NEW ZEALAND MINES IN LONDON.
CONTINUED GOOD FEELING IN
BUT THE HEAT CAUSES A SLACK
PROSPECTS OF THE AUTUMN BOOM
WAITING FOR THE PUBLIC.
(FROM OUR SPECIAL CORRESPONDENT.)
London, July 24. Business in the city has been decidedly slack during the pasb few days. The heat has been intense, and, as the '• Financial News " says, it is absard to expect people to feel much interest in anything save the question of how bo keep cool. There can be bub libble doubt tbab, strange as ib may seem, bhe temperature has an appreciable effecb in these matbars. On nice, sunshiny, cool days business on the Stock Exchange booms, promoters make progress and vendors of New Zealand properties oan find people to listen while they talk. Bub with the bhormometer ab 89 in the shade —as ib haa acbualiy been—people won b even speculate, and any attempt to apeak of new venburea from New Zealand is meb wibh weary profanity. "Take em to Tophet" ia the answer given on these occasions. Bub thia is only hob weather lassitude, and passes with bhe heab. Yesterday and to-day have been cool and pleasanb, and from all aides one hears of bhe conbinued good feeling wibh which New Zealand properbiea and ventures aro regarded on the market. The properties are, however, pouring in aba Bimply prodigious rate, and vendors muSb nob expecb bo get rid of them by the dozen, aa seems to be _c iaea of the ultra sanguine section. Investors in local companies in New Zealand should in fact be very chary of investing in a company on the strength of a report that "negotiations are proceeding for sale in London " or'" that the mine is 'on offer. There are hundreds of mines over here which will never be floated; Indeed, it is quite safe to say, that 90 per cent.' of New Zealand companies supposed to be " under consideration " bave nob the Bmallosb chance of being Bold ab any bime unless indeed all Europe goes New Zealand mining mad. Leb bhe local spectator, too, "beware of bhose cables of encouragemenb sent oub to say, " Negotiations-—mine are proceeding satisfactorily." When one Bees at this end bhe circumstances under which- agents will dispatch such messages, one is at a loss which bo admire mosb, bhe man'B impudence or his colosial belief iv your gullibility. If, as is expected, there is a boom in New Zealanders in the autumn some of the better class properties will certainly move off fairly rapidly. Bub it is nob ab all certain bhab bhese will be bhe very boat. Ib will be
LARGELY A MATTER OF LUCK, though of course "rubbish" gets more difficult to dispose of evory day. October will be the crucial month. Unle.a bhe public begin to show appetite by thab timo, affairs will relapse, if they don'b do worse and collapse. Still, there is, I think, not much chance of such a fatality. At present it is all.the other way. Up till very recently fche public wouldn't even smell New Zealand mines. Ib ia now —after a course of "pick me ups" from Hauraki and Waihi —giving indications of interest. Ib has, 30 to* say, risen and stretched itself and is ' .loseing." the delicacies thrown oub by the brokers and underwriters. Its appetite is still delicate, but improving, and when it does take a " snack "ib appears to enjoy ib. Bub until ib begins to gorge—as io is hoped ib will soon—bhe feeding brokers find their bait cans almost too heavy to carry. UNCOMPLIMENTARY EPITHETS. ' The' business aptitude of New Zealand mine owners is nob appreciated here. Their greediness is eaid only to be equalled by bheir maddening belief thab bhe London business man is a philanthropio,_trusting person, who only requires to be informed verbally that the spoaker has a goldmine for sale, to pull oub his cheque book and sign the contents on demand. "For heaven's sake," said ono city magnate who I saw this morning when on a " pumping "expedi-. bion '• impress on your people tbab wo musb havo proper documents and aubhoribies." " Bub I've done so mail after mail," I replied. "Do ib again, drive ib into whab musb be the densest heads in bhe colonies ; more bime, money, and pabienco are wasted over absence of papers than all else put together. Pub thia in large type in your letter." I promised, bub it's only repeating what I've bold you all along. Can't your mining editor drive the poinb home ? " All papers and absolute power attorney " will be found engraved on my hearb if I dio soon. MR WITHEFORDS' LATEST