THE GOLDFIELDS.

Auckland Star, Volume XXXIX, Issue 6, 7 January 1908, Page 2

THE GOLDFIELDS.

SHAREMARKET. A fair amount of business was transacted on the Exchange to-day, but in several instances lower prices were accepted for shares in mining companies. Karangahakes, for instance, sold at 1/6 : and 1/5, and again at 1/6; Waihi Grand Junctions were offered at 24/, but tlie buying price quoted was only 20/, which was not accepted. Waihi shares were a shade easier, being sold down to 166/6. Talisman consolidated shares were transferred at 52/3, and contributing Champious at 4/2. A sale was also made of Talma Broken Hills at 4/4. Old Hauraki shares sold freely at 2/1, and May Queens changed hands at 2/ and 2/1, Waiotahi shares were sold at 3/1, Victorias were a little better, being sold at 1/8. Investment stocks 'are not receiving much attention yet, but N.Z. insurance sold at 82/, and South British at 112/. NEW ZEALAND CROWN MINES. LONDON, November 29. The report of the New Zealand Crown Mines Company for the year ended August 31 states that, after writing off £3803 for depreciation of machinery, etc. (being the usual 10 per cent), and £13,774 (being the whole espendittixu on mine development for the year), a net profit is shown of £3256. This, being added to the balance brought forward, leaves a surplus of £5495 to be carried forward. The policy of development recommended by Mr. Da-w at the last meeting was pursued for some months, and ! the winze in the. No. 5 level was conI tinued to a depth of over 234 ft. At this point a stream of water was struck at vie end of January, which has almost entirely stopped operations below the Ko* o level. A rich chute of ore has been found on this level, bat there is difficulty in opening it up on account of the water •which has been met with. As .a great deal more water has been encountered than was anticipated at the time of the last meeting, a considerable addition to the pumping plant is now urgently required. In view of the limited finaairal resources of the company, the peculiar physical difficulties presented by the property, and the impossibility of exchanging views fully by letter, it has been deemed advisable to request Mr. Daw to visit London again, in order to consult with the directors and with engineers of eminence on this important question. Mr. Daw is expected to arrive in England early in January, and the directors hope that within a short time after that date a satisfactory scheme will be arrived at. Tairua Extended- —The dziie is in 155 ft. Two or three smail quarts veins have been cut, bat nothing payable. The country is looking well, and the manager thinks he shouid cut a lode before long. Another shift has been pet on. May Queen Extended- —Work was resumed in Hansen's winze on the 30th of December. The reel has now been broken to a depth of 54ft. and shows strong improvement The last two breakings, gold was seen in the solid quartz, and some few pieces of stone may be classed as picked stone. Sinking the well-hole is now in hand, and colours of sold are visible in the unbroken ooriion of "the reef, which is maintaining a thickness of over one foot. Work was resumed in the new drive to-day (the 6th). Tairua Broken Hills.—No. 1 reef in the drive from the winze is looking very well, and tfca ore is of a highly payable quality! The main low level crosscut is in 53ft from Kα 2 reef. Another leader about 6 inches wide was cut, which carries a small prospect of gold. In the drive south, No. 1 reef is fully 3ft 6in in width, gold-bearing but not payable. Stoping is being carried on as usual, and the ore is Unprovins* in value. " J