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6 in. in width, but in the bottom of the winze when sinking was stopped it was 4 ft. 6 in. wide in the north end and 3 ft. 6 in. in width at the south end, and the stone showed good gold. At 111 ft. down the winze (thus leaving 12 ft. for a well-hole) a chamber 8 ft. high, 10 ft. long, and 8 ft. wide was excavated, and a level extended both north and south along the reef. The result of this driving was that the lode was found to be 90 ft. in length at this point, and gave very strong indications of lengthening as deeper development proceeded. Stoping operations were then started on the roof over the 111 ft. level, and continued until the stone became too thin and the length of the block too short to be worked profitably. Altogether, 257 tons of stone was mined and milled for a return of 123 oz. 17 dwt. 20 gr. of gold valued at £474 Is. Bd., and 222 tons of tailings was cyanided for 65 oz. 10 dwt. of bullion valued at £151 10s. These combined values are equal to £2 Bs. Bd., or 12 dwt. per ton milled. To enable all the stone raised out of this shaft to be sent to the battery cheaply, an aerial tramway 780 ft. in length, with 105 ft. of fall, thus enabling it to be worked by gravitation, was erected, and has performed the work required of it efficiently. After the stopes were exhausted a start was again made to sink Martin's winze on the reef. Seventeen feet only was sunk when works were stopped in consequence of the company's capital being all called up, and steps are now being taken to raise additional capital or reconstruct the company. At the deepest present point in the winze the reef is 4 ft. 6 in. wide throughout, carrying good gold from the foot-wall to the centre of the stone, and the remainder is payable. United Gold-mines (Limited). —The work for the year has consisted chiefly of prospecting—■ endeavouring to trace a continuation of the block of stone on which the winze was being sunk from the Exchange top level. The stone cut out 21 ft. down from the level. The winze was continued down to a further depth of 50 ft., the sinking being on a well-defined reef-track with a good foot-wall all the way. Little pieces of broken quartz were often met with in the sinking, but nothing solid. At the bottom of the winze the lode-track was driven on both north and south ; also some crosscutting was done, but nothing payable was found. The remainder of the quartz under the level at the top of the winze was then stoped out and crushed at the New Scotia battery : 160 tons of stone producing 100 oz. 3 dwt. of gold value £395 10s. 5d., and by cyanide process the tailings produced 114 oz. 3 dwt. 11 gr. of bullion value £385 3s. 7d., being a total of £780 14s. obtained from 160 tons, equal to £4 17s. 7d. per ton Prospecting has since been continued, the object being to pick up a continuation of the same run of reef further south. About 200 ft. distant a reef has been driven through, giving small prospects of gold. The reef is lying very flat. It is intended to do further prospecting on this stone, as a few feet of driving might show a great improvement in its quality. Ulster Gold-mining Company (Limited) (Painkiller District). —Early in the year a company was formed under the above title to explore the Ulster lease, which had been under development by a small local syndicate. The new company started work last April, but owing to difficulty in getting goods, supplies, rails, timber, &c, conveyed to the mine, Only a few men were employed, and, moreover, as a great deal of preliminary work had been done outside the mine, such as cutting out quartz paddock, laying tip and roads, erecting smithy, &c, the actual mining operations were greatly retarded. The level was then continued on the reef, but after 25 ft. had been driven the reef, which averaged from 1 ft. to 2 ft. wide, clean and solid, carrying good gold, got slightly broken, and continued so for a further distance of 55 ft., when driving of level was stopped. This drive is now in 320 ft. altogether, of which 135 ft. to 150 ft. is on solid stone. A winze was sunk 60 ft. in depth on the reef, and a prospecting drive carried along north on the stone for 38 ft. Another winze was then commenced on a surface outcrop of the lode at a point 420 ft. south of the first reef opened in the level. This winze is now down 35 ft., and is following a reef-formation 5 ft. or 6 ft. in width, largely composed of quartz, all of which carriesJiighly payable gold. The New Inkerman Mines (Limited). —Mr. Dudgeon, attorney for the company in New Zealand, reports as follows : " During the twelve months ending the 31st December, 1904, the following develop-ment-work has been carried out: 352 ft. of driving, 45 ft. of sinking, 116 ft. of rising, and 136 ft. of crosscutting —total, 649 ft. Stoping : During the twelve months under review 7,639 tons of quartz has been stoped and delivered at the battery, 1,139 tons from above the main level, and the balance, 6,500 tons, from the 100 ft. level. Battery :At the end of May extra five heads of stamps were erected, increasing the plant to twenty stamps. 8,139 tons of quartz was milled and 1,690 tons of tailings was also put through the battery, yielding by amalgamation 1,854 oz. 3 dwt. 9 gr. bullion, equal to 1,680-212 oz. fine gold, value £7,768 4s. 2d. 5,882 tons of coarse sands was cyanided, yielding 769 oz. 6 dwt. 22 gr. bullion, equal to 554705 oz. fine gold, value £2,396 Bs. sd. 152 tons 8 cwt. 15 lb. of concentrates and slimes were made during the year and shipped to New South Wales for treatment, yielding £1,104 17s. lid. Working-costs: The total working-costs, including development-work, capital expenditure, management and office expenses, &c, were £1 Is. To4d. per ton. The cost of stoping, including delivery of ore at battery, was Bs. 6 - 496 d. per ton. Milling, including mill-repairs, coal, &c, ss. 5 - 71 d. per ton. Cyaniding, 2s. 4'252d. per ton cyanided. Future operations : The question of carrying out further development-work on the ore-body which is now being operated upon by means of an incline shaft to be sunk to a depth of approximately 400 ft. below the main level, is under consideration by the owners of the mine, and the advisability of locating and developing from the present main level the continuation of what is known as the ' big blow ' outcrop is also being considered, but at present no decision has been arrived at." Big River Gold-mining Company (Limited). —Mr. Lee, manager of the company, supplies the following extracts from the annual report to shareholders for the year ending the 31st December, 1904 : " At the commencement of the period stoping was in progress on a reef over No. 7 level and also on another lode over the intermediate level situate about midway between Nos. 6 and 7 levels. Altogether 1,328 tons of stone (each of 22 cubic feet measurement) was won from both reefs and sent to the battery for crushing. The yield of gold was 1,355 oz. 8 dwt., valued at £5,489 lis. lid., from the