THE WEEK'S MINING NEWS

Otago Witness, Issue 2527, 20 August 1902, Page 23

THE WEEK'S MINING NEWS

The dredgemaster of the Molyneux KohLnoor dredge stated in his report for. last week that there was an improvement in the gTound on the west side of the cut, which still continued •very solid, and the improved wash was- inclined io widen more over the cut towards th« east aide. If this condition of affairs continues the dredgemaster expects to be clear of the old workings shortly. The solid ground very rough, and it tested the capabilites of the dredge, while it was also very severe on the buckets and graba. The dredgemaster intended to put another set of grabs on the buckets to strengthen them, and he would then have three sets instead of two to break up the hard material and save the buckets. There was a small breakage to the winch spindle on Friday morning, caused by a hole which had been "bored. The dredgemaster hopes to see an improvement in the wash in another week or so.

The dredgemaßter of the Sailor's Bend dredge wires that he bottomed at 10 o'clock on Monday, the 11th, and that the drift fs light.

A satisfactory trial run of the New Britannia •dredge was held last week, and the dredgemaster (Mr Adam Gibson) reports that steady dredging was commenced on the night of the 10th.

The secretary oi the Upper Magnetic Gold Dredging Company reports that the dredge has been closed down .in the meantime. She may be shifted down to the lower boundary of the Annie Quean claim, where good returns weie got{ and work that portion again.

x'he Local Industry Gold Mining Company <Limited} washed up on Friday afternoon 12oz 32dwt 12gr. The directors, at their monthly meeting on Monday night, declared a dividend of Is 6d per Bhare.

All the material necessary for the extension oi the ladder of the New Leaning Rock dredge has been despatched to the claim, and as the work is being pushed ou the dredge should be £ble to resume work in about a week or 10 dnys.

x'ho dredgemaster of the Globe dredge, in his report to the directors, states, inter alia, that eight hours of last week were devoted to niiishmg the buckets and links and putting new points on tines, and that now eveiy thing ■was in really good working order. Those in the immediate vicinity have expressed the opinion that Mr Lee hai put up a record in having completed the necessary repairs in co short a. space of time. The operations of the Roxburgh Amalgamated Smicmg Company were confined to stripping all last month, and consequently the manage! did not wash up as usual. Sufficient stripping lias been done to last for some time, and a etart was made this month to sluice the bottom dirt.

The dredgemaster of the Happy Valley dredge (Mr A. N. Wakefield) reports that the wash-up on Friday was for three days' dredging. He bushed tho buckets, links, etc., overhauled the "belts and pumps, and found 'everything alt right. This work took two days, and then one day was allowed for Coronation, but he does not anticipate any furthei stoppages. The appearance of the ground still continues the same, but the clay is becoming heavier to deal with, and is very sticky.

The alterations to the Lower Enfield dredge have now been completed, and the secretary received a telegram on the 11th stating that the machinery was submitted to a trial run on •Monday night, everything working well. Steady ■work will probably be commenced without any delsy.

The dredgemaster of the Trafalgar dredge in his last report stated that he had been working on a sandstone bottom covered with »-layer of pug, about 4in thick in places, the depth being about 30ft to 41ft. He has lowered the water in the dam about oft to allow the dredge to bottom easily. The wash was heavy, with laige stones in it, but there was less strain on tue machinery than when they were ■inking. He washed the mats on August 7, and they were looking fairly well for the tims dredged. Owing to the breakage of the crown pinion there wa3 no wash-up last week. The dredgemaster of the First Chance Company in his report for last week stated that tho v/euther looked bad on the Oth, but it ■turned to enow, and a h«rd fxoat bm±. in that

night, rather fortunately for shareholders, as the dredge was working aa deep as the ladder would allow, and a small rise in the 'river would have the effect of causing a suspension of operations. The drift was bad, but he expected to resume work on Sunday night.

