THE WEEK'S MINING NEWS

Otago Witness, Issue 2604, 10 February 1904, Page 23

THE WEEK'S MINING NEWS

February 3. The Hartley and Riley dredge resumed operations last Monday morning.

The master of the Rising Sun dredge reports ior last week as follows : — "The cut has hcen extended to the west, and now that the shingle spit has been dredged away, coaling will be much easier. The cut is now about 90yds an width, and this week "will be extended eastward. The prospects are fair, and the machinery is running well."

Considering the short time that the Alpine No. 2 dredge was able to work last year, the returns that were won by her must be considered very satisfactory, enabling, as they did, ihe sum of 5s per share to be returned to shareholders in dividends. TJp to the prasant the dredge has 'obtained 23720z 16dwt 2gr of gold, valued at £9175 1b lOd, from the claim, and cf that quantity 6030z Cdwt 22gr, valued at £2335 15s 7d, were won last year. The expendituie in connection -with carrying on operations last year was £1240 13s sd; and the total expenditure from the inception of the company until the close of last December was £10,658 13s Bd. So far divudends amounting to £3415 15s, equal to lls per share, have been paid. On December 31 the company had £529 4s 2d in the bank, while the liabilities amounted to £ 7 1 4s sd, leaving a credit balance of £457 19s Dd.

The maater of the Gabriel No. 2 diedge reports that he hopes to nave a run with the dredge some time during the present week, and in the meantime he is busy effecting repairs. He has a very high opinion oi the claim.

The directors of the Aldinga Gold Dredging Company have redeemed another £100 worth of debentures.

The Tinkers Gold Mining Company, Mftakanui, which was registered m June. 1902, won up to the 31st Maxell, 1903, 809oz gold, of the value of £3114, expended £1610, and paid JBISOO in dividends.

That the greater part of the ground in the gorge claims between Cromwell and Clyde is ■very patchy is beyond question, and the area held by the New Halfway House Company has proved to be no exception to the general Tule. For three weeks in June last the dTedge ■was on veiy rich wash, and great .interest was taken in the doings of the company ; but the returns then fell away again, ar.cl very little if any headway has baen made since. During 1903 the dredge won SOloz 2d\vt 9gr of gold, valued at £3119 3s lOd, the expenditure for the same period being £1535 11s 4ci. The total gold production since the company was registered up to ths present is 9780z 3dwt 13gr, valued a £3790 9s Bd, and the aggregate expenditure (for that period is £3031 2s lid. During last year shareholders received one dividend of 2s per share, this representing a distribution of £800. The company was m a good financial position at the close cf last year, having £793 16s Sd m the bonk, while the liabilities amounted to only £133 4s Id. The dredge resumed operations last week, but the dredgemaster has been engaged in opening out a cut, and has not yet washed up. The response to the Monte Christo levy has teen sufficient to enable the dredge to be put in thorough repair, and leaves a little cash in hand for working expenses. The directors, who have provided the bulk of the funds, would toe glad if the shareho'ders would do their part in assisting to provude a little more money so that the dredge may have a fair start. At present, there will no'- be more than about £50 on which to commence dredging, and ir this sum could be doubled oi trebled, it would enable the company to give the claim a better trial. The Bigness No Town dredge was working 6t a depth of 23ft from tho water's level last •week. A blue wash was being met with, (carrying fair prospects of scaly gold , but it is thought that the prospects will show an improvement as soon as bottom is got, which may be at any moment The ground covered by the Molyneux Kohinoor dredge Tpst week was much the same m nature as' (hit piev^ously worked Bottom ■was being <.oL at'a depth of 42ft, and was still remaining soft- The wosuscts weie somew-

hat patchy, and on Saturday morning were not looking so bright. During the week a distance of 3&ft was worked ahead. The r.ver "was steady. The returns that were obtained by the Junction Electric Company's dredges last year were somewhat disappointing, but the rough nature of the ground, which caused numerous breakages and entai'ed heavy expenditure for repairs and renewals, together with the continued high river, militated very maternally against successful working. The quantity of gold won last year was only 13820z 3dwt, valued at £5400 5s lid, as compared with 31990z, •valued at £12,395, during the previous year. The total quantity of gold won from the date of registration until the end of last December was 11,7440s Bdwt 13gr, vsuued at £45,438 14s Bd, and produced at a total cost of £27,177 Ss, of which sum £6682 9s Id was spent last year. No dividends were declared during 1903, and the total amount returned to shareholders up to the present is £18,850, equal to 14s 6d per share. On December 31 the company had cash amounting to £593 15s Bd, as against which the liabilities amounted to £431 12s lOd, while the contingent liabilities were estimated at £24 19s 2<2.

The Lady Eoxburgh dredge was opening out into the river last week. The cut has been gradually extended into the deep wateT, so that if the river should rise it will be possible to resume operations in sheltered ground. It is intended to continue working in the present cut for a week, and, if the river is then favourable, to open out right acrops. The prospects were satisfactory, and a nice sample of wash was distributed right along the cut, though the ground was fairly rough. All the machinery was running well. The manager of the No. > eleva-tor of the Nokomai Hydraulic Sluicing Company ret>ort3 that sluicing was commenced last Thursday, and that good progress has been made. The position of the elevator will allow of several paddocks being sluiced off before acain shifting. It will be the -end of February 'before the piesent paddock will be finished. He considers the water supply wiil ba sufficient for some time, owing to tho heavy rain of last week. The manager of No. 2 elevator reports that he bottomed on Tuesday last, and has made good progress since. The wash is still very firm, and the stones large and numerous. He hopes to have a partial wash-up on Thursday The carting of the siphon pipes "was finished last week, and the work of race extension is being pushed on.

The returns that were won by the Waimumu dredge last year were better than had been obtained for some time previously, but the heavy expenditure incurred in consequence of extensive repairs being found necessary, together with the time that wa3 lost, detracted materially from the success of the year's operations, and but little headway wps really made. The quantity of god won during the year wa3 IOISoz 16dwt Bgr, valued at £1093 Ss, and produced at a cost of £3554 5s 3d; while the total ' production until the end of December last was 49310z, valued at £19,365 10s 9d. and produced at a cost of £21,904 4s 3d. A dividend of 6d per share was declared last year, and up to the piesent the sum of £3237 10s (equal to 9s 3d per share) has been returned to shareholders. On December 31 the company had the sum of £309 15s at the bank, while the liabilities amounted to £93 6s Bd.

The master of the Watterson's-Ahatira dredge reports that the river fell considerably towards the end of last week, and that he expected to soon work into shallow ground. The main spur wheel on .ihe- Sandy Point dredge has broken down, biit a new one will shortly be despatched from Dur.edm. In the meantime it is intended to obtain a wheel that is on the ground, m order to carry on operations.

