GOLD MINING

Grey River Argus, 4 September 1934, Page 8

GOLD MINING

Yesterday’s quotations were: Okarito Bs, ; Skippers 7d, 8d; Stafford Sluicing —, Is 4d; Waihi 325, —• Waitahu —, 4s 6d; Worksop Extended Is 7id, Is 84d; Maori Gully 10jd. lid; Argo Gold (3d paid) 3d, 3£d; Ben Lcdi (is paid) Is, Is Id; Golden Gully (6d pd.) 6d. —; Jones Nevis 6d. —; N.Z. Mining Invent, lid. Is 2d; Opitonui Development —, 235; Alexander .18s 3d, 19s 6d; Alexander (13s 6d paid) 15s, 15s 4d; Aotearoa 7d, lOd; Bell Hooper sd, 54d; Bell Kilgour —, 44d; Big River 6d, Is; Charleston Bd, lOd; Goldfields Dredging 11 Id. Is Id; King Solomon 4s Id, 4s 6d; Lawson’s Flat 4d, sd; Maerawhcnua sd, 54d; Mahakipawa 11 bl, Is; Mahakipawa (pref) Is 44d, Is sd; Mataki 2s sd. —; Moonlight-Nelson Creek 2jd, 4d; Mossy Creek Is 7d. Is 8bl; Nevfs Diesel 44d, 54d; Bell Hill Is 7d, 2s 3d; Snowy River Id, 2d; Blackwater 32s 9d. 335; Brian Boru Is 4|d, Is sd, Consolidated 15s, £1 0s 6d; Deep’ Lead Is 74d. Is 9d; Gillespies Is 10|d, Is ll|d; Glenroy Is 14d, Is 3d; Golden Point 2d, 3d; Bendigo Goldligh’ts (Is paid) 9d, —; Kildare Is ll|,d 2s; Mining House Concession (9d paid) Id, 3d; Mount Lyell £1 0s 6d, £1 0s 7d; .Mount Morgan 27 3d, 30s.

The following information has been cabled to London by the Waih'i Gold Mining Co.:—No. 4 level Martha lode north branch: We are now preparing to stope. No. 5 level, Martha lode, west: The crosscut at 800 ft is now out 85ft north-west. No 6 level, Martha lode north branch: We are now rising 151 ft west, and the first 15ft is ore of good grade. The width of the vein is about 18in. No. 7 level, Martha lode, north branch: We have intersected a leader at 240 ft west. 4in wide and assaying 42s 9d per ton. The course is 291 degrees, and vertical We have now commenced driving west-north-west on its (course. No. 12 level, Edward lode: We have commenced driving south at approximately 340 ft south of No 2 shaft. The first 10ft assays 18s 3d per ton Junction No. 6 intermediate level. Royal lode: Driving east. Nex' 9ft assays 41s per ton, making a total of 53ft. The reef is disturbed at this point, and the next 13ft bringing the total to 66ft assays 19s 3d per ton, the width of the lode being about 4ft.

Gil’espie’s Beach Dredging Coy Directors report that the company has pegged off an additional area of 140 acres, and if this proves to be of good values it Will have a proposition to place before shareholders, re another dredge. If this eventuates it could be floated as a separate company, of which the p'resont shareholders would be the vendors, and thus would not retard any dividends. As there is amp! e electric power, a second dredge could be placed upon the claim at a rea sonable cost. The directors feel confident much better returns will be forthcoming. For three months the dredge has been working outside the ordinary claim, and the returns although not great, were too good to leave The directors expect to be in the ordinary claim in about six w r eeks

Brian Boru Dredging Coy.

In a circular to shareholders of the above company, signed by Carlyle M. Kavanagh, on behalf of a committee arranged by a Chris’ church meeting oc shareholders, i ( t is slated:—