The half-yeaTly balance sheet of the Leviathan Gold Dredging Company made up for the six months ended 31st July last shows that over 885oz of gold, valued at £3481 16s 4d, was won during that period. The snm of £1500 has been paid in dividends, and after providing for the cost of the late overhaul there is a credit balance 0t.~£252 13s lOd over liabilities. The expenses. ans cost of* 'running the dredge were £1577 8s lOd, or a little 6ver 15o« per week. The .dredgemaster reports that everything in connection with the dredge is in good working order, and it is anticipated that, barring accidents, the dredge should have a good run without any heavy expenditure during the next six months.

Particulars of aH claims-against the Thna j burn Gold Dredging Company should be forwarded to Mr J. T. M'Kerrow, the liquidator, within 14 days.

The Lord Ranfurly Dredging Syndicate require a dredge.

The dredgemaster of the Upper Magnetic dredge wired on Wednesday that he had washed up for a return of 230z 17dwt. Arrangements have not yet been completed with the mortgagee for restarting the dredge.

The secretary of the Golden River Company received a wire from the dredgmaster on Wedresday stating thct the dredgu had been closed down, as she was unable to bottom.

Tenders are called for the purchase of the Kia-Ora dredge, now lying on the Upper Kawarau. Fuli particulars can be obtained from Messrs Mercer and Mitchell.

The directors of the Waimumu Gold Dredging Company have declared a dividend of is per share, payable on Wednesday next, 20th inst.

The directors of the Charlton Creek Gold Dredging Company have declared a dividend (the fifteenth) of sixpence per shaxe, payable on Monday, the 18th.

The secretary of the Lady Eoxburgh Gold Dredging Company reports that during the week ended August 2 the dredge obtained 6oz 13dwt 6gr of gold, while ior last week the dredge obtained 7oz 17dwt. A considerable amount of time was occupied in opening out and widening the cut, the ground proving very ,deep. The dredgemaster reports that the machinery is running well. The dredgemastor of the Alpine No. 2 dredge stated in his report for last week that he had great difficulty in keeping tho dredge at work, owing to the rough nature of the ground, which was, however, good. The dredge was working well.

The dredgemaster of the Alexandra Lead dredge reported on ihe 9th inst. that he had a lot of drift with which to contend on the previous Monday, in addition to which some old ground was struck during the week. The ground got very heavy on one side of the cut, and consequently the amount of material treated was less than usual. The dredgemaster expects the ground io be somewhat rough on one side for some time now, as the dredge is working close to the rocks on that side.

The diedgemaster of the Waimumn Extended dredge had not, up to the end of last week, been able to complete the repairs rendered necessary to the dam on account of the recent flood, as the scour was bigger than he thought, but he hoped to have the dam high enough to allow work to be resumed on Tuesday afternoon. He took advantage of tho stoppage to effect some necessary repairs, and had overhauled his string of buckets and the links, the latter being rebushed. The dredgemaater of the Spec Gully dredge reported on Saturday that the dredge worked fairly well during last week, but the first half of the week was occupied in strengthening the gaps made in tho dam by the recent flood. The ground being treated at the end of the week ■teemed slightly belter than oi late, but the dredgemaater stated that it might change at any time, as there appeared to be no uniformity in it at all.

The dredgemaster of the Rise and Shine dredge reports thai he worked 12ft ahead during last week, the depth of the ground varying from 39ft to about 20ft on the cast side, where bard bottom was struck early in the week. From the centre of the river to the west side the bottom consisted of soft pug and rotten rock, and carried very fair gold. A wire was received yesterday morning stating that the received on Wednesday morning stating that the dredga had been unfotulnately stopped owing to the breakago of tlie bottom tumb!or shaft. A new tumbler was sent away from Dunedin o:i Wednesday, and will bo conveyed to the claim with all possible speed. The dredgemaster of the Point dOr dredge, in his report for last week, stated that he waa engaged until Wednesday night in trying to bottom in Chinaman's Beach, but he was unable to do so on account of the tailings still pushing the dredge ahead. Since Wednesday he has been working on the opposite side of the river, where he stiuck fooic good-looking wash on a false bottom. Owing to the quantity of tailings on top of the wash he did not get a face opened put until Saturday morning. If the wash continues the same during this week an improved return is expected, but the -week will be shorter Than usual on account of the stoppage on Coronation Day.

