THE WEEK'S MINING MEWS

Otago Witness, Issue 2511, 30 April 1902, Page 20

THE WEEK'S MINING MEWS

Messrs H. F. Ness and Co. have received advice from their Mr A. J. Nees that the pontoons for the Pactolus Company's, second dredge .■were launched on Monday, 21st. As the tune Vzaken in dismantling, removal, and rebuilding «on the West Coast of these pontoons (lately ihi ! Chain at Miller's Fiati v.a~ only 10 (week 3, this about constitutes a record .or Ulu 'class of work. Mr J. J. Ramsay reports the following X2.■iums: — Pafcerson's Freehold for week ended lA.pr.il 19, 30oz ; Waikaka United for week ended 'April 19, 220z. Our Wetherstones correspondent reports that the Golden Cre3cent Compai.y obtamed 21<J3 of clean gold out of two bo::t = lor the lovtiugiit ending the 19th ins.., lua'.ing- 460z pir.ee tacy commenced elevating. Tenders are invited for the election <v machinery, etc., for the Grand Junct.on God JDredging Company. -The dredgemaster of the Vincent Extended dredge wired on Thursday that he expected to start dredginsf again on Tuesday. The river is now noarrng a. tunable level for the Bendigo dredge to resume work, and if the weather continues fine she will probably get a. start next week. The dredgemaster of the Wairnumu Extended dredge reported on the 19th inst. that owing to necessary repairs engaging his attention there will be no wash-up this week. Mr D. Murray, dredgemaster of the Leaning !Rock dredge, lias resigned his position, and Mr A. Louden, formerly dredgemaster of the (Unity dredge, has been appointed as his sueLessor. There is no improvement in the ground yet. The secretaiy of th" Nelson Creek Dredging Company received advice from the dredgooiaster on Thursday stating that he intended to resume work again last evening. The directors of this company have declared a dividend of Is per share, payable on Tuesday, 29th mst. 3?his is the ninth dividend declared up to the present, and the shareholders have now received the stun of 14s Gd per share in diviVends. The dredgemaster oi the Lady Charlton dredge reported on the 23id inst. that he is afraid that the return for this week will not come up to his expectations. The mats looked Jpery well on Saturday, but have been poor during this week. He states, however, that lie ought to get on better wash soon, and he considers that four weeks' work will take him. very near the good shaft ahead. I As some doubts have been expressed as to the .Validity of the meeting at which it was first decided to put the Foley's Extended Gold Dredging Comuany into voluntary liquidation, mother extraordinary general meeting was held &tt week, when a resolution in favour of windng the company up was carried, and Mr Arthur M. Sidey was appointed liquidator. It was lecided that the directors retain the power of instituting or securing the institution of all actions or other legal proceedings whichthey may deem desirable in the interests of the company, and also that the liquidator shall take such action in connection with the legal proceedings as the directors may direct. A half-yearly balan^s sheet issued by the Kia-Ora Gold Dredging Company for the period ■»n<lad Haxcb. 31 last shows that the working

expenses for tlie feiic monthts exceeded tiie ! levenue by .£703 17s id. Ths company had a I debit balance of £710 lfis 4d on October 1, 1901, and the expenses for the half-year aggregated the sum of £933 33s lOd, the principal i items being— Wages, £414 6s Id; coal, railage, freight, and cartage, £237 Gs 7d. The gold i yield represented a cash value of £29 16s 9d, I and the sum of £200 was receu-ed for the obarrter of the dredge, so that there wj>3 a ciebit balance of £1414 15s 5d to carry forward. The arrears on the ordinary issue of shares amount to £207 10s, and or the preference issue to £7G 10s. The company has sundry creditors to the extent of £513 Is 7d. while the current account in the bank stands at the figure of £15 5s lOd. An Auckland telegram states that the gold returns from Auckland mines for the past three weeks show a total of £57,649, which brings the gross output lor the first three months of the j year to £183,113. The total for the first quarter of 1901 was £146,686 A Greymouth wire slates that the Alpine Extended (Beefton) clean-up yielded 103oz of retorted gold from 109 tons. The manager advises that he will run two shifts shortly. Mr Leaingham, dredgemaster of the First Chance dredge, takes charge on Monday, when crred<nng operations will probably be resumed. 