56

C.-3

Gallant Company. —This company's mine is on the northern boundary of the Sir Francis Drake. They have constructed an adit-level for 525 ft., and then followed on the lode, which is about iitfrin thickness. It is about three years since this ground was taken up, and up to the end of November last no gold had been obtained, while the expenditure of the company amounted to £1,208. It is said that recently 300 tons of stone from near the surface was taken out and crushed, but the result of this is not exactly ascertained; still, it is known to be somewhere about lOOoz. of gold. Inherman Company. —A considerable amount of work has been done in this company's mine. A new shaft has been sunk to a depth of 138 ft., over which poppet-heads have been erected. There is a new portable steam-engine erected for winding, with new winding-rope, cages with covers, and safety-catches. The lode is stoped out from the 68ft. level in the shaft, and a new chamber has been constructed at 118 ft. level, and they are now driving to cut the lode. The lode in the upper level was about sft. in thickness, and, according to the quality of the stone crushed last year —namely, 1,658 tons, which yielded 2,1950z. of gold, being an average yield of loz. 6dwt. per ton —this property should be highly remunerative for working. The total receipts of this company last year were £8,641, out of which they declared £2,000 in dividends. Golden Lead Company. —This company's property is on the same line of country as the Merrijigs claim. An adit-level has been constructed for about 200 ft. hi some quartz leaders in sandstone, in which gold is found. Eecently 100 tons of this sandstone with quartz stringers has been crushed, but the result showed that the material was not payable for working. Up to the end of February last the company had expended £70 16s. 2d. In the claim adjoining the Golden Lead Company's ground a thin leader of quartz has been traced for about 300 ft. in iength along the surface, and from the crushings made here with a handstamp the yield would average 40oz. of gold per ton. Scotia Company. —This company has obtained very good returns from their mine last year. The lode they are working on does not run regular for any long distance, but runs out in places and comes in again. A winze was sunk to a depth of 80ft. from No. 1 level in the centre of the block of stone they had been working on : the stone pinched out at about 25ft. down the winze, but on driving into the foot-wall in the winze at a depth of 45ft. the lode was found about lft. in thickness, showing gold freely. During last year they crushed 593 tons of stove, which yielded 1,2720z. of gold, representing a value of £5,017, out of which dividends to the extent of £3,000 have been paid. Big River Company. —This company has passed through many vicissitudes, the shareholders being elated at one time with the prospects obtained from the mine, and at other times the shares have been unsaleable. The lodes in this district do not seem to continue for either any great length or depth. At times the appearance of the lode-stuff is very encouraging, and in a distance of a few feet it seems to change its character. Great expectations were formed in regard to the value of this mine several years ago, before the road was completed to Eeefton, but none of these have yet been realised. During last year 700 tons of stone was crushed, which yielded 3500z. of gold, representing a value of £1,363, while calls have been made to the extent of £1,700. Other Claims at the Big River, —There are prospecting operations being carried on in the Alexandra, Prima Donna, and National Mines. At the latter mine about 50 tons of stone is stacked ready to send to the crushing-battery as soon as a road now in course of construction is completed ; but in the other two claims the workings are all of a prospecting nature. Energy Mine. —This is the mine that was worked for many years by the Energetic Company. It was acquired by a company under the title of the Energy Company, who let the mine to a party of tributers. They crushed last year 2,071 tons of quartz, which yielded 800oz. of gold, representing a value of £3,100. These tributers have now purchased the mine. Royal Quartz-mine. —An adit is being constructed from the Murray Creek side of the range to cut the same lode which was worked in the Golden Fleece ground. The adit is now constructed for a distance of 1,181 ft., and there is still a further 200 ft. to construct before it strikes the Golden Fleece boundary. Boatman's. Welcome Company. —This company has paid more dividends to the shareholders than any other company in the district, but the lode is now about worked out at the lower levels, which will be about at least 1,500 ft. below the surface at the boundary of the Homeward Bound Mine. The lode in the lower level is greatly broken up, and not of a payable character for working. The company has been carrying on prospecting and getting out stone to the south of their shaft. The total value of gold obtained from this mine amounts to £238,258, and the total expenditure has been £137,022. The paid-up capital of the company is £8,211, while the amount of dividends paid to the shareholders has been £110,250. Only 249 tons of stone was crushed last year, which yielded 7310z. of gold. Fiery Cross Company. —This company's main shaft is down to a depth of 450 ft., and from the level going away from the bottom of the shaft a monkey or subsidiary shaft has been sunk down to a depth of 150 ft. The reason of this mode of working being adopted is that, the shaft being sunk on the foot-wall side of the lode, the level at 600 ft. would have required to be a considerable length; they therefore sank a shaft in the 450 ft. level, and have erected winding-gear in this shaft, so that the winding can be done from the winding-appliances in the main shaft. This principle of carrying on the workings is a questionable oner.as regards economy. The element of " penny-wise.and pound-fool-ish " enters largely into this style of working. This mine has been worked by the present company for the last eight years, and the total quantity of,gold obtained in this period amounts to 15,3130z., representing a value of £69,172; while the expenditure for the same period was £57,480. The amount of capital actually paid up was £13,169, and the amount of dividends paid to the share-