A balance sheet for the half-year ended July 15 has been issued by the Olrig Dredging Company, and a perusal of it shows that the progress made since the annual balance has been very satisfactory indeed. At the beginning t! the period the profit and loss account showed a debit balance of £85 9s Id, and the expends during the six months amounted to £1473 14s 2d, mak ng a total of £1559 3s 3d, against which the gold yield represented a revenue of £4238 18s 7d. The sum of £2086 10s was distributed in dividends, equal to 6s per share, in addition to which a credit balance of £593 5s 4d was carried forward to profit and loss. In addition to a reserve fund of £400, the company has a bank balance of £260 3s lid, againafc which there arc unpaid accounts amounting to £396 18s lid.

The dredgemasfer of the Central Electric dredge reports thnt he had a steady lun last week without any serious mishap. He dredged about 14ft ahead during the week, with a cut of 30yds width. The deepest ground was 43ft, the bottom being partly pug and partly reef. The gold was obtained from a narrow lead veaxex tha e*st tank than the centre of the

river. The lead was lost on Thursday, but the dredgemaster thinks that there is a big stone across the cut, and hopes to pick the lead up again iv a few cuts. The ground is stony, and it is difficult to keep on the bottom. Two men have 'been put on blasting stones on the west bank for a few days, the dredgemaster thinking this should prove a good bit of summer ground, aa the ground is getting deeper on the outside of the cut. He believes that there is a deep lead going into Cornish Point.

The dredgemaster of the New Alpine Consols dredge stated in his report for last week that he could not work satisfactorily until the river was nearly at foot lower, and also tiat the return for-ihe last week of working would have been increased by 20oz if the ladder had been 3ft longer. All hands had been discharged except himself and the engineer. Operations will not bs resumed until the ladder is lengthened, and this work the directors have decided to put in hand The specifications ase now being prepared, and the necessary material will "probably be ordered to-day. It is almost certain that the ladder will be lengthened by 16ft, which will enable the dredge to work to a depth of 52ft, and allow dredging to be carried on for at least six too nth s in the year under ordinary circumstances, instead of for the very brief period that is possible with the present ladder. Shareholders in the Golden Elbow Company hava not taken up the debentures, which the diiectors proposed to issue in ordar to put the finances on a sound footing, to a sufficient extent to warrant the directors in proceeding any further, and consequently a meeting of shareholders has been called for next week to consider the question of the company's future. If shareholders intend to take up the debentures at all they will be conserving their own interest by sending in their applications without delay, as otherwise the dredge will remain idle while the present favourable season is passing by, and, furthermore, it may be mentioned that unless the debentures are taken up the directors intend to recommend that the company be wound up. If this course is decided upon shareholders will probably lose the gieater portion, if ndt all, of the money they have put into the concern, while by paying a comparatively small sum additional they will be able to test the claim under very favourable conditions. It is rumoured that the mortgagee intends to run the dredge on tribute in the meantime, and it is understood that work will bo commenced almost immediately.

