MINING. THE WEEK'S MINING NEWS

Otago Witness, Issue 2528, 27 August 1902, Page 22

MINING. THE WEEK'S MINING NEWS

A 18-pound nugget has been found on Bonanza Creek, in the Yukon, which is the lirgest yet unearthed in that mi mug district. The output of gold continues to be large, aad the entire territory is well organised and in a flouriehing condition. A notification appears in the Daily Times of the 20th in St., etating that a company having complete machinery, engine, boiler, ana pontoons is prepared to amalgamate -with another company possessing a tested claim and capital to erect machinery. The secretary of the Lower Enfield Company received a telegram on the 19th inst. stating that the dredgemaster has now taken charge, cud that all the machinery is running satisfactorily. A. paddock ia now being opened out. As the lower portion of the Voltaic clarai, ibelow the falls, i»as been found too rough ior dredging, the directors have decided to wait ■until the river rises sufficiently to allow th* Sdredge to be shifted up to the upper part of the claim, where good gold is supposed to exist, before operations are resumed. In tha meantime the dredge has been moored in a safe position. The diractoi-s of the Alexandra Lead GoW Dredging Company declared a dividend of S3 jper share on the 19th, payable on Wednesday r.ext, 27th inst. This dividend, which repre•tnts a distribution of cbout £2625 amongst •harehold-crs, is the first declared on the ordinary Issue, but two dividends of 103 «*oh have been paid on the preference shares, ■which now rank as ordinary shares.

In the report published last week regarding the Gr©«t Woodstock claim it -was erroneously stated that the v/ashdlirt from the last 6ft of the 221t shaft yielded " 3dwt to the load." Reference to the manuscript shows that the result was given as gdwt to the load. The dredgemaster of the Happy Valley dredgo stated in his report for last week that he had opened out agein to within half a chain of the full width of the claim, and the gold for the week was obtained from the poor and shallower side of the.fact: near the hill. There was no change in the appearance or depth of the wash.

At ft meeting of tho Rilcy's Beach Gold Dredging Company, held on the 19th, the last *all of 2s per share was struck. When all calls Are paid the company will have iU:6O in hand. Out of this sum a 2s dividend was declared, absofoing £S6O, leaving in rjservo £1100. A number of shares were- forfeited, thus making the dividend-paying capital £8600. Tho directors of the Alexandra Eureka G.D. Company have declared a dividend of Cd per share, payable from the 19th. The dredgemaster of the Bendigo dredge •wired on the 19th that the machin-ery was working v.-ell, and that the prospects were good, though tho drift was very troublesome. The diedge ie now working on the western side of the claim, or th? opposite side to that on which ehe waa working before ths stoppage, and that she is on good j,old ia jnoved by the fact that gold was showing freely o.i the tables on Sunday night, though tiiTt- wa-> then no sign oi bottom. The ladder having been lengthened by Bft there should be no difficulty now in bottoming in any part of the claim. The dredgemaster of the Molyneux Kohmoor Sredge ia his report lor last week states that the solid wash lan out on Wednesday, since which tune only old gro-uid was worked. This (hou'.d give about 2f>oz per week if full time is worked, but so.id ground may be struck again at any tune. Tho 'wash, which is at present very patchy, 13 much deeper on the weat side of the cut, "and is as deep as can be worked at prcssst, though when the ladder if lowered on the pivot fhaft the dredge will be able ta work to a d^pt'i e>f SJft. Only two ihifts per day will be worked ilr.s week <»s the remainder ot t'ae tune will be occupied in rclijrping the bucket*.

Mr -A. Kyle, v.-ho returned a few days ago from a trip to the West Coa 3 t, in th» course #f -which he v-oited the Leviathan claim, uas Sent i.i a report containing eorp" particulars regarding the work being done at presert aad the p/ospocts ahead. In the course of his report Mr Kyle states that the ground wa.« from 25ft lo 27ft deep, ar.d the preater '~a.t of it consisted of nothing but mud from top to bottom. The wash was verj liuu, and, esea the tiuu

seam was -well mixed with mud. Fortunately the mud did not break up in the screen, but for the most part passed on to the elevator and was thrown over the top. If the mud broke up in the screen and passed over the tables the water would be so dirty that it would be useless for saving gold. The ground is gradually getting shallower, t>ut it ■will take at least six or eight weeks before the dredge get 3 into the gravel again and -clear of the mud. It is thought that the narrow lead next the seaward side is becoming wider, and this is taken xis an indication that the other les»d will also wjdeii out pood. After diedging aenrosE Clough's paddock the water level will be about sffc lower than at present, and it will be necessary to raise the water level on the south aide ; but this could easily be done by putting a small embankment across an opening to the sea. The 6urface of the ground on tho outside lead is covered with bush, which necessitates extra labour being employed. A dray road will also have to be formed alorgside the paddock, over tho recently-cleared gi ound.

