Latest Mining News

Waihi Daily Telegraph, Volume IV, Issue 1068, 16 August 1904, Page 2

Latest Mining News

GrIIAND JUNCTION GOLD COM4 PANY THE INCREASE OF CAPITAL

At the annual meeting of shareholders E the above Company, held last month in joiulon, tbo chairman, Mr George Both* rell, in moving the adoption of the report nd balance-sheet, said " The state* lent of accounts now presented shows, ,fter deducting the items received from ttterest and discount, transfer fees and eat, and adding the amount, £950, spent m addiltous to plant, machinery, and wildings, a total expenditure of £11,314, md a further sum of J2105U lias beon vritten off for depreciation. Owing to lie more extensive operations carried out n tlio Grand Junction mine, thoexpendi* iure has exceeded that of the preceding pear by £l7Ol. Daring llio period covsred by the accounts, the issued share capital has been raised to 1180,000 by the sale of 1500 shares, which realised 12250, and further debentures, to tbo amount of 12500, have also been issued, making the total debenture debt at the end of the year £22,550. This left us, at the commencement of this present year, with i.vailablo funds of £6113. Further amounts since received are .£7500, arising from the issnc of £30,000 debentures created and £532 from the sale of 200 shares in excess of the number required for the debenture conversion, Tlnwo two items, added to tho £6113 on hand at the beginning of the year, amounted to £14,146. In the ordinary course of events, this sum would liavo been sufficient to conduct the operations of tho company for certainly tho whole of the present year had not advantage' been takon of an opportunity which occurred of acquiring in tho colony on most favourable terms a first class oro reduction plant, Further extensive purchases of mining requisites have been made. Tho largo outlay over and above tho usual mining expenditure, entailed by tho purchase of all this machinery and plant, in addition to tho cost of dismantling and transporting it by sea anil lamltoWaibi, where the bulk of it has already been delivered, has ex* hausted tho funds at our disposal. It has, therefore, becomo necessary to provide fresh ro;onrce3 for tho general operations of tho company. Tho debenture debt have ing boen extinguished by oxchango for shnros reserved for that purpose, and tho 200 remaining shares not required for conversion having been disposed of, tho whole 200,000 shares of tho com. puny tiro now issued, The renjova of the debenture charge on tho pro* pertyoi tho company has leftus freo to raise funds in any way we may think desirable; but, aft.ii' giving tho matter caroful consideration, it has decided that tho mo3t satisfactory method is by an increaso of share capital. A resolution will therefore bo proposed to create an additional 100,000 shares, and if it is carried it is intended to make an immediate issue of 40,000 shares to shareholders on tho register on June 24 at (ho rale of one now share for every five held, Although it would of course be pos* sible to place these shares at a substantial premium wo have thought it only right in consideration of tbo very long time shareholders have been without any return on their investment, to make this issuo at par. (Hear, hear.) Tho terms of payment will bo 2s fid on application, 2* fid on allotment, and the balance in three calls of 5s each, payable at intervals of three months. With tho funds derived from thij sourco it is intended, in addition to carrying on the ' usual mining operations, to proceed at once with the erection of the stamp battery and eyanido works, and also to provide and oreot on tho miuo a central electrical power station capable ot generating all the motive power required above and below ground. This method will certainly reduoe working costs, as compared with separate slcani engines ereotod at tho various points wbero power is required at least one-half, and probably considerably more. (Hear, hear.) Tho long and vexatious delays arising from tho ad verso conditions which have prevented our mines from being brought to a productive stago years ago have not beon all loss. The improvements in the methods of ore treatment, and the economies now rendered possible by tho Liimcnsc stride? which havo been made in the use of olectvieily in mining work, will lead to such a reduction in working exi ' penses as would not have beon dreamed of

