THE WEEK'S MINING NEWS

Otago Witness, Issue 2556, 11 March 1903, Page 24

THE WEEK'S MINING NEWS

'Applications for the position of dreagemasier »i the Davis's Bend dredge close on the 17th iust., bj* -which time it is expected that the river will b* sufficiently low to allow the dredge to m«ke another start. This company's claim has ,80 .far-never been tried, but as it is in a locality that has been proved to be highly auriferous, the results will be awaited with a good deal of interest. The Monte Christo dredge bottomsd on hard *eef, and was shifted further up stream. * The directors of the Shotover Qunrtz Mining Company havo made a call of 2d per share, [payable on Wednesday, 11th inst. ■ The Electric No. 2 dredge is expected to Jresume operations this week. This dredge has since the Electric Company acquired it been -working on the claim formerly held by the Magnetic Company, but when she starts again she will operate on the Electric Company's ■upper claim. -

All the machinery for the Junction Electric Gold Dredging Company's new dredge (late [Eclipse) has arrived on tho claim, and the contractor for its erection is making satisfac•tory headway with his work. If everything _goes on well the dredge should be at work about the first' week in April. The dredgemaster of the Spec Gully dredge reports that the machinery worked very well -laßt week, and that the return was better than ihe expected. The ground is improving as he works ahead.

The dredgemaster of the Lower Enfield dredge reported on Friday, 27th ult., that ho ,was getting' on to good wash again He believed, ihowever, that- it was absolutely useless to try to treat the material until rain fell, as he was convinced from the prospects he had obtained that the greater portion of tho gold was going over the tail. Arrangements have now been (made whereby a good and reguhir supply of water can be ensured. A dam is already in «xistence on the claim, and it is intended to put it into good order without delay. At present, while the weather is warm, a comparatively small quantity of rain causes a arise in the river, and the effect in the gorges, •where ihe course of the water is very much confined, is such that, though the river may "be fairly low at times, the rises and falls are co frequent that it is inadvisable to think of resuming operations in the meantime. However, the nights will be colder in a short space cf time, and in another month or so the temperature on the high levels will be sufficiently 2ow Do warrant the river being in a satisfactory state for diedging, provided that the climatic conditions are anything approaching normal. Then, but not till then, the gorge fleet will probably settle down to steady working. A meeting of the shareholders in the Old QDunstan Gold Dredging Company was held at Clyde on Saturday evening, when it was decided to reconstruct, the 14th of March being fixed as the date for applications to be received. The recent small returns from the Comruis*ioner's Flat Company's dredge are due to the iact that the machine has been working with a cracked tumbler, and consequently the dredgeanaster has been unable to get up to the face. Arrangements are being made for procuring a Mew tumbler. The secretary of the company KMr H. A. Bruce) left for the West Coast on ihs 3rd to visit the claim and dredge So long aa the river remains low the Sailor's ißend dredge can be relied upon to get excellent Returns, but, unfortunately for shareholders, ith« claim is situated in a gorge, and the season as therefore much shorier than would otherwise (be ihe case, the earning power of the dredge ibeirig in consequence reduced to a corresponding extent. Last year, however, the season was longer, than usual, and as a result the company made good progress, shareholders receiving' a very* fair proportion of their capital back in dividends. Last year's gold yield was 12240z 9dwt 7gr, valued at £4743 14s'5d ; while the total field from the time operations were commenced until the end of December last was 19410z 2dwt 7gr, valued at £7527 Is lid. The expenditure aurice 1902 was £4920 13s 7d, makinz a total

outlay of <£16,691 7s lid since the formation of tho company. The amount of money distributed in dividends so far is £2400, or 6s per r share. On December 31 the company had £900 \ 4s lid in the bank and on hand, in addition to debtors to the extent of £25 14s sd, against which there were debts to the extent of £2-27 2s Id, and contingent liabilities amounting to I £147 4s 6d. |

The secretary of the Roxburgh Amalgamated Mining and Sluicing Company reports that the gold return for February was 93cz 12dwt 18gr.

