MINING NEWS.

Press, Volume LIX, Issue 11491, 26 January 1903, Page 5

MINING NEWS.

The Buller Junction Company's dredge starts work to-morrow. The master d the Nelson Creek Company's dredge reported to the secretary that everything was in .Teadiness for the resumption of operations lest Saturday. The machinery of the Erickson's Rerward Ccmpany'e dred'go was submitted" to a thorough overhaul whilo the dredge was idle, and the dredgemaster estimates that the cost of working will bo considerably lessened as a result of the alterations made.

The master of the North Beaoh Company's dredgo stated in his report for the week ended 16th January that the back lead continued to be much the same, if anything, a little bettor. He says that he would have done much better if it had not been for a few big rata, stumpa and logs in the old worked gTOund ,which caused a loss of time. For last week's return he intended, working three days on the back lead and three days on the shingle lead. • Ov/ing to the floods and the breakage of •the spur wheel, the. Watterson's-Ahaura Company's dTedge did not got another start until the 18th. There would probably be a certain amount of time lost last week owing to the quantity of silt that accumulated in the paddock during the stoppage. The dredgema'ster has now extended the face to a> width of four and a hall chains.

The master of the Trafalgar Company's diedge reported on the 19th mat. that the machinery was working splendidly. He had a face two and a half chaine in width opened out again, and expected to have the ■whole face opened out by yesterday. Owing to the quantity of silt that would have to be shifted the return is not expected to be large this week. The balance-sheet of t4ie Mokoia Gold Dredging Company for the half-year ended December 31st has just been issued to shareholders. It shows that the company's position has been improved by some £950 during the six months. On June 30th, the profit and loss account showed a debit balance of £563 2s Bd, and during the half-year the expenditure amounted to £1633 19s 10d, or a total of £2197 2s 6d, wheTeas the gold won for the same period was 6670z 16dwt 4gr, valued at £2589 16s lid. ao that on December 31s:t there was a credit balance of £39214s 5d to be carried forward. At the close of the half-year there were sundry creditors to the extent of £311 Is, but against this there was 330z 3dyt of gold, valued at £127 12s 6d. in transit, and a balance of £576 2s 111 due by the bank, making a total of £703 15s sd. The quantity of gold won by the dredge during the whole of last year was 10960z 2dwt lgr, valued at £425_2 7s Bd, and the cost of production was £3181 13s Bd. The quantity produced from the time operations wore commenced until December 31st was 21730z 19d-wit, valued at £8051 10s lid. while the amount expended from the date of the registration of the company wae £15,410 73 9d. Provided everything goes on emoothly the company will soon be .in a fair way to pay a dividend.