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Otago Witness, Issue 2516, 4 June 1902, Page 23

An improved return is expected from the Hokitika- River dredge on Saturday. Both the Totara Flat and Maori Gully dredges are going to take longer to get into irorlc was airticipsiwecL. Sales were reported to-day as follows : — Pactolus, 71s; Callaghan's, 8s 6d p.; No Town, 345; Leviathan, freeholds, 15s. The share market is dull. It has been raining all day, but it has had little effect on the rivers yet. May 30. Having had a thorough overhaul the North Beach dredge got a fresh start on Wednesday evening. It is doubtful if there will be any •wash-up this week. The erection of the machinery on the Al.-clirjgaA l.clirjga dredge is proceeding rather slowly. It will be three weeks before a- start will be made. The Trafalgar and Victory dredges should get a start in about a week. ' The erection of the machinery on the Prince of Wales dredge is hampered owing to a case of machinery going astray. When this comes to hand it is anticipated three weeks will see th.3 work completed. The Kohmoor dredge lias experienced heavy work owing to the tightness of the wash, coneeqaently very little material is beiDg put through. The Woodstock dredge is finding the wash very tight, and already shows signs of wear on the grabhooks and buckets. The ground is-15ft deep where she is dredging at present. Work in connection with the Leviathan Freeholds is proceeding satisfactorily. The erection of machinery is well advanced, and a trial run ehould be gotiin a month' B--time. • The Buller Junction dredge has been repairing and getting the now screen in position. .• The Great Woodstock dredge is working well, and some interest -is taken m her first return > to-morrow. I The Hokitika River dredge is "working well, feeing now free of timber. I Good progress is being made with the erection of the machinery on the Commissioner's !Fiat dredge, which is expected to oe in working order within a. month. It is thought that the good ground now being worked by the Kokitika River dredge will extend into this claim. The Welcome dredgemaster reports a return of 320z Bdwt for 132 hours. June 1. The returns on Saturday were disappointing, and the flutter that was expected to take place an the share market did not eventuate, the week closing duller than has been the case since the commencement of the year. The Leviathan, with a return of 490z for 122 tours, was expected to give a little more, but is, perhaps, under the circumstances, satisfactory, the ground being rougher and the topping a trifle thicker now and then. This week ■the dredge may possibly give a large yield, ibu 1 as the richer lead is proving narrow, 40oz (to 60oz will _be the riile. The Reeves's Proprietary dredge, as I predicted, is getting into better wash. The return was 450z for 125 hours. I think better returns ar^s pretty certain ahead. -The Hokitika River dredge obtained 320z lOdwt for 120 hours. The dredgemaster reports that he has struck solid ground on part of the cut across the face. If this widens out shareholders can look for very much better returns, ■especially as there is not likely to be much timber in such ground. The company, being mow clear of debt, ha 3 real good prospects ibefore it. The Welcome return is 30oz Sdwt for 131 (hours. The dredge is atill suffering from the effects of the flood of the previous week. She got a good face on towards the end of the week, and the next return should show an advance. The Kohikohi dredge obtained 28oz for 177 lionrs. The dredge is hampered for want of •water and the shallowness of the top ground. The water race purchased will supply the water want and enable better work to be done. The trash continues rough. The Greenstone Junction dredge obtained 28oz for 125 hours. The machine had one or two minor breakdowns. The wash is again ampioving, and I expect to see the return run lip to 60oz within the next three weeks. The Greenstone Three-mile dredge obtained 14oz for 105 hours. The wash is loose drift mixed with timber, which delayed work considerably. The Al dredge unexpectedly dropped down Ho lOoz 6dwt for 119 hours. Tight ground and failings are the cause. The Shellback return is 7oz 13dwt for 70 Siours. The reef in the claim continues to rise. •The company has let a contract for clearing the itimber to give the dredge a clear run. There was no return from the Pactolus idredgo owing to a breakdown. The ground Biveraged about the same as the previous week. The Great Woodstock return is 12oz for four 'days, which is really for about 10 days' open-ing-out work. This company has a good deal of worked ground to go over, which will render "the returns very uncertain and irregular.

The North Beach dredge will wash-up on 3?riday. The machinery, having been thotroughly overhauled, is working well. Working expenses from this out should be greatly reiduced. Her returns for 10 day 3 should be Rbout 450z.