The secretary of the Paterson's Freehold Company reports that the return for the week ei'ded February 21 was 17oz 4dwt.

The dredgemaster of the New Golden Gravel dvedge stated in his report for last week that the wash was getting a little shallower, the depth being from 20ft to 25ft, and the bottom was composed of soft reef.

The new crown wheel for the New Greenstone dredge was despatched by the steamer leaving for the West Coast oa Thursday. On arrival at Greymouth tho wheel will be conveyed to the claim without delay, and no time will be lost in getting the dredge into commission again. The contractors for the construction of the Hessey's Company's dredge expect to launch the pontoons this week. All the machinery is on the ground, and its erection -will be put in hand as -soon .as the pontoons are laui-ched.

The Tuapeka Times hears that Mr Scott, who bought the old Klondyke dredge on Wetherstones Flat, received a nice little " divvy." After cleaning down the old line of boxes thoroughly he was able tc dispose of £18 worth of gold. The return from tha Lafranchi's Freehold dredge 'waa considerably affected last week owing to a clay bar being encountered right on the bottom. This bar cut out at the end of the week, and the prospects were again improving. The ground got much deeper on Saturday, being about 25ft in depth, and tho wash was a good deal tighter.

The secretary of the Waikaki United Company leports a return of 18Joz for 133 hours' dreciging last week. The dredge has bten working in a poor corner of the paddock lately, but the dredgemaster expects to get clear of this in about a week, after which there should be an improvement in the returns.

The New Roxburgh Jubilee dredge, which was opening out a new cut, had a very broken run last week, as portion of the time was oc-cupied in effecting come necessary repairs. The ground was solid at the end of "the week, and the wash appeared to be of a payable nature. New tumbler bearings are expected to reach the claim this week, and the dredgemaster will start to oveihaul the machinery next week.

The dredgemaster of the Eise and Shine dredge reports that the distance worked ahead last week was 6ft, and the depth of the ground varied up to 50ft. The cut ha 3 now been narrowed dow.i to about 100 yards. The prospects were good, and the bottom was soft over the whole width of the cut being worked. The ground was not so rough as formerly, and very few heavy rocks were encounteicd. while the wash was splendid, containing plenty of maoris and black fafßl. The gold was a fine even sample, and weighed very well.

The quantity of gold won by the Alexandra. Eureka Company's dredge last year was 10560z 2dwt 22gr, valued at £4076 Is 9d, this bringing the aggregate yield up to 3801oz suwt 20gr, valued at £14,674 5s 9d. Last year's expenditure was £2600 17s 9d, while the total outlay until the end of December was £8405 11s Id. The sum of 2s 6d per share was distributed in dividends in 1902, while the total amount returned ti shareholders up to the present is 9s 6d per share, or an aggregate of £5700. The company was in a good financial position at the close of last year, as there was £700 17s 2d in the bank, while tho debts amounted to only £49 7s sd. The Point dOr dredge had a fairly steady run last week, but the ground was still very hard, and it contained a large quantity of heavy stones. The gold was a little better than during the previous week, but it was still very patchy, good prospects being got one day a.nd poor the next. Owing to the buckets getting 9 good deal knocked about in the rough ground dredging was suspended on Friday, and a start made with the woik of rebushing, etc. The dredgemaster intends to put new Topes on "he main driving gear, as well as effect other necessary repairs. If the buckets reach the claim promptly the dieclge shoald be ready to start work again in about a fortnight. The returns from the Erickson's Reward dredge last year were on the 'ghole very satisfactory, and the company macx. f,ood progress in the direction of wiping off the liabilities. The yield for the year was 9450z 6dwt 17gr, valued at £3348 13s sd, and the expenditure for- the same period was £2873 16s 7d. The total quantity of gold won up till the end of December waa 12350z Bdwt, valued at £5162 13s lOd, and produced at a coat of £14,050 9s 9d. At the close of the year the company had £205 19s 4d in the bank, but against this there were liabilities amounting to £976 183 9d. and contingent liabilities to the extent of £256 14s Id.

