THE WEEK'S MINING NEWS

Otago Witness, Issue 2660, 8 March 1905, Page 32

THE WEEK'S MINING NEWS

March 1.

The -He^sey's dredgemaster, reporting for last week, stated that he was working at the spot where the dredge first started, and, as the returns at that time were very good, he expects to obtain a little gold from the tailings, but) nothing much until he gets into solid ground! again.

The Mystery Flat dredgemaster reports thaft owing to being bupy relipping buckets there was co wash-up last week. He expects, however, to have a good return this week for tha week and a-balf's work.

The Junction Waikaka dredge was last week working near the terrace side of the cut. T'ha actual time wo'ked was 95 hours, the remainder of the time being taken up with lepairs to the winches. A stopppge is expected shortly to affect a few repairs.

The Masterton Company's dredgemaster reports that the dredge was working well last week, and th.9 ground was giving good prospects. The. Lady Roxburgh dredge had a good run

last week. There was a stoppage from Tuesday! night till the following day at 9 p.m. for* boiler inspection. Frc-m Monday to the close: of the veek the dredge was operating in previously worked ground. The ground was very shallow, the deepest part being 28ft, but on Saturday it commenced to deepen~again.

Reporting for last week, the Alexandra Lead! dredgeinr.ster stated that the dredge was taken out of the paddock into- deep water on Tuesdays night, arriving at the bottom of the claim! on Thursday afternoon. Dredging was commenced there at o o'clock that day, and the dredge got into solid ground on Saturday, night. Ihe dredgemaster now expects to have batter returns than have been obtained in the past.

The Golden Run dredge was working well all last week, and \vas part of the time engaged in solid ground and the remainder on pieviously-worked ground. Tenders are invited in this issue for ihe purchase of the Mosquito No. 2 Gold Diedging Company's dredge and) claim, situated oa the West Coast.

An Auckland telegiam states that m the February crushing of Hardy's Mines (Limited) 145 tons produced 18i tons conccntiat^s, valued at £145 ISa 4J, "fiom 10 stamp*, for 17 days. The manager of the JNTo. 1 elevator of tho. Nokoinai hydraulic sluicing claim leports a wash-up of the paddock for 180oz ]odcfc.

The -water was scarce, buf a later letter of Monday said that rain had fallen on Sunday all night, and was" still falling, and- that sluicing -would be- commenced riglit away. The manager of the" No". 2 elevator washed up three boxes for 340z ldwt, and cleaning in the bottom was in progress. Want of water had prevented his getting on as quickly as tie would have liked, but rams had come now.

The Waimumu dredgemaster reports that h> did not get started on Saturday -as expected owing to the screen being delayed at the foundry, but he was to get started on Tuesday. The principal repairs done while stopped were ■fco tho elevator buckets, which weie riveted *nd bushed, also the main bucket bushed, a new driving shaft put on the elevator, also new bushes on the tumbler.

The dredgemaster of the Rising Sun reports that the average depth of the ground last week was about 38ft, and the width of cut 150 yards. The bottom consists mostly of sanay clay, and there are still .a few lumps of hard clay which are very bare. Prospects ■are fair. With the exception of three large stones that cannot ba shifted the ground at present is easily worked. The machinery and eJevator are running ■well.

The "Waikaka Queen Gold Dredging Company, one of the many concerns carrying on operations -in the "Waikaka district, may be eaid to have been more than satisfactory" in its operations during the past year, inasmuch as during that period dividends to the amount of about 4s per share have been declared, the amount thus distributed being £1118 19s. Last year's gold output was 9770z, of a value of £4130 3s lOd, the exue ifiiture during the same period being £2992 16s lid. Since registration in 1599 the goid outrmt has been 29970z 19dwt Bgr, of a value of £12,467 11s Bd, and the expenditure £17,431 los lOd. On December 31 last there were debts owing by the company to the amount of £112 14s sd.

March 2.

The manager of ihe Blue Sour Consolidated Gold Company reports as follows under date 2Sth inst.: — "I have this afternoon completed a clean-up at the Consolidated mine for a return since the end of September last of 7590z. This return is slightly less than last year's, although we .have had an exceptionally good •water season."

