THE WEEK'S MINING NEWS

Otago Witness, Issue 2525, 6 August 1902, Page 23

THE WEEK'S MINING NEWS

The dredgemaster of the Fust Chance dredge leported on the 2Sth that he did not shift the dredge last week, owing to the threatening weather and a rising Tiver. Frost, however, was experienced on Sunday night, with the result that the river wa9 coming down again on Monday. He was on good payable ground, ?nd announced his intention of washing up on Fridfty. If the weather continued good he intended to shift down to the bottom of the claim, which can be worked to better advantage while the river is low. The secretary received a wire on the 29th "alt. stating that the dredgemaster had washed up 2Soz fo.- thiec days and five hours' work.

The dredgemaster of the Golden Eiver dredge wired on the 29ch that the prospects were fair, but the ground was rough.

The dredgemaster of the Cromwell dredge reports that he has got the dredge into the river, and has started to open up the cut. He hope-el to get bottom on the 30th, and good gold. He expects to do good work yet before the river rises. The machinery is running all right. The company's new dredge will in :ill probability be shifted on to the company's claim, without delay if the river is high enough to permit of this being done, in which ca=e woik will be commenced very scon, P8 the dredge is all ready to resume operations. Some of the shareholders appear to be under the impression that the niisliai> to the company's othpr dredge has resulted m her being somewhat impaired, and that the new machine has been purchased in consequence, but we are mfoimed that the repairs that have been effected to the first dredge have made her as good as evei", and that the other has been procured in order that shareholders may receive the return for their investment in about half the time that would necessarily elapse if only one c.iedge were woiking.

The diedgemascer of the Mo^neux Kohinoor dredge reports that last week's leturn was obtained irom old worked ground. There was a little solid wash on the west side of the cut, but the prospects in it. were very poor, and the best gold was found ia the centre of the cut, which portion had, however, previously been worked. There was plenty of room, and nr tjouble was experienced on account of the tailings as the current was very strong. There is a patch of ground a little ahead of the dredge, to work which, if it carries gold, an elevator will be required. The ground at preaeni contimies about the same as previously.

The chedgemastei of the Lady IJoxburgh di^dge (Mr A. I. BiCinner) rcoorls, under dalo •27th Jiily. that he started dredging close to the east &i.de c' the river, the only part with floating depth of water, there being 3ft. He was opening a cut towaids the centre of the river at a depth of 25ft, and on Thursday commenced to sink deeper, being then about where the Gold Queen Company got gold. He intended cutting across the river till the paddock was opened out right across. There was no tiavelling drift, and he expected to be another week in getting properly opened out. The river rose a few inches on Fiiday and Saturday, but did not affect work, and when the report was written the weather was clear and frosty again.

The dredgemaster of the Island Block dredge teportß that, lafct week was an unsatisfactory one for working, both es regards the dredge and the results. The patent elevator has liOt been working satisfactorily. On Friday an exceptionally big fall came in and struck the ladder, knocking the lifting gear clutch out and causing the ladder to rtus to the bottom. The ladder was, however, raised in time to allow work to be resumed at 5.30 a m. on Saturday. The dicdgcmaster stated that he intended to shift the dredge o - i Mcndny morning to the open face. He does not expect a large return this week, as niost of the tune will be occupied in cleaning up along iho face, but he expects to get something good when the fate 11 properly opened out. He also mentioned that the tubnters. weie not v/oiking or» the bottom, but they expected to get there this werk They were on \cry nicc-'ooKing btnS carrying gold all through.

The leoairs fo thf Lawrence dredge having been complet-d, she recommenced opciatic.s on Thu.iS'lay last, -nhrn everything worked s-ati'-factonly. The lepairs have been dorr under the c upervjsio:i of Mr A. N Wakefie'd, dredgemaster of the Happy Valley dredge, to uhom praise is clue for the oredjtablo and piompt manner in whi.h the work has been dispatched.