The dredgemaster of the Grand Junction dreflge' reported as follows for last week: — " We were working steadily sji the week, and have now got the cut well opened up. I expect the returns to improve as we work ahead. This week's return of 12oz shows a fair improvement for the Quantity of bottom cleaned up,

We are now working across the whole width of the Nevis, and the bottom is soft, and dips from 15ft on the right side of tho cut— looking up stream— to 38ft on the left side."

The Paterson's Freehold Company - have issued a half-yearly balance sheet for the period ended January 31, and shareholders will see on perusing the document that a fair amount of headway has been made. The gold won during the six months was worth £1845 3s 9d, while the cost of carrying on operations for that time was £1097 19s, leaving a profit of £747 4s 9d. The liabilities were, however, heavy, the total indebtedness of the company being £4669 0s Id, against which there was an asset of £109 5s fid in the shape of accrued rent. The company hold a large area of ground, and when the machinery is erected on the No. 2 dredge better progress will be made, and they should be free from debt within a reasonable lapse of time.

The returns from the Waimumu Extended dredge, though comparatively small generally, leave a rn-aigi'i of profit after provision is made for working expenses, and as the dredge gets in very good time the company makes a fair amount of headway— in fact, better than a rurnber of companies favoured with richer claims. The quantity of gold won last year was 8450z sdwt Cgr, valued at £3257 9s lid, making a total production of 23250z 17dwt 9gr, valued at £9013 4.% Id since tho dredge started work. The total expenditure from the formation of the company until tho end of December last was £9153 16, of which amount £2195 12s lid was spant last year. During 1902 the sum of 2s 6d per share was paid in dividends, making a total\of 4s 6d per share, or an aggregate of £1462 10s. At the end of last year the company had £206 15s 7d in the bank and on hand, against which the liabilities were £126 16s 2d, and the contingent liabilities £177 4s 3d.

The Dunstan Lead Gold Dredging Company have made very good headway since the dredge started work, and the heavy liability that existed at one time has been reduced to such an extent that shareholders may look forward to a dividend before long, provided all goes well. The dredge hos proved itself a capital machine, and though the claim has not yet yielded any very large returns, still there has generally been a good margin over working expenses. The quantity of gold won last year was 13290z 16dwt 19gr, valued at £5140 9s sd, while the expenditure for the same period was JC4015 4s Bd. The total production up to the end of last year was 15210z sdwt 20gr, valued at £5877 10s 6d, and the pjrgregate expenditure up till the same time was £20,576 4s 4d. On December 31 the company had debts to the amount of £840 6s lOd, against which there was £532 4s 4d in the bank, leaving a deficiency of £303 2s 6d. The number of shares allotted in this company is 17,500, of which 13, on which £1 12s 6d has beei paid, have been forfeited.

Good progress is being mads with the repairs to the Junction Electric No. 2 dredge, and the dredgemaster expects to have everything almost completed at the end of this week, so that in all probability active operations will be resumed early next week.

Tho dredgemaster of tho Feddersen dredge stated in his report for last week that tho quality of the ground was about the same aa previously. He expects that this week's return will be a little smaller than usual, as the flood in the river last week brought a quantity of silt into the paddock. There were a few large stones in some places, but the ground was. on the whole, rfot bad to work, being as good as any the dredgemaster hap met elsewhere. It appears that the Voltaic Dredging Company, the existence of which has been threatened for the past month or so, will pull through its difficulties for the present at anyrate, as we understand that shareholders have at last corno to the assistance of the directors by taking up the preference shares. Out of the 500 shares that were offered, all except about a dozen have been applied for. With the river at its present height the dredge will piobably be shifted up the river to where good gdld is believed to exist, with very little trouble.