' At tho Warden's Court, Lawrence, on Monday last an application by the O.P.Q. Gold Mining Company, Waipori. ifor 20 heads of water out of . the "Waipori River came before Mr G. Cruiokshank, warden. — Mr Haggitt appealed for the applicant company, which was opposed by the Empire Gold Dredging Company, represented by Mr Finlayson.— lt was explained by Mr Finlayson that there was only" one ground of objection, which was that the O.P.Q. proposed to deflect 20 heads of water from tha Waipori River one mile beyond Stony Creek. There was nothing iv the application showing whether the water would return to the Waipori River, arid he was instructed to say that if the water is diverted into the creek it would not reach the Waipori River until at a point lower down than where the Empire Company had their claim. If it was guaranteed that, the water would be returned to the Waipori River higher up than the objectors' claim, there would be no objection to the application. — Evidence in support of the objection was given by Messrs R. Pilling, jun. (secretary of the Empire Company), George Larking (dredgemaster of the company's upper dredge), and Thomas Pilling (a director of the company), to the effect that dredging operations would be hampered if the water was diverted and not put back into the river above ! the claim. The first-named gentleman said ' ho thought there were about 30 heads of water ; at the company's claims. Mr A. E. Inder, at- ; torney and general manager of the O.P.Q. Com- j pany, gave evidence in support of the appli- I cation to the effect- that the objecting company would be able to work satisfactorily if the application were granted. He stated in his evidence that 60 heads of water was the minimum, quantity that passed down the Empire claim almost the wfiole year. — His Worship said he felt almost disposed to grant the application, and if the other dredging companies did not put forward any better reasons than the Empire ! Company had done he would feel disposed to , grunt. In the meantime ell the other dredges would receive notice, and the application would | come up-agaii next court day. — Tuapeka. Times. I

Tenders are invited for the purchase of the Kai-Ora Gold Dredging Company's dredge.

Particulars of all claims against the Canadian Flat Hydraulic Sluicing and Electrical Power Transmission Company should be in the hands of the liquidator (Mr W. E. C. Reid) on or before the loih prox.

The secretary of the Bendigo Gold Dredging Company received a telegram on Thursday stating that the dredge hud resumed woik en. Wednesday night.

The secretary of the Lady Roxburgh Gold • Dredging Company is in receipt of a wire from the dredgemaster stating that the main crown wheel has been broken in two pieces. This will necessitate the dredge being shut down until , the wheel is replaced. The contract for the erection of the machinery on the Grand Junction dredge is making steady progress, and the work is now nearly completed. If all goes well the dredge will probably make a start withm the next fortnight. The work in connection with the Waikaka Syndicate's dredge has been delayed considerably on account of the inclemency of the weather, but steady progress is now being made, and in the ordinary course of events the dredge should be at work within a reasonable length of time. The pontoons were launched last week, and the erection of the machinery will be proceeded with at once. Mr Hedley has been appointed to the position of dredgemaster of the Electric Gold Dredging Company's 2?o. 2 dredge (formerly the Magnetic), and a wire has been received by the . secretary- stating that that gentleman took charge on Ifouday, 11th inst. It is 'intended to further prospect the Magnetic claim (which adjoins the Electric claim) before shifting the dredge to the latter company's property, as it is rather doubtful if the dredge could be Bhifted while the river is so low as at present.

The engineer of the New Roxburgh Jubilee dredge states that the paragraph from the Roxburgh correspondent in the current issue is likclx tfi cxeftte a wrong inmießßicß.. The dredge

is fitted with Roberts's patent ladder extension, necessitating only the putting on of extra buckets and links to allow the dredging to be carried on to a depth of over 50ft, or 7ft deeper than when the ladder is in its ordinary position. A goodly number of dredges have been fitted with this appliance, and it has proved of great advantage. Though the dredge had not bottomed on Wednesday the directors anticipate that she will be able to bottom easily without any necessity for lengthening the ladder.

The dredgemaster of the Voltaic Company wires that the ground is too rough to work, and consequently he stopped dredging on Thursday.

A half-yearly balance sheet has been issued by the Inchdale Gold Dredging. Company fox the period ended July 31, and -the statement of accounts submitted shows that the company has made some progress since the close of the last financial year. On January 31 the profit and loss account showed a debit balance of £372 15s 2d, and the expenditure during the six months reached an aggregate of £1435 8s lid, making a total of £1808 4s Id. During the period in question the dredge won 4280z 16dwt 17gr of gold, valued at £1606 14s 4d, so that on July 31 there was a debit balance of £201 93 9d to profit and loss. Tho liabilities comprise £100, the balance of the loan on mortgage, and £168 5s 6d, owing to sundry creditors, while the cash in the bank and on hand amounts to £109 7s 7d, in addition to which there is a suspense account of £20. The nominal capital is £7000, but 575 shares, on which £477 10s has been paid, have been forfeited. •

A meeting of the newly-formed Royal Maori Company was held on Thursday Afternoon, when Mr S. T. Miranis was appointed secretary and Mr J. Rhodes chairman of directors. The shares applied for, numbering 1461, were allotted. A meeting of shareholders will be held later on.

