MINING NOTES FROM LONDON.

Auckland Star, Volume XXIX, Issue 303, 23 December 1898, Page 6

MINING NOTES FROM LONDON.

(From Our Special Correspondent.)

LONDON, November 19

THE HAURAKI SOUTH

A GLEAM. OF HOPE

At the extraordinary general meet- ; ! ing of the Hauraki South Gold Mining Company, Dr. Fulcher, the chairman, . said that the result of several meetings was that on Friday the committee finally submitted this proposition: — _ (1) The vendors to forego £1000, balance of purchase money, and to | accept in lieu thereof 1000 fully paid i shares at once; (2) the vendors to adi vanee the company £ 1500 cash and to ! accept as repayment 1500 fully paid .' shares; (3) the mortgage to be im- \ mediately cancelled; (4) the vendors ;to forego £304 rent of offices, etc. ■ This proposition, said Dr. Fulcher. was placed before the directors of the vendor company, but they did not . consider they would be justified in accepting the same. As, however, the vendors held between 26,000 and 27,000 shares in the company, and , were desirous for the development Work to be completed at as early a date as possible, they agreed to advance the company the sum of £1500 free of interest and without security. Under these circumstances the directors did not propose to ask the shareholders to pass the reconstruction proposals as by this arrangement with the vendors the development could be proceeded with at once and the necssity of asking the shareholders to supply further funds had been removed for the present. In view of the fact that the balance-sheet and accounts had already been made up and audited to the 11th September, the directors proposed at an early date to call the annual meeting of shareholders -to pass the same and elect directors. Dr. Fulcher then intimated that as there was no business to discuss the meeting was closed. He and his colleagues forthwith left the room, but the meeting was by no means at an entl Dr. Ross, a member of the committee, jumped up at once and invited the shareholders to 'have a meeting on their own.' The shareholders were agreeable, and elected Mr Devers Summers to the chair. A free and easy discussion ensued, and finally it was resolved that the offer presented by the directors be accepted on the following terms: 'That the vendors advance £1500 without security or interest: if, in the opinion j of the directors and a majority of the cash shareholders.holding not less j j than 100 shares after crushing 100 { tons, it is worth while to proceed, the j I vendors shall agree to accept 1500 j [fully paid shares in lieu of the £1500 leash advanced: they shall agree to ■accept 1000 shares for the £1000 balI ante of purchase money; they shall | forego foreclosure under their mort-i I gage while the mine is being proved, ! | and until six months after the de- I "■ cision of the directors; that the direc- j j tors forego all their fees; that two of | the directors remain, and three new I ones be elected b\- the cash shareholders. ; KAPAXGA. Mr Henry Wilson had a somewhat more pleasant tale to tell the shareholder's in the Kapanga Gold Mining Company when moving the adoption of the report and accounts to June I 30th last at the annual general meet- ! ing. He said they had not departed ! from the policy of testing the mine : to a depth of 1,000 feet, but the mine : above the 420 and 300 levels w.ere let ! on tribute. They had now suspended deep sinking, all their operations being I now confined to the 420 and the 300, the localities in which the tributers had been so successful. They had ob- ■ tamed £369.5,- and tbe company had ' received as its proportion £1.669. The' chairman said that an enormous amount of work had been done east , and west of the shaft, with indications which from time to time were very i satisfactory, but which were fluctuat- ! > ing and, in fact, unreliable. The New j - Zealand Goverment lent them its bor- i , ing machine, free of charge, with j - men to work it, and also gave them a I , subsidy of £ 1 per ton." The stuff j brought up fairly proved that the ] ground was auriferous, and samples from the boring machine were sub- i jected to analysis, with results. vary- ; ing from 30/ up to £5, but they could ! s only regard the boring results as in- ] definite. After slight discussion the , reports were adopted. j KATHLEEN G.M COMPANY. ] Mr Wilson also presided at the meet- 1 ing of this company to discuss the } annual report and accounts and the ] advisability of reconstruction. Mr { Wilson explained that the mine being situated under a hill, they knew it £ would be absolutely necessary to sink . some depth before they could find the * lodes. Therefore, as they would see i in the balance-sheet, a powerful pumping and winding plant had been pro- £ vitled at a cost of £5062. The plant ) was capable of taking the mine down £ to a depth of, he might say, thous- ) ands of feet. They had. now reached a depth of 2.40 feet, and the indicatinos there were sufficiently favourable to justify them in proceeding 1 further. Captain Hodge recommend- C ed that tbe shaft be sunk to a depth ' c of 300 feet, from which point levels C

would be driven to intersect and develop the Hartrklge and other refs. With reference to Hartridgc's reef, the manager reported that it was a true fisure vein enclosed within two good walls extendiug throughout the whole length of the property. The chairman said the shareholders had to decide whether they would subscribe a further 6d a share, or abandon the property. Ultimately the motion was agreed to, and at an extraordinary meeting held subsequently resolutions providing for reconstruction were adopted.