Notes from Reefton. (From Our Own Correspondent.)

Otago Witness, Issue 2515, 28 May 1902, Page 23

Notes from Reefton. (From Our Own Correspondent.)

REEFTON, May 24. Alpine. — The mine manager reports. — "The crosscut in No. 7 has been extended 10ft, making a total distance of 24ft. There is very little change so far. Wo have gone through one bar, and then got lft of slate, an<3 now have another very hard bar, with water coming from it. Eighty-five tons of stone are in the mino paddock.

Share Market.— rAlpine Extended, 3s 3d, 3b 9d ; Big River, 9d, Is 2d ; Industry, 3s, 3s 6d ; Golden Lead, Is, Is 3d; Keeprit-Dark, 21s, 255; Progress Mines, 20s, 21s; Kiiwan'a Reward, 7Ss, 83s; New Scotia (vendors), 3s 6d, 4s; New Scotia (contributing), Is, Is 3d. Latest reports from the Industry mino are that the reef which was intersected a few days ago has been driven on 14ft. The stone in the face is 4ft 6in wide, with no sign of the hanging wall. Gold can ba seen in the stone. I learn that 5s was offered for shares yesterday. The property adjoins the New Scotia and Old Cumberland mine, and the latter property has been taken up by tho Industry Company. Experienced miners speak encouragingly of the new venture.

The manager of the Big River Company reports that the mam shaft h?.3 been sunk 14ft for the week, making tho total distance 123 ft. Iweiity-seven nioie feet have to be sunk to complete the contract.

Mr P. N. Kingswell, proprietor of Inglewood and Victoria properties, intends driving a tunnel 300 ft, tendoi-s for which closed last night. A few years back stone was obtained in these leases, but they wera not properly opened up owing to insufficient capital. It is hoped the present owner will be rewarded for his enterprise. MOUNT LYELL MINING AND RAILWAY COMPANY. MELBOURNE, May 20. At the half-yearly meeting of the Mount Lyell Company the output was stated a* follows: — Blister copper, 5163 tons, producing copper, 5108 tons; silver, 342,5590z ; and gold 10,6520z. The dividends declared during the half-year aggregated £110,000. After making all provisions the liquid assets represent the sum of £217,634. HORSESHOE BEND GOLD DREDGING COMPANY. An extraordinary general meeting of shareholders in the Horseshoe Bend Gold Dredging Company was held on tho 20th, for the purpose of considering the financial position of the company, and also the question of going into voluntary liquidation. There were eight shareholders present, and Mr T. M'Cracken presided. The Chairman stated that probably those present would feel a little down hearted at being called together for such a purpose, but he was happy to be able to inform them that lie did not propose that anyone should move the resolutions. The directors had tried to make arrangements for financing the company •with the contractors (Messrs Johnson, Melbourne), but their efforts had not been successful, so they then turned their attention to the question of getting the claim tested by the Kia-Ora Company's dredge, which was now available after having tested the Golden Vein claim, which had not turned out a success. They had seen Mr Fleming of Messra M'Kechnie and Fleming, the contractors for tlie conatruc-