The Tuapeka Times reports that the Local Industry Company washed up on Saturday, obtaining 12oz for about 40 hours' elevating. The Punt dredgemaster reports that the actual time -worked last week was 120 hours and the distance worked ahead loft, with the cut 70 yards wide. The ground worked was poor. The elevator chute gave some trouble during theweek, otherwise the machinery was running well. The niaster of the Electric No. 1 dredge reports that the actual tini9 •worked up to Friday la&t week was 139 hours, the distance worked ahead 27ft, and ths width of the cut 40ft, -with the ground varying in depth up to 32ft, when si start was made to clean-up the paddock. This was done, and a start made on the face, the prospects "there being fair. The gold won ■was very fine. The river was low enough for the cut to be worked right across. On the No. 2 dredge repairing was carried on steadily. The distance worked ahead by the Rise and Shine No. 1 dredge last week was Bft and the width of the cut 450 ft, with the depth of the ground varying up to 51ft. The wash in the centre of the cut was improving, being still tight and full of boulders, with soft red rotten bottom, covered with "llaories" and black sand. The ground was still deep towards the east side, and rose suddenly on to hard rock. The distance worked ahead by Ui£_No. 2 dredge ■was 12ft, the width of the cut JlOiT yards, and fhe depth of the ground 40ft. The wash was very tight, and contained some large stones. The Junction Electric No. 2 dredgemaster reporis having a fairly steady run last week, while the prospects continued good. During the latter part of the week the banTc was not falling so well, and consequently it was found necessary to leave portion of the cut. It was only where the bank was of a very soft nature that the dredge could work into it. On Monday morning last the hangers broke, and the buckets got off the end of the ladder, and it Was expected that there would be some trouble

in getting the buckets clear again in order to get the ladder up. A wire was received yesterday, however, to the effect -that the buckets hid been freed and the ladder got up again. Mr E. Roberts, engineer to the Kew Trafalgar Gold Dredging Company, whose dredge is now in course of erection on the West Coast, reports under date 28th February on the work being done as follows :— " On shore : The main ladder has been joined and riveted up ; the roller chains bolted m positon ; the exclusion screens and chafing beams fixed on, and the elevation ladder joined and riveted up. On the dredge : The tumbler frame haa been completed and side plates put in posi-

tion ; the ladder pivot blocks fixed ; the top

tumbler in position ; the large spur wheel 1 fixed in the shaft; the cheeks of the winches,

and barrels in place, and the smaller gear

being fitted. The boiler was on board, but not in its correct position. Below deck^: Centrifugal pump fixed in position and the condenser and connecting pipes on board." Mr John M'Gregor, of Messrs M'Gregor and Co., contractors for the erection of the dredge, will shortly leave on a visit to the dredge. The secretary of the Vinegar Hill Sluicing

Company reports a return of 90oz of gold as a result of 14 days' work. The claim is looking splendid, and shareholders can in. future expect regular dividends-. A divid>end of Is per share ha 3 been declared, payable forthwith.

One of the most consistent gold-winners m Otago during the past year has been the New

Roxburgh Jubilee Company's dredge

scms considerable time this dredge was obtaining returns within the region of lOCoz,

being more often over than over that amount. X*atterly, however, the returns have fallen- oft eonsiderabry, so it was deemed advisable to

remove the dredge to another portion of the

olahn, where it is confidently expected that returns similar to those won previously will again be obtained, so that the prospects

for the coming year promise to be equally as

good as they were last year. The gdkl output ■ipr last year reached the splendid total of 27770z 4dwt Bgr, of a value of £10,801 9s sd,

the expenditure during the same lime being £3235 16s 6d. from* "which it will be seen that there -was a very large amount available for

distribution in the way of dividends. Since legistration in January, 1902, the company being reconstructed from the old Roxburgh Jubilc-e Company with a capital of £7500, the

gold yield has been 61170z 20gr, of a value of £23,771 6s od, while during the same period the expenditure -has been £10,435 6s lOd. Last year a sum of £6750 was paid out in dividends, this being equal to 18s per share. Since registration £14,240 lls has been distributed m dividends. On December 31 last there weie debts owing by the company to the amount of £358 0s sd.

