Notes from Reefton. (From Our Own Correspondent.)

Otago Witness, Issue 2626, 13 July 1904, Page 25

Notes from Reefton. (From Our Own Correspondent.)

REEFTON, Ju'y 8.

The Bis? River Company's mine manager leports :—""'' During the week No. 7 level winze lias been sunk 9ft, making the depth of the winze 41ft. The reef during the week has averaged 2ft 9in wide. At present there is 4ft ,of stone in the east and 2ft in the west end of the winze, showing gold freely. The interanediate winze has been sunk 3ft, making the total aeptli I9ft. The reef averages 4ft wide. TThis winze has been stopped, and men are now engaged cro<-scutllng at No. 7 level, to intersect this reef, and 6ft has been driven during the week. "\Ye have raised 20 tons of Btone.

The Alpine Company's mine ir>smager reports: — The crosscut in No. 7 has been expended 13ft, making the total distance 102 ft. The crosscut is going through very like'ysooking country, with a good deal of quartz leaders in the face running in all direction. 3?he crosscut is going through dark slate. In [No. 12 north the third slope is nearly taken out. The reef averages barely 3ft fiom end io end. In the south end, above the intermediate, the stopes are now on a level with tho storing that was done 18 months Pgo. The Btone frcm this end should improve m quality ironi now.

The secretary of the Golden Run Cc mpany ie;o'-ls a mid-week wash-iif for a return of «:osr

THE STAFFORD WAIMEA DREDGE. (Feom Our Own Correspondent )

ALEXANDRA, SOUTH, July 11.

The manager of the Staiioid W .uniea dredge (West Coast) wires. — '"River turned. Died^e safe irom floods, but lying on an angle with 3ft of water on the ptarboaid pontoon and 7ft on the port pontoon. I can reduce the dam by 6ft by to-morrow with the drainage race I am getting a 10m pump rescly. and expect to see the dredge afloat in a fortnight. '

CROMWELL AND BANNOCKBURN" COLLIERIES COMPANY.

The annual genera' meeting 01 shareholders ot the Crom-weli and Bannotkbum Cotneries Company was he.d 111 the boaid I.oom, Agriculttual Hall, on Monday afternoon. Mr J. C Thon~soii (chaiinian ot duectors) presided, and seven shaieholder^ weie present.

Tlie leport of the mine manager (Jar A. S Gillanaers) for the year ending May 31 was as follows .—

"The sales for the year were as follows' — Shepherd's Creek mine, -1325 tons; Excelsior mine, 3891 tons; Wilson's mine, 2051 tons; — total, 10,567 tons. This is an increase upon the previous year cf 2265 tons.

" VVilson's Mine. — At this mine not a. great deal ot work has been done, as from January 01 this year the Junction Electric No. 1 (which is working close to the mil. e)- is the only dredge that has been supplied from this mine, and the chair has not to be used m supplying her, as she coals from the mine mouth. The mam level m this mine is now m a distance of 1335 ft, as will be seen from the plan ; and the coal is still keeping of the height and quality as heretofore, being from sft 6111 to 6it in height, but it is not quite equal in quality to that at p-resent being got from the Excelsior rnnie, where most oi the dredges are at present coaling. During the year a considerable amount of timber in this mine has had to be renewed owing to decay, aaid also a considerable amount of new timber has had to be put m the -main level from the first crosscut outwards, as that portion of the road h?s been crushing considerably lately, owing I think to the effects of the large landslip at the mouth of this mine. I am, however, putting a new drive into the coal away frcto the slip, which will cut cS this portion of tho road and wi.f*pass through faarly good giound. Altogether this mine is m good working order, with a large amount of coal m view.

" Excel sior Mine. — This mine is now supplying most of the dredges, and with coal of a very good quality for steaming purposes. Tiie working are extending nortliTards from the djp for a distance of 530 ft. These workings are going towards Wilson's mine, and are still separated from it by over 400 yards. To connect these two works will take between two and three jears at our ordinary rate of progress, so that t-here is here a large amount of coal available. On the south side ot the dip, the coal thins and the roof is hot good, so that I am not working it at present, as it wculd require a lot of timber to do &o. This 3nine is m first-class order and is capable of a much larger output than we have at present.