The Alexandra Lead dredge had a fairly steady run last week, everything working well, although a few small repairs will have to be effected while the elevator is being put on. The ground will probably be poor for a few weeks to come, as the tailings deposited on ths claim will have to be shifted and the river biought in before solid ground can be worked to advantage. The current has been turned on to the west; s.de of the river, and if it is not brought back again it will be impossible to get rid of the silt and drift. It is intended to get rid of the tailings a3 quickly as possible, and it is thought that fair returns v.-ill be forthcoming as soon as the dredge is working in solid ground.

The Oceanic Steam dredge got some fair returns for a while after woik was commenced, and it seemed probable that the comnany would have a successful career. Latterly, however, the yie'ds have been disappointingly small — so much so that the directors recently decided to suspend operations and resort to boring in order "to get some idea of the richness of the remainder of the claim. Boring operations are stiil proceeding, and it is probable that an endavour -will be made to laise sufficient funds to enable the dredge to be shifted on to new giouud The quantity of gold won up till end of last year was 2020z 7dwt 20gr, valued at £7SO 3s 3d, and the expenditure for 1903 was £1620 12s 9d , while the total outlay fioin the initiation cf the company until the end, of last year was £5605 16s lOd. At the c]ose of 1903 the company had cash in the bank and on hand to the toial amount of £219 10s lOd, while the liabilities were £6 5s and the contingent liabilities £111 14s 7d. The Molyneux Falls Gold Dredging Company, which aiquired the dredge and cla:m formerly owned by the Golden Falls Company, made some alterations in the machine by the substitution of oil engines foi the watei-wheel previously on the dredge, and commenced opaii't.ons la-st, year. The claim is, however, situated m the goige below Alexandra, and, a3 most people who are interested in dredging know, last season was moat unfavourable for the prosecution of dredging m that locality Very httle work was done by the dredge, and the quantity of gold won was only lloz 12dw t, valued at £11 13s 2d, while the expendituio from ths dale of registration (Febiuary 12, 1903) until ihe end of the year was, £1191 19s 9d. On December 31 tlie company's liabilities

were il2"0, viu'e the ca=h in tho bi""k amounted to £70 9s lid This compMy's claim is as yet \irtually untried, and it is to be hoped that tho river v. ill shorty icach a sufficiently low level to allow a fair test to be mads.

An Auckland tclcg.am s<iys that the gold returns ior the Aucidand ai^tnct for tne last thiee weeks were smaller than usual, owing to tho fact that only a few of the bu-Lwi pioduocrs cleaned up since the holidays. The total output for the period was £9276. Dining Jfinuaiy the lahsnian Consolidated Gold Miniaig Company treated 2610 tons ot oie for bullion valued) at £-ibfao.

The directors of the Happy Valley Gold Di edging Company have dtcloied a dividend (the third) of one shilling per share, payable or. tho 3id.

The duectors rf the Tuapeka Gold Diedgirg Company have declared a dividend (the 23rd) of one shilling per share, payable on Monduy, Bth mst.

The directors of the Bhckwater River Gold Dredging Company have declared a dividend (the fourth) of one shilling per share, payable on Friday, sth mst.

Febiuary 4. The New Eoxbuigh Jubilee dredge had a steady run m soud ground last week. The bottom was haid in places and very uneven. The Electric No. 1 dredge lost seven hours on Saturday morning owing to the preventer headline bieakmg. During hist week tfie dredge worked ahead a distance of 18ft, the width ol the cut being about 80ft, while the depth of the ground varied to 35ft. The gold won was ' of a flaky nature, and of first-class quality. The prospects were stiil good, though the ground on the Bannockburn side of the river was rough, and contained a little fine gold, the best of the gold being got towards the centre of the river. The prospects 011 the Cromwell side of the river were poor. It was intended to suspend operations on Monday or Tuesday last in order to shift the headline higher up the river. The No. 2 machine was working for 145 hours' last week, but as the dredge did not get on to geld until Saturday morning the return was actually won in about five days. The gold was mostly fine, about half of it passing the sieves, and ol the gold caught by the coarser sieve only a small proportion could bs called coarse or rough, the bulk being of a "' branny ' nature. Tha dredge worked ahead a distance of 22ft, the "width of the cut being about 60ft, and the depth up to 41ft. The shallowest ground was m the centre of the river, -where the depth was about 35ft, the bottom dipping 111 both directions from ths centre, and forming two distinct channels. Tho gold was all in the channel on the Bannockburn side, the other channel, where the dredge was working before the holidays, being 1 almost entirely barren. The prospects continned uniformly nch, and excellent mats were being -washed every day, and it is expected that j if the conditions remain favourable the return for the present week will be quite as good, if not betfc;-r, than that of last v.eek.

Mr John "White, managing director in New Zealand of the Round Hill Mining Company, has received information that the return for January was 114oz of gold, valued at £492 and Boz platinum, vakted at £15, being a total of £507 for the month. Owing to the continued dry weather there has been a great scarcity of water. Mr "Whito was also informed by ceble that at the annual general meeting, held at Liverpool on January 20, the first dividend of 3s per share was declared.

The Junction Electric No. 1 dredge made Tapid progress through the worked ground last week, and got far enough ahead on the Cromwell side of the riv.r to be out of the Richards's Beax:h cut. Bottom was got at a depth of 34ft. The prospects gave very fine gold, with large quantities of black sand and " maories," and it is thought that better gold will be obtained as the dredge wcrk3 ahead. The solid ground will probably widen out ahead, although at the end of the week it only covered a few feet. The inside of the cut upon which the No. 2 dredge was working was very rough, hut gave a payable prospect of gold. The drift on the outside of the cut is very troubTesome. and therefore it is intended to continue working on the inside until the river is favourable for operations to be resumed on the outside. Work ■■."as suspended for 20 hours owing to the fair lead of the headline carrying away, while some very heavy thunderstorms brought down such a quantity of rubbish that the centrifugal pump co^d not be kept clear. During the week the dredge worked ahead a distance of 6ft.

It was expectsd that pn attempt would be made to float ths Voltaic dredge over the third Ti>p:d either on Monday or Tuesday last The river was steady, and the rapid looked favourable.

The Hi.=e and Shine No. 1 dreclge Trorkp.il ahead a distance of 16ft last week, the width of the cut being 50yds, and the depth of the giound varying from 40ft to close on 50ft. Thg prospects continued good, with gold-bearirg wash widening 011 a soft red bottom.. The wash continued tight, and had risen 'a little towards the west side, and on the rise the ]vro3pects were good. About three shifts were lost in baihng out the east comer of the cut, as it will require to be kept open owing to a beach forming as the liver falls. The No. 2 dredsre worked ahead a distance of 40ft, the width of the cut varying fiom 20ft to 66ft, while the prcundi was from 17ft to "Bft deer), and d' piled towards the west bank. The diedge was opening out towards the west boundary, and it was intended to work 2">ft o5 the boundary peg Soft reef wps struck last Friday, with a little fine gold showing in the wash, but there is a great quantity of takings to dredge through before solid ground is reached.