A meeting of the debenture-holders in the New

Fairdown Gold Dredging Company will be held on the 7th inst. for the purpose of confirming the action of the trustees and those debenture-holders who were associated with them in purchasing the dredge and property of the New Fairdown Gold Dredging Company on behalf of the debenture-holders, also to confirm a resolution passed Iry them at a meeting held last month as follows • —

That for every £5 debenture the holder there-

of receive 10 fully paid-up shares of £1 each in a new company to be formed, on condition that the debenture-holder takes up his proportion of the necessary amount (in snares) required to put the dredge in good order and leave enough to thoroughly test the ground. Estimated amount required, £750." In connection with the above, the following circular has been issued to debenture-holders: — ''At a meeting of -debenture-hold er.i held on t-he 13th inst. it was decided to have two oi three bores put down under the supervision of Mr R T. Stewart. Tins -was done, and the results have proved so satisfactory that the debenture-holders, who have attended two subsequent meetings to confer with the trustees, decided to buy in the property on behalf of the debenture-holders, provided the price did not exceed £750. This was done, the pioDertv being bought m for the «uni of iTOO. Sub-

joined is a copy of Mr R. T. Stewsul's report, j by which it will bo s,?en iL<it tbe i^vitb of two of the boies aa-e exccutionallv sood and

the third may be considered a payable one. Under ths circumstances, the debentuieholders who were associated with the trustees were unanimous m their opinion th?vt a company should bo formed with sufficient capital to pay liens registered by wages men on the dredge and claim, put the dredge in thorough working order, and provide sufficient capital to give the claim a good trial. To enable this to be carried out it will be neces spry, m tho first place, to obtain the consent of " each debenture-holder " The capital of the proposed cempany to be £2750, divided into 2750 shares of £1 each. Two thousand fully paid-up 9hare3 to be given for the dredge and nlaim — i.c , 10 paid-up shares or every £5 debenture. Tho balance oi the sha.res (750) to bp contributing, 10s payable on application and 10s on allotment, and to be taken up by the debenture-holders pro rata, and. expended as under: — In payment of liens, £250; for repairing and altering dretlge to ensure greater efficiency, £250; for working capital, £250; — total, £750 ; and fully paid-up shares in payment of dredge, 2000. Grand total, £2750. Mr D. Stewart, under whose supervision the bores were put down, Teports as follows on the results of the three bores: — No. 1, 6gr to the yaid ; No. 2, 15|gi l to the yard ; No. 3, 3gr to the yard. Position of No. 1, 180 ft west of dredge; No. 2, four chains west of No. 1 : No. 3, 40 yards from western boundary of claim. The result from No. 1 bore is good, and from No. 2 exceptionally good, the gold being a ■good sample. In this bore there is a depth of sft oi good wash, 10ft of stuff being gold-bearing.

The Waiotahi Company, Auckland, has banked 13940z of gold, valued at about £4500, as the result of a crushing.

The followirg items are from the Cromwell Argus : — Mr Geo. Troy, dredgemaster of the Electric No. 1, is leaving for Argentine, where he ha 3 received an appointment. — C. M'Donald, engineer of the Punt, has been appointed dredgemaster of the Gold Kin^, at Roxburgh. — The Chinamen working above the Cromwell coal piWhad a poor wash-up this year, owing to the amount of dead work they had to do through the bursting of their dam filling up the claim with drift, and also through the fact that the tail race is not now deep enough to allow the wash to be reached by sluicing alone. They are going to abandon the claim. — The Clutha dredge is now workmj at the lower part of the bank in her claim, and should scon be getting' returns. Mrach 3.

The Otago No. 1 dredgemaster reports that the dredge had a good run during the broken time slie was working last week. The ground was keeping about the same as previously. The dredge will be ide for about a fortnight, having alterations made to the elevator. The No. 2 dredge was working well, but the silt was giving a good &al of trouble.