The Cornwall ground is about the same as $hat of the previous week. The Nelson Creek return should show a little a&TMiOfi, although the bottom is atill h**d,

lumpy, and irregular, rendering it almost impossible to thoroughly clean ut>. No return, is to hand from" the Bed Jacks dredge. The relations between the local directors and xhe dredgemaster are very strained. The Greenstone Creek dredge is undergoing repairs. A CHANCE FOR MINING SURVEYORS. "WELLINGTON, May 31. The Imperial authorities h*ve asked the Government to furnish the names of experienced surveyors willing to undertake survey work in the mining areas of the West African Gold Ccast. Those selected will be engaged for two years' work, eight months in each year, and go on furlough to England during the rainy season, the Imperial Government paying half the ppssage money. The salary offered is handsome. "WOODSTOCK GOLD DREDGING COMPANY. The annual meeting of the "Woodstock Gold Dredging Company was held at the office of Messrs Garrow and Stewart on the 27th, and was attended by seven shareholders. Mr J. Wardell (chairman of directors), -who presided, moved tl/e adoption of the second annual report (already published) and the balance sheet. He was sorry he had not a. better state, of affair? to- lay before the meeting. They had been dredging some time, but had not yet got very far forward. There had been breakdowns of the winch and other parts of the machinery, and really for the first sis weeks they had got very little dredging done. Then there had been trouble with. the dam in opening out, the dam being found to be not nearly big enough. Since they had got fairly started they had found that there was a " bump " in the bottom of the claim, which they had not expected to meet with. It was between where the dredge now was and Maynard's second bore, where very good prospects were got. Between these two places the reef rose, but they had had a wire from the local director stating that the dredge, was only about 35 yards away from Maynard's second bore. It was rather unfortunate that they had met with this rise, because it meant that there was practically no gold upon it, but it should not take long to get over the rise. Mr Kyle (one of the directors) thought that after the dredge dipped over this high reef they would be into the ground that had been prospected and had turned out so well. Mr Kyle seconded the motion for the adoption of the report and balance sheet, and said evidently the position was that there ■were twe old watercourses running parallel with the river, bounded on one aide by a high terrace. The dredge had been built upon a swampy fiat close to the main road, and evidently on one of these watercourses. The bores" put down by Maynard were on these watercourses, and "the best prospect was obtained on the watercourse near the high terrace. The dam constructed w*s only big ; enough to hold the dredge, and they had had to increase it to four times its original size, and it had been expensive work on account of the circumscribed space. After the face was opened out the dredge had been working towards the high terrace,- and as soon as ifc crossed the ridge it would be on to the part of the claim prospected by Maynard. That part was only 35 yards away from where the dredge now was. The Chairman mentioned that the bottom evidently rose in several places. I The motion was carried. Messrs J. "Wardell and A. C. Broad were reelected directors and Mr J. M. E. Garrow auditor, and a, vote of thanks to the chair closed the meeting. CLAUGHESY'S FREEHOLD GOLD DREDGING COMPANY. The second annual meeting of the Claughesy'" Freehold Gold Dredging Company was held at the office of Mr D. Lamacli on the 27th, and was attended by about half a dozen shareholders. Mr A. James (chairman of directors) said that at last meeting of the company they had i anticipated that the results from the boring would be very satisfactory. They had received a preliminary report from Mr J. P. Smith, which led them to believe that later reports would show that they had an excellent claim. As, howevei, the boring was proceeded with it was found that the ground was so shallow in many places that it was not suitable for ' dredging. This came as a great blow to the ' directors and all concerned in the company. Matters had been left in abeyance for some time, to see if something could be done in the way of sluicing the claim. Unfortunately the greater part of the claim was freehold, for which a considerable sum of money — something like £1000— had been paid. At the present time Mr Smith was over at the West Coast, i and was to interview certain parties with a I view to getting some Chinese to sluice the claim. It had not been thought advisable to proceed with the construction of a dredge, but it was thought that some parts of the claim might be worked on tribute by adjoining companies. The boriug showed that the claim consisted of a shallowing reef, and in moat parts could not possibly be dredged. At the same time he thought they should hold on for i a little longer, and 6ee if something could not be £Qt mil at ik He Jftovcd tUg adp£Ufiii &i