The Fraser River correspondent of the Cromwell Argus states that Messrs Hookey and M'Connell expect to have sluicing operations in full swing in another month. These men have gone to an enormous amount of labour and expense in their efforts to develop their property. It is now four years since*they first began operations, first by turning tho Fraser Rrver in a gorge, where » very strong stone wall had to be built some 20 chains in length of large stones, the wall averaging from 6ft to Bft high and -4ft to 6li wide. The construction of this wall and the turning of the- river alone took two years, and while they were working at it it was two or three' times carried away in places by the flood, one break taking the .whole of one winter to repair, while dthers took two and three months. After successfully turning the river the more difficult 'and dangerous work of tunnelling a tail race r from a point at the falls under the^iver began, which i% now almost completed. It is about Id chains long, 4ft or 6ft high, and from 3ft to 4ft wide. In some places it ia driven under loose boulders, some being 20 tons in weight, and where the race could be opened up it is thereby built up with dry stone and mason work and covered over by long heavy nags weighing several ton 3. These stones were moved from the side of the hill and other convenient places by a powerful whip, or jinny, as it is sometimes culled. The completion of not quite another chain of this tunnel tail race will reach the point where the very rich lead of gold is supposed to exist. The two men are both very sanguine of the success of the enterprise, and are in high spirits over reachingt a point of safety with the construction of the tunnel. Uiflcsa one were to visit the claim personally it is impossible to have any proper conception of tiie work done and the extreme danger they were exposed to at. times and the plucky and enterprising spirit shown throughout. The Nevis correspondent of the Alexandra Herald says: — The New Nevis Company have begun to re-erect the housing. It will, however, be some time before tho dredge will be ready for work. — The Crcwe No. 1 dredge had worn a hole in the bow, and took in much water. Aa soon as this was discovered the manager (Mr Cheshire), with commendable promptitude, got up steam and beached the dredge. She was for some days high and dry, but repairs have been effected, and she is now in the water again. This company, I hear, have decided to shift their No. 2 dredge (late Carrick) to the Upper Nevis. It is rumoured here that Mr Gordon is to shift her. This company have been very fortunate so far, and have proved that it is possible to profit by other people's blunders. — The Ngapar* No. "'2 and No. 3 Companies have put their dTcdges in good lepair for the season. — The Keep-it-Dark Company are going to make another start in the spring. The Mutakanui correspondent of the same paper says that ns regards mining the past winter has b<*en the most exceptionally favourable we have experienced for many years. Instead of the six or eight weeks' compulsory holiday on account of the frost, very little time has been lost. In the Tinkers Mining Company and the Undaunted claims the water was only of! for about a week altogether. The Drybrcad Company have been less fortunate. Their water, coming as it does fiom the'JLiauder Creek, is taken across Thomson's Gorge in pipes, down one side and up the other, and the string being a very long one — fully a quarter of a mile — the slightest frost causes a great contraction in the pipes, and consequently a good deal of their water is lost. This rcmnany are working at r. depth o! 60ft, find consequently they require all the pressure available foi' elevating, p.s the slightest reduction in the water supply causes a stoppage which would be avoided were they not working such deep ground. However, they are nil In full swing now, and a successful season is predicted for them, one and all. The dredgemaster of the Waimumti Extended dredge vires that he resumed dredging on Wednesday morning, and was occupied until Thursday night in cleaning the silt -out of the paddock. - There was therefore v.c washup last week. The statutory meeting of shareholders in th<«New Royal Maori G.D. Company will be held early next month, and in the meantime the dredge will be- left in charge of the caretaker. Jl few shares arc still available .for application, and shareholders in tho old company may still retain their interest in the concern if they send in their applications without further delay.

