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to 55 ft. Good values were encountered down to 33 ft. ; they were fair from there onwards. Grand Junction No. 7 level: Driving west of boundary in Martha area on Ulster lode is being done on this level. The lode enters the Martha area at 90 ft. west of 875 ft. west crosscut, and was driven on to 1264 ft. A further 183 ft. of driving will connect with the bottom of the Ulster winze. During the yea-r the Waihi Gold-mining Company, Ltd., transferred its mining interests at Waihi to the Martha Gold-mining Co. (Waihi), Ltd. Output : A total of 177,121 long tons of quartz was mined and treated, from which gold and silver to the value of £424,636 was obtained. The gold recovered amounted to 52,541 oz., valued at £373,041 and the silver to 399,444 oz., valued at £51,595. Dividends were paid during the year to the amount of £49,590 14s. (including those paid by the Waihi Gold-mining Co.). The average number of men employed during the period was 607. The total yield of bullion (gold and silver) since the beginning of operations (including that won by the Waihi Gold-mining Co., Ltd.) is 26,470,386 oz. 3 dwt. 11 gr., valued at £18,548,354 13s. lOd. Waihi Grand Junction Gold-mining Co., Ltd. (W. Morrison. Manager).—The Martha Gold-mining Co. (Waihi), Ltd., continued the working of this mine. Martha Company's No. 14 level —Martha lode east of No. 4 shaft north crosscut : It was decided to resume the south crosscut at the 785 ft. mark in search of the possible existence of the Empire lode or its branches. After extending the crosscut a further 52 ft. ventilation became difficult and work was stopped at 74 ft. Junction No. 10 level —Empire lode, west of No. 1 shaft S.E. crosscut : A considerable amount of ore was won by heightening the level between 199 ft. and 412 ft. west. An intermediate level was opened out at 38 ft. down No. 7 winze, a distance of 118|ft. being driven east and 90 ft. west. This work opened up a total length of 127 ft. of payable ore. Junction No. 7 level : A crosscut south from the Empire lode was commenced at 700 ft. east of No. 1 shaft south-east crosscut and extended a total of 43 ft. On the vein at 14 ft. in, a drive was advanced 79 ft. west, the quartz being cut off by a fault at 72 ft. Eastward a total of 76 ft. was driven, from which point a crosscut was driven south a total of 47 ft., but nothing of importance was met. The work done on the vein at 14 ft. in resulted in opening up Wells south stoping block. Smith south crosscut was commenced at 490 ft. east of No. 1 shaft S.E. crosscut- and driven 8J- ft. from the south wall of the Empire lode, with the object of searching for the possible western extension of the south branch of the Empire lode intersected in the 700 ft. east crosscut. On George lode, George rise, situated at 40 ft. west of No. 1 shaft S.E. crosscut, was put up 88 ft. At 80 ft. up a sub-level was opened out and driven 131J ft. east and 71 ft. west. Driving west was in progress at the end of the year. This work has so far opened up a total length of 185 ft. of ore assaying 275. 6d. per ton. The drive east of No. 1 shaft S.E. crosscut was advanced to 108J ft. With the object of opening up the Ulster lode from its junction with the Royal lode, a drive- was commenced west on the latter from 875 ft. west crosscut, making contact with the Ulster lode at 40 ft. west, the drive then being continued west on the course of this lode until it entered the Martha Company's area at the 90 ft. point. Junction No. 6 level: On the Royal lode, Harvey south crosscut, at 270 ft. east of No. 1 shaft S.E. crosscut, was driven a total of 100 ft. where work was stopped. At 38 ft. in, a drive was commenced west along the line of the Royal lode, and No. 10 Pass block was opened up on the ore proved by the intermediate level driven at 40 ft. above the Junction No. 6 level. Gibbons south crosscut was commenced from the Royal lode at 365 ft. west of No. 1 shaft S.E. crosscut, and driven a total of 59J ft. At 31 ft. in, the south part of the Royal lode was intersected, and a drive west was opened out on this vein and continued to 104 ft., where a connection was made to drive on the Royal lode. At 80 ft. west a rise was put up connecting to the sub-level at 72 ft. above the Junction No. 6 level. At 55 ft. up this rise, an intermediate level was driven 183J ft. east and 135 ft. west, on quartz of an average value of 325. 6d. per ton. Output : The ore won from the mine amounted to 20,314 long tons, which yielded gold and silver to the value of £44,151. The gold amounted to 5,897 oz., valued at £41,872, and the silver to 17,641 oz., valued at £2,279. Dividends to the amount of £6,906 ss. 4d. were paid. An average of thirtynine men was employed. The total value of bullion won from the area since commencing work may be set down as £2,646,633 3s. Golden Dawn Gold-mines Limited, Owharoa (J. H. Benney, Manager).