The Christchiuch Press states that trie Kohikohi Company's dredge got 15oz (top boxes only) for 12 days' work, and the Amikitea Company's dredge obtained 270z amalgam for the week.

The Cromwell Argus hears that at Robertson's Terrace good gold is being got, one man, working alone, getting from £30 to £40 a week. The master of the Commissioner's Flat Company's dredge telegraphed on tin 3id that tho lower tumbler shaft had broken. He stated that he had a good week's oveihauling to do. Considerable work has been done at Foreman's claim, on Robertson's Terrace (says the Cromwell Argus), and before long the" dead work wi'l be done and the claim be ready for reproductive working. Three bore-holes have now been bottomed on Werner's claim on the Clutha (says the Low- ' burn correspondent of the Cromwell Argus), about 125 yards apart, and the first one about '• 125 yards into the flat from the river. The first was bottomed at 76ft, carrying fine gold, in ! about 23ft of top gravel, and a. very heavy seam of wash about 7ft thick on a pipeclay bottom. The second hole was a little shallower, but tho bottom seam even thicker than in the first hole, and similar prospects. The third hole also showed the big 6eam on the bottom, but vas several feet shallower, and the top stuff different and finer, devoid of Ihe sound river wash. The very difficult task of drawing the , pipes was accomnlished without onv mishaa

The proposal that the Old Dunstan Company bo reconstructed, with a capital of £4500, in shares of £1 each (2250 contributing and 2250 I paid vp — one paid-up share to be given for j each share subscrißsd), Laving been carried at ! the last meeting, shareholders who wish to retain an interest in the concern should send in their applications before the end of next week, in order to ensure the flotation of the new company. The name of the reconstructed company will he the New Dunstan Gold Dredging Company, and on 1500 shares .or over being applied for the directors will at once proceed to allotment; but if any less number I are applied for nothing remains but liquidation, which will be much regretted, the directors (Messrs M'Arthur, Barry, and Wilkinson) conscientiously believing the company's property, consisting as it does of a dredge and plant and two claims, to be payable. It rests with shareholders, therefore, to say whether tho inevitable liquidation is to take place, and thus the Old Dunstan killed, or whether new life is to be instilled into it. In the event of an insufficient number of shares being applied for, the full amount of application money will be returned.

A half-yearly balance sheet for the period ended January 31 has been issued by the Spec Gully Gold' Dredging Company, and a perusal of the document will show shareholders that the gold yield was just about sufficient to cover working expenses. During the six months the gold won was 2690z 12dwt sgr, and the total revenue was £1084 17s Bd, while- the expenditure amounted to £1090 5s sd. On January 31 the company's liabilities were £309 3s, and there was a contingent liability of £1 ss, while the cash in the bank and on hand amounted to £167 11s 7d. The quantity of gold won for the whole of last year was 7550z lOdwt 13gr, valued at £2612 7s sd, and produced at a cost of £2813 2s 8d; and the aggregate yield from the commencement of operations until the end of December last was 13200z lOdwt Hgr, valued at £4862 2s 3d, the total expenditure being £10,036 Is sd. Though some of the returns from the New Golden Gravel dredge have been rather disappointing, the yields have on the whole been pretty good, and as the capital of the company is small, shareholders have received a fair proportion of their money back in dividends. The company was formed about the middle of last year, with a nominal capital of £1600. but only 1460 shares have been allotted. The yield until the end of the year was 5020z 13dwt 2gr, valued at £1935 7s Id, while the expenditure was £2596 19s lid. The amount of money distributed in dividends iast year was £439 10s, but another dividend (the fourth) of 2s per share has since been declared. On December 31 the company was free from debt, and had £250 on reserve, £106 10s 6d in the bank, and £2 6s 8d in hand.

