MINING NEWS.

Alexandra Herald and Central Otago Gazette, Issue 365, 7 May 1903, Page 5

MINING NEWS.

The river rose slightly at the beginning of the week, but is falling again. The height at the Alexandra bridge last evening was sft above the " normal " mark. i The gold returns for April show a yield of 29,6470z, valued at £111,738. The returns are made up thus: A ack-« land, 23,4860z, £87,320; Nelson, 3220z, £1,287; Westport, 1,0910z £4,350; Greymouth, 3,0750z, £12,232; and Dunedin, l,foloz, £6,549. The Old Dunstan Oo.'s dredge and claim was submitted to public auction by Mr George Fache on Friday last. The property was passed in, the highest bid being £llsO. The reserve, we understand, was £l47s.—The dredge was be ugh t privately, yesterday, by Mr C £ Richards, on behalf of the Davis Bend Company. We understand the price was £1175. An examination of candidates for certificates as diedgemasters will be held at Alexandra on Wednesday, June 3rd. The Molyneux Hydraulic dredge is stopped at present, to allow of some new plates being put in the screen. PERSEVERANCE G. D. CO., LIMITED. The annual meeting of the abovenamed company was held in the registered office, Alexandra, on Friday evening last. There were 20 shareholders present, and Mr Geo. Spenccer (chairman of directors) presided. On the motion of Mr Luke, seconded by Mr Foohey, the minutes of the last annual meeting were confirmed. The chairman suggested that the balance-sheet and report, which has been in the hands of the shareholders for some time, might be taken as read. He congratulated the shareholders on the very successful result of the year's operations. 3,6720z of gold had been won, out of which £7OOO has been paid in dividends, which amounted to half the nominal capital. This was, in his opinion, very satisfactory indeed. Although the returns lately were not up to the usual average, he would advise shareholders not to sacrifice their shares on that account. The claims have so far been worked on the west side of the river, with the object of working them in a face, and also to force the river over, thereby stripping the high bank on the east side without any expense to the company. From the directors' knowledge of the claims, they could no doubt put the dredges on much better gold than they are getting at present, but to do so would be picking the eyes out of the claims and seriously hampering their future working. ' The dredges are in first-class order, amd the directors have always tried to keep them in that condition, believing that to unduly curtail the maintenance of the dredges for the sake of paying a little more money in dividends would be very bad policy. In conclusion he said he was quite sure the company would pay handsomely for many years, and he moved the adoption of the report and balancesheet. The motion was seconded by Mr Foxwell and carried The retiring directors (Messrs Spencer and Finlay) were re-elected on the motion of Mr Luke seconded by Mr Foxwell. Messrs Grimstone and Richards were re-appointed auditors, at the same remuneration as last year. The directors' fees were fixed at £SO, the same as last year. The date of the next annual meeting was fixed for the second Friday in May, 1904. A hearty vote of thanks was accorded to the directors for the satisfactory way in which the affairs of the company were being managed.

An extraordinary general meeting was held immediately afterwards, when the same shareholders wero present. The chairman explained that the principal object of the meeting was to reduce the number of shareholders required to form a quorum. He pointed out that under the Act it required 20 shareholders personally present, and that it was always very difficult to get that number to attend a meeting. Mr Luke moved the special resolution, standing on the order paper, to amend the articles of association to allow of seven members forming a quorum at any general, meeting, providing that one-fourth of .the issued capital of the company is represented personally or by proxy. ■The resolution was carried unanimously.

The chairman thanked those present for their attendance, and the meeting closed with the usual compliment to the chair.

UNDAUNTED GOLD MINING COMPANY. The following is the fifth annual report presented to shareholders at a meeting of the company held in the company's office, Matakarsui, on Saturday 18th April:— "Your directors, in making their fifth annual report (the last was the fourth, but was erroneously headed the "fifth"), have to express regret that the accompanying balance-sheet, for the period, 30th September, 1902, to 31st March, 1903, is far from being as favourable as that for the same period of last year. " During the twelve months ending 31st March, 1903, gold to the value of £4472 0s 2d has been obtained and £2250 (30s per share) has been paid in dividends, as against £3750 (or 50s per share) last year. During the year work has been carried on in three portions of the company's holding, and the lessened yield is owing partly to operaliosa ift ofet of fcfefcs® not tutting «*fc

as well as was expected, and partly to the dry season, the water supply having been very deficient since January last The part referred to could not be left behind, and, although not highly remunerative, paid considerably over expenses, and was poorer than any likely to be met with in the claim. The rich run of ground formerly worked to the boundary of an adjoining company's claim having since been worked by that company with splendid results, and their claim being narrow, our manager has pegged out for this company 20 acres of Crown lands so near their workings that the run has only 170 yards to go before it enters our acquisition. Your manager was led to do this by watching the other company's working?, and noticing what he thought a change in the direction of the above-mentioned run of ground. " Your directors have as much confidence as ever in your claim, now being worked, and will retain possession of every portion thereof, but would consider themselves lacking in their duty if they failed to secure what may be infinitely richer ground when such can be got and tried at but small cost Nothing, this year, has been written off for depreciation, the expenditure on plant and acquisition of claim being ample to cover any such." UPPER OLUTHA. (From our own Correspondent.) It has now been definitely arranged that the New Royal Maori Company takes over Werner's claim on the Clutha at the foot of the Five-mile Creek, and it is the intention to place the Upper Magnetic dredge, which has been offered to the Company, on the claim with the least possible delay. The Upper Magnetic is a first-class machine that can dredge over 50 feet, and which can easily be provided with the necessary elevator. It will need to be dismantled of course and shifted by waggon, as the Natural Bridge and several rapids on the Kawarau preclude it being shifted by water. The property acquired by the Company is supposed to be a first-class investment. This is the opinion of the borers, and is shared by the miners in the locality. The unlucky Central Electric is also to be moved up the Olutha, but not quite so far up—somewhere above the Lowburn, I believe—where it is to be hoped she will give a good account of herself. Now, the dredging having started in earnest about Cromwell, I think the returns from these parts will soon overtop any of the rest. As an example the return of the Electrics last week coming up to their normal in its proper meaning, and not in the terms of mine editor when signifying low water at Alexandra bridge. IDA VALLEY. (From our own Correspondent.) Tnere is not even a tossicker around here now. The Deep Lead is defunct, and not likely to come alive again for some time. The old time diggers are passing away very quickly, and there is no one to take their places. The Cairntrodlie dredge has been getting fair returns, but it is in the position of a great many more of the dredges—it has a long lee way to make up before it reaches the dividend stage. There is a large extent of ground on that side of the Valley that should pay well for dredging, given a fair clear start, and with so many dredges in the market just now it ought not to take a large capital to start.