adjoining cLaim proving payable. The adjoining claim will shortly be tested by the Grar.d Junction Companj"

No. S -3 to It 311 3 16 42 1094 4 17 52 1330 11 10 51 1207 3 12 52 1318 10 14 52 1347 15 7 52 1337 9 20 50 1396 11 17 60 1799 11 1 C 3 1851 5 15 56 1767 17 6 55 1573 5 15 42 II'JS 8 21 No. g ~ S> 14 293 3 1 29 532 2 15 29 617 19 15 31 722 11 9 39 823 4 6 .84 829 14 14 42 1027 1 0 43 994 022 42 1153 1 14 48 1604 15 3 41 1417 12 22 40 1347 14 1 41 1608 0 18 No. g -5 & 9 232 13 3 25 613 13 9 42 1021 3 13 37 1197 1 0 35 902 3 12 29 693 023 31 774 1 fi 28 893 17 (I 37 1026 3 1 32 944 8 14 31 1251 13 "i 33 2074 15 5 Si 1572 10 7 17,534 7 3 12,971 820 33,197 823

C's c>:. g.r Eirnscleush Xo. 2. Alcxnndr? 73 iS 0 Du2Sts:i Lead, Alexandra, weeK.. 73 '1 t> Cromwell, Cromwell, 136hrs 71 16 0 Rise and Shine, Unper Cl'it'iu, _102hrs 67 10 0 av.iterprioc Xo. 1, Alexandra, 135hrs 67 8 15 ileg and A"iuc. Kav, arau PiVev, 120hrs . 63 4 0 Olrig, ilaauhenkia. liihrs 54 5 0 Waimurmi Extended, near M.T.taura, SOShrs . 50 0 0 Mystery Flat, W.v.kaia, 136hrs 47 13 (I Persevcrar.ee JCo. 1, Alexandra . 12 14 0 Perseverance No. 2, Alexandra 4* days 39 11 12 Golden Bed, Miller's Fiat, HOhrs 36 0 0 Empire,. Warpori (two 'dredges) . 34 15 0 Unity, Clyde, week .. ..' . 33 0 0 Gold King, Roxburgh, 66hrs .. 29 10 » 0 Alexandra Lead, Alexandra, ISOhrs ' 26 0 p Gabriel, Tuapeka Flat, H9hrs S3 9 0 Christo, above Clyde, SUhrs 22 0 ~0 Moryneux Hydraulic, Alexandra, 136hrs . 21 15 18 < AtPxandra Eiirrka, Alexandra, wk 21 0 0 "Waimumu C»ntral, near Mataura, 128hrs > 20 0 0 Majestic, Miller's Flat, S days 20 0 0 Enterprise Xo. 2, Alexandra, 125hrs 19 16 " 0 Central Charlton, :sear Gore, 135hrs 19 9 0 Point dOr, Up. Clutha, lOOhrs. 19 0 0 Royal Maori, Up. Clutha, loOhrs 19 0 0 Waikaka Queen, Waikaka, 12Chrs 17 8 0 Happy Valley. Tuapeka, short wk 1G 10 0 Central Mataura No. 2, Matauv?, 129hrs 14 12 0 Success, Waipori, 138hrs 14 11 9 Waikaka, Waikaka, 130hrs 14 2 0 Leaning Rock, above Clyde, 50hrs 14 0.0 Rankleburn Amalgamated Companies, Beaumont, week . 12 10 0 Charlton Creek, nr Gore, llOhrs 11 10 O Spec Gully, near Gore, 112hrs . 10 10 0 Chicago, Alexandra, I3shrs . . 10 9 9 Lady Charlton, near Gore, 80hrs 9 15 (> Koyal Waimumu, near Mataura 9 12 2 Matau. Clyde, 4 days .... 9 0 0 Shepherd's Creek. Bannockburn 6 7 0 Electric Extended, Cromwell .. 4 13 6 Total 1193 8 21 The West Coast. Kelson Creek, 130hrs .. .... 147 0 0 Pactolus, 130hrs '.. 79 0 0 Leviathan, 120hrs 65 0 O Xo Town Creek, 122hrs .. .. 39 0 0 Erickson"s Reward, 120hrs .. 31 3 ' 0 North Beach, 131hrs 27 4 0 Cornwall, 205hrs 26 0 0 Greenstone Junction, 4 days . . 18 0 ''0 Mosquito, 7Ohrs 16 15 0 Kob.ikohi, week 15 11 0 Ahaura River, 121hrs .... 15 9 6 Mokoia, 3 days 15 0 O Cieenstone Creek, 132»-rs .. 9 1.0 Total 504 3 6 Rocklauds Beach (amalgam) .. 30 18 0