tion of the pontoons) and arranged with, him that his firm should lease the Kia-Ora Company's dredge at a figure amounting to £250 for every four weeks worked. Mr M'Kechnie, who was an old dredgemaster, and who it might be stated had met the company all through in a very liberal spirit, would take charge of the dredge himself. It was proposed to give Messrs M'Kechnie and Fleming a cash payment of £50, and additional security to the extent of £400 in liquidation of the mortgage they held on the pontoons for a similar amount. All this had been agreed to, and the speaker thought shareholders could congratulate themselves on the arrangements made with Messrs M'Kechnie and Fleming, to whom they were very much indebted for the assistance received. The term 3 on which the ground would be worked had been concluded, and the necessaiy documents would be made out and everything in order in a few days. The surplus gold after paying all expenses (about £270 per month, including the dredgemaster's wages of £4 per week) all went in liquidation of the company's indebtedness to Messrs M'Kechnie and Fleming under the mortgage mentioned above. He than moved that the meeting be adjourned sine die to see the outcome of the trial of the claim, the chairman or secretary to convene any further meeting. The motion was seconded by Mr Gardham, and carried. In reply to questions the Chairman stated that the Kia-Ora dredge had been leased for a. month in the iirst instance, the lease starting from the time they took jiossession of the dredge. The dredge should be at work within a week. This concluded the business, and the meeting closed. CHARLTON CREEK GOLD DREDGING COMPANY. | The directors of the Charlton Creek Gold j Dredging Company will present the following report for the year ended April 30 at the annual meeting of shareholders : — "In submitting the report your directors regret that the returns have not been quite so large aa during the preceding year, but are I hopeful of an improvement shortly. The amount of gold won was 9940z 15dwt 18gr, valued at £3870 12s lOd, as against 1210oz 6dwt lgr, vahied at £4731 0s Id for the previous year. The dividends paid during the year amount to £1000, making a. -total of £2875 paid in dividends since the dredge started working. During the year the dredge was stopped 26 days for repairs, etc., exclusive of eight days holidays at Christ" mas. The amount of ground worked in 12 months is estimated by the dredgemaster as nine acres. The expenditure on fuel and wages shows a saving on the two items of £266 11s 9d compared with last year's balance sheet, and the heavy expenditure on maintenance was necessitated by having to obtain a set of new buckets, pins, and tumblers. Your directors also regret that considerable expense was incurred owing to riparian disputes being raised by landowners in the district, but are pleased to inform you that, aWer frequent applications to the Government, they have intervened, and a settlement of this vexed question between the landowners and mining companies interested has been arrived at, and a sludge channel is to be constructed. The retiring directors are Messrs C. G. V. Leijon and T. Green, both of whom are eligible and offer themselves for reelection. The 'auditor, Mr A. Bartleman, also retires, but is eligible for re-election." The year was commenced with a debit balance of £42 4s sd. and the expenditure during the 12 months reached £2952 Ss 6d, or «, total of £2994 12s lid. The gold yield was equal to £3870 12s lOd in cash, but after making allowance for the psyment of £1000 in dividends there was a debit balance of £124 0s Id to be carried forward. The liabilities at the time the books were- closed amounted to £320 0s -id, against which there was £208 Is 5d cash in Iho brink, and £20 in the hands of the dredgemaster. DEEP STREAM AMALGAMATED HSTDRAULIC SLUICING CO. The following report for the year ended March 31 will be submitted by the directors of the Deep Stream Amalgamated Hydraulic Sluicing Company at the annual meeting •of shareholders : — " The directors regret to state that owing to various difficulties and unforeseen circumstances the returns fell off considerably since work was resumed last August, in addition to which a heavy flood (immediately before Christmas) destroyed the inlet dam and did serious damage to the race. The repairs involved considerable expenditure and loss of sluicing time, and when completed, during January, there was only sufficient water available to woTk one elevator. These various difficulties reduced the amount of gold won during the year to 618oz Bdwt 13gr, as against 9760z 13dwt 22gr for the previous year, and the dividends paid to shareholders to £600, as against £1500. Your directors are, however, pleased to state that the mine manager now speaks more hopefully of future prospects, and in his laat report says: ' Thero is a great cha-nge in the ground as we open out, and a very fair prospect obtainable at both elevators.' The Tetiring director is Mr G. Fenwick, who offers himself for re-election. The auditor, Mr Bartleman, also retires, but is eligible for re-election. Ihe profit and loss account shows that the company had a. credit balance of £81 6s 4d at the beginning of the year, during which tho gold won represented the sum of £2340 19s 6d. Tho expenditure for the 12 months reached a total of £2070 14b 4d, in addition to which £600 was paid in dividends, making an aggregate outlay of £2670 14s 4d. There was a debit balance of £238 when the books were closed. There is a liability of £202 2s 4d to the National Bank, a^d sundry creditors to the extent of i £235 14a lOd, against which there is £250 m the National Bank on fixed deposit, gold at the claim vahied at £102 12s, and £20 cash in the hands of the mine manager. I UNITED MORVEN GOLD DREDGING COMPANY. An extraordinary general meeting of shareholders in the United Morven Gold Dredging Company was held on Thursday to consider the advisability of voluntary liquidation. There were seven shareholders present, and Mr A. James (chairman of directors) presided. The Chairman said those present would have to put the company into liquidation unless they ; thought the claim should be given p. further trial. The results of working for 32 days, or rather 22J days' actual dredging, were that gold j va-lued at £S6 2s 5d was won, which did not cover the cost of the coal used. The Teturn for the last week before it was decided to call the shareholders together was very unsatisfactory, and the directors considered it would be unwise to continue any longer unless shareholders desired it. The financial position was that they could clear off all debts except the mortgage debt of £500 There was a certain amount of uncalled capital, and also a considerable amount of arrears of calls (£705), a lot of which was considered absolutely bad. Letters had been received from the dredgemaster and others, expressing the opinion that there was something good ahead, and advising a further trial. A conversational discussion ensued, in the course of which the opinion was generally expressed in favour of giving the olaim a further trial for a month. EYdttuallj it TfW decided, io fidiouxn tha