The general manager of the Mount Lyell Mininp and Railway Company advi«ed on the 18th inst. th.it in Xo. 8 it\el They had just struck 5 per cei.t to 6 per cent, ore vwtii Fahl ore and topper pyrites

The pontoons of the Ruby Creek Gold Dredging Compaay are adv-rtisjd for sale. The interim secretary of the New Rner Mo!y-iK-ux Gold Dredging Company (Mr John B. Brugh) requests shareholders and anyone v l-h-ing to take shares in the company to bend in their application' at once.

The directors of the Shotovcr Quartz Min.'sg Company notify that a tall of '2d ppr has been made on all contributing >-hares, payable on the 13tb mst.

A wjic was received >"icni the clreil;,eiii«j«'er of Uie New Alpine Coiiscls drod'je on Thursday afternoon .stating that the bottom was hard over an extent of ISft in the centre of the river, but was compose! of sclt ;;'i<j for a. distanca of 25ft on each side. He was dredgiug to a depth of 36ft on the road side of the tut. and to a depth of 40ft on t!ip west bide, and he intended to woik near the eaßt Lank only, as the ground near the opposite «-i^.s was tco deep. He stated that the prospects were faij .

The greater piopoition.of the slinres m the >~ew finer ilolyneux CD. Company have already been applied for, and the flotation of the concern is now practically ns^urcd Shareholders in the old company and others desirous of taking up shares m the new company are requested to communicate nt once with the WAttiflSLfc&y^tWZ (Mr J. B, Brugh), from wkonj

copies of the prospectus can be obtained. Applications will close on Monday next, 4th inst.

The dredgemaster of the Sailor's Bend dredge advises the secretary that he found it necessary to suspend operations on Tuesday last in order to effect some repairs, which he expected would enforce a stoppage of at least four days. The machinery xeqiming attention was taken to the local foundry on Tuesday, and the repairs are being pushed on as quickly as possible. They were expected to be finished in three days, alter which the machinery will have to be put in position again.

The cromwell Argus states that the Rising Sun Company expects to "have its dredge at work within six months. The contractor for taking down and reconstructing the pontoons (this company bought the Smith's Creek dredge) ha 3 been let to Mr Gordon, who built them originally, and the cartage contract ias been secured by Jopp Bros. This will make the second first-class dredge on the Clutha, and then the prospects obtained by boring will receive the test of actual dredging

An Auckland telegram states that the Komata Reefs G.M. Company during the past month treated 980 tons ore'for bullion valued at .£1930.

An Auckland telegram says:— The Kauri Freehold (Rnngatira mine) has cut a reef at the 300 ft level carrying good gold, and some splendid specimens htve been obtained. This is an English-owned company. The dredging industry ia gradually settling down to its proper level, ai^d from this out should, under ordinary circumstances, make steady headway. The best proof of the progress being made is found in the amount distributed in the shape of dividends, and a comparison of the sums paid to shareholder in this way during the months of June and July shows an increase of more than £2300 in favour of the latter month. During June dividends were paid by 17 different dredging ccmpanies, the total amount distributed being £'10,936 9s, while during July the sum of £13,269 16s was paid by tho same number of companies. The Alexandra Lead and Waimumu Extended Companies e?ch paid two dividends last month, those in the former being 10s per- shara on the preference issue and those in the latjter 6d per share. Three sluicing companies figured in the dividend hat in June, and paid out £1785 12s 6d, but only one (the Deep Stream) paid a dividend last month, the amount being £300. Though £13,269 15s was the amount paid in dividends during July, three companies, not included in the total, declared dividends aggregating £7050, which are not payabLe until this month.

The annual meeting of the Waitahuna Cinnabar Company, ca'hd ior Thursday, lapsed for want of a quorum, smd stands adjourned for a week.

The secretaiy of the Oliig Company has received advice that the dredge resumed work on the 29th ult.

As the Gentle Annie dredge was undergoing repairs all last week, there was no wash-up on the 20th ult. The dredgemastev stated in his ieport that he would resume- dredging on the 28th ult.

A telegiam was received from the dredgemaster of the Levisvthan dredge on Wednesday stating that all the machinery was running very well.