the report and balance sheet, the former of which has already been published. The motion was seconded by Mr Shrimpton, sluS. earned. The Chairman mentioned that the directors had only accepted three guineas each for their services instead of the sum voted them, and that the secretary's salary had been reduced. Mr A. James was re-elected director, and Mr F. W. M. Jones auditor, and the meeting closed with a vote of thanks to the chair. ALDINGA GOLD DREDGING COMPANY. An extraordinary general meeting of shareholders in the Aldinga Gold Dredging Company was held on the 27th to confirm the following special resolution, which was passed at a meeting on May 12: — " That the articles of association of the company be altered as follows: — 'Article 73 — that the word "two" bo substituted for the word '' three " in the second line. Article SO — that the word " two" be substituted for the word " three " in the fourth line.' " Mr "W. R. Frost moved that the resolut'pn be confirmed, and Mr \V. F. Sligo seconded the motion, which was carried. The effect of the resolution is that in future only two directors will retire annually instead of three, as heretofore. GOLDEN GLEN DREDGING COMPANY. The "directors of the Golden Glen Dredging Company will submit the following repoit for the. year ended March 31 at the second annual general meeting of shareholders: — "•The dredge commenced work on the 19th March last, and your directors are pleased to be able to state that the contractors (MessrsJoseph Sparrow and Sous) carried out their work in a most satisfactory manner. The machinery has worked well from the start, and is in every way a credit to the contractors. The returns so far have not been satisfactory. The dredge commenced work in the river, and as very little wash was being met with, a trial was made on the besch adjoining -Craig Flat, but the want of an elevator prevented this ground from being properly worked. ar>d it was decided to shift down stream about five chains, where about a. week's work in the river bed | resulted in a- satisfactory return of 24az lldwt I 14gr, when the gold ran out. Preparations were then made, and are now being carried out, to shift the dredge to the lower end of the claim, where the ground is supposed to be , deep and the prospects better. The actual dredging time to the 10th May was- about five weeks, from which 420z gold, valued at £160, , was won. You will notice that 1105 shares have been forfeited owing to shareholders being unable to pay their calls. The sum of £-217 5s has been, received on account of calls in a-rrear sines ! 31st March, reducing that item to £703 17s. | Shareholders will be pleased to learn that j satisfactory arrangements have been made with ! the contractors to allow the balance owing- to them to remain on mortgage at the rate of 10 per cent, per annum. Two of the directors, Messrs J. H. Hancock and J. A. Burt, and Mr J. S. Hislop, the company's auditor, retire, apd offer themselves fox re-election." The year was commenced with a debit balance , to profit and loss of £785 Ss lid, and the expenditure brought the total up to £1250 15s 9d, against which there was gold won to the value o£ £4 11s sd, leaving a debit balance of £1246 4s 4d at the close of the year. The nominal capital is £12,000, but 1105 shares, on which | £103 5s has been paid, were forfeited, while the | arrears on the remainder amount to £92 1 ?s. There are sundry creditors to the extent of j £2074 Is 9d. against which there is cash in the bank and on hand to the amount of £120 2s. ROXBURGH AMALGAMATED MINING j AND SLUICING COMPANY. ' The directors of the Roxburgh Amalgamated Mining and Slnicing Company will submit the following report for the year ended April 30 to the shareholders at the annual general meetiog — " Your directors have pleasure m reporting that the yield of gold from the mine for the past 12 months has shown a considerable increase, and while we have only paid two dividends within the financial period, a third dividend of 6d per share was paid two days after — viz., on the 2nd May. The mine manager reports, as he anticipated wnen last reporting, a continuous improvement m th- wash, and adds that the present indications point to a favourable year's elevating. Your directors refer shareholders to the subjoined report furnished by the mine manager in Tegard to the condition of the mine, dam, race, pipe lines, ■ and service plant. In accordance with the articles of association, Mr W. L. Simpson retires at this time from the directory, as also do the auditors, Messrs Wm. Brown and Co., but, both being eligible, they offer themselves for re-election. Your directors recommend the appointment of a. directors in place of the late Robert Wilson." The following is the report of the mine manager • — " Since my last annual review of the mine, the pleasant" duty has fallen to me to report an Improvement in the pold return for the year just closed. This is accountable to the elevators having reached that part of the claim •where good was supposed to exist. During the winter the severe frost delay the work foi seven weeks, otherwise the year's return JHUlld k&Vfi J2££A JUSMi £<£fltt tfa* XW B*l^8 * 1^ '

