LONDON AND NEW ZEALAND EXPLORATION COMPANY.

Auckland Star, Volume XXXII, Issue 89, 16 April 1901, Page 2

LONDON AND NEW ZEALAND EXPLORATION COMPANY.

(From Our London Correspondent.)

LONDON, March 3.

That the shareholders of the London and New Zealand Exploration Company are well satisfied with the progress the company is making was | amply demonstrated at the meeting held "last Wednesday: Not only- has the loss of capital of over £32,000', shown in the previous balance-sheet, been wiped off, but there is a profit to the good, and it is confidently expected that next year the shareholders will be in receipt of a. substantial dividend. Those Who hesitated to support the amalgamation of the New Zealand Talisman mine with the Talisman Extended must admit now that they were in the wrong1, fo* there ia a fairly good market for the shares of the Talisman Consolidated at 27/6 for the £ 1 shares, while the shares of the New Zealand Talisman were dilJlcult to sell at 12/6. . The "Australian Mail" in referring to th<* London and N.Z. Exploration Company's satisfactory report has the following-:—"Our readers hardly need reminding that we stated when the Talisman Consolidated deal was carried through that that would do for the Londotl attd New Zealand Exploration what the Sons of Gwatia did for the London and Western Australian Exploration, and this forecast is gradually being fulfilled. At thai time—about a year ago—London and New Zealand Exploration were quoted at 5/- they are now double that, with every indication Of going still better. With the progress that has attended operations on the Talisman Consolidated oUi< readers are fairly well familiar. This is, of course, the principal egg in the London and New Zealand basket. When first recommended by us Talisman Consolidated stood considerably below par. They are now at I§, at Which they are easier to sell than to buy. Twenty stamps have been working for some time, and in about flVe Or Six weeks' time the new 50 head of stamps will start, making 70 all told, tfa to the end of last year the ore developed amounted to 154,000 tons',' and thfe engineers estimate that a -ftfrtJier considerable tonnage will be in sight before the new* mill commences. These reserves have an estimated value of £3 per ton, and owing to the property being worked by adits and the .ore reserves above water level being sufficient for many years' wfirk before sinking becomes necessary the working expenses are expefcted to be exceptionally low. Under these circumstances, we quite agree with the directors of the London and New Zealand Exploration Comply that 'There can be no question that the company will be an early and considerable dividend payer, and that it will take high ftmk among mining Undertakings in New Zealand.' In spite of the Talisman shares being at a premium, the directors hare taken them into the bal-ance-sheet at par, so that they are well on the right side. Another good egg in the company's basket is the Whangamata Gold Corporation. With the assistance of the London and Ntew( Zealand Exploration Company the corporation has been proved to possess a property which may eventually prove to be a second Talisman._',