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COMMERCIAL.

Since March, when the export of (1 ix to San Francisco commenced, 443 tons have been sent, out of which !!l tms was lira product of Auckland ana 352 of tho South, chiefly Wellington. The selling price in England does not warrant more than about LlB to L2O being paid here, while the American demand keeps the price up to L 25 ; the San Francisco service is thus worth L 7 per ton to New Zealand. Tii - Francisco correspondent cf the ‘New ,-l .>”d Herald’ writes that the Zeahandia br-u/h’ f-mn Auckland another small lot of New "Zrai.u'd apples, twelve cases being consigned to Mr II ugh Craig, of the New Zealand Insurance Company, and ton cases to Wes-rs Allison, Gray, and Co. Mr Craig states that out of the ten boxes sent for sal.-, there was only one box and a-half of sound fruit upon their arrival in San Francisco. These realised 30s, or at the rate of £0 i per box, while the expenses amounted to LG Cs, or at the rate of 12s 7J per box of fruit shipped. Messrs Allison, Gray, and Co. state that all fhe ten cases consigned to them might be considered sound, though, of course, there were some bad ones, and one or two varieties were worse than others. Tho lot sold at 12s pec box, while the expenses were only 4s 2Jd. The freight paid was higher by 80c per box than tho rate now fixed by tho Oceanic Company. In the ir opinion t,here would bo no difficulty in disposing of 1,500 cases by each steamer to arrive in March, April, and May. The fruit attracted much attention in the retail markets, The correspondent priced some of tho apples in a fruit store oppo-ite tbo Palare Hotel, and they were selling at GJ each—two New Zealand apples for Is. As a great favor he was given one very small apple for sc, MINING NOTE. Two d rectors of theWaipapapaUrcdging Company whoviiitcd tho scene of operations last week returned to town on Monday with a parcel of 34ozs of retorted gold, obtained from a comparatively small portion of ground. 'Thedredge, in cutting a charm 1 towards tho creek in order to secure a permanent supply of water, came across a run of wash containing very payable gold. This is apparently fanning paraded with the known lead running all tho way through the beach a distance of five miles and just at high water mark. Should this second urn of gohl prove to be diitinct from tiro other, it will greatly enhance the value of the company's property. Tho ground having been proved to Im rather poor in the direction in wlrch the dredge has been working for tho last week, it v. ill he turned rour d, and as speedily as pos-ib’c hi ndeil straight along the course of the lead crossed.

A meeting of shareholders of the Sir Francis D.ale Gold Mining Company was held at Watsons’ Hotel on Wednesday. MrD. M. Spedding occupied tho chair, and there were eleven persons present, remc cn ting 12.0C0 shares, —The Chairman said he had had an interview with two or three of tho Dunedin shareholders on the previous day. an I discussed the matter refei nd to in a circular which had beo.i received Imre, stating that an extraordinary meeting of shareholders was to be held at Reefton on the 12th im-t, to consider the advisability of empowering tho illicit ns to let a portion of the company’s mine, on tribute. A note to tbo circu’ar rtated that a winze was being sunk by the company from tbo lower level, and this would be continued ini pendent of the ab .ve. This was a matter in which all the shareholders in Duned n were interested, and it ought to be discussed amongst them. After the interview on Tuesday ho sent the following telegram to the legal manag.r:—“E. 0. Nash, Reefton.— Meeting of Dunedin shareboldeis Francis Drake Company will be held to morrow evening. Please wire fully reasons for proposed resolution to be submitted a 1; extraordinary meeting; feeling of Reefton shareholders thereon; also future prespeets, and probable calls required.” Ho had received the following reply that day: “Reason for letting tribute*: Part intended to let never paid and might pay by tribute. Would not interfere with sin' ing. Think local holders in favor. Future projects must be sinking. Willca-t little over penny per month.” He (the chairman) was ali ttle disappointed in not seeing more shareholders present that night, because he understood that the great bulk of the shares were hold in Uuncdiu cr Christchurch, or some other place outside of Reefton. Tho proposal to let a portion of the mine on tribute was to him an almost unprecedented thing, because tho mine was in its infancy, and had not been thoroughly walked. After some discussion it was resolved—“ That this meeting agree to let the upper levels of tho mine on tribute for not more than twelve months.” It »as also agreed that the shareholders present should give their proxies to Mr Gage to forwaid to Roofton to vote in accordance with the reso lution, and that Mr Gage should communicate with the directors, suggesting that 15s per ton should be charged by tho company for cnidiing, so as to cover the expenses of sinking shafts.

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https://paperspast.natlib.govt.nz/newspapers/ESD18890802.2.37

Bibliographic details

COMMERCIAL., Issue 7975, 2 August 1889

Word Count
896

COMMERCIAL. Issue 7975, 2 August 1889

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