MINING.

Auckland Star, Volume XXII, Issue 93, 23 April 1891, Page 7

MINING.

It has been decided to endeavour to float the Phoenix mine (Skipper's) in the EngHull market.

The Minister of Mines has received an invitation to open the Puhipuhi battery, and will probably visit there at the end of tho month for that purpose.

Tho Caherfeidh Holding at Puhipuhi havo cut a four-foot reef showing excellent silver. It hae also boen traced through the Jubilee and Luminary Holdings.

Tho Taranaki petroleum experts are satisfied with the present indications of strong natural gas, itself at a depth of 800 feeb, which is always a forerunner of oil.

The Diamond Goldmining Company (Limited), Kuaotunu, is now in liquidation. At an extraordinary general meeting , of shareholders held in Mr S. T. George's office, Exchango Buildings, on on April lGth, the resolution previously decided on providing for the voluntary liquidation of the Company was unanimously confirmed.

MrE. M. Tabuteau, a settler at Whangao, two miles from Kawakawa, wliilo putting down a woll on his property struck a seam of coal, some of which has been treated and burned freoly.

A ton of ore recently broken out as an average sample from tho footivall branch of Dixon's reef, Isew Alburnia, ab tho battery level and forwarded to the Cassel Company's plant for treatment has produced 2oz 14dwt 23gr gold, and 12oz 19dwb3gr silver of the value of £13 18h per ton. The percentage extracted was 91 of gold, and 55 percentage of silver.

The Minister for Mines has received a communication from the President of the Otago Miners' Association suggesting that tho Government should take action to see that tho miners receive a fair price for their gold by either establishing a mint or providing that the post offices in mining districts should purchase the gold. Ifc is alleged that tho banks pay only £3 17s per ounce, while the value at Sydney Mint is £4 3s. Mr Seddon has arranged to purchaso 12ozs of gold in each mining centre and have it sent to Sydney in order to determine tho value received there as compared with that the miners are receiving.

Two prospectors set out from Gisborne a month ago to search the country between here and Wairoa for minerals. Finding nothing in that direction they made towards Lake Waikaremoana and went into Urewora country. They were most of tba-time underthesurveillance of theCJroweranatives whose attitude was anything but pleasant. They were told that if they crossed a certain creek they would be shot. They managed to elude the natives and crossed the creek, but found no indications of gold this side of the Lake. However, they discovered good indications of gold and intend to return.

A meeting of shareholders in the . Magnolia G.M. Company was held in the office of Mr F. A. White, Secretary of the Company, on April 13. Mr S. C Maclcy presided, and there was a good attendance. After some discussion the following resolution was carried :—" That the capital be increased by the issue of 35,000 new shares, at £1, of which 30,000 will be allotted to present shareholders in the proportion of two to one, upon payment of 6d per share, viz., 3d on application and 3d on allotment, application to bo made on or before let June, such shares to bo deemed as paid up to 2s 9d.

A meeting of shareholders in the Alburnia Gold-mining Company mine was hold on April 6th for the purpose of considering the advisability of increasing the capital by issuing 30,000 shares, thus increasing the number to 80,000. The directors intend to vigorously prospect the mine. At present they were not doing much. A plan had been laid before the directors by the mine manager, in which he proposed works that would probably involve something like an expendibur'e of £1,500 or £2,000. It was deemed advisable to issue new shares, otherwise calls would bo neceseary. The Secretary read a report of the mine, forwarded by the mine manager, which dealt with proposed works for the future. It stated that the euggested works would open up an entirely new level. The Chairman moved that the capital of the Company be increased by the issue of 30,000 new shares, 6d nominally paid up, and 6d on application, and 6d on the let of June. Mr Craiar seconded the motion, which was adopted. It was agreed that the shares were to be allotted pro rata to the present shareholders. The Chairman explained that the old shares were paid up to Is 6d, and this would place the new issue on the same footing;.