PURCHASE—A MAGNIFICENT SPECIMEN. M r J. H. Witheford's labeab purchase is a sensational one in ibs own way, and significant too. From the London agents of the Bank of Moscow he has bought what must be one of bhe richest specimen atones on record. Ib cornea from Siberia, and weighs lOlbs and of this fully nine pounds are said to be pure gold. Ib ie, I'm told, a perfect marvel to look at, indeed ib..musb be so, the difficulby, one presumes, is to see the stone amongsb the gold. It is whiepered that Mr Witheford will turn hie attention to the Siberian gold mines from which this fine apecimon was won. I am nob ab liberty bo use my information fully, bub may Bay without indiscretion, thab Mr Witheford's visit to Russia and Siberia will probably resulb in the purchase of a mine, and that tbe figure paid will approach half-a-million at least. As for the nuggeb, bhab cost Mr Witheford rather over £400, a fair price to some of us, bub nothing bo Mr Witheford in bis present plethoric condition of pockeb. -
CIVIL ENGINEERS EXPLORATION
On Saturday the prospectus was issued of the Civil Engineers Exploration Company, a concern with a capital of £100,000, which haa been formed with bhe objoct, according to the' prospectus, of esbabliahing a professional association of civil and mining engineers for the introduction and sale of approved properties, mines, contracts and concessions, introduced through members and correspondents co-operating with the eyndicato in the colonies and abroad, either by private treaty, bhrough the formation of subsidiary companies, and to undertake the establishment of colonial and foreign agencies, and the business of a financial agency and exploration company generally. It is stated thab bhe syndicate have received offers of business and professional supporb from about 200 members of tbe Institution of Civil Engineers and obher engineering corporations, many of whom will cooperabe in securing pro6table business, and have several- valuable options under over. Ib is also pointed oub that a connection has been established with a number of colonial and foreign members of the leading engineering corporation!*, many of whom have already forwarded business, and have agreed to act bb representatives and correspondents. The directorate of the Company is entirely professional, and includes Mr W. Seymour Wells, of Sydney, and Mr J. Bree, erstwhile of Auckland. The representatives in New Zealand are Messrs Oakley, Archer, and D. W. McArtbur.
WAITEKAURI CONSOLIDATED GOLD
TMb Company opened ibs subscription lisb yesterday, and will close to morrow ab 2 p.m. Ibis formed to acquire the Burbank and Alpha Extended mines in the Waitekauri district. The properties, which are very favourably reported upon by experts,
are bald by London men to be in mosb excellent position, and in the city the .eoling seems to be that this Is one of the "plums" out of tbe ever ■ growing *jew Zealand mining properties pudding, ihe capital of £120,000 and the handsome sum of £40,080 ia reserved as working capital. Tbe purchase consideration haa beon. fixed by the vendor, who is also tha promoter,, at £BQ,oQQ.payab.e as to £10,000 in cash,£3o,QUU in shares and as to the balance either in cash or shares. Tho directors and other officers are' as follows : -Director- : James Burnett, Esq., managing director AngloFrench (Colonial) Mining Trusfe Limited ; Thomaa Sutton Flack, Esq., AUeyne Park (director Barrett Gold Mining Company, Limited); Hugh Porter, Esq., J.P-, Elfleda House, Cambridge; Alex. KaeMde, 1_ q. (director Waihi Silverton Cold Mines, Limited). Glasgow ; Walter T. Ware, Esq., Barrow Cas-le, Bath. Bankers : The London Joint Sbock Bank, Limited, Loth bury Office, 6, Lothbury, E.C.; the Bank of New Zealand Limited, 1, Queen Victoria-street. E C. Brokers : London—Messrs Jno. Gibbs, Son and Co., 29, Cornhill, E.C, and Stock Exchange; Messrs Laing and Cruickshank, 3, Draoer's Gardens and Sbock Exchange. Glasgow—J. Barnebb Gow, Esq., 21, West Nile-street and Sbock Exchange. Consulting engineers : Messrs Bainbridge, Seymour ahd Co., 13, Sb. Helen's Place, E.C. Solicitors : LondonMessrs Vallance, Birkbeck and Barnard, Lombard House, E.G. EdinburghMessrs Simpson and Marwick, W.S., 18, Heriot Row. Secretary : John A. Milne, Esq., A.CA- Officos -. Swan Chambers* Cop-hall Avenue, London, E.C. HAURAKI ASSOCIATED MEETING.
