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NEW ZEALAND MIMES IN LONDON.

[From Our Special Correspondent^

London, September 4, THE RISE IN WAIHIS.

It has been an open secret for some time that the steady rise in Waihis was duo to some proposed alteration in the capitalisation of the company. The exact basis on which it was proposed to increase , the capital did not transpire, however, till the circular w»8 issued on Wednesday last. The shares were then quoted at from S§ to Ss, and it is needless to say that any rise that was to be got out ,of the proposal had been forestalled, and the market was not affected by the circular issued. This document is, however, held tocontain the grounds upon which the recent rise has been leased. A meeting of shareholders is to be held next Thursday, and the proposals Ho be submitted provide for the issue of 160,000 shares at par (£1). This means doubling the present capital, and the issue is to be made to present shareholders in the proportion of one new share for every share now held. The new shares not becoming fully paid up till June 1,1898, interest at tho rate of 5 per cent, per annum is to be paid on the instalments as they become due, and after June 1 next all the shares in the company will rank equally. The circular goes on to point out that this scheme will provide the necessary funds for the proposed extension of operations without having resource to a debenture issue. When it was suggested to uise the necessary money some months ago by means of debentures the proposal met with little favor, and the present scheme will owtainly obviate the objectionable splitting arrangement so often adopted, and which brings down the par value of the shares from £1 to 10a.

Some of the Kapanga shareholders are beginning to show signs of impatience, and one can hardly be surprised. In November List Captain Argall told them that they had gold at the 940 ft and l,ooofc levels so rich that he scarce liked to hint at its value lest he should be deemed—well, let U3 say " a mining expert"; but on his return to Coromandel the shareholders would receive from him joyful news. But six months have passed since the Captain's return to the colony, and the shareholders are still waiting for that joyful news. They have, it is true, had several encouraging cables regarding the development of the mine, but meanwhile their shares have decreased in value, and are now not worth more than os or 63. Mr Cecil Hartridge, answering in the 1 Financial Times,' assures all and sundry of his own faith in the mine by stating that his shares, purchased at various prices in the market, are " safely deposited iu my strong box until such. time as tho Kapanga mine fulfils the promises made." Mr Spencer Ellam, M.1.M.M., who recently visited New Zealand, has been giving his view 3 and impressions on your goldfields to a 'British Australasian' interviewer. Asked whether he saw anything remarkable ia the colony from a mining standpoint Mr Ellam replied: Nothing very startling, though I inspected mo.st of the gold-bearing country between I reservation Inlet and Great Carrier Island. New Zealand is not. however-nor do I think it ever will be—remarkable for great things in the way of gold mining. Thirty years they have been dabt-ling in it, yet there is not as much progress made as Western Australia has exhibited in three. Vou see, it is so hard to get the local people to move actively. They are quite content to staud by and let the Government, or the foreign speculator, take a hand in the game, but are disinclined to Bhow any enterprise themselves. They are, moreover, bad managers of other folks' capital and cling altogether too much to antiquated methods and obsolete machinery. Still there are extensive portions of the various islands which will prove sufficiently remunerative upon moderate capital for years to corne. Which district do you look upon most favorably ? T ln the North Island the most promising localities are Karangihake.'Te Arohn, and, of course. Waihi, though I am strongly impressed with the less known district south of the Thames, where the lode 3 are better denned and the yellow metal is more evenly distributed. The establishment of modern machinery under efficient management would make a revelation here. Coromandel is rich, but inclined to be pockety, to coin a word for the occasion, What of Hauraki?-Undoubtedly a rich section, but on that account liablo to suffer in reputation, owing to the unrestricted use made of its name to father rotten claims upon the public, imsl should not, however, operate to the colony's disadvantage in the minds of people with ordinary common sense. The colony is unlikely ever to experience a boom-which at best is a doubtful beneht—but should continue to prosper, especially Dow the value of the cyanide process is bscoming more widely known.

One wonders whether Mr Ellam's opinions are as original as his word coinage. "Pockety," to coin a woid for the occasion I

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/ESD18971012.2.32.9

Bibliographic details

NEW ZEALAND MIMES IN LONDON., Evening Star, Issue 10443, 12 October 1897, Supplement

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851

NEW ZEALAND MIMES IN LONDON. Evening Star, Issue 10443, 12 October 1897, Supplement

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