The rnnster of the Island Block dredge reports that a slight im-orovenient vas rot;ce-abi-e in the ground on the west side of the cut last v-cek. During the early part of the week the stripping elevator was being erected in lea-dmess to commerce operations on b'oek 111, and sine? then the elevator has been working steadily, taking out the last paddock m block 11. which should bs completed about the end of this week. The water supply was very scarce until last Saturday, when :? good fall of ram filled np tho top dam,, thus replenishing the supply. The secretary of Ihe Morts Christo Dredging Company advises that in response- to the levy recently made £530 was subsei ibed. The debts of the company amount to £378, so. after th«se are paid, there will remain in hand £15^. The engineer estimates the cost of mittine "the dredge m working order will T>° £75, so, roughly ppeakmp. tho comnanv will have £75 m hand to commence work. Mr Patterson, the*engineer m ehp r ge, it. now proceeding with the work cf over' 1 mi' ing tlio machine! y.

The Cromwell Ai-gus S3ys — Tho Revival dieOoe act abo-pt ]soz last week out of the top stuff The ladder is not long enough to allow of this dredge working the hard lr.vcr lying on ths pipeclay m which the best prold is got in the C'lutba. "With a longer Ir^der she shovel dio well — The Loch Lomond is petting fair prospects m h°r openins;-out work. The ground is ar-ont ] 6ft deep.

"When tho Aldi'iga dredae vro'k the romr.any "was heavily weighed dovn with liability m the shape of dpben tines bu f . the leturna hrve, on the whole, been fnirly good, a. id the debt has been considerably reduced. Up till the er.d oE last year the dredge had won 1 162r-z lftlwt 7rt of coM, valued nt £5746 ss, of which ]]59cz lodwl 21er. vahi°d at £I5)'J lln 4d, were obtained duuvg 1903. Th° expenditure for 1903 w"as £3682 18s 3d, and the toial outlay from the incantion cd. tk« «»n«a.vT> uaitil

1 1 c c\o*c cf last Decenb-r >\a= £13 SSO 0s Sd. On DiOfMTber 31 the I. aliht.es comprised £1575, icprcscnting dcL>ciiu;.c mortgage o^d interest, ard £254 open accou/Hs , winle the comp-ny had £522 £s 3d in the bank.

Ilu Jiiilerpiisc Gold Diedgn:g Company, which has been 111 existence ioi almost 12A years, has been most consistent as a gold" getter, 9nd though the returns have never been sensational, they have been uniformly gocd, with the re«uit that a very large sum ot money h^s been relumed to shareholders by way of dividends. The total amount of money paid m dividtends to da-'e is £C 0,561 lGs , vilule the sum of £75 Is has never been claimed by those to whom it was due, S o that the a^r e » a t° declared is £20,937. The dredges won 296G0z 19dwt 16gr of gold, valued at £11,553 16s 5d last year, and the expenditure for the same period was £5244 14s 4d. Since opciations were commenced the quantity of gold won up till December 31 vss 14,7900z 2dwt 30gr, valued at £57,276 13s 4d, and' produced at a cost of £37,654 12s 3d. On December 31 the compary was m a thoroughly sound position, having £12iO 2s 6d at the bank, while the liabilities amounted to £282 9s 3d.

The Unity dredge had a short season last year, and this, combined with the fact that the gicund was not as rich as usual, made a consideiable difference m .the company's revenue, so that not much heaciivvay was made. There is, however, every reason to believe that there is still a great deal of rich wash in the claim, and if the river is low this year the dredge will probably come into prominence again as a successful gold-winner. Notwithstanding the drawbacks that had to be encountered, shareholders received 2s per share m dividends last year, and the total amount distributed up to the present is lls per share, all within two years. On December 31 the company s financial position was veiy fair, as there was a balance of £213 3s 3d in the bank; while the liabilities amounted to only £9 3s 6d Last year s goldi yield was 680oz ldwt 6gr, valued at £2618 434 3 9d, while the expenditure for the same period was £2218 18s Id. Since the company was registered the dredge h Pa obtained 38900z ISawt of gold, valued at £14,960 4s 9d, the total expenditure being £8972 Is 6d. The First Chance Company's claim has been proved to be highly payable, and the only thin* necessary to enable handsome returns to be" obtained is a low and steady river, and) it was unfortunate for shareholders that the Molyneux was so high during last winter. Th 3 ladder of the dredge has been lengthened, and the machine is now thoroughly equipped to work to the best advantage. Last year's returns were very g-ood, but the extreme shortness of the seafon prevented the company from making much headway. The gold won during the year was 5670z Bdwt 14gr, valued at £2163 13s lOat, and produced at a cost; of £2702 0s 5d Up to the present the company has obtained 17560z 12dwt Sgr, valued at £6000 13s 4d the aggregate expenditure up till the end of De%?™l hh TST S £ V B l lls 5cL So far the sum of £3150 has been declared in dividends, this being equal to 12s per share, but £12 has been unclaimed. On December 31 the cash in bank and on hand amounted to £266 14s Id; while the liabilities were £88 3s 6d. The Dunstan Lead diredg-e, which is one cf tne most powerful m Otago, has been most consistent as a gold-winner, and if the capital ot the company had been smaller the returns that have been obtained would ha^e enabled a satisfactory amount to be distributed amongst shareholders 111 the shape of dividends. During the greater part of the year the diedge was woikiiig amongst old tailings, and, under tho circumstances, the quantity of gold that was won must have been gratifying to those interested!, the profits made during the year enabling the directors to pay dividends to the amount of 3s per share, or an astersgate of £2623 Is. At the end of last j^ar ike company was m a good financial position there tang £965 14s 8d in the bank and on aeposit, and £7 lls Id m hand; while the liabilities amounted to £224 6s lOd, sr.d the contingent liabilities to about £145. iLe revenue lost year showed a substantial margin ever tne working expenses, the quantity of soid won being 39030z 19dwt 9gr, valued ac £7330 2s 7(5; wLile the expenditure was £3836 7s. The total quantity of gold won up till the end of December last was 34250z sdwt sgr, valued at £3326 13s Id, and the total outlay from the inception of the company until the close of last year was £24,412 lls 4d.

