THE WAIHI MINE SHARES.

Greymouth Evening Star, 7 October 1910, Page 2

THE WAIHI MINE SHARES.

A RUMOUR AND AN OFFICIAL STATEMENT. The fact that shares in the Waihi Gold Mining Company sold s : s> low as £5 7s on Friday naturally caused a feeling of uneasiness as to whether there was any fresh cause for the weakness of the market. Amongst other ideas suggested was that bores had been put down from the lowest level and that the results explained the drop in the price of shares. It is almost useless to try and follow all the rumours that are circulated from time to time with respect to mines, but in this particular instance it may be worth while to give the statement of Mr. C. Rhodes (local director) that the company possessed no plant with which to do anything of the sort; that the company had "no knowledge of anything below No. 9 level ; that the shaft has been sunk in country, and the chamber is being open ed out for No. 10 level; and that the next work will be the excavation of the cistern. If any confirmation was required for this statement, there is the fact that when a boring plant was wanted by the Waihi Company some while ago, the Government diamond drill was borrowed, which would certainly not have been done had the company been possessed of a suitable boring plant of its own. The drill borrowed from the Government was returned long ago. As far as can be ascertained, nothing has occurred in the mine development during the past month which warrants the further fall in the price of Waihi shares It: is time that the Martha reef in the No. 9 level had not shown improvement, but against that, Mr. Rhodes says, is the important fact'that the first cross-cut in the Edward lode at the same level shows an average value per .ton of ore of £4. for the whole width, which is -58 ft. In the No. 9 level, the Empire an.d the Royal reefs do hot appear to have depreciated as compared with the values above, added to which the chute of payable ore in the Empire is much longer. Shares in the Waihi Company again sold this morning at £6 7s. While a large number of Waihi shares were sold to London some months ago, the tendency Latterly'-appears to have been to draw shares from that end to Auckland.