The sccietary cl the Lower Enfield Company received n telegram on Friday stating that a pt«Uminary run. had taken place, everything

working splendidly. As a wire was leceived at the be b iiining of the week stating that a trial run had been held it is thought that the telegram to hand on Friday meant that steady dredging had been commenced. At their meeting on Friday the directors of the Upper Waipori Alluvial Gold Dredging Company declared a dividend of Is per share, payable on the 22nd inst.

The dredgemaster of the Aldinga dredge reports that he had a fairly steady run last week, with the exception of the stoppage on Coronation Day, when the dredge was idle for two shifts. There was no decided change in the ground, and the dredgemaster did not expect any marked alteration either in the depth or prospects until the end of this week. Notwithstanding the rough nature cf the ground, the machinery was running well. The dredgemaster of the Three-miie (Greenstone Creek) dredge reports that during last week he was working the creek bed and each bank to a width of about three chains. The ground was very hard and rough, and consequently the stoppages were numerous, especially in the creek, where the boulders were very large. Everything was working well, but the heavy ground was severe on the buckets. The dredgemaster intended to work the other section of the face this week, and did not expect the return to be so good as that for last week. He expects to clear up the face soon, however, as it is good dredging ground, the only drawbuck being a few stumps. The dredgemaster of the Leviathan dredge (Mr D. Sutherland) reported on Monday, lltn, that last week's run was somewhat spoiled by the winch breaking, but the return- showed an improvement on the previous week's yield. Owing to mishaps the drcdgeinaster's time has been fully occupied, but he hopes to settlo down to steady running without any more loss of time. At the time of writing he had still a -dam wall to put up in order to fill up an old tail race to the beach, about 12 chains ahead, before dispensing with the extra men employed. He had every hope that good returns would be obtained in the near future.

Shareholders in the Moonlight G.D. Company have now applied for a sufficient number of preference shares to warrant the directors taking the necessary steps to get the dredge to work, and the tenders for the erection of the machinery will be considered in a few days. Those shareholders who have not yet applied for their quota have still an opportunity of doing so, and the directors are desirous ol placing the full issue in order that the finances may be strengthened as much as possible. The vendors of the claim have demonstrated their faith in the claim by taking up their quota of the preference shares.

The share list of the Watterson'a Ahaura Company is steadily being filled up, ivnd the provisional directors intend to proceed to allotment in a few- days, so that -shareholders who have not yet applied for shares should do so at once. In view of the fact that the capital of the company will not exceed £3000, and that the assets comprise two dredges and olaims, one dredge being able to start work immediately, the company has every chance of proving successful and reimbursing shareholders for their past outlay. Apart from this, if shareholders intend to apply for shares in the new company 1 they may as well do so -without delay, and enable operations to he resumed as soon as possible, as the expenses are going on while the dredge is waiting for another start.

The dredgemasier of the North Beach dredge* reported on the Bth inst. that the return for' last week was obtained from the hill side of the cut, or the back lead. Buried timber gava » lot »f trouble,-and caused considerable loss of time during the week, the average time • worked being only 'seven hours per shift, while the remainder of the time was occupied in' getting the timber out of the fac. The prospects were improving at the hill side corner, of the- face, but th« silt and timber were difficult to deal with. There were only 10ft of Water under the dredge and 12ft of sand above the water. The buckets parted on the ladder on the previous Saturday, and a delay of fivo hours took place in coupling them together again. But for this stoppage the dredgemsster thinks last week's return would have been a. record for the dredge. This week's dredging; was to be dome on the same face, but the return was not expected to bs so large, as two shifts were lost on Coronation Day. The return for this week is 360z ldwt for five days' dredging. The secretary of the Inchdale G.D. Company reports a return of lloz 16dwt for 129 hours' dredging. The operations of the dredge have been considerably hampered lately owing to the quantity of clay that had to be treated, but the dredge is now being turned round, and it is expected that she will soon bo" clear of tho clay, after which better returns may bo looked for. With reference to the paragraph relating to the half-yearly balance aheefc tho secretary informs us that the sum of £88 6s Id for the old water race, which appeared as an asset in the annual balance sheet, was included in the profit and loss account in the half-yearly balance sheet, so that the actual receipts showed a surplus -ef £259 lls 6d over the expenditure. This, it may be mentioned, was not pointed ou' in the balance sheet. In connection with the forfeited shares tho sum of £177 10s represented the unpaid balance, not the amount that bad been paid on them.