Mr Andrew Young, formerly dredgemaster of the Big Flat dredge, has been appointed to take charge of the Grand Junction dredge, on which Mr George Herriot has been appointed engineer.

The dredgema'iter of the Garibaldi dredge wired on Wednesday that he resumed- work at mid-day on Tuesday. He also reports that the ground, which was 26ft deep when operations were suspended, is now shallower.

The directors of the Cromwell G.D. Company intend to make certain thft their new dredge is in thorough working order, and then shift her up to the claim aa soon as possible. If the river remains as low as it is at present it may be found necessary to do a- little dredging in places to get over the very shallow parts, but in any case the dredge should get on to the claim without much difficulty.

The drodgemaster of the Alpine No. 2 dredge stated in his report for last week that the remainder of the material for lengthening the lad-ler arrived at the claim on Wednesday night, and he had everything ready for work on Friday night. A run was taken out of the machinery on Saturday for two hours, everything working satisfactorily, aiid dredging was lesi'imed at midnight on Sunday.

Before the Ludy Charlton dredge stopped for repaiis she reached one of the shafts pui down by Mi Howaid Jackson, but the prospects theie wirrc ro better than were obtained previously The shaft from which lhe best results v. ere obtpin^d i' i 1 good distance ahead, pud as the co>t of working to it would be considerable the directois have decided to ca'l shareholders together to conpidcr the company's l^ofaition before any ruore expenditure js incurred. The repairs to the dredge are not being proceeded w:th m the meantime, ar.d jiuleing by the foeluig expressed by shareholders at the annual meeting it is probab.e tl.at liquidation will be decided upon.

The shareholders in tlio Bcndigo Company ] have, on the whole, responded verj well to the ! directors' reqtie^t for the subscription of a levy of Is 6d per share, and there ii cvc r y ] reason to hope that t hi* comp.uiy will be in a position to resume work without the "ei.cs.sity foi reconstruction. There ar« fetill icuic who ha\e noi coi.tnbuipd, however, a.d if they v..sh to on'-'ue dii-Jomg cpciAL-Oi)'- h' ng lesumed as •-co i .'-^ «ip rf'-nir- • se romp'rto-1 they slioiud «=erd , l i Ih-ir rejihfi a* o-ite, ir. . oidc-i t\ai tue di v eclo.'£, may hno'.v the exact ! jiLiition oi tiie fii.ai.ce«. The mo ey rt^e'.ved ) fiom ;):e !c >' will b? sufficient to clem off all I the liabilities e-xcept the mortgage (i\liich | amounts to some £"700), and le-.'ve a good i ba'ance ;n hand for working <-xpenboa.

Hie drecli'cniaster of the ft.se anil Shine , dredge reports that lie wciked fift ahead last week, tlie depth of the grou>.d being up to , 38ft and the width of tie cut about 100 ya^cU. The prospects across the cut v ere very good, tho lust pod bemK still near the rer.tie. The wash was, however, extending o*cr towards th? east side, and the bottom w>s &o't. The ground was, however, much rougher, and tho wash >vas very tight; but all the nuclncery, including the winches, ran very well. If the dredge ha-s a steady lun a good Tetuin is expected tr.i>? veck. The directors ha\e agrPed to pay the vendors of the "13 acres recently acquired 'ov the company the sum of £SOO in settleme.it of the purchase instea-d of giving ihtttk tue proceeds oi sa weeks' disdgiug on

the additional area, bo that the dredge will now be free to work the new property. The dredgemaater of the Point dOr dredgo reports that he was engaged in op«r-i. g out all last week. Owing to the very low river and the depth of the gTound, he was unable to" get down to the main bottom on account of the dredge being pushed ahead by the tailings, which the current was not sufficiently strong to carry away. At the end of the week he did not expect to get bottom, for a few days, is he would not have the dredge far enough ahead to be able to stack the tailings in tho paddock. The top layer of wash continued much ,the same as previously, except when ground was struck that had been worked by a former dredge. The dredgemaster stated that owing to the low river it would be almost impossible to work into the bank without an elevator.

