REPORTS FROM WORKING DREDGES.

Otago Witness, Issue 2676, 28 June 1905, Page 27

REPORTS FROM WORKING DREDGES.

I The secretary of the Unity Coinpa-ny reports ! a return of 13oz sdwt for last week. ' The return from the Paterson's Freehold, . No. 1 dredge last week was 19oz lodwt for i 130 hours; and that from the No. 2 dredge 1 14oz lOdwt for 125 horns' work. The Hessey's dredgemaster reports having washed up for a return 1 of 320z 12dwt as the result of 128 hours' work. The secretary ,of the Lady Annie , Company reports a return of 560z 2dwt 6gr for 167 hours' dredging. The secretary of the- Electric Company reports ihe following returns for last week: — Ho. 1 dredge, 260z IldWfc for five days' work; '■ No. 2 dredge, 160c-ff sdwt. The- No. 1 clredge- ( master wired! that tha rivei was rising, anil the No. 2 dredgemasfcer that the river was in flood, and rain was still falling steadily. The. secretary of the Junction Electric Company -reports the following returns for last week :— 'No. 1 dredge, *560z-; No. 2, 12r>z; and No. 3, 24cw; Itfcrwt. The No. 1 dredgema.ster reported that, the river was rising. The Manuherikia dredgernaster reports , washing up for a return of 220z Tdwt, aa the ' result tit 140' hours' work. He also wired that L tire drift was very bad* and that there was » waim rain all day, and a rising river. J, The Golden Grate dredgemaster wires a re- |' turn of 15oz Wdwt for last week ; also that the niver was up, and he hid stopped dredging. The secretary of the- Majestic Company wires , a return of 3>oz 4dwt for 131 hours' work. The dredge has been stopped' owing to the river being in flood.

Th« BigneH's- No Town dredgemaster wired ort Saturday that he had washed; up- for a- re tuarnt of 2-loz 4dwt as- the result of 9Q hours" dxedgiiig, part of which was dead work. He also- wired that there were heavy ffoods, hut no danger.

The Eiley's Beach dredgemaster wires- having■washed' up for a return of 330z 21gr for 79 hours? work; also that the river was. high, and he- had! stopped dredging.

Th« Unity dredgemaster reports^ wash-up foi* Se-z 3d<wfr- k» the result of 8* hours' dredging, and ■vniared as follows : — " Biv«r risen fully 6ft;. Stopped dredging-"

The New Fouxteen-mile Beach dredgemaster •wired on Saturday that he had washed' up foist return of 27bz sdwt far 92 hours' work ; and; that he- had: stopped dredging cwing, to then liver, being too high.

The secretary of the Otago Company reports tha fellow-ing reforms for last week: — No, I dredge, 220z- for 12a hours' work ; No-. 2 dredg*, 920z for T4o> hours' work. The master of. the> Na 2' dredge wired- that the river, was- in flood, and tha* he wo-uld' probably- ber stopped for a> fortnight.

The Three-mile (Greenstone Creek) wires having, washed up for a return of 23ez 7dwt for £?0 hours'' w.orkr.' On Saturday lie wired, that there was- a- fedg flood, and yesterday that the creek was down anil- the paddock half silted xip, buf the dredge was secure.

DUSTEBTN SIOCK EXCHANGE. The wire received on 'Cnange on Satttrday

morning showed the river to be at the 13ft 3ui mark at Alexandra, indicating a ri=e of Bft 5m during one night. Under these circumstances and considering the dislocation of dredging that has ensued, close on a dozen dredges being reported as having stopped work on account of the river. Saturday's market might have been expected to have fallen flat, and any inclination to do business to have disappeared. This, however, was hardly the case, as although, values in some of the river ptock3, more especially Eiley's Beach and Sailor's Bend, showed a weakening tendency, the turnover for the morning was a/n extremely good one, as many as four stocks participating m the business transacted. The highestpriced mining stock at present on the market is Hartley and Riley, and this notwithstanding that the dredge has for some considerable time been doing practically nothing, and that her last wash-lip of 31oz was for about three weeks'

dredging. During the- past week and more

No Town Creaks, although repeatedly placed on the market, had received no notice whatever,

but on Saturday, in consequence probably of the declaring of a- dividend the previous day, this stock came in for really good attention, which resulted in the bringing off of three transactions. As could only be expected, Hiley's Beaches and Sailor's Bends were both qvioted on. easier markets, while New Bendigoes, shareholders in which, are being further appealed to in connection with a levy tardily subscribed to at the end of last year, received no notice at all. Investment stocks

received moderately good attention, and the nearest approach to business was in Westport Coal shares, jr. which buyers were offering £6 13s 6d, with- holders asking £6 14s 6d. Clyde shares were procurable on Saturday at 25s and Electrics at 34b, but no inquiry was made for either. A request for Golden Beds at 3s had response at 6s, while for GolSen Runs buyers were again offering 32s 6d, with holders a shade firmer at 355. Jlartley and Rileys again commanded better attention, and