The returns that. have been obtained from the Pactolus claim have always been of a most satisfactory nature, and but for the fact that the directors decided to put a second dredge on the property, shareholders would doubtless have received a goodly sum in dividends ere this. Since ihe second dredge started the returns, though good, fell off a little, and tho company were unfortunate in having to face tho expenditure of raising the machine, which sunk in the paddock a short time ago. The quantity of gold won last year was 23860z lOdwt 12gr, valued at £9442 4s 9d, which made a- total yield of 36860z 4dwt 3gr, valued at £14,547 Bs, since operations were commenced. The expenditure during 1903 was £12,542 5s 6d, and tho total outlay from the formation of the company until the end of last December was £22,849 39 7d, this amount including the cost of the two dredges. At the end of last year there were liabilities amounting to £851 11s 4d.

The results that have been obtained by tho Leviathan drldge have proved beyond doubt that the claim is one of the most uncertain to be found, and though, good returns have been obtained at times, they could nevei be depended upon to last. When the directors were enabled to pay a dividend on the preference shares there were hopes that the company was on the way to a successful career, but shortly afterwards the returns fell off, and very little headway has been made s'nee. The quantity of gold won last yraT was 12930z Odwt 21gr, valued at £5061 los 6d, and produced at a cost of £4805 7s Id; while the yield from the commencement of operations until the end of December was 21580z lOdwt 7gr, valued at £8385 10s, the cost of production being £19,299 4s 7d. Tlte. dividend of 2s 6d per share on the preference ipsue represented a distribution of £1500 amongst shareholders. On December 31 tho company had £241 4s lid in the bank, but the liabilities amounted to £269 11s 4d.

The Cromwell Argus says: — " Ritchie Bros, have got their shaft at tke Natural Bridge drown ovei 100 ft, and are now following the underlay. They have not yet struck gold, not having come into the wash yet, but they are confident thut the^ have got into an old river bpd (about 300 ft above the present river), and when they reach the bed of this ancient river riiay leasonably expect to strike it rich. — The discovery of gold at Robertson's Terrace at the Kawarau Gorge, and of the ancient river bed at tjie Natural Bridge, should be quite enough to direct the attention of miners to the old liver bed between Cromwell and Clyde, whose course is plainly marked out by scraps of terraces and deep ground behind projecting mas°es of isolated rocks on the points of spurs. Anyone with an pvp. for conntrv can ccc the

course of the ancient river quite plainly. There has been a fabulous amount of gold worn already from this part of the Molyneux, and, if tradition errs not, the richest patches have • been got where the present river i-s bounded! by precipices, so that the gold in th« ancient river has fallen down into the present one* That opens up the possibility that the best of the gold is left clinging to the present hill side. We would like to see some of these fag ends of terraces and patches of deep gro\ind explored", and we think that there is a high probability of the discovery of more ground like that at ; Gee's Flat. The Clyde-Cromwell Gorge is part of the course of the same river, and presents , similar conditions, and should yield similar; , results." ■ The directors of the Mokoia Gold Dredging Company announce the first dividend of Is per share on ordinary shares and Is 3d on prefeience shares, payable on Monday, 9th. ! The dredgemaster of the Maori King dredge ' wires that he resumed operations on Thursday . after completing repairs. There was no washt up last week. Between the issue of the Dunedin Stocfc , Exchange share list on February 4 and the list of March 5 dividends have been declared by 16 different companies, representing a distribution of £5896. Two dividends .were declared; by ,the Upper Waipori Company within tha period mentioned above, the aggregate of which! , was 3s per share. «■ • , Mr J. Thomson, who has for- some iima j been manager of" the Nevis dredge, j-w be.ca; appointed dredgemaster of the Coronation' dredge. ' I ( The machinery of the Inchdale c'redgs has been submitted to a thorqugh overhaul. The dredgemaster of the Lafranchi's Freehold dredge reported by wire on Wednesday rriorn- • ing that the shaft of the bottom tumbler had! broken clean through, and dredging was therefore stopped. A new shaft and bearings were ( at once ordered, and were to bo ready to send! to the claim on Monday. The secretary of the Alexandra Lead Gold! Dredging Company received" a wire on Friday stating that the dredge was shut down on account of boiler inspection. There was no wash-up last week. The drift is giving troublej at present. There was a slight improvement in the return from the Victory dredge last week, but the dredgemaster could not say that there w»& any noticeable change in the wash. The geld! was of much the same sample as that got for r the previous week. The machinery was run- ' ning very well, nothing giving any trouble worth). mentioning. Our Wetherstones correspondent writes as> follows under date March 5 : — " The manager i of the Local Industry Sluicing Company washeddown a few boxes yesterday, when he got 6oz 16dwt, making a total return of lOoz 3dwt fromt the paddock since February 20. There is r.a bottom blown in yet. They are busy to-day, putting new fluming in Blue Jacket Gully, tho < boxes being already made."