'lhe Tuapeka Tinws etstes that the Bakery , Flat Sluicing Company w?shed up on Satur- | day for three weeks' working for a return of 450z lldwt 12gr. | The dredgemaster of the Rise and Shine j diedge, in his report for last week, stated ; that the ground carries fine gold, and the hutiotn. is fairly soft leef. i The Manuherikia dredge is all ready to start again, pnd ia only waiting till the drift pottles dewn a little before resuming. She should, . liovv-evex, ba able to start ve*.y shortly. ; The dredgemaster and engineer of the Yin- , cent Extended diedgs are at present busy le- I lipping some of the buckets preparatory to a ; resumption of work, which will probably hi nest week. ] The <JredgeaiasU=x of the Uppsei Magnetic j dredge reported oa ths 13tii in&t. that the wash j was a,bcut the same as previously. There was I a slight rise in the river during the week, which, j caused the drift to be very troublesome for 30 J hours, and made a slight difference in the re- ; turn. _ ; lhe Tuapoka Tinies uni»ratßTids that s'lould the Dredgers' and Sluiests' Union be successful in their citation of the Blue Spur Consolidated Company before the Arbirration Court the company will c!o=? ilcis-n for r:t least three months to allow of tbc general manager, Mr J. Howard Jackson, communicating with the directors at Home relative to the future couiee lo be pursiied. Wi'ih referer.ee to the table compiled from tlie statements of affairs of dredging companies and published on Tuesday, 22nd, the secretaiy of the Fir£i Chance Company mfornis us that. th° yield of 4oz credited to that company for last year was obtained prior to the close o£ 1900, ' the remainder of the 189oz being got during last year. The dredgemaster of the New Halfway House diedge reported at the end of last week that he got on to a hard rising reef on Wednesday with practically no stuff on it except big stones. IF" ha» taksn several pull? -.V^id to try lo r'ea" this bar. pnd m«c ■s'ltfT i' l now making in the middle of the cu'. "n'i the bottom is still hard. He has ro (/iw., however, that b?tter stuff will ehoitly 1v : with. The directors of the II" -' hoe Bend Dredging Company finding II 1 '- 1 ' they cannot carry on the construction r . V dredge to complstion with their n- ■ fuads, and as all silfnipts to anicdpan v. .' ! i the neighbouring I'mpaniec hate bee ,-"_ultles a , have decided ti convene an e\tr: iiait.-ry general meeting of shaieholdeis to cou?idur the company's financial position. The dredgemaster of the Point dOr dredge reporting on th 2 19th inst., states that the reason for last week's poor return was that he v/as unable to bottom ail the week. He shifted the headline on Thursday, aud has been dredging on tbf west side ol the river, where he thought he would have a better chance of getting bottom. The ground is very rough, and has been very hard on the buckets lately. If he finds that the ground on which he is now working is too deep he will drop back and take another cut up along the beach, be<* de which he has been getting the best gold, < 'id oy the time that is done the river should be l^v- e»>ou<rh to reach bottom in the deep {.roan l, v/^ere the best gold is expected to be iound. The opening out process takes up a good deal of time A balance sheet has been issued by the Unity Gold Dredging Company for the s;x months ended March 31 last, showing the result of the opsrations for that potiod. The value of the gold vrou wns £377 12.-=, but the diedgc was idle for the gre-ater part of the tin^c. The expenses during the half year leached an aggregate of i'6os lls 9d, the pnne.pal items b?ing- — Wages, £259 14s 2d; repairs and maiutenpnee, £247 5s Id; coal, £89 5s 3d. Included in the cost of repairs ard maintenance is, however, the sum of £152 10?, the cost of steel tumbler pins, 1 etc., imported from England, and still in stock. I There was r. debit balance of £393 0s 6d at the coinrnencoment of the half year, and this, with the deficit on the six months' working, made a debit balance of £71 0s 3d to bp carried forward. The company h&3 sundry creditors to lhe extent of £160 Is Id, and the Bank of New Zealand is also a creditor for £139 Ss Bd. The gold m transit when the books were closed wa& valued at £124 13s 9d. The secretary of the .Royal Maori Gold Dredging Company reports thai there will be no wash up this week, as the dredge is still undergoing repairs. The dredgemaster expects to resume work next Tuesday. The dredgemaster of the Cromwell dredge wired on