A statement of the affairs of the Tinker? Gold Mining Company, which carries on operations at Matakanui, and has a nominal capital of £15.000. the whole of which has been subscribed, shows that Ihe gold won last year amounted to 388oz Odwt 2-Ogr, of a value of £1491 Is lid. The expenditure over the production of this amount was £1680 6s fid. which shows that there was a slight loss on the year's work. Since registration in January, 1902, gold to the amount of 20840z 145 wt lOgr has been won. the value being £8026 6s Bd, and the expenditure £7744 9s Bd. During the same period dividends to the amount of £3750 have been paid, this being at the rate of 25 tier cent., or equal to 5s per share. On 31st December last there was cash at the bankers' to the amount of £366 7s 2d.

The returns from the Royal "Waimumu Company's dredge during last year were not by any means large, but were very consistent, and consequently the total output for the year exceeded lOOOoz. The exact yield was 10520z 7dwt, of a value of £4269 3i IOcT. the expenditure for the year being .£2597 16s 3d ; from which it will bp seen that there was a very fair amount available for distribution in the way of dividends. The scold nrocliuction since registration in 1900 stands at 31270z 14dwt 4gr, of a value of £12,431 11s 6d. the expenditure during the same period being £15.258 11s Bd. The dividends declared since registration ampunt to £1522 10s. On 31st December last there' was cash at the banker 1 ;' to the amount of £449 10s lid. as against which there were debts owing to the amount of £366 13s Id.

The following items are from the Alexandra Herald ■ — The Enterprise No. 1 resumed dredging at the beginning of thp week, after a fortnight's delay/, owing to the breaking of the crank shaft of the main engine. The work of repairing the shaft was carried out by the loc*i foundry.— Owing to the elevator of the Molyneux Hydraulic dredge being raised, there was no wasih-up last week. — The Enterprise No. 2 is working steadily, but the ground being patchy and previously worked accounts for the falling away of last week's return. The Moa dropped down to tho junction of the Marmherikin last week, and has started work again. — The Coronation is working steadily, and the machinery is running well.

The Rising Sun Gold Dredging Company has only bsen in existence for a few years, but during the two years during which the dredge was working operations have been of a highly successful nature. The expenditure during the past year has, however, been \-ery heavy, and any money which would otherwise have been available for dividends has been swallowed up by repairs and renewals. But should the dredge continue, on equally gcod returns, and there is every likelihood of its doing <=o. patient shareholders should soon have something returned to them in the phape. of dividends. Last year's gold yield amounted to tha splendid total of 16500z 2dwt l'2gr. of a value of £6371 7s Id. The expenditure during the same period was J?5210 16s Id. Since registration in 1901 the gold yield has been 1885oz lOdwt 14gr, cf s va'xte of £7277 12s lid, and the expenditure £13 468 7s sd. On the 3J&t December, 1903, the company owed £1850 18s, and (besides paying interest etc.) by 31st December, 3904, it had reducrd it* net indebtedness to £204 12s Sd That debt has- since been paid off, and the company has now a substantial surplus in hand.

March 4.

The diiectors of the Waikaka United Gold Di edging Company notify that a dividend of Is per share was declared on the 2nd inst., and is payable forthwith.

fhe master of the Clutha River Company's dredge reports that* everything is working steodilv.

The actual time worked by the Sandy Point dredge last week was 126 hours, the width of tue cut 150 yards, the average depth of ground •28ft, tho distance worked ahead 9ft, and the average height of the fa-ce abo\e water level •Kitt. The ""prospects continued good. It is intended to stop at midnight on Saturday for the purpose of overhauling the top tumbler asid pulling on the main buckets, also a new section ifi the screen.

The 'Waikaia, drec'gemaste-r reports that cpenins; out down stream was coutinutd last week the headline beings shifted lurther clown the flat on Thursday morning. The bottom corner continued harci, with ihe west side of the fiVR drift y. Th* tf'eclge was engaged up tb Saturday night in +he top cora<=i sqy.ums Ihe face without reaching the bottom end of tho cut wheie the best groimcl vrm showing This consequently affected +he return for this reek, but it -was expected that the gioiuid woit'd change any moment, and this expectation appeal s to have been leahsed., as in

wiring fhe return for the week on Thursday mgut the diedgemascer staieel that the wash was making again. The width ot the face being woiked was 100 yarcis, and the bottom consisted of soft " rnaon."