meeting until Friday, June 6, at S p.m., and in the meantime steps will be taken to approach I the vendors with the object of inducing them to forgo any claim in respect of their paid-up shares. SHOTOVER QUARTZ MINING COMPANY - (NO LIABILITY). The following teport will be submitted by the directors of the Shotover Quartz Mining Company (No Liability) at the annual meeting of shareholders: — " We beg to report as follows on work done during the past half-year: — The capital of the company has been increased £1500 by the creation of 6000 shares of 5s each (which the directors propose to make preferential), making the present capital £7500. The shares have not yet been issued, but you will shortly be invited to take up the new issue pro rata to your present holding. A splendid new 10-head stamper battery has been ordered, and is nearly completed. Tenders hare been called for carting it to the mine. As the old btatery has. become quite unfit to cope with the work, it has been, taken down, and the work at the mine has been stopped. Owing to the severe winters experienced at the mine it will probably be late in the spring before the new battery is erected and mining operations resumed. The retiring directors are Messrs D. Reid, jun., and H. E. Wilson, and, being eligible, they offer themselves for re-election. The auditors (Messrs Wm. Brown and Co.) also retire, and offer themselves for re-election." The mine manager (Mr James E. Davis) reports as follows on the work done during the past half-year: — '* The machine level has been extended from 1396 ft to 1453 ft. Since passing through the block of stone, at about 1390 ft, there lias been small bunches of stone met with carrying gold on the footwall formation, but nothing of any consequence. The greater part of the mullock broken out was utilised for filling in the leading stope. The reef formation in the face^ — when work was stopped — is looking very promising, and it is very satisfactory to have a well-defined line to follow up. All the stone for this six months has come from 1358 ft both, ways. The stone is 15ft wide at the middle, and tapers out at both ends. The well-defined stone met with in the level did not rise up higher than the second stope. Although the stone is not the same in the xoof, I am of the opinion it will improve as we rise on it. Since the fanner has been stopped I cannot get in to take measurements on account of bad air. I left the stope well filled in before closing (down, so as to lessen the danger of anything coming away. The battery for this halfyear has put through 772 tons of atone for a return of 2030z ldwt 4gr of retorted gold, and saved 19 tons 15cwt of blanket sand. The total quantity of blanket sand is 36 tons 14cwt. The battery boxes, stampers, and tables are taken down and put outside ; only the horses are left to carry the cam shaft, which is utilised to turn the cyanide barrel. The water race is in good order, and has not given any trouble this half-year. The year was commenced with a debit balance of £4187 7s 6d, and the expenditure for the period reached £1014 8s lOd, making a total of £5201 16s 4d; while the receipts were £692 0s Id from bullion ajid £32 10s for rent of water race, thus leaving a debit balance of £4477 6s 3d to be carried forward. There are sundry creditors to the 'extent of £503 3s Id, while the company owes the National Bank £79 6s 6d. Amongst the assets are sundry debtors (since paid), £40 12s 6d; Bank of New Zealand, Queenstown," £17& 3s 9d ; battery account, £50 15s; cyanide plant, £71 11s; and stores on hand, £51 11s 2d. SHOTOVER QUARTZ MINING COMPANY. The annual general meeting of the Shotover Quartz Mining Company was held on Thursday. jjr -Brown (chairman of directors) presided, and there were 10 shareholders present and proxies representing 12 others. The Chairman said that they had had % good deal of trouble with their neighbours' which had delayed work and caused them some expense, but aa the warden had decided the case in their favour the legal expenses had not been great. Their assets now included a cyanide plant, from which the returns had not been as satisfactory as thoy could have wished, but it was too early to speak definitely as to its value. The battery was now completed, and was a splendid piece of work. It was worth the while of any shareholder to go to Cossens and Black's and have a look at it. He moved the adoption of the report, which was seconded by Mr R. Lee and carried unanimously. The retiring directors, Messrs D. Reid, jun., and H. E. Wilson, were re-elected, as were also the retiring auditors, Messrs Wm. Brown and Co. An extraordinary meeting of the company was Subsequently held to confirm and pass resolutions concerning the- increase of capital. It was pointed out by the secretary tKat such meeting niuab lapse owing to the absence of the necessary two-thirds majority of the shareholders. There were 39 shareholders in the company, and a majority of 26 was needed to make the resolutions legal, whereas only 22 shareholders were represented. After some discussion it was moved by the Chairman, seconded by Mr D. Reid, jun., and carried, that tEe following resolutions be adopted, subject to confirmation at an adjourned meeting to be held on tho 29th inst. : — •' 1. That tho tesolution passed at the extraordinary general meeting of the company on 23rd December, 1901, to increase the capital of the company by the creation of 6000 new shares of 5s each, be confirmed, together with the other resolutions passed at tho same meeting.

