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being subsequently located was found to be about 6 ft. in thickness, containing average values. This development is of importance. The maintenance of the Blackwater lode in course, average thickness, and values is probably unique as regards New Zealand lodes, frequent faulting or pinching out of the lode being the rule at most of the quartz-mines of the Dominion. The prospectors who discovered the Blackwater lode were assisted by a Government subsidy. Murray Creek Gold-mining Company.- —The only development was carried out at No. 4 level, where a small quantity of ore was proved. The value of the bullion obtained per ton of ore treated declined Gs. 6d. New Big River Gold-mining Company.- Development was confined to No. II (1,775 ft.) levelDuring the year there was a decline in the quantity of ore produced, and of ss. lOd. per ton in its value. North Blackwater Development Syndicate.— -Little development was carried out owing to the installation of winding plant. Chambers have been excavated for proposed levels. Crosscuts were driven at the 1,000 ft. and 1,200 ft. levels. This syndicate was assisted by a Government subsidy of £10,000. Wealth of Nations and Progress Mines of New Zealand. —The production was small owing to tin' destruction by fire in April, 1918, of the shaft head-gear and nearly all the surface buildings, together with much machinery. Southern Inspection District. In Otago and Southland gold-quartz mining operations were unimportant. The Otago Central Gold-mining Company, operating near Bannockburn, received a Government subsidy for driving, but no discovery of value resulted. (2.) Dkedge Mining. On the West Coast seven dredges produced gold. In Otago and Southland twenty-one dredges produced gold. The number of persons employed upon gold-dredges in the Dominion was 187. During the year a considerable amount of prospecting was carried oul by Government Keystone drills under the superintendence of Mr. G. E. I). Scale on claims in the Arahura Valley and at Rimu Flat, Westland. The results are reported to be satisfactory. A dredge formerly known as " Worksop No. 2 " has been removed to the Arahura Valley and has during the current year been put into commission. The results so far attained have been moderate. The following is a statement showing the capacity and profits of bucket gold-dredges during 1918. (Note. -The profits made by privately owned dredges are not obtainable for publication.)

Name of Dredge. Locality. is SfS S9 £.2 S.8 Ill o (fi (-. fSf, a ft 73 <_ If o fcc . S £-£ rS-G 2 Jil rC, ■al of Ms F-l FF © § te 3 o o p. f5 O ri rS fi as = 3 J gap 2 2£.2 la S -fl 3 -/} & s n n M ii ?? II II II II g g co ft; Dividends During 1918. declared. Total. Otago and Southland. Rise-and-Shino No. 1 Rise-and-Shine No. 2 Rising Sun Ferry (private) Earnscleugh No. 3 Earnscleugti No. 5 Cromwell 5i 51 7 +i 7 6 5 0 5 5 4 31 s| H H 4 R. fii 0 3. 10 10 10 11J 12 13 10J 10 11 10 n 10 12 12 10 11 9 9 II 11 9 20 20 > 25 10 150 150 10 25 10 10 12 12 12 70* 16 12 16 20 16 16 10 Ft. S 40 S 40 S 45 S 40 B 50 E 35 8 30 S 35 S 40 H .1.5 S 10 S 10 S 30 SG 16 S 16 S 9 S 14 S 35 S 18 S 20 S 30 £ £ I J 53,100 33 24,000 Alexandra I > 30,250 Ngapara Now Alexandra (private) Gorge (late Manuherikia) . . Olrig Lower Nevis Nevis Crossing (private) Crewe No. 2 Otakau Roscdalc. (private) •Star (private) McGcorgo's Freehold No. 2 (private) .. McGcorge's Freehold No. 3 (private) .. Charlton Valley (private) Koputai (private) Kura (private) 525 4,950 Nevis 300 2,970 Kyeburn Waikaka Waikaka Valley .. 300 2,925 Charlton Creek Waikaia 2,600 4,527 West Coast. Near Hokitika Near Kumara Ahaura River Rimu Antonio's Creek Tawhai (near Reefton) Capleston . . 0 5 ! 7 ! 7 8 5 6 12 10 11 10 14 11 11 25 10 20 16 16 12 20 S 30 S 8 35 S 20 8 21 S 10 8 30 500 1,000 5,500 1,500 Succoss Kapitoa Ahaura Rimu No. 1 Worksop No. 2 .. Slab Hut Creek Hessey, Cameron, and Tacon 43,350 61480 * Brake horse-: lower.