THE GOLDFIELDS.

Auckland Star, Volume XXXIX, Issue 283, 26 November 1908, Page 6

THE GOLDFIELDS.

PURCHASING THE NEW MONO WAI. is<irs7o PAID. _i largely attended meeting of the shareholders of the Ferguson's Mining and Smelting Company, Ltd., was held at the Orange Hall, Karangahape-road, last night. The business o{ the meeting was to approve the action of the directors in formally accepting the option for purchase of the New .Monowai Gold and Silver Mfeies properties, consisting of claims, water-rac-es, battery and cyanide plant, machinery and buildings. For these the company has to pay £7575. It was pointed out' that the directors were confronted with the position that unless they accepted on the 10th inst., the properties would revert to the vendors, with a consequent lo=s of practically £1000, and in view of the favourable development work recenth- carried on by the directors, they deemed it in the best interests of the company to accept the option.

After discussing the details of the transaction, it was decided to confirm the action of the directors in taking over the option. An attempt was made by a small section of six shareholders to condemn the action of the directors, but this "was over-ruled by a large majority, some SO shareholders being present at the meeting.

WATHI GRAND JUNCTION. The following telegram was posted yesterday afternoon on the Exchange: — "Crosscut to the south, full width, pay ore 3ft, value £4." The following notice was posted on the Exchange to-day: "Crosscut south 9Ssft; have driven upon the vein a distance of 19ft east; pay ore 2ft 4in; ore of value pe r ton of £3 13/." This refera to the reef struck on November 2.