Thursday night that he was making fair progress with the erection of the sand pump. The dredgemaster of the North Beach dredge reported on the 20th mst. that the screen ring and rollers took longer to fit than he anticipated, but the dredge was again working steadily, and the ground was improving if anything. The secretary of the Three mile (Greenstone Creek) Gold Dredging Company reports a re1 turn of 260z 6dwt for 114 hours' dredging. The ' dredgemaster in his report for last week staled ! that there was a little improvement in the : ground, but the timber kept him back more than he expected. He says, however, that there is only one mare laree stunia showing in the

iace. Tne tvb sii is very jDS'fcca^'j but taga g bet torn is more even, and runs from 12ft to 15ft in depth. As tlie ground is so shallow the dredge would not float over the stumps, thus necessitating everything being ,shif ted to the sides of the cut. The bc-st ground is about the middle of the face. The dredgemaster of the Monte Christo dredge reports that no dredging was done last week owing to the high-pressure piston rod being fractured. At a meeting of the debenture-holders in the Cential Electric Gold Dredging Company on Friday afternoon it was decided to authorise the trustees for the debenture-holders to expend any sum up to £150 in such manner as may be thought fit in their interests, and to remove the clrflge to the lower claim immediately. The dredgemaster of the Leviathan diedge rf ported on the 21st inst. that the Pastern lead has changed towards the company's ground, and he is now on the original face where the dredge was working before turning into the freeholds. Tlie eastern, lead lias narrowea n. little, but the western lead is exceptionally rich. The wash is not very deep, however, while the stripping is heavy The dredge master of the Ahaura River diedge, writing under date April 21, states that he did not wash up the previous week, as he had to take the bottom tumbler out on the beach to repair it. Instead of bolting it together the same as it was before he has riveted it. He started dredging on Friday evening, and hoped to get a steady run last week. Ho is opening out into the beach, where he has traced a littla god. The ground is gradually getting a little deeper. At ?. meeting of the directors of the Prince Arthur (Moke Creek) Dredging Company on Friday it was decided to appoint Mr J. F. Kilto (of Miller's Flat), late dredgemaster of the Magnetic dredge, to the position of dredge-n-aster. Mr X Lsufif was anpointed engineer. The secretary of the Chicago Dredging; Company reports that the dredge is still waiting for the machinery. There was no wash-up from the Golden Treasure dredge last week, as she was opening out. The secretary of the Clyde Dredging Company reports that the No. 2 dredge is expected to be on the claim this week, but -will not be able to F'jrt till the second week in May. At n meeting of the directors of the Hartley and Kilcy Company, held on Saturday, a dividend of 2s 6d per share was declared, payable on the 3rd prox. The dredgemaster of the Fourteen-mile Beach dredge wired on Saturday :— " Ground very rough west s'de; drift bad on east side; average depth right a.cro>s 32ft. Mats looking middling well. No wash-up to-day." The directors of the G-nbriMs Dredging Company ha vine: decided to light their drrtjgp with electricity, the oidiv tor th? Installation was placed in the hands of Mr R. Murie, of Inveicargill, and that gentleman pnd his assistant have been engaged during the week placing the electric plant in position. Though the work is not quite complete (says the Tuapekn. Times), advantage was taker, of the presence in the town cf the chairman of directors (Mr J. Rhodes) to take a trial run out of the> plant. A number of gentlemen accordingly drove to the dredge on Friday evening, when they were afforded an excellent opportunity of comparing the two systems of lighting. When they arrived the dredge was lit with the ordinary keTOsene lamps. Mr Murie very quickly had the electricity switched on, and there was quite a number short of the- full complement of lamps attached. The difference in favour of the electric light was very marked. The plant is similar to that on thp Happy Valley dredge, only in this instance the motive power i 3 obtained from the pump shaft instead of from first motion shaft as in the Happy Valley instaP&tion. The F.ttrick Gold Dredging Company has commenced in a systematic way at the very bottom