The consistency of ..he gold returns from the iiin.Ay Point dredge during the pabt >«ar lias piaced the company m a very good position financially, and has been the means of leturnmg to shaieholders sonietnmg substantial in the shape of dividends. The company is v ctnipai alive ly uevv one, having only beeu registered in February, 1903, with a nominal capital of £8000, the whole oi which has been subscribed. Last year's gold output was 15450z sdwt ftgr, of a value of £5997 2s 7d. The expenditure during the same period was £4073 Us 4d Since iegi=tration the gold yield has been 2S2Goz 16dwt. 15450z being produced during 1904, and the remaining 1281oz in 1903. The expendituie over this production was £16,241 10s Gd. Since registration dividends to ths amount of £2100 have been p?id, this being at tho rate of 30 per cent., or equal to 69 per share. On December 31 last I,h.eie wus cash at the bank to the amount of £1100 17s 2d, including a leserve fund of £200. As against this there were debts totalling £565. The Otago Gold Dredging Company is one of the oldest companies in the history of the dredging industry m New Zealand, having been registered as far back as in May, 1805. The company has passed through many vicissitudes, being originally constructed from the ashes oi the Miller's Creek Company, with a capital of £2500. Shorty after registration an adjoining ciaim was purchased, and the capital thereby increased to JS4OOO. The company's dredge at that time was not, however, considered capable oi working the bank portion of the new claim, so, an opportunity presenting itself shortly, a new dredge, together with a claim, was purchased. The claim was found to bo too s;ood to leave, so the dredge was set to work on it. Steps were then taken to acquire another dredge for the original claim, and this was done in October, 1903 the negotiations resulting m the capital having to be increased to £5000. During- the early part ot last year, in fact for some time previous, no dividends had been paid, but in November last a return of 335 0z from the No. 2 dredge, with subsequent good yields, was the means of putting the company on the dividend list onue more, v. reserve fund of £400 being at the same time established. Last year's gold output from the two dredges was 23780z, which is over 850oz in excess of the yield for the previous year. The value of this output was £9232, and the expenditure m connection therewith £7598. Since registration the gold yield has been 10,0120z, of a value of £38,545, and the expenditure £34,578. The dividends declared during the same period amount to £6875, ■which, on a capital of £-5000, is at the rate of 135 ft pev cent., or equal to £1 as 6d par snare. Or> December 31 last there was cash at the bankers and on deposit to the amount of £789. The debts owing by the company amounted to £253, and those against £63.

Our Patearoa coiresjjondent informs us that ■' a rich find of geld was discovered hi Messrs Stewart Bros.' hydraulic claim at Patearoa this livtek. The ground in which the find ccciirs is 12ft deep, very stony, and prospects up to 4dwt to the dish have been gat to the botiom, and a grain io the shovelful aJmosri all through the washdirt. The gold, it is stated, is evidently leading into a large portion of itnwoikcd ground, so that Messrs Stewart Bros, are likely to be rewarded for their expenditure and perseverance in prospecting their ciaim. It may be remarked that the owners of the claim for some time past have just been making a- margin over working expenses."

The master of th© Nugent Wood dredge reports obtaining 17oz 18dwt of gold for last week's work. He reports that the ground worked consisted of clay and niulloek, and that he was working' across the face.

The secretaiy of the La-dy Roxburgh Company leports a wash-up for a return of 2C02. The ciTo-d'geniaster wired that he was not yet clear oi the old ground.

March 6. There was no wash-up on the Xew Eosburgh Jubilee dredge last week.

The secretary of the Oliig Company reports that dredging operations were resumed on Thursday night last.

A return of 13oz ldvvt is repoited from the Golden Gate dredge for last week. The river was falling.

The Junction Electric No. 2 ctredgemaster wired on Saturday that repairs were progressing- favourably, and that there would be no wash-up for the IJ^ek. The No Town^BCo. 2 dredge has started operations, and will commence working three shifts from to-day.