Tenders are invited for the dismantling and re-erection at Nevis Crossing of the B-ernark-ables dredge. M«s.srs Park, Reynolds, and Co.' will sell the Eclipse dredge and claim on Monday, the Ist prox. Particulars of pll claims against the "Watterson's Consols Gold Dredging Company should be forwarded to Mr J. A. Sligo (liquidator) on or before Sseptember 23. Particulars of all claims against the Union Jack Gold Dredging Company should be forwarded to the liquidator (Mr F. Tyson) on or before the 20th October.

Tenders are invited for the purchase of the Kia-Ora dredge.

The secretary of the Clyde Dredging Company received the following telegram from the dredgemaster on Wednesday: — "There is still much hard bottom, but soft bottom is makn.g and prospecting well. ' There was no return from the Island Block dredge last week ns repairs ore being effected to the driving pinion and shaft. The work is proceeding satisfactorily, and it expected that dredging "will be resumed about the end of the week.

The manager of the Deep Stream Amalgamated Company, -writing on the 19th inst., reports that owing U> the severe frost still prevailing the supply of water has been veiy limited, although ho had bean able to do some vorji during the past week with No. 1 elevator. On Monday night the water had became so short, through the continuance of heavy fro=t, that it became necessary to shut doivn and wait for a change in the weather. The dredgemaster of the Central Electric aredge, in his report for the week ended 16th irst., states that he was dredging en a hard reef bcttom, covered in most places with b:g stones. He tried lo break into the bottom to clean up *ny gold oub of the crevices, but ihe reef was too hard, and broke the bucket lips. Ks $ee3 little prospect of getting goM on the present ground, but they may get on to Eoft bottom again at any time. A good deal of time was lost relipping bucketa, but there weie no other stoppages except on Coronation Day.

The dredgemaster of the Rise and Shine dredge in his report for the week ended 16th inst. states that he worked ahead 7ft during the 51J hours the dredge was running. Ihe dredge was operating on a hard reef with a ridgy bottom from near the centre of the cut to the east bank. There was very little gold en the hard bottom until Wednesday morning, when a vast improvement took place. The bottom is still hard on that side, but carries ve;\ fair gold again. From the centre to the we^t side the bottom consisted of soft pug, and wilhia the last 7ft worked ahead it deeper rd 3ft. The new tumbler shaft was fitted up on Wednesday, «nd dredging v/aa resumed yesterday.

Tho directors of the Point dOr Gold Dredging Company decided some little timo ago to tako advantage of the low river to tc-t the rr. er portion of the claim, but the results obtained there did not warrant a continuance of operations, and consequently it has been decided to shift the dredge back to the beach portion, whore good gold was got when dredging was first started, and where ther-> is a coraiderable area of ground to work. Unfortunately the river is too low at present to alow cf the difd o e beinft taken into the beach, and it hus been rktided to suspend operatirns in the meantime. Advantage will b.» taken of the stoppage to thoroughly' repair tho machinery end get the elc\ator into working order so that a good run may be obtained a? soon as the river is high enough to permit a resumption of operations. The repairs are expected to cost afjout i'lsfl

