MINING NEWS.

Alexandra Herald and Central Otago Gazette, Issue 404, 4 February 1904, Page 5

MINING NEWS.

The river is at present unusually - ow for this time of year, the height at I ttie Alexandra brigde last evening begiag about sft 7in above " normal." A statement of-the affairs of the - Unity oimpany shows that daring 1903 the value of the gold won was .£2,618 4s 9d, exceeding the expenditure for the year (£2,218 18s Id) by £399 6s Bd. On December 31 cash at the bankers totalled £213 8a 3d, while the liabilities of the company amounted to£9 3s6dH:* The value of the gold won last year by the Alexandra Lead dredge just failed to cover the expenditure, the figures being respectively £3,710 3s 44 tod £3,820 2s 2d. The company have a fair amount of funds in band, as the cash at the bankers and on deposit on December 31 totalled £2,302 10s lid. As against this, the debts of the com* pany then totalled £1,045 8s 3d, and contingent liabilities were estimmated at £SO. A. sum of £8 16s w»s owing to the company at the same date. The fifth annual report of the Olrig Company is to band. This states that for theye*r just closed the result has not been so satisfactory as was expected. The cot taken down the eastern side of the workings did not pay expenses, and after moving the ground unpayable the dredge was turned through the tailings, and is now taking a cut on the western side, and is getting ing payable gold. All the ground found to be unpayable has been suriwndered, and a further area taken up. The gold return for the 12 months is 801oz, as against 1,5930z for the previous year. The working expenses, however, show a decrease of £506 4s 8d as compared with last year. A dividend of Is per share has been paid daring the period, and the reserve fund stands at £4OO, and, apart from this, there is a credit over liabilities of £ll9 14s 6d. The Loch Lomond dredge is stopped at present for the purpose of repairing the screen, a new section for which was made at the Alexandra Foundry. The Molyneux Hydraulic dredge is ■topped at present, awaiting the completion of repairs to the town race, so that a' supply of water may be obtained to keep op the level of water in the paddock Owing to the low state of the river, the dredge is hampered ~by the accumulation of silt at the stern, and a supply of water from the town race is therefore necessary for the con tinnance of dredging operations. It is expected the dredge will be able to resume work to-day. Mr Joseph Sparrow, of the Victoria Foundry, has been very fortunate with his latest dredging venture. We reported in a recent issue that the Endeavour dredge, which he recently acquired at a liquidation sale, obtained 51 oz of gold for three day's work; and last week the return was 86oz tor 130 dredging.—" Daily Times." */ The Hartley and Riley dredge resumed work on Monday. The fallowing items are taken from the "Cromwell Argus":—The Electrics both got on on to gold last week. No 2 is working below where the Ranf urly got the big returns and may be expected to do well for some time. This week's return, it is anticipated, will be larger than last week's. Nol is also on a good run.—The Cromwell Ob has pegged out a couple of claims an the Olutha, so that the industry in that quarter promises to assume large fliißgpsipng. The Matan dredge resumed work on Monday after a lengthy stoppage, during which time the machine has under- .- gone ,an extensive overhaul. The present week will be mostly occupied in cleaning out the paddock, and there will, therefore, be no wash-up on Saturday.

MOLYNEUX HYDRAULIC DREDGING CO. The annual meeting of shareholders in the above company wis held in the company's office, Alexandra, on Monday evening, Ist inst. Mr G Spencer occupied the chair. tin moving the adoption of the report ud balance-sheet (which has already en published), the chairman stated "that he was sorry the year's operations had not been more successful. Since the dredge was shifted to the lower end of the claim, the returns had been very disappointing; but he was in hopes that there would shortly be an improvement, as it was pretty certain that there was good gold ahead of them. The motion was seconded by Mr Gartley, and carried. The retiring directors (Messrs Kelman and PattisooJVere re-elected, on the motion of Mr Luke, seconded by Mr Theyers. Moved by Mr Theyers, seconded by Mr Simonsen That the retiring auditors, Messrs Grimstone and Young, be re-appointed —Carried. It was resolved that the remunera- * tion for the directors and auditors be the same as for last year. The date of the next annual meeting was fixed for the second Monday in V February, 1905.

DREDGING RETURNS. The following are the returns for tife week ending Saturday, January 30th, 1904: —

Stafford Wainaea, Wert Coast, llih 20 18 9

osdwtgn * Electric No. 2. Cromwell 620 0 0 Electric No 1, Cromwell 110 0 0 Gold King Ho 2, Roxburgh 82 0 0 Mol jnaux Kohiaoor, Roxburgh . .. 68 14 0 . Mystery Flat, Waikaia, 49 15 0 Gold King No 1, Roxburgh ... . 47 0 0 Hon No 2, Alexandra,... 45 0 0 Earnsclengh No 2. Alexandra 126h 41 0 0 Perseverance No. 1, Alexandra ... 40 11 Id Golden Treasure, Killer's Flat,... 40 0 0 Per«everance Ho 2, Alexandra... 37 10 6 D unatan Lead, Alexandra, 9dja 96 10 0 Baoft Waikaia 85 17 0 i ... ,14 4 0

Riae and Shine, Up'er Olutha .. ., 31-.8 0 Junction ElectricNo 2, Cromwell' 3U 17 0 Alexandra Lead, Alexandra, -.. .t 30 2 0 Lady Roxburgh, Roxburgh .:29. 2 0 Golden Run. Millers Flat .. . 29 *to; 0 Sandy Point* Alexandra,. .., 2845 0 Qlrig, Manuherikia. 118b '*• -% .; §S28 .2 0 Golden Gate. Millers Flat, 6dys "~ 2d 13 (r Ruing San, Upper CIntha ... 24-13-Roxburgh Jubilee, Roxb'rgb, 135h 24 ,0 0 0 EarnsolBngh No 1, Alexandra, 114h 23 16' 0 Waikaka Queen, Waikaka . 23 5 0 Charlton Creek, near Gore 23 1 0 Happy Valley. Toapeka. wk •23 0 0 Island Block, Beaumont, 22 3 0 Upper Waipori, Waipori. wk .. 22 0 0 Central Charlton, near Gore. 188br 21 1? 0 Enfield, Waipori, 20 11 0 Otago. Miller's Flat, 5dya 19 10 0 Gabriel. Toapeka Flat... 19 5 0 Enterprise No 1, Alexandra 18 9 0 tnchdale, near Palmerston. 18 9 0 Waikaka Syndicate, Waikaka ... 18 0 0 Royal Waimumu, near Gore 17 "8 0 UacCharlton, near Gore, 138hrs 16 17 0 Cromwell No 1, Cromwell ... 15 10 0 Otago No 2, Beaumont 15 0 0 Revival, Upper Clutha .. 14 9 0 Central Mataura, Mataura, 13 16 0 < hicago, Alexandra 98hrs i .. 13 13 18 | Taniwha. Taapeka River - . ... 12 16 0 Waikaka, Waikaka, I25hrs ... 12 10 0 ttolynenx Hydraulic, Alexandra 12 4 0 Ngapara No 3, Nevis, 130hrs ... 7 14 0 Toapeka, Taapeka Flat, 7 3 0 Inch Valley, near Palmerston ... 6 16 0 Total for SO dredges 1999 10 15] Average per dredge 39 0 0