I" 2- Tlrat such now sliaxes he ca>" P*efe* ence shares, and that the holders . "°f -b( entitled to a preferential didivend ai mti of £15 per cent, per annum on the ca^A paid up thereon, payable out of the profits __ each year, without any right in case of defic:- - ( T $ resort to subsequent profits. \ 3. Whenever the profits of the compa y .'" 'J respect of any year shall be more than suffic.en 2 to pay the preferential dividend aioresaid to* the close of such year, and also a dividend for such year at the rate of 15 per cent, per annum 1 on the ordinary shares, the holders of the , preference shall be entitled to participate ire I the surplus pari passu with the holders of tha other shares. " 4. That in the event of the company being wound up the holders of the said preference shares shall be entitled to have the surplus assets of the company applied, in the first place, in repaying to them the amount paid up on the preference shares held by theni respectively, "but shall not bo entitled to any further participation m such surplus assets." GREAT WOODSTOCK GOLD DREDGING COMPANY. The following report for the year ended 31st March will be submitted by the directors or the Great Woodstock Gold Dredging Company at the second annual meeting of shareholders : — " Shareholders wiil remember that the position of the company was clearly put before them in January last, when, owing to the very large amount of arrears in calls, it was found necessary to issue 400 debentures of £5 each, and that after considerable difficulty the amount was subscribed, the mortgagees taking up two-thirds of the required number. It was hoped that a considerable amount of the arrears would also be got in, but the directors regret to state that such had not been the case, and that they had bean compelled to forfeit 1425 shares. Two shareholders having substantially reduced the amount of their indebtedness, the directors thought it only fair to give them a little further time. The dredge is now completed and at work. Mr Payne, the company's engineer, reports that the month's maintenance commenced on Saturday, 3rd May, 1902. Mr Gilbert Cunningham, late of the Erickson's Reward and Chatto Creek dredges, has been appointed to the position of dredgemaster, and Mr John M'Harg to that of engineer. Mr Steel, one of your directors, is at present on the claim, and reports that the dredge is worlc- . ing well, and his been running steadily opening out a paddock, and that the dredgemaster expects to bottom shortly. Mr Steel intends re- | turning in time for the meeting, and hopes to i have a satisfactory report to place before you. It is with extreme regret that the directors record the death in February last of Mr Andrew Melville, who has been chairman of the directors aince the inception of the company. The vacancy caused by his death was not filled, the board deciding to leave the appointment to the J shareholders. The directors who. now retira are Messrs C. G. V. Leijon and Thomas Stee!, I both of whom are eligible for re-election. The articles of association provide that three direc- ', tors retire annually. The auditor (Mr B. T. j Wheeler, jun.) also retires in accordance with the articles of association, but is eligible, and offers himself for re-election." PERRETT*S JUNCTION LEAD GOLD DREDGING COMPANY. The following report will be submitted io shareholders in the Perrett's Junction Lead Gold Dredging Company at the second annual meeting: — " In presenting accounts for -the year ending 30th April, 1902, the directors report that they determined some time ago to recommend tho liquidation of the company. They delayed, however, bringing the matter before the_shareholders as negotiations, which, if successful, would mean a considerable saving to contributing shareholders, were proceeding. As progress in the direction indicated has not been in accordance with anticipations one of the directors is leaving for the Coast in a few days witß a view of securing a definite settlement, and' thus cleaving the way for the winding-up of the company. For some time past expense"* bavebeen reduced to the lowest possible minimum, and the directors hope soon to be in. a. position to report a satisfactory arrangement of the affairs of the company. Tho retiring directors are Messrs H. Adam and A. A. Finch, •who are eligible and offer themselves for reI election. Mr A. T. Finch, the auditor, also 1 offers himself for re-election." The profit and loss account shows that at the beginning of the year there was a debit balance of £1501 10s 7d, while the expenditure eince has amounted to £411 16s 4d, or a. total of £1913 8s lid. The company received £10 5s in interest and discount and transfer fees, so that thero was a debit balance of £1903 3s lid at the closeof the year. The amount of unpaid calls is £2189 ss. There sTe sundry creditors to the extent of £118 10s 2d, against which thefe is £404 Ha 3d in the bank.