The Mount Benger Mail states that Mr Andrew Rennie, who has been appointed master of the Molyneux Kohinoor dredge, commenced! overhauling on Thursday preparatory to starting dredging. It will likely take two or three weeks to get everything in order. ■ Somo difficulty • was experienced by th»

dredgemaster of the Three-mile (Greenstone Creek) dredge last week in getting the key oufe of the old crown wheel and in getting the new wheel on the shaft, otherwise the- stopgaga would . not have been of such great length. Everything was, however, working well at th» m end of the week. There was a big flood in th» river on Thursday week, but very little damaga was dono.

The Golden United Company's consulting engineer reports that the claim was visitsd! on February 26, on which date the nontoons were in framing. Both were planked on the bottom, and the sides were partially planked, and caulking had been commenced. The en» gine and pump left for the claim by the Janett Nicoll on Thursday, and the machinery will bo taken delivery of within the course of a> few days.

The dredgemisler of the Blackwater River dredge reports that the machinery was running; well last week, but the winche3 were causing a los 3of time. A good deal of the working time was occupied in digging out logs andl slumps in the creek bed, but it was thought! the dredge was clear of them by the end o£ the week, and an increased return is looked! for this week. The stumns and logs were encountered only in passing through the creek", but the auriferous wash was entirely free froni them.

The email return from the Leviathan dredge last week was due to the fact that the bit o£ solid wash that was struck the previous week had given out, but the dredgemaster expected! to strike another piece of solid ground a shorty distance ahead. All the machinery was running well, but a short stoppage may be necessary before lonpr in order to pack and rebolt tho lower friction ring on the screen. An accident happened to one of the e'.evatou pinions of ths Cornwall dredge on Saturday, morning, which necessitated a stoppage until repairs could be effected. The pinion wag taken to Greymouth in order that another infght be cast, but the dredgemaster did not' expect to get a start until Thursday last. Thai prospects were improving last week, and tha Roici was a much hotter sample than previously. The died^emaster took advantage of the stoppage to rivet UD tho screen, to nut a new busa

in the lower tumbler, and also to lag the toiler.

Tne return from the North Beach dredge last' week was the Tesult of three days' work on .the shingle lead and a day and arhalf on the back lead, the remainder of the time being Jtaken up in putting in new plates in the tumbler. The dreigemaster intended to put in all this week on the back lead, and he expected a record return if everything went well. Messrs Nees Bros, .finished the new screen last Saturday, and apparently have made a good job of it. The return for this week is 70oz for 112 hours' work This is the best return yet obtained by the dredge, the previous highest being 706z for 164 hours' work.

The Gore Engineering Company were the Successful tenderers for the work of lengthening the ladder of the New River Molyneux's dredge, but, owing to some misunderstanding, they were unable to go on»with the work, and fresh tenders were called, Messrs A. and T. Burt being the successful tenderers the second time. The ladder will be extended by 15ft, and some of the necessary material has already been despatched to the claim, while the balance •will go forward next week. The contract trine ■will expire in about three weeks, but as soon as all the material reaches its destination the ■work of fitting it up will soon be completed.