ft few years back." (Applauso.) Tlio Chairman coniludod Ly moving the adoption ol tlio report and aocounts. Mv. Bull asked i( tlio chairman could pivo him any information as to the time when the oroetion of tlio mill would bo pushed 011 as fust as possible, It was no <j;ood estimating timo in mining matters, They had not received any absolute information as yot, but tliev were under the impression that all material had been de-* livered on tho mine, H would talto quite 12 months to erect a mill and establish tho power plant wliioh (hoy wore con" templating installing, They hadnooro reserves at this moment evon if they had the mill up; but their No. 8 level was in a position to opon up 150 ft. of backs on tho Martha lode, and I,hoy fully oxpectod that from that level a large available block of oro would be obtained so as to justify thoir commencing milling operations, After somo further osplanations by the chairman as to tho water difficulty a shareholder suggested that as Mr Walkor, from Now Zealand, waa present, ho might favour them with somo remarks as to die position of affairs. Mr. Walker, in response, said the chairman lid gono over tlio wliolo ground, and he could say nothing in addition to what Mr: Rothwell had stated, He was very pleased to find when ho came to London that tho company was in such ablo hands as thoso of their chairman, The resolution was then adopted, Tho rotiring director, Mr. J. Broomhead, was re-olootod, and the auditor, Mr, Sydney W. Jackson, was reappointed. Tho Chairman then moved, " That the capital of tho company bo increased from 1200,000 to 1800,000 by tho orsation ofJ 100,000 now shares of £1 each." * Mr. J. W. Broomheid scoonded tho motion, which was uiflraiuiously adopted, MINING IN NEW ZEALAND DEPARTMENTAL REPORT AUCKLAND HEADS LIST OP EX4 PORTING PROVINCES Tho Minos Statement, which has boon laid on tho tublo of tho Houso by tho Minister of Mines, shows that tho total valuo of tumorals (including lmuri gum) exported for tho calonda' year 1903, was £8,530,05-1, an incteft-u of £809,032 on tho previous year, The gold export was 533,31402, valued at £2,037,881, comparod with £1,951,488 in tho former year, Tho latest returns of the output of gold for tho various districts for tho yoarto March 81 last slto<v that Auckland during that poriod unportod 233/2710z, valued at £834,070, an incronso of o0,ll3oz,; West Const exported 12G,1810z., valued at £505,845; and Otngo exported 171,4890z. t valued at £690,141, an inoroase of £16.433. Tho total valuo of go|d, silver, coal, and other minerals (including kauri gum), pro* ducod up to tho end of 1008 ( was £85,813,240. During the first six months of the preaont yoar gold was exported to the value of £1,024,082, an inoreaso of £46,261 on the first half of last year, Silver ihow« nn inoreaso of £5258.

Lust yoar the Waihi Company treatod 214 508 tons of quartz, for a return of £608,167 8s Oil, employed upwards of 1100 persons, and paid dividends amounting to a quarter of a million sterling. lixtonsivo addition liavo been mado by'the company to their plant, and developments in tho mino show that tho ore bodies will admit of a largo production for a considerable number of years. At Karangahako bullion to the value of i18209'l 12s Id was obtained during tho yoar, the mines and mills prov ding em> ployment for 452 prisons. The sum of £IOB3 17s 3d was expended in subsidies for tho .year ending Matoh 31, 1904, to prospecting associations and parties of miners actually engaged in prospecting, Tho royalty obtained by tho Government in respect to tho patent rights of tho oyanido process of gold extraction for Now Zealand amounts to £7563, or rather more than three fourths of tho amount originall) paid. When tho royalties row imposed on users of tho patented process havo reimbursed the Government, all charges in this connection will coaso, so far as this colony is concerned, Including the grams mudn to tho Soli I of Mines at Otago University, expend' on behali of schools of mines was £• i for tho year, The output of coal and lignite for 'no yoar was 1,420.229 tons, an inercaso of 55,189 tons. Tho Northern district produced 209,795 tonß, an inercaso of 17,750 tons; West Coast, 781,032 tons, increaso 27,216 tons; Southern district, 429,''02 tons, increaso 10,228 tons, Tho gross recorded output of coal, lignite, mid oil slialo now exceeds 18,500 000 tons, Among the collieries of the North Island, those of the Taupiii coal mines are first in point of tonnage raised, their output for tho year boing 95,556 tons, This puts tho company's mines third in order for tho entiro colony. The total number of minos returned as having been at woik during the yoar is 178, the averago number of persons employed being 2852, It is n noteworthy feature, 6iys tho report, that tho adoption of mechanical methods for tho ventilation of underground workings is bocoming vory general at the more important collieries througlw out/ tho colony. By this meaus air currents of greatly increased volume aro maintained, The fatalities in mines numbered 23 out oi 18,062 persons employed, Nino of tho fatalities occurred in gold quartz mines,

The expenditure on roads and tracks during the financial year amounted to £45 594 83 )h, Ibis being a decrease of £6096 2s Si l as compared witli iho ox< ponditure of tho preceding year. There are 2508 minors cinployotl in Auckland, 110 in Marlborough, 2057 iu Nelson, 1453 in Westland, and 3031 in Otago, a total of 9189 let the colony. In Waihi there ?ro 1250 employees, against 1195 last year. Tho number for Coromandol has decreased from 240 to 114; Thames from 478 to 380, and Paeroa from 785 to 636, Tho total employed in tho Auokland district has decreased by 214.

WAfUI EXTENDED, CONTINUATION OF DRIVE PASSING THROUGH SPLENDID COUNTRY Since cutting through the footwall of tho oighteen»feot reef in tho Waihi Exteir ded Mine, splendid looking country has boen mot with, A distance of about G feet has been driven ahead of the lootwail, and tho faco at the tiuio ol writing is first class in appearance, being comprised of solid mineralised country impregnated with quartz veins As tho result, wo understand, of an application by tho Extended Company to drive on their roof into the Waihi Junction's property, Mr, Simmonds has cabled to his directors to»i!ay recommonding the application, Tho proposed work ia of great importance to tho AVaihi Extended mino, ana|also of service to the Grand Junction mine, for ventilation purposos, The drive in tho Inttor mine is now only about 45 feet distant from tho Extended's boundary, and tho lode in tho face bus improved in width and appearnnco-