leoled by himself. The board had found it advantageous in many respeats to visit the claim constantly, and. this end was Becured by the local director (Mr Adam Aitken) visiting there weekly.' - His visits relieved the dredgemaater of* some cf. his responsi bility both" irPSafeguanung the gold won and ia decidiug detail poults as' to the working -of ike claim. TKe coal snpply -was now cJrawn from the Gibbston pit, whereby a very con siderable saving was- effected, and it was hoped that seme further slight reduction in cost might be made. Gibbston i coal co3ts, say, 3* per ton more than Bannockburn at the dredge side, but little more than. one half the quantity was required for steaming pdrpoes, so that eoonomy was effected both in the quantity used and the oost and ruk of handling from the bank to the dredge. The cost of running the Company, including all charges, worked out at just under 17oz per week for "the past -year. DuriDg the year two of your directors retired from the board. Mr Horn parted with his qualifica tion, and Mr Wake field, for reasons alto gether opart from the Company's affairs, re signed his scat to the regret of his coll agues, and theft, places had not been filled. The numerical strength of the board was in this way reduced from seven to five, whioh ap pear<d !:a sufficient number to control the company's affairs. Questions were .con stantly afked as to the probable life of the claim. Well, the spirit ot prophfcy_was not on him, bnt he had nok sold his - shares. The dredge had before her, say, 16 chains of the river untouched — from 'where she was now working .to thejower boundary of the Annie Queen claim, the points which the Upper JMagne ie dredge started to work. In the last litter received from Mr Aitken, it was stated that the dredge was working right across the river from side to side, and during last week 59-Z of gold were won. If these conditions continued (and there was nothing to suggest that they would not), it would be frpm 15 to 18 months before the Upper Mag netic workings were reached. There then re m lined four to six chains of the river at the bottom and between the' Gentle Annie top. 