A smart piece of work was executed by Messrs Joseph Sparrow and Sons on Wednesday night which is worthy of mention. They received information from the Rise and Shino Dredging Company at 1 o'clock that afternoon to forward a new lower tumbler shnft complete to Cromwell aa early as possible, and managed to complete it by 6.15 0:1 Thursday morning. The shaft is sft long and B£in in, diameter, and was cut from a 9in bar and reduced at both ends to sin and double keyscatcd. Four heavy bushes were forged, turned, -and shrunk on both ends, also two largo collars, tho collars and bushes being secured at each end to the shaft by a screwed pin running Tight through each. Messrs Craig and Co. were to take 011 the shaft on Thtu-fi-day from Ida Valley. Great credit is due to the engineer* who executed tho work. The directors of the Empire, Majestic, and Meg and Annie Gold Dredging Companies hay* declared dividends as fo! Iowa -.—Empire, 2s per sharp; Majestic, In 6d pc» share; Meg and Annie, Is per share.

The directors of the Enterprise Gold Dredging Company have declared a dividend (the fiftyfourth) of 2* per share, payable on '.Tuesday next.

The liquidator of the Gunton's Beach Amalgamated G.D. Company invites tenders for the purchase of a number of mining properties, etc.

I The half-yearly balance sheet issued by the ! Gold King Dredging Company for the period I ended July 31 shows that the company has made I a little headway during the six months, though not so much as shareholders would pxobnbly I desire. On January 31 the profit and leas } account showed a debit balp'nce of^ £1122 lS.i I Id, and the expenditure during the six month* i amounted to £1694 2s Od, this sum ii-ciiuHu!? t the cost of repairs (£275 9s 9d) and the interes . .paid to Mr J. Sparrow (£153 12» 7d). Tho gold receipts wero £1817 9s 3d, or £123 6s Cct more than the expenditure, and a debit ba'.anc ; of £999 lls 7d was carri?d forward. Tha r.oni - i nal capital is £10,500, but 1010 shares, c 1 j which £569 7s 6d vras uTipcid, -were forfeit-.- . The liabilities coranrisa £2501 6a sd, in bi" •* payable to Messrs J. Sparrow and Sons, £-2" \ J5» 7d due to the same firm, £201 6s 10d div. to lit E. Roberts (wkoso Recount has ojc*.)