A wtll-attonded and enthusiastic meetiiisr of shareholders in the Rising Sun CD. Comp.mv was licld lii Mi J. L. Stott's office, Croniwy' l . on Saturday. Twenty-four feharehoklers wpro present, ifr L. Harris, secretary pro tern , announced that 2000 out of the 2500 shares offered to the public had been locally sub-scr'Le.l The following five gentlemen weie elected directors — Messrs Robert Gilkisoi 1 , Clyde (chairman). J. L. Scott (Cromwell), J. Jamif-oi (Quartz Reef Point), John Kai.e (Tarras), ni'fl W. T. Monkman (DunedmV As the articles ot association on'y provide for thice directors, Messrs Gill. is«n. Scott, and K&no were elected to at -until tha artic'es aio uIU-rcd. 1 hese gentlemen will fulfil their dufie.s gidtis for 12 months. Mr Lewis Harris was apooirted secretary, and the regisU-red office of the company is to be :n Me'.uiore ttnace, CioiiA'AeliInstruct. ons wer? l^ued to coue^t Mr P.i) ' «>, engineer, to hasten with th* plaii3 for th^ reconstruct. on of tiie youloon<; loimcrly owned by the Bannockburn Deep Lea-.l Company, mid th" erection of the powerful machinery thereon As the Rising Sun clunn has been proved by boring by the same stuff tliat bored the Riso and Shine Company' 9 claim, and as it adjoins the latler'i northern boundary, equally good returns are confidently exported The capital of the (oruT-.acv has been fixed at £SOOO, of w' c-h 1000 shares are to b? reserved. As poon as pc^-iV.e t°nders for erection will be cailed for

The return f-om the Premier Duller diedc;o lg=t week nas 30i7.

The directois ef the Upner Wnipori APimal field Dredjj 114 Co.iipa-v hdve declaied j. di\i-Ae-d (.t lie eiphtee'ith) of ]s »er sharp.

The d:rectors of the Rilev'd Beach Gold Dredging Company have dirl.Ted a dividend of 2s per sh<.;e, payable, on Tucsibx. 2>ith.

Tns diedgema >ter of the Xtvv Ltai 1: fj Reck dredee has u-d\ :aed tiie seti-eUrj- thai the

ladder is now on board and ready for riveting.

The secretary of the Old Dunstan G.D. Company wires that the dredge has reached bottom, and that opening-out operations are proceeding. The prospects are good, and the machinery is running well.

The half-j'early balance sheet issued by the Enfield G.D. Company for the period ended Juno 30 shows that satisfactory progress h»s b"en made. On December 30 last the profit and loss Recount showed a debit ba'lanoa of £193 8s 7d, and th» oxpeasas during the halfyear o mounted to £1227 Ss Bd, making a total of £1420 12s 3d; while the gold won v/as vahiod at £16»0 Os 4d, in addition to which £10 -was received as a road allowance, so that at the end of the period there was a credit balance of £138 8s Id. In addition to a mortgag-e of £500, the liabilities comprise a bill payable (£153 19s) and sundry creditors (£214 5s 2d), while the assets consist of the dredge, claim, sundry plant, a men's hut vahiod at £50 7s 6d, coal and wood valued at £63 10s, insurance premiums unexpired (£2O) and £11 3a lid in the bank.

A half-yearly balance sheet has be«n issued by the Golden Elbow Dredging Company, showing the financial position on Juno 80. On December 31 the profit and loss account showed a debit ba-lance of i' 2633 14s lOd, and the expen&es during the half-year reached £231 Is Bd, making a total of JE2864 16s 6d, which represents the debit balance carried forward. The nominal capital is £3500, but 1000 shares remain unissuea, while 370 shares, on which £141 103 has been paid, have been forfeited The unpaid calls on the bilance amount to £708. In addition to sundry creditors to the amount of £3 15s 7d, there is a liability of J£ls 183 lid to the Bank of New Zealand ; while amongst the assets is £1790 s=i -id, which represents the loan to the Gold Deposit Company and interest.