The dredgemaster of the New Alpine Consols dredge reported on the 26th ult. that the gTound was very deep all la3t week. He struck soft bottom on the west side of tha river first, and it. gradually -widened until it extended over the whole width of the cut. The bottom was also very uneven, the dredge sometime* striking two or three .hard bars or ridge 3 about » foot higher than the rest of the bottom. The best gold was obtained on the road side, ■where very fair prospects were got before the eoft bottom was struck, lhe prospects continued good until Wednesday, when gold was showing freely in the buckets. There was nofc much material to shift, and the buckets could be put right on to the bottom every Ehift, bufc the only times the dredgemaster could depend on getting full buckets for long was- immediately after pulling ahead t and then he could bottom- in less than 10 "minutes. At the end of the week the ground wn3 not so good as ■what the dredge was on in the middle of the week.. The dredge was "tfrorking- about 400 yards from the top of the claim. A good deal ■of rain fell on Friday night, causing the river to rise about three inches, but snow fell on the hills, and on Saturday the river was almosas low as ever again, the dredge being able to bottom. A wire was received yesterday morning stating that the prospects were very fair until Tuesday night, but a hard bottom ■was struck ewly yesterday morning. The directors held a. meeting on Wednesday, when a dividend of 2s per share was declared, payableon Augiist 7. This dividend means that about £600 will be distributed among shareholders. A meeting of shareholders in the Kia-Ora-Gold Dredging Company was held on 30th ult. to discuss with the directors the present position and future proceedings of the company. After considerable discussion the meeting recommended the directors to endeavour to dispose of the dredge, selling to the best advantage the machinery, engine and boiler, and hull, separately if necessary. The question of the liquidation of the company was adjourned for a, month.

An Auckland telegram states that during the month ending July 12 the Manami Gold Mining Company treated 602 tons ore for bullion valued at £657.

The directors of the Golden Gate Gold Dredging Company have declared a dividend of 10s per share, payable on Saturday next, lha 2nct of August.

Particulars of all claims against the Horseshoe Bend Gold Dredging Company, now in liquidation, should be forwarded to Mr John Ferguson Harper, Vogel street, Dunedin, on or before August 26. Messrs Sievwright Bros, and Co. wi:l,se!l 'afc their rooms on Saturday, August 16, the Vincent Extended gold Bredg© and claim. Tenders are invited for the cartage of a dredge to Upper Nevis. (/ Messrs Sievwright Bros, and Co. will sell tho Royal Maori dredgo and claim on ths 13th. inst., and on Saturday they will offer for sale the Vinceut Extended dredge.

Particulars of ail claims, etc., against %h& Paul's Beach Gold Dredging Company must bs in tho hands of the liquidator (Mr. C.JS. Beeves) on or before the 30th inst.

The dredgemaster of the Central Matauru. No. 2 dredge wires that he resumed work at 4 o'clock on Friday afternoon, and consequently there will be no wash up this weak.

Ths dredgemaster of the New Alpine Consols dicdge -wires that he washed up 360z lSdwt 18gc for 110 hours' work. He also states .that owing to the rising river, which ia up 2ft, worL Las been stopped and the dredge has been, closed down, all unreeessary hands having been discharged.

Mr R. T. Wheeler, jun., received a vrirc-frpm Alexandra on Friday stating that lain was falling steadily there, that the river was rising, and that there was snow on tho hilltops." -

As the shareholders in tho Vincent Extended Gold Dredging Company have not applied for a sufficient number of shares in the new cempany to warrant its registration, the trustees for the debenture-holders have taken possession of the dredge aud claim, which they purpose selling by auction for the benefit of the deben-ture-holders.

A Wellington telegram states that the return from the Wakamarina Golden Point dredge was looz.