Though the returns from the Alexandra Lead diedge last year always left a margin of piofic over working expenses, they were very small as compared with those for Ib&2, when the company attained a very promiuont rvsU'cii m consequence cf the handsome yields that were obtained. The quantity of gi;ld wen last y&ai- was 9580z ldwt ICgv, valued at £3710 3s 4d, as compared with 49760z 6dwt 7gr, valued at £19,270, during the preceding year, and the aggregate yield fiom the eoniiuencoin:iit of operations until T,he end of December last v;as 5931cz 17dwt 23gr, valued at £22,980 10s lid, and produced at a total cost of £21,359 15a hi, of which sum £3520 2s 2cD was spent last, year. Shareholders received a dividend of Is per share last year, and the total amount distributed so far is £14,032 7s, in addition to which the company has unclaimed dmdends amounting to £1 ss. The dnectois have taken the precaution of keeping a substantial balance in hand to make provision foi any contingencies that might arise, and on Deccnibei 31 the company had £2302 10s lid 1:1 the bank and 011 deposit, m addition to which sundry debrois owed £8 16s, while, 011 the other hand, the liabilities amounted to £1015 8s 3d, and the contingent liabilities to about £50.

Tho policy of tho directors of the Davis's Bend Di edging Company m waiting until tne lush which vas the direct outcome of the mining bconi had subsided befoie taking steps to pub a an edge on the claim turned out to be a \ery piudent one, and the company is now m the foitunate position of hpvmg two good di edges arid two claims. Many companies exceeded the ongmal capital b/iore one dredge was ready for work, but this company, s-o far fiom being m a similar position, has only called up 14s per s-'iare on the contnbutmg shares issued. At tho close of last year 101 shareholders were m arrear with their pp\rrcnta, m addition to which 1300 shares vce'ic forfc-ited, though 100 were afterwaids reinstated. Tory little work was dlone on either of the claims last season, and consequently the year pioved unremuneTative for the company. The quantity of gold obtained during the 12 months was 2580z Sdwt 15gr, valued at £988 14s Id, and pioduced at a cost of £4593 10s, while the total yield up to the present 15 10230z 14dwt 13gr, valued at £3904 13s 9d, the aggregate c:< penditure up till the end of last year being £9712 13s. On December 31 the company had £195 lls in the bank and 011 hanc 1 !, and Ul3 debts due to it were £6 The liabilities,, on tho olher hand, were heavy, amounting to £1553 8a 4d , -while the contingent Labilities veie estimated at £25, but against this the company h?b uncalled capital to the extent of 6s per share. February 5. Applications are rvited for thj posilici of dredgemaster of the Xugent Wood Gold Dredging Comp iny's diedge. It as expected that the ground ur>on v Inch the Dimstan Load dredge is at present v orkmg will yield on m nveTPtre about Ifloz pT we^k, although it li..°. Ij-mi =rm> nli.r T>'it ti-.vt i-. v siucr onci.itio'i^ v, > 1 ~ • ' < • ' ■ i b.ir>k. The Lawrence ii> N ... 1 1 \ tJl'oxdji auotliGi' il.uSui'atiQa. oi uiiot. cj.u La

do le with 'mill biit steciay rclurrs, combined vuh a suia 1 caxnui 1 and carefu' maiKigemeiit. Tins coinp.ii y was fomicd m I^o'J, v^th a capiti! oi *:iso'l, of winch only £'50 ivas actually paid up in crsli. During 1903 the quantity of gold won was 5620z 7dwt 12gr, valued at £2165 Os lOd, and pioduced at a cost of £1801 2s sd, while the total produchon up till the end of December was 23010z 15dwt 12gr, valued at £SSSS 19s lOd, the aggiegate expenditure being £7392 5s lOd. Up to the present shaicholders have received £1350, equal to 18s per share, in divudends. On December 31. the company was in debt to the extent of £180 2s, "while the cash m hand was nil.

The secretaiy of the Watterson's Ahaurai Gold Dredging Company received a telegram, fiom the master on Thursday, stating that the dredge had botomed at a depth of 22ft. An lmpiovement is expected m tho ground as soon , as the silt that was brought down by the flood has been cleared out of the paddock. The secretary of the Ciomwell God Dredging Company repoits receipt of advice from tua master of the No. 1 dredge to the effect th?t everything was running we!!. Ihe No. 2 machine has been working on Bannockbuni Creek, and an attempt was made 1o shift down the claim, but as the dredge could only get down part cf the way, it has been decided to commence operations highei up. The company has pegged out two additional cl?mis on the Clufha River in the vicinity of the Tfr sing Sun claim.

The Sandy Point dredge had still very lUtlc room for woikmg last week. The tailings were being stacked upon the o'd bank of silt deposited by the chute that was used beforo work was suspended for repairs, and whu'.o this was being done nonei of the tailings so placed had been stacked m the paddock. The dredge will require to be moved a certain distance ahead in order to get properly clear oi" the silt. Only about half of the cut was being bottomed, owing to the dredge being cramped for stacking room, ajid the machine was only ab.e to work across twice during the week, bottoming acccidmg to the room for stacking. The water supply improved, owing to some rain having falleifupon the hills. The Sandy Point Gold Dredging Company, which was registeied on February 20, fsO3, started its career under the most fpvomable oircumstances, having a gocd dredge and a claim thpt hpd been proved by extensive working to be highly payable. The dredge has, on ths wholo, put in good time since work was commenced ; but the expenses were heavy, as is usually the case during the first year of a company's existence. The directors have, however, declared dividends to the- extent of 2s per share, amounting to £800 an the aggregate, and at the end of last year the company had a small credit balance, the cash in tha bank amounting to £359 0s 6d, while the liabilities were £270 12s 3d, and the contingent liabilities £40. Up till the end of last year the dredge had obtained 1281oz 12chvt 16g*r of gold, valued at £4981 Is 9d, -while the total, expenditure for the same period was £12,642 Is 3d, this sum including the cost of the dredge.

The Electric dredges obtained some very good returns last sensor., and the comraiiy had a f ai;rly successful year, shareholders receiving dividends to the extent of 6s per share, equal to an aggregate of £7500, during the 12 months. The quantity of gold won by the two cu-edgea last year was 43650z odwt lOgr, va'ued at £16 912 8s lOd, and produced n-t a cost of £8402 8s sd ; and the total production from, the date of registration (September 2, 1899) until the end of last year was 21,3160z 17dwt 22gr, valued at £83,122 18s lOd. and won at a total cost of £24,919 15s id. The above quantity, however, does not include all the gold taken from the claim, as the piopertv was. privately owned before it was floated into a company. Up to the present the sum of £57.?00, equal to £2 4s per share, has been declared in dividends. On December 31. tli9 company had £1955 5s Id in tho bank and on deposit, while the liabilities amounted to £507 3s 3d, and the contingent liabilities to about £49 8s 6d. The prospects immediately ahead of the cornppny are particularly bright, as the two dredges obtained no less than 7300z between them last week, and both are reported to be on rich wash, the No. 2 dredge particularly. It is believed that the dredges wiil get some very good returns this veai. and if this surmise proves to oe correct, shareholders may look forward to the future with satisfaction.