obtainable in the face of exposed wash, I expect I payable ground ahead of where the elevators I are at present working. The recent returns and appearance of the wash indicate that we axe now working in that part of the mine that was profitably worked in former years, and there is a large extent of ground in this part to be worked before reaching the northern boundary. Since the winter the race has been overhauled, and the understructtire stiffened up where needed ; the main byewash has been lined throughout with galvanised sheet iron, and will not need any repairs for many years. The mam pipe line is in good order, and equal to the work that is required of it. On the mine there are three fully-equipped elevating runs, two being in constant work and the third one being -ready in position to keep the water employed when stoppages occur for removals. The dam at Lake Onslow has been full to overflow- i ing most of the year, the season being such ! as to maintain a good water supply. The wall ' is in sound condition, and has not suffered from the season's floods. The item of maintenance may appear this year to have been above the usual amount. Some allowance must be made for the fact that tha moat rigid economy had to be exercised when the 'returns were just at the margin of profit, with the result that duplicate stock was reduced as lowas efficiency would .permit. When the retnrn3 improved advantage was taken to renew and, replenish the plant where necessary. A new set of boxes and trestles were added to the sluicing plant this year. The wear and tear upon elevatot* castings and dirt pipe have been greater of late, owing to the treatment" of some very roiigh wash. This is not a disappointing- ' feature, for, as a rule, where there is no rough | wash the gold is scarce. The present indications of the mine point to a favourable year's elevating, and warrant the shareholders in extending their confidence for another term." * ASSESSMENT COURT. A sitting of the Assessment Court for Lake County was held at the close of the- Warden's Court, before Mr F. J. Burges?, S.M., on Monday, ilr J. Black appearing in support of the valuations. Tha Merrimac Gold J)redging Company objected to the valuation placed on their claim as the company had gone into liquidation, the claim, etc., having been taken over by the Golden Molyneux Company. — The valuation was struck off by consent. The Meg and Annie- Gold Dredging Company objected to the valuation placed on their claim, the area being- half in Vincent County and half m Lake County, the valuation in the former case being £2500 and in the latter £5000. — The valuation was reduced on a par with the half in Vincent County — namely. £2000. The New Kawarau Bridge Gold Dredging Company objected to the valuation placed on their claim (£2000). — The valuation was reduced by consent to £1500. The valuation placed on the Kawarau Bridge Gold Dredging Co.'s claim was struck off the I list, the claim being merged in that of the New Kawarau Bridge Gold Dredging Company. The Gentle Annie Gold Dredging- Company . cbjected to the valuation placed on their claim, j As in the case of the Meg and Annie claim, the ! area is situated half in Vincent and half in Lake County. — The valuation was reduced , to £1000. uniform with that of Vincent County, j The Upper Magnetic Gold Dredging Company objected to the valuation placed on their claim. — As there w?.s no appearance for the company the valuation was sustained. The Gibb3ton Gold Dredging Company ob■jeeted to the valuation placed on their claim, ' l/ut as there was no appearance for the com- i pany the valuation was sustained, as also were the valuations cf the claims of the Morven Ferry Gold Dredging Company and the KiaOra Gold Dredging Company for the same reason. W. H. Anderson lodged an objection to vji'mtion placed on 10 acres, section 15, block XIV, | Shotover, and r.'so an extended claim of two ! acres at the Eipht-m:le, Maceicvn.— There being ao appearance of the objectoi ihe valua- | tion was sustained. j The White Star Gold Dredging Company j cbjected to the valuation oi their claim.— Mr j ! Turton objected to his name being connected ! ; with the company, and stated that the company j was in liquidation, ths claim having been taken j < over by the Lone Star Company. — The valua- , : tion was red iced to £'25, Mr Tur*on's name to be removed from the vahuilioii list I'c respeot | tj the White Star Company i ] VULCAN GOLD DREDGING COMPANY. j The second annual general meeung of share- , holders in the Vulcan Gold Dredging Company I j was held in the Dunedin Stock Exchange on j : the 28th, and was attended by about a dozen ' 1 shareholders, Mr T. Cole (c'aairman of directors) , presiding. , j The Chairman said the y:ar. had been started very safely and very well, and he was sorry to , see the present appearance of the balance sheet, which, however, was due to the fact that 1 shareholders had not paid up their calls ( promptry. The contributing capital was £6800, 1 and the approximate cost of the contracts let , came to £6006, including everything, so that , £800 should have been available for preliminary ■ expenses. The directors had done their very ; best to get the arrears paid, except that they j had pot sued, but £1942 was still outstanding. , and. if. this xo.ao.UL came iv theis jaasitioa mulA i