of the claim in the centre of the river to prospect and work the deep ground which the old dredge could not work. Up to the present only one piece of solid wash was found, and a face ii being opened on the old ground, as the dredgemaster expects every day to strike good wash where the old dredge obtained 20oz per week. At the wash-up last Friday 16oz 7dwt wag obtained for broken time during the past 10 days. A Westport telegram states that the Stony Creek Quartz Company" s first crushing gave 30oz lodwt 2Orr from 250 tons. The Keep-it-Dark Company f or the month obtained 2060z cold from 962 tons crushed at the battery. The cyanide returns are not m yet. The secretary of the Manuherikia Gold Dredging Company reports that the dredge resumed work on Monday morning. The secretary of the Leviathan Company received advice on Monday that work was resumed on Saturday afternoon. The dredsremastei of the Sailor's Bend dredge wires that he started work at 9.30 on Monday morning. The secretary of the New Greenstone Gold Dredging Company reports that Messrs H. F. Nees and Co. have undertaken the erection of the machinery on a commission basis. The wcrk will probably be put in hand without delay. A wire has been received fro.ii the dredgemaster of the Cromwell dredge stating that he started punroing en Saturday, and that he will continue night and day till the dredge is clear The dredgemaster of the Vincent Extended dredge reported on the 25th inst. that he was getting the lipping of the buckets completed, and expected to get a start about Monday or Tuesday. "With the river at its present favourable level he expects some good returns shortly. The secretary of the Upper Magnetic G.D. Company reports that a balance between that company and the Annie Queen Company for the period ended April 22 under the tribute agreement resulted in a profit of £443 to the former company and £221 to the Annie Queen Company after paving all expenses up to the above-mentioned date. The directors of the Upper Magnetic Company will hold a meeting this week, when they will ballot off the first instalment of the debenture issue. It is probable that a. fairly substantial sum will be wiped off the company's indebtedness, and should the present returns keep up there is every likelihood that the whole liability will be cleared off in a few months. The present rmsiUon of the ro mrip nv. xaust be. cjiasidered

satisfactory -w liezi it is rtmembeied liow nairowly liquidation was avoided at one stage of its career. The directors of the Olrig Dredging Company have declared a dividend of 2s- per share, payable on {Friday next, May 2. This company has a very good record, 4s in dividends having been declared since the beginning of March, and tho shareholders are to be congratulated on 'holding such a good property. The directors were up at the claim at Eastei, and they are unanimously of opinion that it is one of the best proparties in Otago. The ground has been tested on the opposite side to that on which, the dredge is now working, and the same wash was found at that side as is at present being treated, which practically proves that the whole claim is of a payable nature. Vhile declaring the dividends the directors have not been unmindful of future contingencies, but have created p, substantial reserve fund, which new stands at the figure of £330. Cur Kcefton correspondent telegraphs that tho Aipint mhie manager repoits that the riso i»s ICo. 7 level ia up 13ft. He has stepped rising, and is preparing to sink on a small reef ;n; n the bvinch duvo mNo 11 level. The north rrel is making again. The c'irictor* cf the Roxbuigh Amalgamated Mining \s.rd Sluicing Company have declared a dividend (the 29th) of Gd per share. A dividend (the thira) of 2s hs3 been declared by the directors of the Olrig Dredging Company. "' Prospector." writing as " the prospector and father of the Waimumu. ' says it is very gratifying to be able to say that ail the Waimumu dredges are paying dividends amounting to at least 25 per cent, per annual. Some years ago the writer stated m tho Da !y Times the perfect safety of investing in inland claims that had been carefully pio3pcclcd by honest and experienced men. The proof of the pudding is in this case in the eating, arid he prophesies many 3 ears of dividends for these d'-edges. The Waimumu, Waimumu Extended, and Waimumu Central have all turned oul equal to expectations. The Royal Waimumu ought, from whai he knows of the flat, to pay as well »3 tho others.