A SUBSTANTIAL DIVIDEND.

Otago Witness, Issue 2896, 15 September 1909, Page 29

A SUBSTANTIAL DIVIDEND.

'A PROSPEROUS DREDGING CLAIM,

After many viciesitude3 and several reconstructions the Good Chanoe dredge started operations about four months ago <May 10), and has met with such success as a gold-winner that the directors were in the happy position of being able to declare a dividend of 10s per share, beng one-half of the capital returned to the lucky shareholders since the date of starting, and when it is taken into account that since dredging was commenced up to the 29th ult. stoppages lave occurred amounting in all to 26£ da-ye. owing to breakages, floods in the river, shifting up and down stream, etc., and which does not include 10 days for opening up a paddock, the result* are most satisfactory. During a rise in the river, the dredgemaster (Mr James Richmond) floated the dredge over the reef and proved the bank claim, having dredged under old alluvial workings, &nd winning for the two weeks 540z and 620z respectively, proving that the company has a rich" bank claim to work when the river height will not allow of successful dredging opera+ions being continued in tho river. The financial position of the company on the 10th inst., efter payment of the first dividend of 10s per share, payment of accounts, making provision for all 6undry creditors (£BS 6s 2d), and an estimate for floating accounts, is a credit balance of £15 11s 8d in the bank, £800 on deposit at interest, and £15 9s cash in band.- It is the intention of the directors to build up a reserve fund of at least '£2000 for any contingonciea. There have been several inquiries for the- purchase of the shares, which cannot be procured unless at a very high premium. It is said that this is a record in the way of dredging ddvid<ends — being the first occasion in New Zealand on which a dredge feas returned half of its capital to shareholders in such a short space of time, — end the Good Chance Company is to be congratulated for the present healthy state ■of affaire, which is very largely due to the perseverance of the secretary, Mr G. !A. Harlow. flfotes from Cromwell. (Fboii Oub Own Correspondent-) CROMWELL, September 10. The weather is now exceptionally fine, with warm, sunny days pnd frosty nights. The rough weather earlier in the week did not raiso the river, and it is falling well; consequently the gorge dredges ehould now have a favourable run. Dredging matters are very quiet. Outsidethe Rise end Shines and Rising Sun none of the dredges fe doing anything special. The sluicing claims at Nevis, also the dredges, will be shortly in full swing, as the necessary race-cleaning and dredge jrepairs are now under way. The Keystone borer liaa not made a start at Bannockburn vet, but should do so in a few days' time. Considerable interest was taken in an application for 32 heads of water from the £,indis River, heard before Warden Young yesterday. This is for the block of 1600 Acres recently acquired in exchange . for - pre-emptive rights, over which there was a good deal of comment. In this application for water the Commissioner. a£ Pxovh

Lands wrote stating that he would object to more than six heads being granted, but the warden commented on the Commissioner not bothering to be "represented, and as there is only 300 acres commanded by this right, it is giving four heads to each 100 acres. There is likely to be something further heard of the matter, as the general opinion is decidedly against Bueh a large- right being granted for such an area, especially as the land below wiU shortly be in the market. Mr Lethbridge (manager for Dalgety and Co.) gave evidence, as he is acting for the applicant, Captain Dalgety, who lives in England. Notes from Alexandra. (Fbou Otjb Own Correspondent.) ALEXANDRA, September 8. Yesterday was another cold and miserable day. A southerly gale ra^ed furiously, continuing all night. To-day is fine, but the hills appear to have received the heaviest fall of snow this 6eason. As a result of yesterday's storm there was a slight flood on the low country this morning, but it soon disappeared. Another bore is being put down on the Earnscleugh Company's claims, this time on No. 5 ground. Stewart's Keystone borer is doing the work well, and is now down over 70ft in the third bore. The Clyde, dredge reached the Alexandra I bridge yesterday and is now anchored at the mooring place- a few chains above the bridge. It is expected that a new set of j buckets will be put on with the view of testing the old Bendigo claim. When repairs and alterations are effected the dredge will be again dropped down stream. Good progress is being made with the alterations to the Golden Beach No. 2 dredge, and when finished this . machine ' ! should have a long run on ground that is expected to turn out well. The No. 1 | dredge is working steadily with satisfactory returns. | All the dredges on the flat are working steadily, but the returns in the majority i of cases are little above working expenses. ftotes from Waikaia. (From Our Own Correspondent.) WAIKAIA, September 7. The Waikaia dredge .had a lot of trouble with silt all last week. The river has been very high, causing silt to be deposited in tJie paddock. The South Waikaia dredge has been on very poor ground lately, but should do better as she works ahead. The Mystery Flat dredge had a stoppage last week to put in a new top tumbler. The ground ie still very good, and should get better as she comes up to the mouth of Moffit's Gully, as very good gold is known to exist there. The Duke of Gordon dredge has been put < into commission again. Mr F. Browne 's again in c'ha.rgc It is reported that he has taken her on tribute. The .Muddy QivMsk No. 2 dredge has been on better ground for the last month, and there 'is every reason to believe that it will last for some time. ; ■Messrs Mutch Bros., who are hydraulick- j ing in Gow's Creek, have struck some very ' rich ground, their return fcr a fortnight being 150oz. A reef reported to carry very good gold has been discovered on the hills near Waiicaia by a party of musterere. They obtained a sample of the stone and had it assayed, but they failed to peg out the ground, w.hich left it open for another party to peg. This party left here on August 29 at 4 a.m., to be on the ground on Monday to peg it. They also 'brought samples of etone, which show the gold freely. Notes from Iteefton. (Peb United Press Association.) REEFTON, September 7. The Progress Mine crushed 3645 tons, yielding £4983, and cyanided 2160 tons for £858. The estimated profit from the sulphur ets is £685. The Wealth of Nations crushed 1380 tons, yielding £1867, and cyanided 890 tons for £584. The Blackwater mine crushed 3000 tons, yielding £6512, and cyanided 1985 tons yieldins £726Notes from Auckland. (From Ovr Own Correspondent ) AUCKLAND, September 8. | Encouraging reports continue to come ! in regarding the To'katea group of mines at Coromandel. Development works aie prooeeding at the low level of the Pride of Tokatea with encouragaing prospect*. Operations are in progress at three faces, where the reefs are looking well, and the country is of the right class for gold. In the stopes on the cross leader the outlook is especially promising. Yesterday the mine manager reported: "Twenty pounds picked stone, cross lead low level. Some stone very rich. Reef strong; gold left showing." The manager of the Hauraki Freeholds mine at Coromandel lodged 131b of specimen stone in the Bank of New Zealand yesterday. September 12. Last Thursday, on the southern portion of the Waikino claim, at Owharoa, JSmythe, the well-known prospector, came [ across nice-looking stone showing- in a I reef, and he obtained an excellent prospect' of coarse gold through the dish, sulphides being also in evidence. Gold wa6 located on the hillward side of Mic shaft close to the Rising Sun Company's boundary. It ia the intention of the prospectors when a syndicate has been formed to open out on these lodes. j A now and promising discovery has been made by Mr John G. M'Ne.l, owner of Scotty's mine, Coromandel. While diiving north on the lode he has intersected a new reef, from which rich specimen stones havo been secured. A jar containing Gome of the ore, .showing rich gold, is on view at the Coromandel branch of the Bank of New Zealand. The following wire from tho manager of the Maoriland mine was posted on the Exchange this morning: — "Rise on Young New Zealand reef. Rich tione coming to hand.''