The ground on which the Molyneux Kohinoor dredge was working last year was somewhat patchy, but some very gcod returns were obtained, and fairly satisfactory progress was made, considering the unsuitable state of the river The sum of 2s per share was distiibuted: in dividends during the year, and so far shareholders have received £1369 10s (equal to 3s per sha2 - c) as interest on then capital. During last year the diadge obtained 858oz X9d-.vt 15gi: of gold, valued at £3320 17s 3d, and the total output up till the end of December was 151703 lOdwt 21gr, valued at £5870 15s 7d, and produced at a total cost cf £8183 3s £d, of which the sum of £2039 19s 7d was spent dtirirg 1903. The directors have taken the precaution to build up a reserve fund of £500 to meet any unforeseen contingency that may arise, and in addition to this there was on December 31 a bank balance of £592 12s Id, while the liabilities amounted to £157 6s 10d The directors acted wisely m the interests of shareholders m purchasing an efficient second-hand dredge instead of committing the company to heavy expenditure by buying a new machine, and af a lesult of their prudence the contributing capital has only been called up to 13s Cd per shaie.

The Rise and Shine dredge, which has been carrying on operations on 'the Upper Clutha Rn er for the last two yeais, has been very consistent as a gold-winner, and the claim has been proved to be a good investment for shareholders. The le'un.s obtained bj the No. ] dredge have res-.'tpd m a substantial profit to the company, lv tln= has been ;ib3orbed by the purchase fi.d equipment of the No. 2 dredge, which it was necessar 1 ' to procuie oa, account of an extra area of giound having been acquired Had it rot been for th.s fact sha'Cholders would prcbab'y have received a considerable sum m dividends. The quantity of gold won by the No. 1 diedge up ill! the end of December last was 35650z sdwt 23gi, valued! at £13,722 173 3d, of which 16'270z 14dwt Sgr, valued at £6264 16s Id, v. eie obtained last year. Last yeai's" expenditure was £7615 8s -3d, and the total out!a> \ip till the end of 1903 was £25,380 13s lOd. this sar.i including the amount spent on both dredges. Up to the present one dividend ot 6d pei share. ab c orb*rig the sum of £300, has been pa.J Shaies to the munber of 1335 have been forfeited, but these wore afterwards disposed of for £739 lls 3d, and on 31st December 12 shaieholdera owed £217 os 2d on forfeited s\ares. At the end of hist jcar the compary had £52 15s Id in ilie ba^ik, but the liabilities amounted to £2257 i6s Kid. Both dreJres are nov. T at voik, and if the lelurns that ha*-e been obtained m the pas; can be accepted as a critcnon of the -value ot the claim, the company shculd soon be m a gcod position again The Matau dredge resumed work on iionday aft^r a lcigthy stoppage, during whiich imu the machine has undci^one .m exlenyiv© ovcriu'u l The piesent veak \\ i 1 be ruoslly occupied m cleaning o;it tLe piddotk, aau there will, tlie l efore, be no \va = h-up on Satui-Jav. The Mu'y.ieax Ilychauho dredge is stopped at ir > i i n 'i> i 'be tompkti' ,> n mirs t'i ii < - .a si ) ■ > ,m r 1 * ' ai 1 -" '■'*' iv to -ii_ o\\ t . . Ol the m\ci. LLe dic^v i& h;uni)<;icd. bi tkr

iccumulation of silt at the stern, and a supply bi water from the town race is therefore necessary for the continuance of di edging operations. It was expected the dredge would be able to resume work yesterday. The secretary of the Nokomai Hydraulic Sluicing Company (Limited) reports a return pf 1720z 9dwt 23gr of gold for the month of January. The return from the Empire dredge last; iweek was lloz 7dwt 12gr of gold. The master reports that he had bean dredging all the week pn the east side of the river, and that the ground showed no sign of improvement. The directors of the Nokomai Hydraulic Sluicing Company have declared a dividend (the twenty-first) of 2s 6d per share, payable on Wednesday, 10th mst. . " Messrs Sievwright Bros, and Co. will «m Monday, 22nd mot., offer for sale Xh* Lower Enfield Gold Drec&mg Com•panv's dTcdge, together with the claim and) water races in the Waipori district. On Tuesday, March 1, at the same place, they will dispose of the Morning Star mine situated at Preservation •Inlet, together with mining p!ant and water xishts, etc

February 6.