—Work was continuous for the year, an average of 132 men being employed. No. 3 level: Drive north on the eastwall branch of No. 3 reef from 63 ft. down the winze has been advanced to 408 ft., and on the west wall branch to 42 ft. A winze has been sunk on No. 3 reef for 38 ft. The reef averaged 7 ft. in width, but was of poor grade. The drive north on No. 1 reef from 60 ft. down the winze was extended to 152 ft. The average width of the reef was 12 in., the value being £13 ss. 6d. per ton. The drive south was advanced to 176 ft. The reef averaged 14 in. in width, with values of £3 17s. 2d. per ton. A crosscut east from the face of the south drive, No. 1 reef, to cut the Magazine reef 60 ft. down the winze has been driven 18 ft. The drive north on the Magazine reef has been advanced 14 ft. . A drive south from a rise put up on this reef has been driven 47 ft. on ore of good value. A drive north on No. 1 reef has been advanced 812 ft., with nothing to report. A drive south on the west wall branch reef was extended for 85 ft. The reef was 12 in. wide, with a value of £6 6s. 6d. per ton. A drive south on No. 1 reef has been carried forward to 190 ft. The reef averaged 14 in. in width, but was of poor grade. Bottom intermediate level: The drive south on No. 1 reef has been advanced to 400 ft. on reef averaging 32 in. in width and worth £2 17s. per ton. On the Westwall branch reef the drive north has been extended to 112 ft. The reef averages 3 ft. in width, the value being £3 18s. per ton. This reef was also driven on south for 132 ft. It averaged 2 ft. in width and carried values of £12 14s. per ton. Top intermediate level: The drive north on the new reef cut in the crosscut, west of the drive north on No. 1 reef, has been advanced to 100 ft. The average width of the reef is 17 in. ; value, £2 3s. 6d, per ton. Farmer's level: No. 1 crosscut off the main level has been cleaned out and retimbered for 70 ft. to the face of the crosscut. A drive north from same has also been cleaned out and retimbered for 15 ft., with nothing to report. Stoping work was done on No. 3 and the bottom intermediate level on the Nos. 1 and 3 reefs and also on the Eastwall Branch and the Westwall Branch of No. 3 reef. Output : For the year 8,645 tons of quartz was mined for a return of 5,411 oz. 6 dwt. of gold, valued at £47,067 9s. Id., and 7,718 oz. 6 dwt. of silver, valued at £622 18s. 5d,, the total value of the output being £47,690 7s. 6d. The company's battery also treated ore for outside suppliers to the amount of 3,203 tons, which yielded 2,735 oz. 9 dwts. of gold, valued at £22,883 Bs., and 12,172 oz. 4 dwt. of silver, valued at £1,870 15s. Id. The total yield of the Golden Dawn mine since the beginning of operations is 64,046 oz. 7 dwt. of bullion, valued at £158,003 lis. 3d. Talisman-Dubbo Gold-mines, Ltd., Karangahake (W. M. McConachie, Manager).—Work was carried on steadily for the period, an average of thirty-one men being employed. Talisman No. 2 level: The drive south was advanced 454 ft., total 484 ft. from the main crosscut. The reef was narrow throughout, but values were satisfactory. At 140 ft. south the filled in stopes worked by previous owners were intersected, and the drive was then diverted to the east and carried through country rock to 484 ft. on the footwall side of the old stopes. Another 160 ft. of driving should reach the point where highly payable ore was mined in No. 1 level. Talisman No. 1 level: The drive south of the main rise was advanced to 493 ft. through an old collapsed stope. The drive from 493 ft. to 602 ft. south was cleaned out and the track relaid. The lode from 493 ft. to 560 ft. is small, irregular, and somewhat disturbed. The stopes from the main rise to 500 ft. south produced 955 tons of good grade ore. High-grade ore was obtained on the footwall vein from 420 ft. to 470 ft. south, the average width being 8 in. Dubbo level: The drive north was advanced to 720 ft. From 640 ft. to 669 ft. the reef averaged 14 in. in width, and was worth about £5 15s, lOd. per ton. At 686 ft. the lode is cut off by a break or fault. At 720 ft. a crosscut was driven 20 ft. to the east. A fissure 15 in. wide, filled with clay and a small amount of quartz, was cut at 18 ft. east, but further work will be necessary to determine whether or not this is the faulted portion of the main lode. A rise at 110 ft. north was put up 20 ft. From this rise an intermediate drive was carried in for 75 ft-. and good ore, averaging 20 in. in width, was exposed over that distance. The stopes above the Dubbo level produced 1,911 tons of very good grade stone. During the year the

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