Sir C. F. Cunninghame presided over the statutory meeting of tha Hauraki Associated Gold Reefs, Limited (Pride of Tokatea), held on Monday ab Winchester House, and in a fluent speech told bhe shareholders all aboub bheir property and its prospects, He stated that the directors bad acquired an adjoining section of property, knows as the ©riana Surplus. This bib of land brings bhe property of bhe Hauraki Associabed Reefs np to 86 acrea. MINING PLANT PURCHASED. The Chairman further said : We have also purchased righb oub and paid for in cash a complete mining plaab, consisting of a 10-sbamp babtery, boiler, engine, etc., so arranged that ib can be increased bo 20 or 30 sbamps at very little further expense. We fiavo shipped bhis machinery, and ib should be oub on the mine in aboub bwo months from now. FINANCIAL ARRANGEMENTS. And now I musb touch on tbe financial arrangements. Quite sufficient working capital was subscribed to warrant us going to allotment, and should more funds be required before the mine begins to give returns, the same will be forthcoming from a powerful group of financiers, who are by far bhe largesb shareholders in the mine, and whose interest musb and always will be to bring bhe company up to bhe point of a large dividend paying concern. More than S.OOOoz of gold, or about £32,000, have been taken from the Burface workings alone in former times by miners, working without any appliances, merely wibh pick and shovel. Gentleman, whab should we, with a bib of luck, geb wibh all modern appliances ? There is no doubt aboub the gold being there, and in large quantities. We have jusb had some specimens senb over, and though I do nob hold much bo specimens as a. rule, and I also hope you do not think all your stone will burn out as rich, yeb these specimens are so exbraordinarily rich I must tell you aboub bhem. As soon aa bhey came to hand they were senb fco bbc assayers to the Bank of England, Messrs Johnson and Mathey, who found that they assayed 1,1440z of gold to the ton: These specimen., though, of sour., picked, yeb were taken oub fro A a block of four bons, so that'they are nob isolabed specimens. Thore is no dcnbt of it, you have a fine properby, a rich mine, and, wibh a litble patience, unless all our information is false, your invesbmenb will prove a mosb lucrative ono. Mr Hampson alao spoke and wound up by stating thab bhe shareholders mighb reasonably hope for regular crushings from bheir own battery to commence in October. Votes of bhanks to the chairman and bho Aucklander concluded the proceedings. MINES CORPORATION DULY REGISTERED.
Particulars of bhe registration of bbc Mines Corporation appear thia morning. It is registered by Jenkins, Baker and Co., 134, Fenohurch-stroeb, E.C. The capital is £505,000, divided into 500,000 ordinary and 5,000 deferred shares of like value. Object, bo undertake or aid any entorpriso and carry oub any transactions or operations whatsoever which may be lawfully undertaken and carried out by capitalists, and to carry on a general finaucial business and general financial operations of all kinds in any parb of the world; to acquire any mines, mining righba, otc , in New Zealand, Ausbralia, Tasmania, and to develop and burn bo accounb the same in such manner as the company shall see fib ; and, further, to acquire any other mines, mining, water, and other rights, grants, leases, claims, concessions, options of purchase, metalliferous land, etc. ;to develop and turn to account the same, and to carry on the business of a mining, milling, smelting, and metallurgical company in all or any of its branches ; to construct, maintain, and work rail and tram roads, wharves, piers, warehouses, docks, canals, etc. ; to turn to account such estates, lands, and, other property a8 may from time to time be acquired by bhe company by clearing, draining, planting, farming, cultivating, or building thereon ; bo lay oub towns and villages, and to promote immigration thereto ; as builders and contractors, farmers and graziers, stock-raisers, shipowners, storekeepers, etc. The signatories are:—
Shares. Def. Ord. The London and Continental Investment Corporation of Western Australia, Ltd., 3, Princes-street, E.C. ... 1,050 10,000 E. Spiegel i-nd Co., BehreuBbraose, 16, Berlin 375 25,000 T. YV. Orries, 3, Princesstreeb, E.C 250 10,000 G. H. Collins, 3, Princesstreet, XC. 250 10,000 S. Spiegel, Mining Syndicate, Behrenstrasao, 16, Berlin... 375 25,000 H. W. Lowe, 7, Easb India Avenue, E.C 200 10,000 T. W. Baker, 3, Princesabreeb, E.C... 85 1,000 And 46 others The firab directors—of whom tbere shall not be less than two nor more than nine— are to be elected by the signatories. Qualification, £1,000. Remuneration, £2,500 divisible. Registered office :3, Princes-street.
John Alexander Clarke, of Elbham, Taranaki, formerly of Auckland, a grocer, has filed a, petition to be adjudgod a bankrupt.
Permanent link to this item
Auckland Star, Auckland Star, Volume XXVII, Issue 206, 1 September 1896
NEW ZEALAND MINES IN LONDON. Auckland Star, Volume XXVII, Issue 206, 1 September 1896
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