Ibe satisfactory. The machinery was completed some months ago-, but the contractors held ii pending payment for it. The contract price ■was .£3300, of which. .£I6OO had been paid, leaving a balance of £1700, and with regard to th« pontoons the contract price was £1200, of which £610 had been paid, and £590 was still owing. They had also- paid the engineer (Mr Roberts) £125 of his commission for supervision, and they still owed him £362 8s 7d. A motion would be submitted to the meeting in favour ol liquidation, caused by the engineer serving them with a writ, and they thought it better to wind up voluntarily than to go through the court. Since the issue of the writ they had arranged with Mr Roberts, giving him a. mortgage for the amount due to him. He (the cnairnran) would be sorry to see the company go into liquidation without giving the claim i a trial, as he had a great deal of confidence in ■ it. Some of the vendors had got a lot of gold i on the bank 3of the claim. Mr M'Dowell, who- represented the Oamaru shareholders, asked why the arrears had not been pressed for. He said he knew several whose names appeared in the list of arrears who would have paid if they had been press* d a little. ' The Chairman stated that Ui& directors ha>l made_ every effort to > get the money in except:' by suing, to- which course they objected, thoughpersonally he would have sued them 'all. ' Some" shareholders were minors, while others again! had gone to South Africa. He thought thatout of all the arrears between £500 and £600, was good, but-that was perhaps a low estimate. The balance sheet was then adopted.. " - 1 Before tho election of directors was proceeded ■ I with the Chairman suggested that the number! of directors be reduced to three, two to form a . quorum. Three good men would do the business just as well as five, and the expense would ' be curtailed. Mr Hancock then moved in t-ltis direction, and the motion was carried. Some remarks having been made with regard to some of the directors being in arrears with, the payments of their calls, Mr T". Glendining explained that the reason, that the directors had! not paid up was that when the company reached the allotment stage there were 400 shares unapplied for, and it was then decided that the directors should hold them and dispose of them at the first favourable opportunity. Unfortunately the boom burst, and they could not dispose- of them, so they had to pay for more than their original holdings. Mr Glendining then announced his intention of retiring from the directorate, but uader pressure was induced to remain in office. With reference to the position of the company, the Chairman said that the secretary and himself had gone through the list of arrears, I and after striking out every doubtful shareholder they thought they could collect between £500 and £600 of the outstanding calls. They had as assets their machinery, their engine, boiler, and pontoons ; and if they could sell the machinery, engine, and boiler at the loss of ! whit they have already paid and the £500additional that could be collected in arrears, thiy would, by striking off 1800 shares, have, uncalled capital to the amount of £1000. If ! they had that sum in hand at the present time- | they could be working the claim within three weeks. They had also 700 paid-up snares given back to them by the vendors. j Mr Wm. Powell was re-elected auditor at a j remuneration of five guineas, and the directors' fee* were reduced to 36 guineas for the year. The next business w-as the consideration of the following resolution:— " That it has been proved to the satisfaction of this meeting that the company cannot, by reason of its liabilities, continue its business, and that it be advisable 1 to wind up the same, and that the company be wound up accordingly, a liquidator appointed for that purpose, and his remuneration fixed." On the motion of Mr M'Dowell the resolution was struck off the order paper. , This being all the business, a vote of thanks ' to the chair terminated the proceedings. DEEP STREAM AMALGAMATED HYDRAULIC SLUICING COMPANY. I The annual general meeting of tho Deep | Stream Amalgamated Hydraulic Sluic^g Com- ! pany was held at the company's offices, High street, on Thursday afternoon. Mr G. Fenwick, chairman of directors, presided, and there were 11 '-harehoiders present. The Chairman, iv moving the adoption of the report (already published) and ba'aucei sheet, "said he regretted that the outlook -was not more cheerful. During the past year every- ' thing had been dead against them, and had made work difficult to carry on on account of such things as floods, meeting with bars o£ reef, shallow and poverty-stricken ground. The result was that the outcome of the year's operations was much worse than that of any year yet in -which tha -company h?d been existing. Operations were lir3fc commenced in ISDS. In the first year the gold won -n-rts 2Jscz in tv.c< or three months, and the vh.lue £8:U Is 10c!. In 1899' 12130z was got, valued at £1700. ai.d the dividends paid were £1750. In I'jjO -.ho gold amounted to 804oz, valued at i ;"~5. n .d the dividends paid were £120,1. L.i ) 0' :/roo<, valued at £3800, were get. a !,<■"! H\:> . , , i i dividends. In 1902 the sold „r> <-* t ' ' " - :z, valued at £2378, and di\ ck.e> ' « £600. Th« total amoua 1 • -nil -, • - <~3 amounted to £5050 — cerium 'y m tivic; i\e tae compt.ny was expected to pay wheii it wa? floated. The reports ol the manager, how^-eft