Mr H. Y. L. Brown, the South Australian Government geologist, reporting on the gold discoveries in the southern portion of the Noithem Territory by the Central Auptraiian J-lxploration Syndicate— namely, Kurinda, Cooduiga, Kunnally, and Hatch's Creek, on the Frew River, and Mimadgee and Mos-quito Creek,— considers the discoveries of little importance, withthe exception of one leef at Coodinga and another on Hptch's "Creek, each of which returned prospects of about 3oz of gold per ton from small quartz reafs. These are worth further prospecting. The rest yielded merely colours, .and the flat reefs show largo exposures of quartz on the surface, which thin out on being followed deeper and along the outcrop. None of them aro more than g, prospectors' <sho»v, and they are not worth developing until the result of further prospecting is known. The country rocks are much disturbed and broken by eruptive igneous dykes*' Mr Brown continues: I passed over, in addition, a large area of country worth prospecting, including area 3of granite in the Murcluson and Davenport Uanges, in the vicinity of -which payable gold is likely to be found. I followed the Frew River down from the old Frew station north-easterly for some 80 miles, to where it fanned out into pnuill branches traversing flat country, with sandy rises and low flint-covered hills to the north-east and eastward. Artesian water *s possible here. As this area is nil spimfex, with sand and scrub, and only small potche3 of grass country, water is not required. As there was no water except native *oaks nearly dry, I was unable to proceed farther eastward. Spinifex is the prevailing grass oa the road travelled by me since leaving Boniicv Well. There aie a few wild cattle and backs on tiie Frew River, about 15 nnle3 below the old station. The drsdgemcster of the Leviathan dredge (Mr D Sutherland) leportcd on August 18 that he. regretted that there was no improvement as regards the quantity of mud and cl.iv de-crta-ing. He had to cut trenches light across tha face and run the water along them before be cou'.d get. Xh^ face to ifnll in. The payable •wash wca no more than lOin or Ift thick, with a to'al dcpt'.i of 26ft EveiyUung on board th » d'vdgo was runcuig well. Tli' ilrfrdgemaster of the North Beach dredge (Mr Jnmes Gilroy) reported on August 15 that the 1-otHtii for la-st week was obtained from the hill s.dc of the cut, or the back lead. The timber caused a lot of trouble all the week. The ground continued sandy, carrying a little, gold al! arro-s the face, and all the ground unproved wonderfully during the last throe shifts, as the amalgam return foi Friday morning was the biggest wash-up he had had He falufted on to the shingle lead on Friday for the nest return.

A Wellington telegram state* that th© return from the Wikamdrir.a Golden Point ebed^e, Marlboiough, waa 2&ot Gdwt 3gr for 70 hr..^

1 ]"• fl i al m'Jing oi" the Oarveyijurn God D.i citing Company, to lie held on the 23th ii. r " to receive the l.qmdjtoi's r-port. will coo n c ot the inoit melancholy tilts of nn<aucp-» = =i f nl drodgin? \ei Uircs m th<* history ct the ijoopi Thu comuany, floated with a nom. .■■'. < - oilal o[ iO'KK), v,a.i to start its chequered career with an actual capital of JUOOO, aeo.i.g lliai £G(X) wa B to be paid for the nsiiTi, and there were alvout 1400 promoters' and •\endois' to he accounted for. Financial difficulties came early. The machinery wa? never lenio/od fioai the foundiv, although the pontoons wore wining 1o recei/e it. Unpaid calls amouu'ed to £1021 10j and the dredge and c!a-m. set down in the balance sheet of June, 19C1 . as worth £5926, yielded, when ] 'acert o.i the market, £ 1 150 The cr^ditori re-ct-.ve 6s in the pound, and the f ha-reholdera havp some nicely-printed scrip to frame and to suuly when the speculative mood comes on tl.em again

The dredgemaster of 'he Central Electric drclge wires thpt ho did not wash up last week. Re is working on a hard -r"ef bottom, ar.tl di edging to a depth of 43ft The indications are improving, ard work is going on 3teadily

Thee wa.s in wnsh-up from the Mo'vroux Kohir.or el'-rige l*£i week, n.9 nearly a!l tbrtime hat been occupied in relipDinjr the buckets. Advice was received from the dredgenaast-er on Thursday that he was on a little grold

Thp dredgpmaster of the Garibaldi dredge stated in his report for last week that he had hod a fairly good run, and washed up the mats on Thursday The ground was deep right across the rut v. lnch had been opened cut to a width of about three chains

The dreii^f ua-sier of tiic Orcat Woodstock drjd^e i.Mi Gilbert. Cuumi»;;uftini stated u± i^ a

report for last week that he got fairly going again on Friday night, 15th inst. All the buckets were in good order, and everything was working well. The ground was very tight, and there was a good deal of timber.

The Mataur.i Ersign states that at 9, sitting of the Gore Warden's Court on Thursday an application by the Central Matajira Gold Dredging Company for a special claim was granted by M-r G. Cruickshank.

The Bruce Herald states that the Goldbank dredge, at Glenore, has ceased operations for a time. It is understood that it is the intention of the owners to procure a new set of pontoons and erect the dredge above the bridge on the north side of the Glenore road, where good wash is anticipated.