Persons having claims against Lafianch) s (Freehold Gold Dredging Company (in liquidation) are requested to send particulars of same to Mr S. N. Brown, liquidator. The dredgemaster of the New Prince Arthur Gold Dredging Company, writang under dale Ist inst., state, that, given a day o arable river, lie expects to make a start dredging on the 15a t master of the Nugent Wood dredge re•ports a return of 12oz lldwt for 136 hours wk. He turned the dr&dge around on resuming work on the 27th ult., with the object of working to and along the bottom boundary of the claim, and thus taking up the spare ground agadnst the Muddy Creek Company s boundary. Two or three weeks will elapse dbefore the dredge can work to the best advantage, and during that time the master does aiot expect that the gold returns will be very iheavy. The Great Lead dredge at one time m commission on the West Coast, was purchased by *he Waikaia Gold Dredging Company, and Is at present being re-erected on the company s /claim at Waikaia. The contractors— Messrs Knewstubb Bros.— are making good progress with the work of erection, and under their (contract the dredge is to be completed in aoout two months' time, after which operations Biave to be carried on for one week, at the contractor's risk. The pontoons are new, and ■the dredge itself, when completed, should be ia powerful machine, having been fitted with a 25 horse-power boiler and a 16 horse-power lengine: while the screen, elevator, etc., have all been fitted with steel gearing. The stateiment of affairs for the year ending December 81, 1903, shows that tEe nominal capital of the company is £3500, the amount of capital sub- ■ ecribed being £1750; while the amount of capital actually paid up an cash is £528 2s6d iThe company had a balance of £363 11s 6d at 'the bank, and cash in hand to the amount 01 £56 ss; while agair.st this a sum ol £380 17s !6d was due to sundry debtors, and contingent •liabilities were estimated at £1125. Duitiiig the year a sum of £108 6s was spent in carrying on operations. The secretary of the Voltaic Gold Dredging Company received a telegram from the master mn Friday stating that the dredge had succcssiully crossed the third rapid, and that everything was safe. . The Blackwater River dredge was woilung on the east side of the face last week, and the \rasb. remained much the same as that dealt -with during the previous week. It was tended to work towards the west side of tha face during the end of the present week. The Spec Gully dredge did not meet with » great measure of success last year, and as ■the company has now gone into voluntary liquidation, the claim has, to a large exlont, lost the interest attaching to it when returns ■were forthcoming. The company was in ex.s■tence for five years, and during that time tho dredge succeeded in winning 17710z 3dwt 14gr of gold valued at £7067 7s lOd, and of this amount 5500z 13dwt, valued at £2205 5s 7d, , -was won during last year. The lesults from 'the claim never justified a dividend being paid ; ■while last year a sum of £2296 12s Id was expended in" carrying on operations. On December 31 the company had cash in the bank «nd in hand amounting to £84 4s Id; while a cum of £183 19s 3d represented debts owing iby the company, in addition to which contingent liabilities were estimated at £106 10s. The Three-mile Greenstone dredge was workring in old ground for the most of last week, and as this was very shallow, there was consequently very little gold in it. The south side of the cut has been made secure against floods, and it is not thought that it will be necessary to go into worked ground again, a3 it is intended to run alongside the old workings. The solid ground was fully four chains wide, and seemed fairly good, and as the boulders were not so troublesome, it was expected to have a good run during the present week. The return for the present week is 19oz for 114 houis' work. The Aldinga dredsre was working from tne left hand side to the centre of the paddock last week. A fair amount of timber and large stones were encountered, but, on the whole, the dredge had a fairly good run. The gold was a good even sample, and was either making across the paddock from the right to the left hand side, or else the left hand section of the face had shown a sharp improvement. The ground was from 14ft to 16ft in depth, ■while the width of the face was six chains. The directors of the Clyde Gold Dredging Company have declared a dividend, the thirtysecond, of Is 6d per share, payable on Tuesday. 9th inst. , „ There will pprobablv be 110 wash-up on the Golden Bed dredge this week. The repairs •were practically completed at the beginning of the week, but it was then found that new bearings were required, and these were despatched from Dunedin last Tuesday. The unfavourable conditions prevailing for dredging last year had the effect of generally retarding the industry, and it was found almost impossible for those machines that were confined in the gorge to do anything like ■justice to their claims. For this reason the Bailor's Bend dredge did not prove so profitable to shareholders as might have been expected from the previous operations of the machine. The quantity of gold won last year was only 4450z 13dwt 9gr, valued at £1707 11s 2d, as compared with 12240z, valued at £4743, during the previous year. The total quantity of gold won from the date of registration until the end of last December wal 23860z 15dwt 16<t valued at £9234 13s Id, and produced at a total cost of £12,555 6s 2d, of which sum £1760 18s 3d was spent last year. Dividends were declared during 1903 amounting in the aggregate to £400, while the total amount returned to shareholders up to the ppresent is £2800— equal to 7s per share. On December 31 the company had cash amounting to £481 l7s 7d, as against which the liabilities amounted to £94 8s 9d, while the contingent liabilities were estimated at £10 ss. The sand-pump that was recently fitted on tho New Golden Beach dredge for the purpose Of coping with the silt trouble proved ineffectual, and a sand-elevator is now being erected, which, it is thought, will have the desired effect. The elevator will probably be leady in about three weeks' time.

The dredges working on the Waikaia dredging field last year all achieved a certain jneasuie of success, and that this should be

so points to the fact that the district may yet prove profitable for mining enterprise. Iho prospects of the New Fairdown dredge would, probably have been decidedly better but for tho unfortunate fact that the dredge sank at a time when there was every reason to expect that good returns would be forthcoming. _ The dredge's operations last year were practically confined to opening out and clearing a, way through the tailings that had accumulated fiom the adjoining claim. In doing this the diedge succeeded in winning 1770 z Bdwt 12gr of gold, valued at £702 17s 3d, which was pioduced at a cost of £2129 17s 3d. As the dredge was only in commission for a short time during the year, shareholders naturally did not receive any return m dividends. On December 31 the company had the sum of £105 10s 5d at the bank, while debts (which were considered good^ directly due to the company amounted to £75 12s 6d. As against this the company was indebted to the amount of £691 19s, while the contingent liabilities were estimated at £60 13s. The master of the Greenstone Creek dredge, reporting on the 30th ulc., states that he commenced dredging on January 18, the machineiy running well after the overhaul. It took three days to clear the silt out of the paddock. The wash, was very rough, and poorer than what was treated befor-e the holidays. The dredge was working up to the junction of the two creeks. The face has been shortened by about 10ft on the north side, as the wash has thinned out on that side. A return of about 250z is expected this week. The secretary of the [Three-mile Greenstone Gold Dredging Company reports a return of 19oz for 114 hours. . At a meeting of shareholders in the .Point dOr Company, held some time ago, it was decided to empower the directors to make the best terms possible with the vendors for the settlement of the company's affairs. The results that had been obtained by dredging and the prospects for the future were not sufficiently good to wan ant a continuance of operations, and the obicct sought to be acquired by the contributing shareholders was freedom from the liability on the uncalled capital. If the vendors had been so dispose* they could have insisted upon the remainder of the contributing capital (12s por share) being called up, but they did not take up such a position, and it has now been arranged that they will t?ke over the dredge and claim instead. Another call of Is per share has been made to pay off outstanding liabilities. Tha shareholders in this company have been more fortunate than those in many other companies, as they have had their claim well tested at much less expense than is usually entailed in getting a dredge to work. The directors, instead of committing themselves to heavy expenditure in buying a new dredge, seemed a second-hand machine at a very reasonable cos*\ An interesting forfeiture case came before Mar Jbatice "Williams in Chambers on Friday. It was shown that an irregularity in lespect to any call alleged to be due was sufficient to upset the whole forfeiture. The facts are fully stated below:— "Re the Companies Act and re the Aylrner Lead Cold Di edging Company, Limited (1.1 liquidation). — Summons to set aside forfeiture of 746 shares and restore name of W. R. Cook to tho register m respect thereof.— Mr A. S. Adams appeared in suppoit of the summons and Mr Calveit opposed.— Mr Adams contended that The forfeiture was invalid, because of certain irregularities — (1) in the posting of notices of intention to forfeit and of forfeiture, (2) because certain calls had been illegally made and were therefore invalid, and (3) notice of the seventeenth call was not given in Eiifficient time. On the last point the affidavits showed that only 12 days' notice 'wa3 given instead of 14, and that the seventeenth call was one of the calls for non-payment of which the shares had been forfeited. Mr Adams contended, on the authority of Johnson v. Lyttle's Iron Agency (5, -CD., 657), that any lricgularity in. respect of any of the calls alleged to be due invalidated forfeiture. It appeared that Mr Cook had paid £510 on account of the shares.— Mr Calvert. for the liquidator (Mr S. T. Miramt), said that the case was one of hardship, but the liquidator did not feel justified m acting without an order of the court. The notices had been stnt to Mr Cook in accoidance with his own instructions. — His Honor: I do not see how you can get over the point about 'Aie seventeenth call. — Air Calverl said No, he- did not see how he could^argue against that.— Order mads in terms of petition; costs, £2 2s and disbursements "

February 8.

