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the first five months some of the accumulated tailings were treated, but during the latter seven months the sands treated have been exclusively from the battery. The yield from the cyanideworks is valued at £5,745 os. 4d. The extraction at these works was equal to 6s. 1T961d. per ton ; of this amount only 2s. 8844 d. per ton was absorbed in treatment charges, leaving a profit of 4s. 3Tl7d. per ton. The cyanide plant now consists of ten treatment-tanks, 25 ft. in diameter, and another is shortly to be built. The total working-cost (excluding capital and development expenditure and cyanide-works account) amounts to—working-costs, £46,838 18s. 2d., at 16s. 8824 d. per ton ; profit, £54,415 17s. Bd., at 19s. 5'311d. per ton. Cyanide-works—working-costs, £2,247 7s 4d., at 2s. 8844 d. per ton ; profit, £3,497 135., at 4s, 3'117d. per ton : making total cost (excluding capital expenditure), £49,086 ss. 6d. ; total value yield, £106,999 16s. 2d. ; total profit, £57,913 10s. Bd. : which must be considered as a very satisfactory balance-sheet. The whole of the plant has been maintained in a thorough state of efficiency, the only new plant added during the year being an 18 ft. diameter tailings-wheel, and classifying arrangements to separate the sands from the slimes. A strong-room has been built into the solid rock in the battery-house for the reception of amalgam, &c. The canvas plant has been extended by the addition of twelve new tables, 10 ft. by 15 ft. long, all housed in. Since these tables started (last October) a large increase in the amount of slimes made is noticeable. The milling-time during the year 1902 was exceptionally good, seeing that the mill ran for the full theoretical time, with the exception of 10-98 days. This loss of time represents the total delays caused by the monthly clean-ups, daily scrapes, and incidental stoppages. We confidently look forward to a successful and prosperous year for 1903. Welcome Gold-mining Company (Limited). —Early in the year a small cyanide plant, consisting of two 20 ft. diameter treatment-tanks 5 ft. deep, and one sump of the same dimensions, were erected to treat the tailings as they came from the battery. The battery started crushing again on the 12th February, and has continued to run steadily since, consuming the quartz as mined. By covering a lot of ground in the mine 1,781 tons of quartz was stoped, the average stoping-width being absurdly small. However, the stone produced was of good value, as the 1,776 tons crushed yielded bullion to the value of £3,492 19s. Bd., and the 1,324 tons of sands which was cyanided yielded bullion to the value of £1,109 17s. At the end of the year the stopes were looking very mean, and cannot be relied on to yield much more mill rock. The following figures show the costs incurred and profit won : Cost of working, £2,688 6s. 4d., at £1 10s. 3 - 29 d. per ton milled; profit, £1,914 10s. 4d., at £1 Is. 6-71 d. per ton milled. New Inkerman Mines (Limited). —Mr. Norman Dudgeon, manager of the New Inkerman Mines, reports as follows : The following work has been carried out on this company's property for the twelve months ending the 31st December last: Driving on lode, 888 ft.; sinking on lode, 100 ft. ; uprising on lode, 497 ft.; crosscutting, 541 ft. : the total footage being 2,026 ft. The reef driven on has varied in width from 3 ft. to 27 ft. 6 in. The tonnage of ore blocked out by this work approximates 20,000 tons, the value of which is very variable. Fifteen head of stamps in the old thirty-stamp mill are being put in order. Frue vanners are being installed, and a cyanide plant is being erected. Crushing will commence in April next. The average number of men employed during the period was twenty-four. The total expenditure on this property in development up to the end of 1902 was £57,044 16s. Last Chance. —This private company has during the year 1902 been principally engaged in prospecting. 300 ft. of driving and 50 ft. of rising has been done, but very moderate success attained. 3 tons of ore, to the value of £24, was the extent of the yield for the year.-

Statement showing the Returns from the Quartz Mines in the Reefton District from the 1st April, 1880, to the 31st March, 1901, and for the Years ending 31st December, 1901, and 31st December, 1902.

Year ending 31st March. Calls made. Dividends Quartz declared, crushed. Yield of Gold. Value of Yield. 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 1894 1895 1896 1897 1898 1899 1900 1901 Year ending 31st Dec, 1901 1902 £ s. 10,218 17 25,504 3 64,345 0 49,456 0 29,333 0 24,565 0 21,596 0 30,432 0 38,919 0 27,531 0 20,404 0 25,956 0 18,800 0 14,350 0 10,153 0 8,418 0 9,033 6 7,859 3 5,920 6 10,747 8 5,826 9 6,233 6 6,900 0 d. 6 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8 4 8 9 7 8 0 £ 19,650 37,643 32,600 16,500 34,100 14,500 33,450 17,550 16,688 18,250 27,325 30,743 16,900 18,832 11,012 25, 925 4,900 50 900 17,050 35,300 58,199 63,974 Tons. 25,926 14,894 18,928 23,433 34,349 27,198 23,930 24,403 28,564 32,394 39,643 35,062 37,693 34,518 26,602 29,816 13,270 9,751 42,305 58,277 82,618 97,870 98,485 Oz, dwt. gr. 17,597 14 10 20,154 0 0 19,194 0 0 16,547 0 0 23,997 0 0 14,591 0 0 21,143 0 0 16,775 0 0 18,663 0 0 17,780 0 0 23,347 0 0 23,390 0 0 20,171 0 0 18,113 0 0 13,426 10 0 22,025 0 0 8,365 4 20 4,266 7 1 21,487 18 15 26,693 3 18 33,979 5 5 46,066 16 12 46,561 9 9 £ s. d. 68,630 13 10 78,600 12 0 74,856 12 0 64,533 6 0 93,588 6 0 56,904 18 0 83,171 15 5 66,030 11 5 72,720 18 0 69,676 12 1 91,998 8 10 95,885 5 1 80,894 5 1 73,752 14 11 53,509 5 1 87,935 18 4 33,824 7 1 18,253 7 3 87,587 1 0 108,455 17 8 134,557 7 11 186,719 6 7 188,655 2 5 Totals ... 472,501 2 6 |582,041 860,429 494,634 9 18 1,970,742 12 0