The Dunedin shareholders in the Perseverance Company will no doubt be pleased at the consideration shown them by the directors in opening an account with the bank here 'to enable dividend warrants being cashed free of exchange.

Tributers in the Bunker's Hill mine, Coromandel, are on a run of gold, and shares have advanced from nothing to 2s lid within the week. The tributers have only two months to run.

A Wellington telegram reports the Teturn from the Kohmoor dredge to be 260z 12dwt <for 130 hours, and from the Kohikohi oredge 20oz 6dwt for 124 hours.

Tho necessary material for lengthening the ladder of the New Alpine Consols dredge is p'moj!, completed. The timber required will be at the claim by the end of this week, and no time will be lost in having the alterations completed and dredging resumed. When the ladder is extended the dredge will be able to work to a depth of about 50ft.

The liquidation of the Pile-Up Gold Dredging Company is proceeding steadily, and the principal asset, the machinery, has been disposed of for about £800. The machinery will probably be taken over from the new purchasers by the Hessey's Gold Dredging Company. Shareholders in the Pile-Up Company, who were called upon to contribute to the extent of 17s per share, may receive a small dividend when the process of liquidation is completed.

The dredgemaster of the Aldinga dredge reported on the 16th inst. that he had a fairly stecdy run last week, all the gear and machinery running smoothly and well. About Monday Bight and Tussdoy morning the ground started to dip, "with a fcl'ght improvement in the wash. The depth of the ground at the end of the week was trom 15ft to 18ft in the deepest portions of the face, and the w.ash was freer from lar^-e boulders such as weTe got during the previous -fortnight's dredging. Since Friday the prospects did not show any improvement, but the dredgempster expected to crosscut a deeper run of ground. Roughly, he was about 150 yards from the bore, and was hopeful of getting better results before getting there The width of the face was about three chains, and the length of tho ground dredged smca the previous wash-up was about 200 ft.

The H"ssey's Gold Dredging Company, which was floated in a remarkably short space of time, is making very good progress, and there is at present every indication that active operations will be commenced 111 almost record tune. The application and allotment money has been paid on all the shares, which is in marked contrast to the experience of most companies in the early stages of their existeneo, and after allowing for preliminary expenses there will be a balance of some £500 in hand If the vendors' agreement is adopted at the otalutorv meeting of shareholders, as in all probability it will be, tho company will be 111 a position to pay a deposit on the purchase of the machmerv for a d-edge, and g-et to work with the erection of pontoons. The machinery, which, was constructed for the Pile-up G.D. Company, but which never left Dunedm, will probably bo purchased, in which case the dredge should get to woik by the beginning of t.ext year. If this hi earned into effect tiie company will have achieved a per'ormaiice that will be difficult to echnse.

The liquidation of the Branely Jacks Dredging Company, which attracted a good deal of attention at one period of its existence on account of the prosecutions for alleged salting of the claim, has been practically completed, and the liquidator has declared a final dividend of 2Jel per shar<% making a toLni of 4s S'Jd returned out of the sum of 8s per share called up. Tho statement of accounts shows a sirtqll balance, but thiß will bo required foi the settlement of printing and advertising accounts. Except a few pounds in legal and geneidl expenses, all th» outgoings were known to shaieJioiders before tho company went into liquidation, and therefore no explanation is r'r>cess<iry. The difficulty experienced in the col!ectK>:i of arrears has caused a delay in the flr.aj settlement of accounts, but that the liquidator has don<> everything possible for the shareholders 13 shown by the fact that only 011 105 shares, held by one pe_r&on, has a loss arisPti, the amount being less than £8. A rueet:/i£* to receive the report of the liquidator and to decide what is to be done with the bcoks, etc., will be held 111 due couise.

The Clyde Company pay a dividend of 5s per &hare on Monday. This is equal to £1500. A further sum of £100 ha 3 been added to the reserve fund, which now stands at £400.

At a meeting of the directors of the Golden River Company, held on Friday last, it was d«c:ded to appoint Mr John Thomas Taylor to the position of dredgemaster.

The dredgemaater of the Dunstan Lead dredge reports that he skirted dredging on Thursday at 6 p.m. There was no wash-up last week.

The drirdgemaster of the New River Molyncui dredge leports hr.\mg bottomed at 35ft on Saturday, but the piespe-lb were liot very gfod. The dredge-master of the Manuherikia dredge wnes thit Ke resumed work at 4 p.m. on Friday, everything runniDg well. There was no wash-up last week.