reduced by £43 during the half-year), and £219 us 8d due to sundry creditors, against which xhere is » balance of £197 19b 4d in the bank. The dredgemaster of the Matau dredge reports that he has had difficulty in getting tho elevator to work, and consequently did not wash up lost week. This is the first occasion in the history of the company that it has been found necessary to use the elevator. The secretary of the Gabriel G-.D. Company reports a return of ISoz 4dwt for 144 hours' idrcdging. The dredgemaster reports that the ground is very bumpy, with high rock and ■shallow ground. H» will go over to the creek teide this week, and will be occupied for two knonths in working up that side of the ground. The secretary of the Island Block Company reports a return of 9oz 16dwt for the week. (A. stoppage has been nuado for the purpose of putting bushes in the driving pinion. , Tho secretary of the Pactolu* G.D. Company reports a. return of 18on ladwt for 4} days' jtvork. The company's second dredge is expected to make a etart on Wednesday next. . The return from the Kohinoor dredge last greek was lloz lOdwfc for 60 hours' dredging. {The dtedge is still working old tailings. The Stafford Waimea dredge started work on (^Tuesday night, but the dredgemaster advises /that there was no wash-up last week. The jdredge i» working well, and the prospects are lair. The dredgemaster of the Unity dredge wires that he is still engaged in opening out a cut, Wnd consequently there waa no wash-up last .Vveek. The dredgemaster of the Endeavour dredge Reports that there was no wash-up last week, •c he has been engaged in effecting repairs to the screen and other parts of the machinery. The bush for tho bottom tumbler shaft rcnuires renewing, aud is being forwarded to the claim as quickly as possible. Mr J. J. Ramsay has received advice from Mr Thomas Barnes, dredgemaster of the New Golden Gravel dredge, stating that all repairs Jinve been effected, and the dredge is at work. Only about four days' work was done last week, and part of that was in opening out again, bo that tho dredgemaster decided to simply Wash down the mats and wash up the lot next week. The wash ia looking very well, and a good return is anticipated The dredgemaster of the Prince Arthur oredge, writing under date 13th inst., reports rs follows: — I have the dredge almost at the beach, and the ground has changed for the better. There was « little wash to-day on the ibottom, and a fair prospect in it; in fact, it ■was the only prospect that I have seen since .the dredge started work. I .will wash up this week, so we will know when we are on gold. There will not be much thiß week, but I tin oure the dredge is not far from gold. The Western Star's Orepuki correspondent writes- — '" For some time the air has been full pf rumours of good gold being found on Pallia [Plat and in the bu<sh. This seems to be a continuation of Orepuki gold joining the Round Hill field, and no doubt in the near future a good acal more will be heard about it. Messrs Watson have a very rich claim, and othera who )ire prospecting have found gold nearly everywhere they have tried." The secretary of the Nokornai Hydraulic Bluicing Company (Limited) reports a return of 200oz lOdwt 13gr of gold for the months of June and July. The dredgemaster of the Electric No. 1 dredge vires that work was suspended at 4 o'clock on Jriaturdiy morning in order to allow the boiler to be cleaned out. The dredgemaster of tho Electric No. 2 flrcclge wired on Monday that lie expected to Itart dreilghig that afterrooti. I>cp and parly's dredge, which has been frcctcd on a claim situated on Mr Harvey's ard, Waikaku Valley, commenced work three daya ago (q&ys the Mataura Ensign) and ha 3 partly opened out a face of splendid-looking r-a«h. ./H a niTtinj? of fh:irpholrier= in tho Union Jat k fio'd Drcdifinsr Conimny, held on Friday e-voniiig, the wotior to voluntarily wind up the rorni* l .r.y ws co-firpicd, and Mr F. Tyson was ip'-!o'j't"d l-'o.uidat ir. \'h? ■■pcrpißry of th? New Roxburgh Jubilee Or^dg r<? Co reports that !>.• received the follow ii % telcgr:.m from the dretlKeniat-ter on Monday afternoon: — ''Indications improving;

can keep on bottom easily ; hard and soft reef." The Matvura Ensigi states that the annual meeting of shareholders in the Waiknka Dredging Cou..i.-v v,:<= hcln or Frdrv. Dr Donaldson pres'.ciiUi/. 'L''t! f - dim to. s' report stated ihft ths drerlec started work ■ ■ ■(. Se;>tercbT — Itveral mo^*"*i9 after contract ' r>i«- Hie directors havi -g iinile a-ir.- gcmo.a-; *.th t!u> ccnkoctoH that tks e*U«s mm & ta ftUowed. lor

owing to the delay. Since the dredge started v/ork she has obtained fair returns, and was gradually reducing the liabilities. It was expected that during the next few weeks the returns will be greatly increased. During the year the directors had to become responsible to the bank " to obtain capital to pay off the contractors. The report and balance sheet wc-re adopted on the motion of the chairman. Dr Donaldson and Mr Talboys, retiring directors, and Mr B. J. Faitt, retiring auditor, were re-elected.