Tlie gold export from Greymouth last month was 67360z 9dwt, valued at £26;946. Since the Alexandra ' Lead dredge has como into prominence with large returns, Mr R. T. Wheeler, jun., liaa been besieged with "inquiries by telephone on Saturday evenings as to raiurns irom the Various dredges which are controlled iroru his office. With a view to obviating the necessity for answering such, inquiries, Mr "Wheeler- has decided to issue an. extra every Saturday evening containing all the re'urna received, and post the same in tho window of Mr Printer's shop, Colonial Mutual Buildings. The dredgems'stcr of the Eiicksou's Reward diedge states in h,s last ieport thai the ele\ator, which had not been running vc-il since. \.ork was conimenrpd. was the- cau^e of thcrocent stoppage. He has now had it- lined. up, and has dispensed with the slides, subrtituting rollers. He has also riveted on singia non stays in order to btrengthen the elevator, 'the scoppage was rather unfortunate, as thtclvpdgema3ter had a good face opened out, and expected a fair return for the week. He ii - tteds to wash up on Friday in future.

The dredgemoster of the North Beach drift. (Hi Sidney E. FacheJ reported on July 26 tl.i i.ist week's return constitutsd a record m tho ccirmany's weekly returns. He spei»t ihiee days on each side of tho tut, both sides aLowint, an improvement. There was very lilt le difference in the return of amalgnm, one »Af b"ing as good aa the other. The face showed bi-Uer than ever, and gave the impression that good returns would follow for some considerab'e time. The machinery was in good working order He hr.nded over the dredge to ilr James. Clilroy, his =ucces>sor, on July 27.

The dred^ema?ter of the Unper lisgnctic clicd^e reported cv T'wradsy that last wee": w«is :i \cry <=ho; t oi p as rejrsuds working time, cwing to Ihe btaiirg-- at the cr.d of the frict.on shaft burstiri;. H" yot these repairfcT/aiic! n -.i;u.<.d drcdprirj; «f C c'-ioc'k on JFoudsy uiornlr.g. Al .no iim*- o» wr'Ur^r Vba prtsjji?cts'werf 1-oor, bu* lie expected tberu to iin.i:r<;\c v.-hei. about a dredge ler.gih phcscL Ho was puiiinc; ahead us fast as pos-i bie viMi the object c ! getting on the go.d agam, but as t'io grount. was deep ha co'ild not e;jK» as much r>-O£,res<3 H3 he deshtd.

The total miijib'r cl shares allotted by t' provisional directors of the Xew Britannia* Co! Dredging Company- is 157G, all conhil-'-.i ■ and as the dredge was pioculed ?,t a co 3 i J

£900 it will be seen that there is a substantial margin available for working expenses. The provisional directors are Messrs Peter Miller, Peter Aitken, and Thomas Glendining, but the permanent directors and auditor will be elected at a meeting of shareholders next week, when the agreement entered into on bebali of the company for the purchase of the dredge and claim will be considered.

That the claims of the Watterson's Consols and Ahaura River Companies still retain a good deal of public confidence is proved by the lact that a considerable rmmber of applications bave already been received for shares in the Watterson's-Ahaura Company. Applications are still coming in steadily, not only from the guarantors and original shaieholders, but fiom the outside public as well, and aa the list will be closed on the 7th inst. those intending to lake lip shares in the new company should send in their applications before the expiration of that time.