You have received the circular from, the Brian Boru Directorate dated 30th August, 1934. We trust you have read this carefully and that y u have noted that the meeting is an extraordinary general meeting requisitioned by 20 of the shareholders in the mutual interests of all the shareholders. The following facts are not told in the directors’ circu'ar:— (1) Only ‘ten per cent of the shares were necessary for a requisition for an extraordinary general meeting; (2) Among the signatures to the requisition are those of prominent business men who have- investigated

the position; (3) Contrary 'to the statement that the directors did not know of the grievances the local directors 'in Christchurch were advised of the Christchurch meeting of shareholders and the directors therefore are aware of th e shareholders’ grievances; (4) That directors seem to infer that only 20 shareholders are disgruntled out of 321. Out of approximately a total of 40 shareholders in Wellington,

af a meeting held in Wellington on Wednesday last, 28 were present, and 24 signed their proxies in favour of the resignation of the present directorate. These proxies included those .of five members of Parliament, 'including a Cabir.cit Minister. In Christchurch a similar meeting was held where a motion against the present directorate was carried by 24 votes to 8, amongst the 8 there being several personal friends of th e directorate This will give you some indication of ’the opinion of those present at the meetings as fro thte urgent neces.ity of the present directorate resigning. Briefly the features for which the directorate are criticised and which it is necessary to remedy, are as follows: —(a) That the gold tables of the dredge should be locked in alecordance with the resolution passed 15 months ago and which has not been carried out; (b) That the gold should not be washed by the brother of the Chairman of Directors in the presence of the Chairman only, with the occasional presence of ths dredge-master; (c) Thaj the ground ahead of the dredge should be close bored; (d) That th e yardage worked ealch week together with l the face, depth, width, etc. should be supplied t i to the shareholders per a newspaper report; (e) That survey should be taken of drainage tunnel from old workings where virgin ground begins; (f) That to indicate ‘he approximate pbin‘ lh e pre 1 , ent eight unchecked bores shou d be check bored; (g) That certain market manipulations and trafficking in this Company’s shares should be investigated; (h) That the dredge which wa.s guaranteed to handle 16,000 to 18.000 yards a week as set out. in the (»ro.‘ pectus should do 'that yardage with the ’consequent increase in gold, instead of approximately 8000 to

]0 (MIO yards as is now the case. Re Paragraph 3 of Ilirectors’ circular: They say that before the end of the year the bore showing 3s lOd per yard With go]j at £4 an ounce will probably b P rea’iched. On 'to-day’s value of gold the value per yard is approximately 7& At approximately 8000 yards per week Is per yard would show 58ozs a week. At approximately 8000 yards per week. 7s per yard would show 406 ozs a week. The directors ask you to believe that, a return of something similar to 406 ounces a week could he expected 'at this point. Because they told you this, do not be lulled ‘into believing that all will be well if left- to drift on. W e believe these good returns will come. We urge you to be a-t the meeting in Greymouth on the 10th September so that you will hear all the evidence before voting. However, if this is not possible tlio aforementioned results of the meetings at Christchurch and Wellington will indicate to you the appreciation l?v the shareholders of the work being done, to oust the present directorate, and when those who have heard the evidence vot e almost unanimously for a new directorate then you need have ro hesitation in adding your support by signing the enclosed p'roxy appointing C. M. Kavanagh or T S. Reddell fro act for you.

GILLESPIE’S BEACH. WEHEKA, September 3. Gillespie’s Beach dredge return for last week was 21o<z 2dwt for 132 hours’ work. GOLD ON PREMIUM A RECORD PRICE. RUGBY, September 1. A further advance of 5Jd in the price of gold to a new high record of 141 s 5d t.fw k place to-day, the increase on yesterday’s price being based on supply and demand and including the p'rcm'ium of 2s 4d over the dollar at 4.99 7-8 and sevenpence ovea 1 the frame at. 74.23/32. Gold (a fine ounce) is quoted at £7 Is sd, a new record high price here. The sharp advance of B|d yesterday did uot disturb the Stock Exchange, goldmining shares being almost unaffected Rec,er.t quotations are:—

PALL OF STERLING. RUGBY, September 1. Sterling was slightly firmer on most of the principal (centres to-day. The downward movement in the past few days caused no anxiety in city financial circles, where there i. a confident belief it was mainly flue to “bear’ 4 sales, and that the covering of such operations will shortly produce recovery in rates. It is realised that no change has occurred in the economic situation of the country to warrant depreciation.

August 31 £ s 0 d 114 August 30 7 o 3 Augu- t 29 . . . . 0 19 4| August 28 6 19 14 August 27 b 19 4 August . . . . 6 19 u August 24 . . . . 6 19 3