MINING NEWS.

Alexandra Herald and Central Otago Gazette, Issue 374, 9 July 1903, Page 5

MINING NEWS.

The heavy rain at the latter end of I&at week caused the river to rise about 15m at the Alexandra bridge, the height on Saturday morning being 4ft Jfein. The river has bten falling slowly since Sunday, and was about 4ft above ♦he M normal" mark last evening. The gorge dredges have been considerably hampered owing to the rise. The Unity dredge is at present working in somewhat shallow ground, the wash being very rich on one side of the cut. An improved return is ex pected to-morrow. The dredge was not affected by the recent fresh in the ♦iver. The New Golden Beach Company advertise in this issue for a dredge master and an engineer. A genera] meeting of the New River Molyneux Company shareholders was held at Dun'-din last Friday evening. Mr A Tapper, who presided, said the aompanv bad been reconstructed with a capital of .£2OOO. It had cost them £950 to buy back the dredge, they had spent £196 6< 8d in lengthening the ladder, and a further sum of £796 10s 3d had been expended in flotatation expenses, wages, coal, and insurance. Outstanding accounts amounted to £646 4s, and against this sum tfapy had the dredge and £B7 9s lOd in the Bank. They were thus in arrears to the extent if about £560. The dredgemaster was anxious to try the upper part of the claim, and funds to do this were needed. So far the response to the levy was only £B2 2s 6d, and the number of debentures applied for was only sixteen.' It was decided to make • levy of Is 6d per share, bearing . interest at the rate of 100 per cent.. on thfl condition that £3OO or over was raised thus. This would allow of a further trial of a month being made. . The following items are from the f Oromweil Argus":—We hear that a start will be made in about a fortnight .to dismantle the Upper Magnetic, prior to shifting her to the New Royal Maori claim on the Clutha.—The Grand Junction No 1 had no wash-up last week, as she was shifting up to the mouth of the Nevis. The No 2 got 12|oz for 2| days' dredging. The ladder belt got off the tumbler, but she started again last week—The Hartley having worked out the piece at the head of her claim is now dropping downstream.—The Prince Albert has had to suspend operations owing to the failure of .the coal supply. The return from the Halfway House dredge last week was disappointing, the dredge having a narrow piece of river, with the result that the width of the cut was considerably reduced. 'lnere are still hopes that the dredge will yet redeem her waning reputation. The Perseverance No 2 is at present working through old ground towards the river, and there was therefore no wash-up last week. It is expected that the dredge will be out in the river by the end of the week, when a new cut will be opened out. The quantity and value of the gold exported from different ports of the colony for the month of June were as follows:—Auckland, 28,510 z, value, £f8.459; .Nelson, 36740z, value . £15.6.96; frestport, 1010oz, value £4040; Gmymouth, 33750z, value £13.499; Hokiuka, 43430z, value £17,376; Dunedin, 21,5900z, value £86,472; Invercargill, 15730z, value £6292; total, 64,0750z, valued at £240,834 For the half-year the export of gold shows an increase of £87,376 in value over that for the first six months of 1902. The New Golden Beach Company's dredge is being subjected to a thorough. overhaul. The two screens formerly on the dredge have been discarded in favor of a single screen. The new screen, which is a very large one, arrived at the dredge from Dunedin yesterday morning. Notwithstanding the disadvantages caused by the rise in the river at the latter end of last week, the Manuherikia dredge succeded in topping the century on Saturday. It is evident that this claim has still to be reckoned among the good things. - > The First Chance dredge struck excellent wash last week, and on Friday washed-up for the very handsome return of 950z. This week the dredge has been hampered by the rise in the river. The Golden River dredge had to stop on Friday owing to the rise in the river. Work was resumed on Monday. Owing to bad weather the carting of the Loch Lomond dredge from Shepherd's Creek to Fraser River was stopped when only two or three loads , had to be taken over. A few days of fine weather would have enabled the job to be finished.—" Argus." The " Lake County Press " says that an Alexandra syndicate has purchased the Lady Cardrona pontoons for £25, and intend placing the machinery of the Rolling Stone on them.—We have not heard anything about any such sydicate. The "Star's" Wellington correspondent wires :—From a trustworthy source I learn that the gold output for the year ended December 61st last will k constitute a record since 1871, and that it will be found to total upwards of two millions sterling. The gold yield for the preceding twelve months amounted to £1,753,783. The Dunstan Lead dredge is keeping up her returns with remarkable consistency, the return for last week (650z) snowing a alight improvement, and shareholders may expect another dividend before very long. It is a noteworthy fact that the greater portion of the ground being worked by this dredge was previously worked by Hyde & Party's old dredge, and the » returns now being won indicate what a huge modem dredge is capable of

The Sailor Bend dredge obtained the very satisfactory yield of 63|oz last week for five days' work. The dredge has lost some time this week owing to the rise in the river. We notice that the New River Molyneux Oo has been obliged to nek shareholders for a levy of Is 6d per abate to carry on operations. As this claim is as yet practically untried, we think shareholders will be acting unwisely if they allow the property to dip through their fingers before giving it a fair test. It is imperative that prompt action be taken in order that the piesent low river season may be taken advantage of.