MINING NEWS.

Alexandra Herald and Central Otago Gazette, Issue 440, 18 August 1904, Page 5

MINING NEWS.

Notwithstanding the fact that a considerable quantity of snow has disappeared, the river remains steady, at slightly above the 3ft mark. The Dunßtan Lead is working steadily and is taking up a cut in midstream, towards the upper end of the c'aim. At present only medium returns are being obtained, but it is hoped that the ground will improve shortly. I

The Molyneux Hydraulic dredge resumed Work last evening. The Manubtrikia dredge again secured first place on the list last Saturday with the magnificent yield of 300oz. The dredge still keeps on good wash, and further good yields may be expected while the river remains at % suitable level. Last Friday, the directors declared a dividend of Ss per share, payable to-morrow. A local wag has re-christened the Dunedin Stock Exchange, giving it the formidable cognomen of " Nibcat." With characteristic inquisitiveness, our reporter made inquiries regarding the derivation of sueh an unheard-of title, and the result of his researches leads him to believe that the aforesaid re-christening was suggested by the stereotyped reply invariably received from " 'Change " when selling orders go down : "No Immediate Buyer; Call Again To-morrow," or words to that effect.

A cable message says that a nugget, weighing 182oz, was discovered on the Bee River, Queensland. The Island Block Company report a leturn fromthe sluicing claim of 131oz 12dwt for a month's elevating. The Cromwell Geld Dredging Com. panyhas declared a dividend of 2s per share,

The Fourteen-mile Beach dredge resumed work on Thursday last, after effecting repairs. The Monte Ohristo dredge has been pulled up to a point near the upper end of the company's elaim, where dredging was resumed at the beginning of last week.

The Alexandra Lead dredge resumed work on Friday evening last, after being dropped back some distance.

DREDGING RETURNS.

The following are the returns tor the week ending Saturday, August 13th, 1804: ozdwtgn

ALEXANDRA COAL MINING

COMPANY.

The following report by the directors will be presented to shareholders at the annual meeting to be held on August 27th; — Tour Directors beg to present their Report for the year ending 20th April, 1904. They are very pleased to gay that, although they have not yft been able'to pay any Dividend, the Company is now in a good strong financial position, having a Reseiye fund of £IOOO, and they are of the opinion that, if all goes well, they will, at no very diitant date, be in a position to make some return to the Shareholders. During the year there has been some extra expense, including second pump which wag necessary in, order t# takp the water out of the dip; and owing to he workings getting further away from the pit bottom the cost of production has been slightly increased. However, your Directors are of the opinion thai the Company has a good future before it. The coal is still' of excellent quality, and it is preferred to any other in the district, The price all round is 10s per ton. Trade of course is a little brisker in the Winter than in the Summer months. The Manager's report for the month just ended shows that the output was 1190 tons, 8 bags, realising £595/5/4. The application for the increased area of 61 acres has been granted. The Arbitration Court Award ran out, and your Directors, along with the other local Oaal Pit Proprietors, entered into an industrial agreement on somewhat similar terms for another 12 months In August last, the Company lost the services of Mr W Oarson (Manager), he having resigned to take a similar engagement

at Kaitangata. Mr James Folleck was elected, and everything is progressing very satisfactorily under bis management. Messrs James Kelman and John Pattison, retire from the Directorate. Both are eligible for re-elec-tion. The Auditor (Mr C E Richardv) also retires, and is also eligible for reelection.

STAFFORD-WAIMEA GOLD DREDGING COMPANY.

The following ia the report of the directors of the above company, to be presented to shareholders at the annual meeting to be held at Alexandra, on August 31st:—