The dredgemaster of the Aldinga dredge stated in his report for last week that there •was very little difference in the depth of the ground, which was about 25ft deep in the northeast side of the paddock, with a gut about 24ft in the centre, and rising to 10ft in the extreme south-west side. The wash was very tight and heavy, and the quantity .of bottom got over was less than usual The dredge was idle on Tuesday from 8 ' a.m. until 9.30 p.m. while some necessary repairs were being effected.

Almost as soon as Mr W. M'Kerzie took charge of the Trafalgar dredge on February 21 lie recommended the directors to suspend operations and make an extensive overhaul. Since xeceipt of that advice the dradge has stopped •work owing to the breakdown of the lower tumbler, and the machine will be idle until everything is put into good order. In consequence of ihe information received from the ciredgemaster the' directors have instructed Messrs Nees Bros, to furnish them with a report on the condition of the dredge, with a view to having the repairs suggested by Mr •M'Kenzie effected 'as soon as possible. A new tumbler, new spur wheel, and the screen Tollers have gone forward to the claim, so that operations will be greatly facilitated thereby. The idredgemaster states that the return for last •week was very fair considering the time that ■was lost, and the quantity of silt that had to lie treated in consequence of the fresh in the liver. He was working on the Ttv Again t«rxace side, and the best wash was found in the centre of the river. He intends to take that' side well ahead. The depth of thi ground was 85ft.

There was no return from the Callaghan's Creek dredge last week.

The Stafford Waimea dredge was undergoing Repairs until Thursday, in consequence of which there was no return last Week. -

The Majestic Gold Dredging Company's '(Limited) dredge was repairing and overhauling all last week, consequently there was no wash-up.

There was no wash-up on the Meg and Annie 'dredge last week owing to the stoppage necessary, for cooling the boiler for examination by the inspector of machinery. Qwing to floods having washed away all the 'darns and partly silted up the paddock, the •Waimumu Central dredge had to work through v clay bank to get on to payable ground. [Wash was again struck last week, and more favourable returns may now be expected. The Tuapeka Times says:— The Taniwha 'dredge had the misfortune to break her crown •wheel on Thursday morning. — The timber and machinery of the Scottish Chief Dredging Company (in liquidation) were sold at auction by Mr J. C. Arbuckle on Friday afternoon. There ■was a good attendance of those interested in dredging. The timber brought very satisfactory prices, 16,000 ft of kauri being bought by Mr R. Pilling, 'jun. (as agent) at 15s 6d per 100 ft, and 10,000 ft of blue gum by Mr H. H. Leary (as agent) at 12s 6d per 100 ft. The machinery was purchased by Mr George Leslie for £500.— The balance sheet of the Waitihuna Dredging Company, for the year ended 31st -January, 1903, has been issued to shareholders. The liabilities of the company (including £1380 Bhares alloted) amount to £1509 8s Bd, and the assets to £1552 14s 2cl. The revenue account shows that 518oz 17dwt 3gr of gold, valued at £1997 6s, were won during the year at a cost of £813 9s 4d for wages, plant maintenance £53 14s Bd, working expenses £124 19s sd, coal £688 6s, or a total of £1308 19s 6d, leaving a credit to profit and loss of £CBB 6s 6d. The debit side of profit and loss account shows the following charges: — Law costs and registration £40 2s lid, management £55 4s, interest £o 7s 6d, rent rates and taxes £44 ss, printing and stationery £7 17s 3d. general expenses £9 3s lOd ; total £162 0s 6d. Four hundred and eighty-three pound was paid in dividends, leaving'a balance of £43 0s 6d to be carried forward. A correspondent informs the Tuapeka, Times that the mishap which resulted in the Jutland hydraulic sinking .was caused by the buckets "while working in shallow ground on Monday afternoon getting round on the bottom of the pontoons and tearing away a couple of planks. There was at once a sudden inrush of water, fallowed almost immediately by the sinking of ihe dredge. No time was lost in taking the necessary measures to ascertain the cause of the accident, and prompt steps were taken to repair the damage. By using the hydraulic plant with which the dredge is worEed, the paddock was pumped out, and on Thursday everything was in readiness, as far as the position of the dredge is concerned, to repair the damage. This, it may be said, is somewhat Berious, consisting of the displacement of two and a-half inch planks. It is expected, however, that the dredge will be able to make a fresh start at the beginning of the week. Mr Fox, who, on being apprised of the accident, at once left Dunedin for Waipori, speaks in very liigh terms of the splendid services rendered by the dredgemaster (Mr T. G-. Jefferson) and crew. They had a hard, disagreeable task to perform, but they went through it willingly, and did not spare themselves in carrying out the work. There was no Teturn from the Tuapeka dredge sast week, as the boiler is being re-tubed at present. The pinion for the Cromwell dredge did not reach the claim until Saturday last, and there ■was therefore no return for last week.