The Gabriel No. 1 dredgetnaster reports that owing to being stopped to put stay tubes in the boiler the time worked was short last week, consequently there would be no wash-up.

The Moonlight dredgernaster reports having had a good run during the week ended 25tb ult. The ground continued the same as previously — that is. loose and drifty, except in the eastern corner, where there was a little hard wash and e> good sample of gold, which, the dxedgemaster is of opinion, will make across the cut sooii, indications pointing that way.

The master of the Three-mile (Greenstone Creek) dredge reports having washed up for a return of 20oz 13dwt for 120 hours' work. Reporting for the week ended 25th ult., he stated that the dredge had been working on the south side of the face. The ground deepened considerably, and at the bluff was as deep as the ladder would reach. The wash •was faar and easily worked, and a large quantity of material was being put through. It was intended to woik on the north half of the fa<se last week so as to gain an idea of what the ground there is worth.

Owing to liabilities incurred through sinking of the dredge, floods, and breaking of the crank shaft, affairs in the Aldinga Gold Dredging Company have fallen into a somewhat bad state. At a meeting of debenture-holders £>nd directors of the company held last week the following proposals were unanimously RgTeed on. — (1) That the trustees for the debenture-holders take steps to form a new cempany, (2) that a loan be raised to bear interest at the rate of 25 per cent, per annum to be secured by mortgage over the dredge and claim to provide funds for repairs and working expenses, and (3) that the debenture-holders be asked to subscribe to the mortgage fund. "Valuable gold specimens are said to hr>ve been found seme fmie aso by a Maon in the ranges 30 miles from Taihape. The News suites that the IMaoii conducted a white eqpb to the locality, and the ground was worked for 12 months, some good specimens being obtained These are now in the possession of an old Taihar>e resident. The white man wps drowned, and pio^pecting was discontinued. The I.laori. the sole pos- sensor of the kjiowleclee of -the locality, has been conferring with an old "West Coast miner, at present employed on the railway works at Turangaieie. They have agreed to meet in Tailnpe, and aripnge plans for woikhig the ground.

The annual meeting of shareholders in the "Local Industry Gold Mining Cornr>any was held in the company's registered office. Lawrence, on Thursday evening last. In the absence of the chairman of directors (Ivlr "W.

Hogg) Mj: J. C. Arbuckle was voted to the chair The director's annual *«repoit and balance sheet, having been in the lyinds of the shareholders for some time, were taken as read, and no further information being asked regarding them, were recen ed and adopted. The letiring director (Mr J. K. Simpson) and auditor (Mr H. H. Leary) were re-elected. A hearty vote of thanks was passed to the directors for the core and attention given by them to the interests of shareholders during fie past year. The meeting closed wilh a vote of thanks to the chair.

A telegram states that the coal rutput for last week was 13.690 tons 19ewt, of which 12,207 tons 4cv,-t were from the Westport Coal Compaiiv's mines and 1183 tons loewt from the Seddonville Sta,te mine.

March 7.

Mr H. Mitchell, secretary of the Wakatipu Syndicate (late New Prince Arthur Company;, reports that a meeting was called for yesterday afternoon, but was adjourned for want oi a quorum until Thursday afternoon next, at 4 o'clock. The business to be transacted was to consider the raising of the dredge.

The directors of the Rising Sun Gold Dredging Company have declared a dividend (the first) of Is per share, pavnble on the 18th. inst. " *

Our Patearoa correspondent write*/ — Messrs Stewnrf Bros.' Patearoa hydraulic sluicing claim, which I reported last week as yieldingprospects of 4dwt to the dish, has this week gone more than "one better."' The ground is proving to be very ri^.h indeed, one dish. off the bottom yesterday turning quit 22dwt of beautiful gold. The run of gold is seme 12ft ■■vide in ihe richest part, mid is more or less adjacent to the junction of the main reef with, the quartz gravel false bottom — a combination of bottoms which generally points to richer yields than cithe of tham"individxiall-y. The Messrs Stewart have been very enterprising and energetic in their pursuit of the much-sought-for metal, and they deserve all the good luck they may get.