MINING NEWS.

Auckland Star, Volume XXVIII, Issue 301, 29 December 1897, Page 3

MINING NEWS.

(From Our Own Correspondent.)

LONDON, November 12.

The "report of the directors of the United New Zealand Exploration with accounts to June 30th last will be presented to the shareholders at the general meeting on Monday next. The company was incorporated in March, 189G, witli an authorised capital of £250,000. The issued capital is £149,000, in respect of which premiums amounting to £21,750 were received, making a total of £170,750. Of this amount £23,0G7 0s 3d was represented on June 30th by cash in hand and at the bankers, £51,008 0s 6d was out on loan, £10,403 17s 8d was owing to the Company, £73,188 12s 4d was safely invested. Expenditure on properties and options amounted to £9,049 4s 7d. The cost of the Auckland oflice furniture and laboratory fittings accounted for £2b'9 5s 7d, and the salaries of engineers and clerical stall", " remuneration " of the advisory council (Messrs Seddon, Horton, and Murray), and other expenses in New Zealand came to £7,003 10s lid, and the London expenses to £1,523 0s 2d. The total earnings of the company were on June 30th £5,346 12s 10(1, this amount being made up of engineering fees received interest, dividends, commission and transfer fees. In their report the directors remark that the state of the mining market has not been favourable to the realisation of shares, hence the Company's affairs have not reached the stage at which a profit and loss account can be submitted. Since the incorporation of the Company a large number of properties have been taken up under option. Many of these options have been relinquished after examination of the properties, but the greater part of the expenditure under this head has been incurred in connection with options which are still in hand, from which the Board have reason to anticipate very satisfactory results. The Company is in a strong position financially, and it is, therefore, able to take up any mining properties or other kindred business as opportunity occurs. A WHANGAMATA FLOTATAION.

As I mentioned last week, there is a somewhat better tone in the New Zealand mining market in London, in the current number of "Truth" the financial writer of that paper expresses the opinion that " it would not be surprising if renewed attention were to be devoted to this market in the near future." A good indication outside the demand for shares is that the Hauraki Peninsula Exploration Company, which was formed some time ago by Messrs F. Whalley and R. A. Escott, to manage a number of properties, had this week registered the Wentworth, Whangamata, as an independent concern. It is true that the public are not being asked to subscribe at present, but the taking up privately shows conlidence on the part of those who are finding the money. The Company is in 120,000 £1 shares, of which the vendors are to receive 25 per cent., and £25,000 -working capital is to be provided. The sum of £'10,000 has been subscribed, and as soon as the requirements of the mine in the way of machinery are decided it will be ordered and placed on the ground with as little delay as possible. Those interested in tliis venture are confident that as soon as everything is in full swing it will be possible' to confidently invite public subscription. Owing to the name Wentworth having been previously used the Company has been registered under the name of the Mananu G.M. Company, Ltd.

MELVILLE'S NEW ZEALAND CORPORATION.

The first annual meeting of shareholders! in the above is to be lield next Wednesday. The report of tlie directors just issued Avith accounts made up to September 30 states that the company was registered in February, 189G, with an authorised capital of £100,000. 35,705 shares were subscribed at par and 5,000 shares were issued to Mr Melville for the opdons he had acquired in New Zealand and for any further options that he might take up. The principal interests of the corporation are the Kuranui Caledonian and the New Zealand Jubilee, the former which was issued publicly in April, 189 G. The profit made by the company over these two flotations was in shares, and as these are not at present realisable no profit and loss account can be submitted. Options were secured over two other propertieson the recommendation ofMessrsJ. A. Pond and J. R. Gray, whowere appointed as local board in Auckland on the advice of Mr Melville. These options were abandoned owing to unsatisfactory development, and an option over a Great Barrier property was also relinquished. Mr G. S. Gorensen was engaged by the Board in March, 1897, as General Manager in New Zealand, and Messrs Pond and Gray then ceased to act as local board. Mr Gorensen, since his arrival on April 26th at Auckland, besides superintending the affaire of the properties in -which the corporation is interested, has been employed in reporting on properties for other companies at suitable fees.

The report of which the above is a brief synopsis may be taken as showing a comparatively satisfactory state of atlairs. THE MAY QUEEN ANNUAL REPORT. In view of the annual meeting of shareholders in the May Queen on the 18th inst., the report of the directors has just beeii issued. It is a document of moderately satisfactory character. After referring to the incorporation of the Company on July 2nd, 1896, with a capital of £200,000 and a working capital of £30,000 it goes on to say that the services of Mr Henry A. Gordon, M.A. Inst. M.E., F.G.S., and of Mr James Park, F.G.S., were secured as consulting engineers and superintending managers by arrangement with the United New Zealand Exploration (Limited). Development work on the 184 acres comprising the property had been actively prosecuted with satisfactory results. Test crushinga made at the Company's mill of about 510 tons had yielded goid to the value of £1,602, being about £3 2s 6d per ton. This, in face of the fact that the mill is in very defective condition, and the percentage' of extraction low, could be regarded as very good. The result of these trial cruskings was taken to confirm the recorded crushing from the upper levels of the mine prior to the formation of the i Company, the average yield of gold having been £3 pei ton on an extraction of not more than 52 per cent. Up to the present time, states the report, only 7s 6d per share has been called up on the 30,000 subscribed shares and the Board are advised that in a short time the cost of development exclusive of shaft sinking will be entirely covered by the receipts from incidental crushings. It is stated that Mr H. G. Gordon will be present at the meeting on the 18th to explain to shareholders the present position of their property and its future prospects.