The deity in getting the Trafalgar dredge to work again appears hke'y to lie shorter than was at first expected. The steel pinion left IDunedin for the claim on Friday, but as the result of coninrunication with the Despatch Foundry, Greymouth, it has been ascertained that a ca-sfc pinion can be sent forward in time , to enable operations to be resumed on Monday. The directors therefore decided to secure the cast pinion, which was expected to be sent away from the foundry on Friday, and the steel ! pinion will be kept on hand for use when the other gives out. In his last report the dredgemaster stated that he hod let out the ladder , extension while stopped, this enabling the ; dredge to work to a depth of 36ft or 37ft below •water level. He got a better sample of gold lor the last few shifts before stopping than was olitaincd on the bluff side, but on account of having to keep lowering the ladder down on the wash all the time what gold there waa was ( being washed_ on to the bottom, and could not be properly cleaned up. He felt confident, how- , ever, that when working steadily on the bottom payable returns would be got, and he expecta io_i get a good run when the new shaft is placed In position. The master of the Kelly and Casey Company's dredge reports that the high river caused a cessation of work on Friday, and that he washed up for 12oz sdwt 2gr for 113 hours' (hedging. Until Wednesday the dredge wns on «. hard reef cariyiug little or no wash. There was every appearance of frost ou Saturday afternoon, and the dredgemaster hoped to accommence work on Sunday night. The secretary of the Royal Waimumu G.D. Company has been stopped for want of coal. The secretary ol the Waimumu Queen Company reports that the dredge has been stopped lov general lepairs. The secretary of the Golden Bed Company reports that there was no wash-up labt week, as th« dredge was undergoing repairs. The dredgemaater of the Aldinga dredge ■wired as follows on Satuiday — ' Will reach, our own ground to-night or Monday, and will ihen wash up. Expect to dip into the mam creek bed inside of a week." Tins "secretary of the Lady Roxburgh Gold Dredging Company is in receipt of a wire from the dredgemaster stating that he stopped on Friday owing to an accident to the elevator, but that he would finish Tepairs on Saturday. ffha prospects improved prioi to stopping. The river was up 4ft. The secretary of the Stafford iv n) niP" Company reports that the dredge cannot ri-Mime york until the new screen and driving wheels arrive. The Matau dredgemaster reports that he has taken advantage of the nso in the river to ishiffc the dredge down the claim to a point ■where gold was left on the east bank, some distance below Muttontov/n Gully. Owing to the air pump breaking down and necessitating repairs being made at one of the foundries, the Champion Company's diedge ■was in idleness for three days last week, and |n consequence the dredgemaster did not wash up. The cause of the stoppage of the Central Mataura Company's dredge last wec-k was that Tepairs were being effected until Friday, on 'which day work was resumed. A later telegram stated that the river was m high flood, and work was suspended .it 8 a m. on SaturSay. In the paragraph in Saturday's issue referring to the proposed WattcrEor.'s-Ahaura Company it was erroneously stated that the list teould be closed on the 17th 11. St. The time for receiving applications expius on tho 7th inst., &o that those who intend tak'ng up shares ahou'd make application without delay. The Premier Bullc-r dredge obtained 31oz Xir.aigam for 119 hoiui*.

The following extract fiom the repeat from ♦he dredgemnator of the Sp:c Gully dieclgc lor the week end'd July - 26 will gi\e shareholders an explanation of the small return for l*st week. — " The dredge worked very well during tha pust week, but tnc ground was very pcor. I expect a very poor lelurn next week, as I have had to (,0 o.er to the lulls. <lc to flan up the ciec':, ? fre«-li ha.ir.g carried our riam away." The ma lager of the Ui-cla'inle'l Slu.cng Company, Mat?kanui, informed the Duncc'in Stock -Exchange on Saturday that the directors mstek U* be ablfi Ut ieckxe another dividend.