" When the last Annual Report was presented to you, the dredge purchased from the Great Woodstock Company was in course of re-erection. The work was completed, and the first wash-up took place on 27th November, regular returns continuing for a period of six months, with only one stoppage which affected the usual weekly washup; but at the end of May serious floods hampered operations, and when these were overcome, the dredge unfortunately sank, the mishap being caused by the stump of a tree crushing in three planks in the bow. The dredge is afloat again, but is considerably sfcraiaed, and it will probably be another month before, she is in a fit state to begin operations again. The time occupied in raising the dredge was a little over a month, the cost being a serious drain on the finances, and it will depend entirely on the amount it will take for repairs, as to whether or not it will be necessary to call shareholders together for the purpose of considering proposals to relieve the stress of liabilities. Your Director, Mr Robert Ross, has been appointed to visit and report on the condition of the dredge, and when bis report comes to hand, the board will be better able to judge what is best to be done. " The gold won by the new dredge, for a period of seven months, amounts to 5020h, taken from approximately four acres of ground, and the dredgemaster reports that, in order to work the elaim to advantage, he has been obliged to leave what he considers the I best ground unworked. |

i "It will be seen from the Balancesheet that the " Olaim Account" has been inc essed by the Bum of £6O, due to the acquisition of a freehold section, known as " Tovell's Freehold," which was purchased on the recommendation of the dredgemaster. This section, which consists of about two acres, is considered to be highly auriferous, and the supposition is borne out by the fact that the best prospects were always obtained when working close to the boundary. '* Shares numbering Ifs have been forfeited during the year for non-pay-ment of calls, making a total of 325 shares credited to the "Forfeited Share Account."

The re;iriug Directors are Messrs Robert Ross and James ELelman, and Mr J G Olqss retire? as Auditor, but all are eligible and offer themselves for reflection.

The secretary of the above company advised us last evening that he he had received a wire from Mr Ross, stating that the dredge would be ready to start in about three weeks. When the dredge sank she was working on 250z.a-week ground.

Msnuherikia, Alexandra, 300 0 0 Hartley and Riley, Cromwell ... 191 0 0 New Roxburgh Jubilee 106 0 0 Cromwell No 1, Cromwell, 98 2 0 Electric No 1, Cromwell 77 0 0 Rising Son, Upper Clutha 67 0 0 Perseverance No. 1, Alexandra... 66 0 0 Revival, Upper Clutha 64 0 0 Electric No. 2, Cromwell 61 10 0 Rise and Shine, Up'er Clutha '.„ 36 0 0 First Chance, Alexandra 28 1 0 Earnscleugh No 1, Alexandra, ... 32 18 0 Junction Electric No 1, Cromwell 32 0 0 Golden Treasure, Miller's Flat,... 32 0 0 Ettrick, Roxburgh, 134hrs 29 18 0 Enterprise No 2, Alexandra ... 28 5 0 Upper Waipori, Waipori. 28 6 0 Waikaka Syndicate, Waikaka ... 3ft 0 0 Sneddon's Freehold, Waikaka ... 27; 0 0 Moa No. 2, Alexandra 2? 0 0 New Alpine Consols, Cromwell, 26 0 0 Central Charlton, near Gore. 25 6 0 Nugent Wood, Waikaia 2S 3 6 Waimumu Queen 23 16 0 Happy Valley, Tuapeka. wk 22 6 0 Chicago, Alexandra, 21 15 0 Matau, Clyde, .,. 21 0 0 Perseverance No. 2, Alexandra ... 21 0 0 Dunstan Lead, Alexandra, 20 4 0 Otago, Miller's Flat, 19 0 0 Molyneux Kohinoor, Roxburgh 18 14 0 Waikaka United No 2, Waikaka 18 9 0 Sailors's Bend, 16 6 0 Rise and Shine No 2 Cromwell IK 0 0 Unity, Oyde._ 13 i 0 Gabriel, Tuapeka Flat... 13 1 9 Alpine No 2 Cromwell 13 0 0 New Half-way House, Clyde Rd 13 0 0 New Bendigo, below Alexandra 18 0 0 Oirig, Manuherikia, l§9hrs 12 18 0 Incbdale. near Palmerston, . 12 6 0 Cromwell No. 2, Cromwell 12 • 0 MacCharlton, near Gore, 12 0 0 Golden Gate, Millers Flat, , 10 17 0 Beach, Ciomwell 10 10 0 Enfield, Waipori, 10 4 12 Taniwha, Tuapeka River 7 2 0 Mystery Flat, Waikaia, 6 13 0 New Royal Maori, Cromwell ... 4 10 0 Total 1S30 tl 23