Mr D. M. Spedding will offer for sale at his rooms on Friday, 19th inst., the New Vincent Gold Dredging Company's dredge and plant, situate at Clyde. Tenders are invited for the purchase of tne Marsden No. 3 dredge; also, for the completion of the Marsden No. 3 dredge on its present site. The secretary of the Barewood Quartz Mining Company reports a return of &6oz of gold from 200 tons of stone for the month of January. The secretary of the Rise and PMnc Gold Dredging Company reports a letum of_3Boz Bdwt for 123 houis' work fiorn the No. 1 dredge. The master stated that the diedgd was working steadily, and that the prospects were good. The No. 2 machine v/as still opening out towards the west bonndaiy. The prospects weie fair. A letum of 13oz is leported to have been obtained while opening out.

ihero was no wash-up on the Callaghar.'s Creek diedge last week. Owing to the floods bottom was not obtained until Tuesday.

There was no wash-up on either of the dredges of the Pactolus Company last week owing to tlie lines of both the machines having been shifted prepaiatory to opening up new faces toward the Try Again Terrace. The master of the Golden Bed dredge reI)ort3 that there was 1 no wash-up last week. Work was resumed on Friday night.

The master of the Waimumu Extended dredge reports that woik has been suspended owing to the- hard giound having bent the points of the ladder. It will be necessary to take 10ft off the ladder ard have it straightened at the foundry. The small return last week was accounted for by the fact that the ground was so hard that it was impossible to get any quantity of wash through. The secretary of the New Piince Arthur Gold Dredging Company reports that if the river is favourable, operations will probably be resumed on the 15th inst.

The Stafford Waimea dredge was only at work for a few months last year, and during that time succeeded in winning 2450z sdwt sgr of gold, valued at £943 18s Bd. Since tho formation of the company m 1900 up till December 31, 1903, the quantity of gold won by the dredge amounted to 8750z 4dwt 13gr, valued at £3487 13a Id, and this i\as produced at a total expenditure of £9299 63 2d. On December 31 the company had £311 7s in the bank, while, liabilities amounted to £1890 Is lOd, and contingent liabilities weie estimated at £112 ]ls 9d. There was no wash-up on the Cromwell No. 2 dredge last week. The new °haft for the Sunshine dredge will probably reach the claim by the 11th hist. There was no wash-up on the Revival dredge last week. Work was resumed on Wednesday after a stoppage of two days. The master of the Matau dredge reports that work was steadily gomg on, but that there was no wash-up last week.

The Central Mataura dredge did not make very satisfactoiy progress last year, and the weekly returns weie never of more than moderate proportions. The Quantity of gold, won

last jear was OGdoz 2dwt 12gr, valued at £Zi37 2s 10d, and tho to<vil production up till the end of last December was 20300z Odwt 12gr, valued at £7693 lls 7d, the aggregate expenditure up to that date being £22,132 Is. On December 31 the company h<<d cash at the bank and on deposit (including account of trustees shareholders' loa<;i) amounting to £1009 Gs lOd ; while against this the company was, exclusive of the shareholders' loan, indebted to the amount of £1503 8s 3d, and contingent liabilities were estimated at £345 15s.

The financial position of the Lower Enfield Gold Drsdgmg Company has become so unsatisfacloiy that the mortgngces have been conipell to foiecloso. Ihe directors have considercel it advisable to call the shareholders together m older to consider the position of the company, and also to obtain an expression of opinion from them, as to what shall bo clone to preserve their interests. Iho dredgemaster has material in hand with which to put the diedge into good repair, and he ia confident that he could get woiking expensas for the first few weeks, and after that something more substantial. What is suggested is that a new company should ba foimed, with a proposed capital of £750, and arrangfments could then be made with the mortgagees for taking over the diedge. It is hoped that there will be a good attendance of shareholders at the meeting.

Febiup.iy 9. The sale of the Gieat Central Dredging Compares claim advertised to be sold by Messrs JD. M. Fee and Co. at their rooms on Wednesday ha* boon postponed to Saturday, 13th ni'st.

Mr L. Ryan, Alexandia, reports the following returns — 61oz 15dwt from the Perseverance No. 1 dredge; 28oz 3dwt ]2gr from the Perseverance No. 2 dredge. The ground upon which the latter machine was working was not quite so good, although it was thought that it was improving egaan.

The eecietary of the North Beach G-olel Dredging Company reports receipt of advice from the Traster to the effect that the new tumbler had arrived ft Greymouth, and that an endeavour would be made to resume operations on Monday morning.

The directors of this Sandy Point Gold Dn edging Company have secured a temporary spur wheel, which shou'd enable operations to be resumed some time during the present week.

The master o-f the Gairyowcn dredg9 reports a return of looz Cdwt for three days' woik.

The master of the New Woodstock dredge reports a return of lOoz lOdwt for 100 hours' work. Reporting on the week before last the master stated that the dredge had had a poor urn owing to ths main engine breaking down and the short supply of water, which prevented Ihe dredge being proparly turned towards theterrace. Ram fell at the latter end of the week, and this gieat'y helped operations. The secretaiy of the Watterson's-Ahaura Gold Dredging Company reports a return of l'Joz sdwt for 109 hours' work. The master stated that the dredge had been working 111 silt for one day, and that he had wa&hed up thiee nhifls earlier than usual. It is expected that the giound will improve. Bottom was struck m the river at a depth of 22ft, ai.d the shallow ground appeared to be extending towards the south-east side. In consequence of a big flood a lot of silt had to be cleared out of the paddock. Mr L. Ryan, Alexandra, reports that the Molyneux Hydraulic dredge has not yet resumed operations. The Clyde dredge is now working out of Frenchma'n's Beach preparatory to an overhaul to fit her for the v. inter's run at the part of the claim known as Italian Bend.

The secLotary of the EofLeld Gold Dredging Company reports a ie f urn of 21oz sdwt for 131 hours' work. The master stated that the machineiy was running woll, and that the giound remained much the seme as that pieviouslv woilred.

The' directors of the Olrig Company have declaied a dividend (the eighth) of Is per share, payable on Thursday next, the 11th inst. This makes a total of 9s per share returned to shareholders in dividends.