shortly. Shares in the cornpai y cha.iged hands ia the middle of h-st month sit £'12 ss. The Tucpeka Times states that p piesentation of a handsome marble clock was made to Mr Kobcit Cotton, Waipori, at Montgomery's Hotel on Tuesday evenirg last by Mr J. Short, chairman of directois of the Success Dredging Company, on behalf of the shareholders, a« an i expression of their gratitude and appreciation, of Mr Cotton's services in the interests of the company sines its formation, much of the 1 splendid and uniform success attending the ! company being due to the efforts and atten- | tion of Mr Cotton. And not only that, but it j was by him the ground was pegged off, and I thiough his exertions and enterprise that the | company was called into existence, very much I to the advantage of the lucky shareholders, j Mrs Cotton was also the recipient of a very ' pretty biscuit barrel on the occasion, and Mr Cotton both on behalf of himself and his wife acknowledged in a few graceful words the though-tfulness of the shareholders, and thanked them for their veiy handsome presents. The dredgemaster of the Central Electric I dredge reported on Monday last that he resumed dredging at midnight on the previous Wodne°dity. He cleaned up the bottom before taking a cut ahead in order to make sure that j the studs and crown wheel were giving satis-factio-i. Hr> pulled 4ft ahead on Thursday, and had been working in heavy ground for the < gi eater part of the time since, the strain on 1 the bucket lips being rather severe. At the time of wilting the ciown wheel was standing well, and the dredgemaster did not anticipate ■ any further trouble with it. He was working ' on a soft bottom m the centre of the river, and towards the east bank. There was a little gold on the bottom near the centre of the riv'Sr, but it was very difficult to save, as the bottom consisted mostly of blue pug, which would not dissolve with the water, but merely 1 lolled through the screen when it came up in lump's. He expected to get into solid ground j shortly. I A meeting of contributors to the Dunback 1 prospecting scheme w?3 heM in the Board iioom of the Agricultural Hall on Wednesday evening. A statement of accounts was submitted, which showed that the money subscribed had all been expended in piospecting the claim, but the result had not, been po satisfactoiy as it was thought it would be. For actual dredging time the leturn averaged o\ er lloz per week, but through stoppages on account of floods, repairs, etc., the expenses of management weie heavier than anticipated. Owing to the agreement with the mortgagees expiring on the 2nd mat., it waß decided to abandon further prospecting the claim and allow the dredge, etc., to fall into the hand 3 of the mortgagees. The dredgemaster (Mr Graham), who has given fitue satisfaction, reportscl tliut the dredge is in firs-class oider and a credit to the buildeis. A hearty vote of thanks was accorded the dredgema^tcr, trustees, and al?o the mortgagees, who ro kindly granted aji extension of true t-o further prosppct the claim. It was suggesteJ that a comnjitteo might be appointed to arrange with the mortgagees regarding reconstructing the company, and finally, after come discu^sio i, n committee wa3 formed to carry out the wishes of th? contributors. An Auckland telegram states tint the Kauri Fieehold Gold Estates Comp'nv's return for the period ending' July 23 was bullion valued at £1219. The dredgemaster of the Upper Magnetic dredge wires that he did not wasli up last week. The bottom is still hard. The contiactoi for the erection of Ihe machineiy on the Lowei Enfield dicdjje reports that ho lins put the new cups on the Pclton wheel, mid that everything is now satiiUctory. One ft the directors intends to proceed to the cUnn to make certain that everything is in proper working oi<der. The contractor has to run the orcdjje for the first month, but the dredgemaster w-jll be at work during that tune. A number of shareholders in the River Mo!j--i:cux Gold Dredging Company have not up to the present made any at'erupt to return their interest in tlio property by applying for shaies in the new company, and aa a icault the list is '•till a good way from being filled. The time for leceivu.g applications was to have closed Oil Mon'lav, but in oider to g'ic old shareholders a lurthcr opportunity of coming u«to the new company it was decided to extend the tune until noon next day. If shareholders did 1 not respond by that time, however, the shares wera to be offered to the general public. The meeting of the Excelsior Gold Dredging Company, to huve been held at the Stock Ex- } chant,? oi 1 Monday e\ r-'in g, to cons^dei a. le- ■ solutioii to wi>id tip the comp.tnv, lapsed for ' wait of a 14110111111, there bi-jig only five hHareho'.tieis picjcii!. The me&tmg wa3 accoicungiy ;i''!jouri:ed Tor a wc-k. Th-* effort? of the three lots of tlio Moonlight Gold Dredging Comoaiy to place tl'e prefcrerce shares have so fai been unsuccessful, and unless shareholders respond with'n the next fp-.v days the chances of getting the dredge to work will be rather problematical. The tender* for erection will be submitted in a few days, but unless there are considerably more preference shsrrs armheJ for the directors cannot po-sibly accept any tender or proceed with the fini/hing of the dredge. The offer ' «i the loau has also to be accented Iff. tie 13tk

irst , so that it is quite imperative that shareholders should send in their applications at once if they wish the dredge to be got to work. In order to ensure the completion of the contracts tt is necessary that shareholders should take up their quota of the preference shares, and as the piopoition is veiy small there should be no difficulty in placing the whole of the issue.