" Kawaran Lease. — A considerable amount of new work has been done on this lease m an endeavour to get a block of coal of some permanency a,nd free from fault" ; and the present workings on the north side of Tom's Gul'v give promise of being so. The incline is now down a distance of 320 ft, and the coal still looks well and is of excellent quality, and varies in thickness from 14ft down to stt on the south side- of the incline. Unfortunately, above this' seam of coal is a large bed of Sue sand and water, which, if it gets the least vent, is very troublesome to deal with. On March 16 some ot this sand broke in from the roof in the No. 2 south level, which entailed considerable trouble and expense in effectually blocking it off, as it flowed down the dip, filling "the lower workings and nip for a distance of -15ft. However, f he concrete dams put mto block it are proving satisfactory in doing so. The boiler procursd for this mine is giving first-class service, being able to steam up the slack or waste coal from the mine, although there is a considerable ■•. olume of water at this mine. The winding machinery and pumps at this mine (one, a new one, capable of pumping 10,0SOgal an hour) are all in good working order as is also the mine." The Chairman, in moving the adoption of the annual report (already published) and balance sheet, said the report disclosed a very satisfactory position, and shareholders were to be congratulated on the point the company had reached. A few years" ago no one would have ventured to prophesy that they would have done as well as they had last year, and the satisfactory position of the company was largely due to increase 01 output, and the developments that had taken pbee on the C'.utha River. Royalties, as they were probab.v aware, had been large'y incieased, now bciiu; 6d a ton., which made a considerable item in their expenditure. All the cose of initial work in connection with tho opening up of the new drive at Shepherd's Creek had been charged to exjseiises. This year's success of the compaiiv, ho might add, was largely due to tie able niinner in which their present manager (Mr Gillandeis) had carried out his work, while they had aiso a. very careful and painstaking man m their Bannockburn secretary, while Mr Harty, thensecretary and manager in Dunedin, supervised practically everything Mr T. Brown, in s~econding the motion, endorsed the chairman's remarks as to the management of the mine, and the satisfactory condition of tlie company, and the report was unanimously adopted. ' The letiring director (Mr J. K. Morrison) was unanimously re-elected, and Mr W. T. Monkinan was re-elected auditor. The remuneration of the directors was fixed as previously. ■ Mr Molonsy pointed out that the position of the company was very-'chfterent from what it vas thres years ago, and it v as mainly due to Mr Harty' s efforts that this was so. He would move — " That n> be an instruction fiom the thsreho'ders to the director-, to grant a bonus to Mr Haify, the same to be leit to the discretion ot tho directors.

Mr Brown seconded the motion

The Hon T. Fergus said he regretted that ihe state of Mr Haity's health did cot permit him to be present. He had recently visited \tie mine with Mr Harty. ard the latter had a minute knowledge 01 the nrns fhat was isjou--hing. The Chairman "-doisccl tfce remaii.3 of +li? previous speaker-, s'nt'irsc that tvo mornhs' iea.ve oi pb-:snce hid been giantfd Mr Hartv. The- motion V.&-, then earned itmimwoii^}, a id a vote o: thanks to th^ man. maiia^er m d st?ft'*tov their teivicp* in tho cr ivyanr's bch.t'f brought the meeting to a i.o^e.

THF NEW FOTTRIEEN-Mif.i-1 P.EACH DREDGINt'; COMPANY (LIMITED). TO THE EDITOR.

fjr. _The remarkab c fluctuatiors in the ou'otations for this stock are cerlmnW httle puzzbng to these who are not a, 'outlier in the krow. The repoits wllicli are Landed to the piess are veiy raeagie. The lepoit m tb s morning's Tims=, can hardiy be ica&=uri:ig to Ihersi.i the died»ema«=ter sta.es that he commenced ell edging on l'lids.y, aiid bottom was leached at 30ft at a s,;ot be.ov, tiie Goige Creek. Theie mn^t lnve^b.en a gif.'t scaicny oi wash xl bottom tci'd be got <^o onick'y. Ihi re-ioi I i l oc~ not c-e.i =ay -vVietiiei wa=.h was B tuuk. \Yac it baie lo^k?

Is it not a fact that the diedgn was woiking a-t this =not dm his? the who c of la«-t week' Further, "why did the dredge <=hiH a^y fiom the nch patch at the top end > feunplj because it was woikcd out. When the shares j ic-c to 30s pieiiuum the returns justified it I to some extent, but from a c'osc study of the opeiatiOns now goirg 01 — piacticaUy hunting un and down the c.snin for \\a=li which does not se^m to exist — tbo-e shpjfho'dcis who aie hanging on to their shaies whilst many othe s have sold out should be on their guard. I am quite sure that by the end of a few weeks tbe shares will be nearer par, if not actually -below it. Whpt will be the price next week, for instance, if this week's letnrn is '.mall or mi? There has been far too much of sharebooming in the past, raid it h?s been the abso.utc cuise of the business. "Who is going to cairy the elephant. ne baby in this case Tho=e who can least p fiord it. as usual. Hoping you will obFge by inserting this, and that the directors will supply some extra l.ifoimation, — I am, etc., July 11. One "Who Exows.

SALE OF A DREDGE

Tlie Perpetual Trustees, Estate, and Agency Company, acting undc 1 * mstiuctions from the liquidator, offered for =ale by auction at their rooms yesterday the Waimunm Extended Company's dredge, as she lies in the "VYaizrramu Valley, together with all tools, plant, etc., and the claim of 80 acres. Bidding for the property commenced at £50, and rapidly advanced by £5 bids to £230, at which price it was purchased by Messrs Shgo .Bros. The purchasers will probably give the claim another trial.