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At the meeting of shareholders in the Waihi Grand Junction G.M. Companyheld in' London to consider the increase of the capital from £300,000 to £400,000, the chairman explained the project, and also the developments in the mine. He said in addition to the lodes which have been discovered in the southern portion or tire--property, that found in the shaft at a depth of 944 feet had to be explored, and there, were strong indications that at least one more would be met with between the shaft and the Martha, while the latter would, for the first time, be opened up at very little above the depth where such satisfactory values were obtained from the dip/nond drill cores, some- years ago. He then moved "That the capital of the Company be increased from £300,000 to £400,000 by the creation of 100,000 new shares of £1 each." Mr. J. W. Broomhead seconded the mojffbn. j\lr. Coldwells, who said he was only a small shareholder, took exception to the manner in which the directors had been financing this Company during the last few years, and contended that it was against the interests of the general body of shareholders. He asserted that the directors by their action had assisted the interests of large dealers on the market who had made money out of bearing the shares. Mr. Hancke asked if the new issue had been underwritten. The chairman answered in the negative. Referring to the remarks of the first speaker, he declared that that gentleman was absolutely wrong in his statements. The Company had certainly never given a call on shares below tlie market price, and in the instance he mentioned the option was given at a figure ve"y materially above. Shareholders were all put on the same footing, and he could not understand how the directors could act in a fairer way. The motion was carried by 12 votes against three, and the proceedings then terminated.


The chairman and secretary visited Waiomio on Wednesday last, when the first preliminary test of the emelter was made, with the view of ascertaining the quantities of various fluxes required for smelting the ore on hand. The testing was fairly successful, and demonstrated the proper proportions of fluxes necessary to make the next test more successful. A further test was made on Friday, which was still more successful, and tlie smelter superintendent hopes to have the public demonstration this week, when a larger supply of ironstone, it is hoped, will be to hand. The long prevailing easterly weather has prevented vessels from loading the ore at Kauri Mountain, Whangarei Heads. The testing referred to produced a very good matte of metal, and the alag which came from the smelter, on being assayed, showed that there was no value in it, sa proving that all the -metal in the ore had been saved.


£1000 GRANTED BY CABINET. The Hon. R. MeKenzie. 'Minister for Mines, has forwarded the following telegram to the chairman of. the Thames i)rainugo Board:—"Cabinet lias approved a grant of £ 1000 to the Thames Drainage Board. The balance of £1001 applied for, will bn considered on receipt of a detailed statement of accounts."

The whole of the water from the shaft is now being lifted toy the main pumpa without any difficulty. There is nothing to prevent the proposed deep level crosscut being commenced from the bottom of tlic (Juoen of Beauty shaft, as soon as <ver the various companies interested have come to an agreement.


-S few pieces of liiglily mineraliseil stone from a nine-inch leader in the Dixon's Consolidated mine were on. view to-day at .Mr. YV. Kiccoll's oilice, Victoria Arcade.

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Bibliographic details

THE GOLDFIELDS., Auckland Star, Volume XL, Issue 63, 15 March 1909

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THE GOLDFIELDS. Auckland Star, Volume XL, Issue 63, 15 March 1909

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