The dredgema'ter of tho Central Electric dredge vrirad on Saturday that the indications weie improving, and that a little gold was showing on the mats.

The secretary of the Mon+o Christo Company v ire 3 that the dredgema=ter has prospected through the basin but got no pold, and he is now opening out under the chair. There was iio wash up last week.

The accTetary of th? K?lly a"d Casey Cornpiiiv reports that the dredge stopped on Tuesduv to allow of one oi the lines, which was run out, last year and L^d got snagged, and sdtcdj

being cleared. Dredging was Tesumed oij Friday morning, but there was no wash up last week.

A half-yearly balance sheet has been issued by the Waikaka United Gold Dredging Comrany for the period ended Ju'y 31, and the results for the six months, as shown therein, Uiuat be considered very satisfactory, the profits on the operations for that time amounting to £1250 IBs 6d. On January 31 the profit ancl loss account showed a, credit balance of £913 19s 2d, and the gold won during the succeeding six months was valued at £2764 14s Bd, making a total of £3678 13s lOd, against which the ex* penditure amounted to £1513 16s 2d, thus leav« ing -a credit balance of £2161 l?s 8d on July) 31 The nominal capital of the" company ia £15,000, but 3800 shares have been* unallotted, and the arrears on the balance amount to £425. The liabilities comprise £1100, due to ifr J« C. M^George, and £253 Us 8d due to the BanH of Australasia, while in addition to two dredges tha company has the following assets: — Gold on hand (Gore), £210; timber on hand, £118 13s ; sundry debtors, £21 8s sd ; petty cashi in hand, £5.

The Banker Hill tributers have hed furthea hauls of picked stone and specimens, and shares are now quoted at 3s 9d.

The dredgemaster of the Island Block drcdgs has advised the secretary that he intended to ie*uma work on Monday night.

The Gentle Annie dredge has had the mis* fortune to break the main spur wheel, and wilt consequently be stopped from dredging for s time. The order for the new -wheel was put in; hand at once, and. it is expected to leave Dunedin within a week.

The necessary alterations to the 'Point dOr dredge hare been put in hand, and -will bo curried on to completion as soon as possible.

The secretary ot the Electric Gold Dredging Company received a telegram from the chair- * n:an of directors (Mr W. T. Talboya) on Monday stating that he had just paid a visit to tha company's dredges, both of which were working well. The directors of the Molyneux Hydraulid Company have declared a dividend of Is, payable on Wednesday, and have added £100 ta ths reserve fund.

Mr D. Murray, late dredgemaster of the New Halfway Bouse dredge, has been appointed) dredgema ..er of the Royal Maori, and has beer* instructed to engage a crew with the objecfc of commencing work on Monday next, September 1. It is proposed to continue operations at the top end of tho claim. Almost every share in this company has now been subscribed,, and those intending to send in their applications shou'd do s?o without delay, as the nunibes available is very small.

The dredgemaster of tho Junction Electris dredge wired the secretary on Monday that a very bad leak started on Saturday afternoon, and some difficulty wts experienced in keeping tiie dredge afloat. The leak was stopped oa Saturday, and permanent repairs were put irt hand on Monday. A wire was despatched by, the secretary to the chairman of directors (Mi? Talboys) early on Monday morning, stating thai) many inquiries were being made, and asking; io. full particulars and information regarding; the position of the dredge. Mr Talboys wired! in reply that the dredge was perfectly safe, tnd th?,t she would soon be dredging again.

The improved, ret urns from the Central Charl-' ton dredge recently have enabled the directors of the company to wipe off over £300 of their! liability, and, if everything goes well and tha dredge is as successful as of late, the finances should be in a satisfactory state before long". Debentures have been issued to -the amount of £1005, on which six months' interest at tha rule of 10 per cent, per annum will be due on the 31st inst. There is sufficient money im hand to meet this, and in addition it has been: decided to pay the debenture-holders the bonu3 ' of 25 per cent-., equal to 5s per shsre, which was promised' them when the debentures wera taken up, this representing a distribution of £301 10s altogether amongst the debentureholders. The debentures had a currency ofi two years, of which one year will expire on tha 31st inst , and the debenture-holders -will nofl be entitled to any further bonus, but will, ofl course, receive interest at the rate of 10 peß cent, per annum.