a> transaction was effected at the holder's price of 40s, further lots placed on the market at the same figure drawing inquiry at 365. Mystery Plat values showed an easing as compared with values ruling on the previous day. A sale was brought off in thia stock at 295, , aaid the quotes at the close were buyers 28s ' 3d, sellers 29s 3d. Nelson Creeks were on offer at 20s and New Trafalgars at 225, but neither was accorded notice. No Town Creeks, however, came in fer fairly good notice, and three sales were brought off at 229 6d, inquiry for further lots at the same price meeting with response at 235. Eequests for Otagoa at 31s and for Pactoluses at 30s 6d were made without result. EileVs Beach values were easier, and two transactions were put. through, the first at 8s 6d and the second at Bs, the closing quotes being buyers 7s 6d, sellers 8s 6d. A buyers of Sailor's Bends was in evidence at 15s, j but the market apparently had no sellers. The heavy floods, which have taken place on ! the West Coast and in the Molyneux Eiver have resulted in the almost total disorganisa- j tion of dredging on the former field, and the J • stoppage of a large number ia the latter. But these facts do not appear to have shaken the faith of investors in the dredging industry as a lucrativ investment. a.s on Monday the tendency to do business on 'Change was almost as good as ever it has been thia year. The damage done on the Molyneux is trifling in. . comparison with that caused on the West I Coast, where was experienced the heaviest . flood for many- years. The majority of dredges | in which local capital is invested are, how- , ever, reported to be safe, although the posiI tSons of some were at times critical, and the ' paddocks. of many were filled up with silt and shingle that will take a good few dava to , progerrly clean _ otit. The ATolyneiix Ki-rex already shows signs of a rapid fail, and, aided j by » heavy frost on Monday morning, showed a drop of 4ft 3in since Saturday. A request for Alexandra Leads on Monday at as had response at 6s 6d. A parcel of Dunstan ILead shares changed hands at 7s 9d, further ■ lots placed on offer at 8s having inquiry at ■7s 6d. Electric values were easier, buyers quoting at 31s and sellers at 33s 6d. Holders of Golden Gates came down a good deal, and permitted two transactions to be recorded at 20s, the market having additional buyers at 19s 9d and sellers at 225. Goldea Run buyers were firmer at 335, sund holders firm at 355; while Golden Treasures and Hartleys were both placed on the market, the former at 69s 6d and the latter at 40s, but no request v/as made for either. A parcel of Mokoia shares was placed at Is, and a further parcel on offer at 2s 3d had inquiry at Is 9d. New Bendigoes had buyers at Is and sellers at 2s Gd, and New Trafalgars were procurable at 225, but had no inquiry. No Town Creeks were easier, buyers offering 22a and holders being disposed" to accept 22s 9d. Riley's Beaches came inio favour once more, and four sales were put through at 9s, the closing prices being buyers 8s 9d, sellers 9s 3d. Inquiry for Sailor's Bends at 15s had response at 16s 6d. I .. Tlle folio-wing are Monday's latest quotations, subject to the usual brokerage: — Alexandra Lead— Buyers 5s r sellers 6s 6d. Bignell's No Town— Buyers 13s. sellers 15s. D-unSrten Lead— Buyers 7s Gd, sellers Bs. Electric— Buyers £1 lls, sellers £1 13s 6d. Golden Bed— Buyers 3a 6d. sellers 6s 6<3. Golden Gate — Buyers 19s 6d, sellers £1 2s. Golden Run— Buyers £1 13s. sellers £1 IS?! Golden Treasure— Sellers £3 9s 6d. . Hartley and Kiley— Sellers £2. Island Block — Buyers 5s 6d, sellers 6s. Lady smith, (eonfcrib.) — Buyers 2s, sellers 5s p i Majestic— Buyers- 3s 6d. Mokoia (ordinary) — Buyers Is 9d, sellers 2s 3d Molyneux Kohinoor (paid)— Sellers 23 6d. New Bendigc — Buyers Is, sellers 2s 6d. New Roxburgh Jubilee (paid)— Buyers £1 3s 6d j | New Trafalgar— Sellers £1 2s. No Town Creek— Buyers £1 2s, sellers £1 2s 9d. ■Riley's Beach— Buyers 8s 9d, sellers 9s. 3d. Sailor's Bend — Buyers 15s, sellers 16s Gd. Sandy Point— Buyers £1. June 20. — Island Block, 6s; Eilev's Beaches, i Us 6d, lls, 10s 9d, and 10s 6ch June 21.— Electric, 335; Eiley'a Beach, 10s 9d; Waimumu, ss; Union Steam. Ship, £14 10s. ' June 22.— Trafalgar, 225; Hiley's Beach, 10s 9d and 10s 6d; Sailor' s-JBend, 17s. June 23. — New Bendage, 2s 6d; Eiley'a B«aoh, 10s. June 2^— Hartley anif Riley, 40s; Mystery Plat, 295; No Town Creek, 22s 6d; Eiley's Beach, 8s 6d and 1 Ss. , June 26. — Dunstan Lead, 7s 3d ; Golden Gate, 20s^ Mokoia, Is; Eiley's Beach, 9s. Heep-it-Dark— Sellers £1 6s Gd. Big River — Buyers 9s 6d. "RcxLurgh Amalgamated (paid) — Buyers 2s j

Lieutenant-colonel E. E. Smith, First Battalion O.t?go Bifies, -vvlio resigned recently, has been placed on Iho Active List, irith the ranu of lieutenant-colonel.