MINING.

Auckland Star, Volume XXIII, Issue 118, 19 May 1892, Page 3

MINING.

Coal has been struck in tho new drive in the old coal workings at Kuwakawa, liay of Islands.

Mr Alex. Purdy, late of Thames, has lef b for Australia, in ordor to take over tHe directorship of tho Kyneton School of Mines (Victoria).

The Puhipuhi Silver Mining Company have gob 750z 14dwb silver bullion from \i tons driod ore. Tho bullion was mostly derived through Hartman's process.

A formal meeting of shareholders in the Caledonian G.M. Company was held on April 21st, when tho resolutions authorising tho ealo of the mine and plant to the Hazolbank G.M. Company and winding up of the Caledonian Company wero duly confirmed.

An extraordinary general mooting _of shareholders of the Success Goldmining Company (Limited) was hold on May 16, Colonel Burton presided. It was resolved that as tho Company could not, by reason of its liabilities, continue its business, that it bo voluntarily wound up. Mr J. J. Macky was appointed liquidator at a fee of £5.

A special rneotinc of shareholders in tho Dives G.M. Company (Limited) was held on May 6th. It waa unanimously decided on the motion of Mr J. Batger (Chairman), seconded by Mr Garland, "Thai. aa ib has been proved to tl J satisfaction of this mooting that by reason ofc tho liabilities of this Company, it cannot continue its business, it is advisable to wind up the same."

An extraordinary meeting of shareholders in the Saxon G.M. Company waa held on April 22nd, when it was resolved, "That a committee consisting of two members of tho present Board of Directors and Messrs King, Brimblocombe, Macfarlane and Porter, be appointed to make inquiries as to tho advisability or othei wise of amalgamating with or purchasing other companies, or such matter as may bo deemed for the advantage of the Saxon Company."

Wo understand that tho Red Mercury Goldmining Company has purchased the Kuaotunu Quartz Crushing Company plant, which was sold at auction last week, and boughb by Messrs Price Bros. The Red Mercury has already paid about £1,000 for crushins, and the directors think that with improved processes fully one-third of this expenditure can be saved. It is also thought that a considerably greater quantity of bullion will be saved. Ib is highly probable that Cassoll's process will be adopted.

An extraordinary general meeting of shareholders in tho Trenton Goldmining Company was held on May 12th. Mr James Russell presided, and explained that they had to face a liability of £1,211 17a 9d, and the directors thought it expediont to amalgamate with the May Queen Goldmining Company. Resolutions wero then passed authorising the sale and transfer of the Trenton mine to tho May Queen mine, shareholders in the former to receive one share for every four, and tho latter Oompauy to pay outstandding liabilities in the Trenton after the two calls now made had been paid in. A resolution was also passed voluntarily winding up tho Trenton CM. Company.

A meeting of shareholders in the Red Mercury G.M. Company was held on the afternoon of April 29. Mr H. Roes Georgo presided. The directors' report stated that tho mine had yielded payablo ore, and had reasonablo crushing plant boen obtained a substantial profit mii3t have resulted. They recommondod tho shareholders to procure a suitable plant for tho mine. Financially, matters were satisfactory, there being a balance in hand of £206 9s 3d above all liabilities. Mr H. Rees George and Dr. Walker wero re-elected directors, and Mr Churton was appointed auditor. Tho procuring and erection of a suitable crushing plant was left in the hands of tho directors. An extraordinary meeting was then held, at which is was resolved to alter tho articles of association so as to do away with transfer foes.

At the annual meeting of shareholders in the Waitemata G.M. Company, on Mayo the report of the directors stated that the past year's operations had not been financially satisfactory, and for some months work was discontinued, and the claim protected. The time would expire in July, and ib would bo for the shareholders to decide on future action. The balance-sheet showed that the receipts were £373 13s 4d, and the expenditure £370 4s sd, there being thus a credit balance of £.°> 8s lid. The assets were, unpaid calls, £145 4a 2d, and the liabilities, various accounts owing, £45 4s 2d, showing a balance of £100. The shareholders deckled to allow the protection to expire before deciding how tho mine should be worked. Messrs J. Hodgson and D. McLood were re-elected directors, and Mr W. Osborno was appointed auditor.

An extraordinary general meeting of shareholders in the May Queen Goldmining Company was held on May loth for the purpose of increasing the c:ipitnl by 9,000 shares. Mr W. S. Wilson presided, and explained that tho object of the increase was to acquire the mine and plant of the Trenton Company. On his motion it was agreed, " That the capital of the Company bo increased from £25,000, divided into 50,000 shares of ton shillings each to £29,500, divided into 59,000 shares of ten shillings each." On the motion of Mr James Russell it was further resolved, "That tho directors be authorised to purchase the Trenton Company on the basisof one share in the May Queen for four in tho Trenton, also that tho May Queen Company pay the outstanding liabilities of the Trenton Company after the liquidator has used every reasonable ettort to get in che calls now made." The advisability of procuring new processes for saving gold has been further illustrated by the return of the Sylvia crushing up to the 30th of April. The result, as reported by tho manager, is as follows :— £ s. d. Concentrates on hand, 56 tons 9-75cwt, value 1,140 16 1 Free gold from plates, 670z 17dwt, value 243 2 6 Total 1,383 18 7 Under the old process the £243 2s 6d worth of free gold from tho plates would have been the bulk of tho return, whilo £1,140 16s Id from the concentrates would have beon lost in the tailings. With such successful results, a new era should open up-Porthe Tararu portions of the Thames Goldfields.