The dredgemaster of tke Electric No. 2 drecige <wiresthat boiler inspection took place on Saturday, and that he would start operations on Monday.

The dxedKemaster of the Watterson's-Ahaura 'dredge wired on Monday that he was clearing up in order to start active operations on Tuesday. The secretary of the Erickson's Reward Company reports a return of 240z 3dwt for 118 tours' work. The dredgemaster states that he as now at the foot of "Wyndham Gully, and "by Taising the w.ater in his present position 3ie will be enabled to work further up the gully 'on his r-eturn cut, as good gold is supposed to exist there. He is constructing a dam this week, and consequently there will be no return aiext Saturday.

One of the directors of the New Britannia "Company paid a visit to the claim last week, Kind as he found there was no improvement in the wash it was decided to close the dredge (down, and call a meeting of shareholders to $iscoss the position, 3Jw dretke jjorkadL 2fi

hours last week, the return for that time being loz 15dwt 12gr, and the dredgemasfcer afterwards cleaned everything up, obtaining 6oz 16dwt of amalgam. In consequence of the small returns "that have been obtained by the Coal Creek Flat dredge, the directors of the company have deemed it inadvisable to continue work any longer in the meantime, and operations have therefore been suspended. A meeting of debenture-holders and shareholders has been called to consider the position of the company.

Owing to a variety of reasons, the returns from the Aldinga claim, from which great things were expected, have not been up to anticipations, but the dredgemas+er, who has been working in old ground for the p?.st few weeks, looks forward to improved returns almost immediately. Dredging was not started until the latter half of last year, and the quantity of- gold won before the end of December was 3090z lOdwt lOgr, valued at £1178 13s Bd. "Last year's expenditure was £3464 18s 6d, which brought the total outlay up to £10,176 2s 2d. The original capital proved insufficient to complete the dredge, and debentures having to be issued, the company has been heavily handicapped by liabilities ever since. On December 31 the debentures, mortgage, and interest represented a liability of £2119 15s, in addition to which there were other debts amounting to £376 12s 7d, while the cash in the bank was £277 19b 9d.

The quantity of gold won by the Davis's Bend dredge from the commencement of operations until the end of last year was 7650z Odwt 6gr, valued at ,£2915 10s Bd, and the expenditure for the whole year was £4526 18s 3d, while the total outlay from the formation of the company until the end of December was £5119 38. At the close of the year the company had JEB47il4s 4d in cash, aga ; nst which there were liabilities to the extent of £192 2s 6d, and contingent liabilities amounting to £41 2s lid. In consequence of the directors securing the Cairnrmxir dredge at a reasonable price, the capital of the company has been called up to only 8s per share, but some shareholders have not met their obligations, as 1300 shares have been forfeited. Of these, however, 100 have since been sold.

The Kirwan's Reward Company cleaned up with a result of 2650z 14dwt of retorted gold from 535 tons. At the monthly meeting on Tuesday evening the directors declared a dividend (the eleventh) of threepence per share, distributing £7000, and carried forward £420 after discharging current liabilities.