The dredgemaster of the Gabriel No. 2 dredge (late Victoiy) has been busily engaged in overhauling the machinery, and it was expected that dredging would be commenced yesterday. The new lower tumb'er jind shaft for the Sunshine dredge should be completed on Saturday next, and as they will be forwaided to the claim without loss of time, dredging will probably be lesumed next week. The New Alpine Consols dredge is practically ready for work, and the dredegmaster has been instructed to resume operations as soon as he considers the liver -Jfivourable. The dredge can now work to a depth of 51ft, the ladder having been extended by 121 1 before the beginning of last season. The engine and boiler on the Leviathan dredge (recently purchased by the New AVoodstock Company) should, when placed on board the New Woodstock dredge, enable opeiations to be earned on to much better advantage. The engine is 25 horse-power, and a3 it is much moie powerful than the one at piesent on tha New Woodstock diedge, it should prove sufficiency stiong to cope with the stiff wash met vuth in the claim. The spare buckets will also come in very useful, as the buckets at present m use have been considerably knocked about in consequence of the rough wash. The price paid by the New Woodstock Company for the assets of the LeviaUian Company was £500. After an exceptional spell of dry weather heavy rains set m on the West Coast, and two nasty slips took place in the new pait of the Shetland Terrace Sluicing Company's lace. A little sluicing was being carried on, but all hands have been taken off this woik, and also off the work of constructing the dam, and their attention is being devoted to therepans rendered necessary 111 consequence of the slips. The repairs aie expected to be completed within a, few days, after which sluicing will be continued. The dam for the storage of water is finished, and it would have been completed ere this but for the mishap recordsd above.

The opeiations of the Waimumu Extended drtdge were not atended by a great measuie of success last year, and consequently but little headway was made. The returns have, Lowever, improved a little during the past few weeks, and the prospects for the future have brightened proportionately. Up till the close of 1903, the quantity of gold won by the diedge was 29600z 6dwt 9gr, valued at £11,443 6s Id, of which 6340z 9dwt, valued at £2400 2s, represented last year's work. The expenduture last year was £2341 4s, and the total outlay from the date of registration until December 31 was £11,794 ss. One dividend of 6d per share was declared last year, and up to the present the sum of £1625, or 5s per share, has been returned to sharcholdeis. On December 31 the company had cash to the extent of £159 lls Id, while the liabilities amounted to £211 18s 4d, and the contingent liabilities to £32 10s.

The returns obtained by the Happy Valley dredga last year were a little better than, those for the preceding year, and as the expenditure was smaller during 1903, the company made botter progress. After a heavy uphill struggle the liabilities with which the company was weighed down were wiped off, and up to the present three dividends of Is per share have been, declared, this representing a distribution of about £1052. Two of the dividends' were paid last year, and the third was payable on Wednesday last. The quantity of gold won last year was 9560z Odwt 18gr, valued at £3718 3s, and the total output from the time opera.-

tions were commenced until December 31 was 20950z Oclivfc 38gr, valued at £8000 7s. The aggregate expenditure up till the close of last year was £11,725 4s 7d, of which sum £3005 14s 3d was spent duimg 1903. The Watterson's-Ahaura Company has not had a successful career so far, and financial troubles have been of rather frequent occurlel.ee. The principal cause of the non-success of the company has been the fact that the ground has proved too deep for the dredge; but the latest advice received fro,a the dredgemaster stated that the ground was becoming shallower, and there ia therefore a hope that the futuie will be more satisfactory than tli9 past. The capital of the company is £3304 10s, consisting of 2924 ordiraiy and 1522 preference shares (ss), and on Derembc-r 31 the amount of arrears was £32 18s 9d on 166 ordinary shares and £80 3s on 859 preference shaies. The quantity of gold won last year was 116oz 3dwt 6gr, valued at £447 4s sd, and the expenditure for the same period was £2293 4s 3d; but it should be stated that the dredge- was idle for some time. Up till the end of December the quantity of gold -won was 3840z 12dwt 9gr, valued at £1489 19s Sd, and produced at a total cost of £-1999 11s 3d. At the close of last year the oompany had a bank balance of £123 10s 6d, but the liabilities amounted to £221 16s 3d and the contingent liabilities to £90. The Feddersen Company got some excellent returns immediately after the dredge started work, and the pio=pects were for a while decidedly bright. Tins state of affairs did not last long, however, and the returns scon fell away, the directors eventually deciding to close down. Negotiations were entered into for the sale of the dredge to the Mokoia, Company, but these could not be carried into practical effect on account of the Feddersen dredge having been stianded. The machine is still stianded, the river not having usen sufficiently to enable her to be refloated. This was very unfortunate for shareholders, because the price offered by the Mokoia Company v. as very good, and had the sale been effected shaieholders would probably have received some of their capital back. r lhe capital of the "company was originally £11,000, but this was afteiwards reduced by £425, shares to that value having been forfeited The forfeited shares were, however, sold, the price realised for them being £369 Bs. The quantity of gold obtained while the dredge was at work was 4760z 19dwt 12gr, valued at £1824 18s sd, and the cost of carrying on operations last year was £2248 7s Gd, while the total exwendituie from the date of registration until the end of December was £10,863 19s Id. On December 31 the company's liabilities were £319 2s 3d, and the contingent liabilities were about £25 ; while the debts due to the company amounted to £15.

The Central Charlton Dredging Company w<i3 heavily encumbered by liabilities before the dredge started work, and the task of clearing off the debts and reaching the stage of paying dividends was an uphill one. The returns, though comparatively small, were very steady and consistent, and the directors have now not only wiped off the liabilities, but they have a'so distributed £1050 (equal to 3s per share) in dividends. The aggregate gold yield last yr-ai v. as rather better than that for the preceding year, and the expenditure, on the other hand, -was smaller. The quantity of gold won last year was lOoloz lOdwt, valued at £4065 4s 2d, and the aggregate output from the time the dredge started until the c'osa of 1903 was 261C0z 17dwt, \ ahied at £10,176 11s lOd, and produced at a cost of £14,636 15s 3d, of which £2iol Gs 6d lepresented last year's expenditure. On December 31 the company was free from liability ai.d had a credit balance of £72 IS3 7d in the bank.

The Charlton Creek dredge's returns, in common with other yields from the distr.ct in which she works, have never been large, but the amount of headway that hs>s been made since the machine started woik is surprisingly good when it is remeivbeied that the week'y returns left but a small margin over woikirg expenses. The company was registered on May 5, 1899, and up to the present shareholders have received £3875 bock in dividends, this sum representing a return of 15s Gd per share. The quantity of gold obtained last year was S!3oz 15dwt 19gr, valued at £3228 3s 4d, and won at a cost of £2633 5s Sd , while the total output up till the end of December was 39570z 19d\\t 21gr, valued at £15.314 2s 7d, and produced on an outlay of £18,374 17s 2d. The company was in a, satisfactory financial position at the end of last year, there being £313 l"s 5d m the bank and £250 on fixed deposit, o.". against which the liabilities amounted to £35 ISs.

An Auckland telegram states that during the period ending January 30 the "Waihi Gold Mining Company treated 19,630 tons of ore for a return of bullion valued at £50,259. Ths

Tairua Broken Hills, Company iieated 300 tons of oie for a return valued at £1575.