THE GOLDFIELDS.

New Zealand Herald, Volume XXII, Issue 7341, 30 May 1885, Page 6

THE GOLDFIELDS.

[BY TBLEGRAPH. —OWN CORRESPONDENT.] Thames, Friday evening. Shabbmarket.—Cambria, 7s 9d, sellers 7s 9d, buyers 7s 6d; Imperial, sellers 4s; Crown, contributing 4s, 3s 9d, sellere 4s; Old Isaac, 4s 6d ; Bank of New Zealand, £21 7s 6d; Auckland Gas, £10 sa.

Cambria.—l7olba. specimens like yesterday's were got to-day from the intermediate level. There is a good show left at the bottom corner of the level. Darwin. — This mine, if anything, is looking better, there being good mineral at No. 3 level.

Imperial.—2slbs. of picked stone were got to-day from the footwall leader as stopes rise on the No. 1 reef. It is crushing at the rate of an ounce to the load. No. 4 leader is small, but in the "atopee is worth over an ounce to the load. Important Case.—A case of considerable interest, Shine v. Union Sash and Door Company, came before the Warden's Court to-day. Shine made an application for a residence site in the block at Tairua, situate within the goldfields. It is now Government freehold, but the company has a lease of timber, executed in 1872 Mr. Seccombe bought the timber and the right to make roads and tramways for £500 f and to enable the lessee to take timber, the exclusive lease of certain land was granted for forty years. The company bought Mr. Seccombe's lease and claim by virtue of the lease, exclusive use of the strip of land on the banks of the Tairua river, on whioh they graze 20 or 30 horses and 50 or 60 cattle, both of which they contend are necessary to timber-getting, the horses for packing, the cattle for food. It was shown iu evidence that Miller and Hooker asked for 300 acres, and Mr. Tole enquired of the company if they had any objection to it being granted. The company dia object, and the Crown Lands Board declined to grant the application presumably because of this objection. Plaintiffs counsel contended that the correct construction of the lease wan that this exclusive lease being only for the purpose of enabling the lessee to secure timber, and not bar the Crown from aaing the. land for goldfields purpose*, and exercising goldfields rights, and the Warden ruled that this residence site was a goldfield right. The Warden deferred judgment: for a month, so that he might consult the offioers of law of the Crown, as this oase would rule similar ones. I learn that eminent counsel has given an opinion decisively in favour of the company.

Cambria. —Mr. R. McDonald Scot'; received ihe following telegram yesterday :— "170 pounds specimens from underhand stope—good show left." Pinafore—The Company's Tribute have finished a crushing of 2 loads quartz for a yield, of 4ozs. sdwts. melted gold.

MINING COMPANIES' MEETINGS. Old Caledonian : Extraordinary Meeting.—A meeting of shareholders in the Old Caledonian G. M. Co. wae held yesterday at the Chamber of Commerce, to consider the present position and future prospects of the company. Mr. J. M. Lennox presided. Be said Mr. Hicks, their manager, was present to answer any questions regarding the future prospects of the mine.—The Seoretary read the manager's report and the balance-sheet. The former showed results from various trial crushings from present workings, and the latter showed that the debit balance of the company was £614 15s 2d.—The Chairman said although they had a debit balance, alt. their dead work was done, and a large block was now ready for etopiag, and the 13 tonb crushed averaged loz. 14dwte. He referred to the risks of mining, and raid this may lead to a very important find, or may run out, and in the winze under the old shot they had had good prospects. No one could prognosticate what the result would be. In Mr. Hicks he felt that they had the best man on the Thames, and he hoped, now their dead work was done, they would soon be in & dividend-paying condition. They had had great difficulties in getting meetings of directors. There wae no honorarium, and Mr. Stone, up to the last twelve months, had been a great help to them ; but during the last year, and up to the time of hie death, he was unable to attend regularly. Dr. Campbell did not attend, but the other four directors present now had been most assiduous in their attendance. —A shareholder asked how it was that the tributere got so much gold while the company got to little ?—Mr. Hioka explained that these tributes were let by tender, and they were working on quartz aft the time, whereas the company was doing dead work, and not on quartz at all. He read a statement showing that the tributere even, if the profits were divided amongst fifteen men instead of seventeen, would only average five shillings and ninepence per day. In answer to other questions, Mr. Hicks said that the company had nine men employed, six on the cross-cut, and three on the winze., He pointed out on the plans the works carried on, and what was proponed.—ln reply to Mr. Melville, the Chairman said Mr. Hicks had been in the employ for four and a-half years.—Mr. Melville said he thought some different arrangement should be made, either to put Mr. Hioke on results, or have some change in the management of the mine. It was the invariable thug that, just before a call was made, there was always some brilliant news from the mine, whioh evaporated when the call was paid.—The Chairman said Mr. Hicks had made a very fair statement. He had opened a large block, and the first crushing was most fiatisfaotory, but ita running l'oor was a thing which he oould not forsee, and now that a large blook was opened, and tho dead work was done, it would not, he thought, be a good thing for the company to put Mr. Hicks on sharea,— Mr. Keesing coincided with Mr. Melville's remarks, but tbougho at the present junoture it would be a pity to throw the thing up.—Mr. Melville said that he did not urge that they should give up the mine, but to put Mr. Hicks in a different position.— The Chairman said Mr. • flicks had given them not only his talent and time, and more than that, his life's blood, for on the occasion of the late accident, he risked his life in the foul air, and brought up man after man, and saved the property of the company. Besides, Mr. Hicks had 300 shares in the company, and if the company was disappointed, so was Mr. Hicks, but it was the opinion of Mr. Hick's fnends and of his enemies that a better miner there wan not at the Thames.— Mr. Binney would strongly object; to paynientu by results, as it would, as in the old days,, lead to bad work being done,

leaving it to men like Mr. Hicks, who came after them to make good what had been done, and if ho was not worth £4 a week to manage such a mine he was worth nothing, and the sooner they got rid of him the better.—The Chairman aaid thajfc perhaps it would be advisable to appoint two, directors, say Mr. Baretow and, Mr. Melville, to the directory to fill ,the vacancies caused, by the death of Mr. Stone and the resignation of Dr. Campbell, and he was Bare his fellow directors would welcome them, and then they could discuss this qneition. — Mr. Brown said that if gold was not got within about three months, it would be time to shut •up tbe mine ; but as to paying; on results it would be very undesirable, —Mr. Baratow agreed with Mr: Brown's remarks as to paying by results. The mine manager should be the responsible servant of the company,, and see that th<j mine, was, kept open and in working order, 'not to put him into the position of a head tributer.—Mr. Hicks said it would take fonr weeks to replace the boiler. If Mr. Melville or other shareholders were dissatisfied with him, he was willing to resign, and prepared to do it. If a manager was pat on results, the result would be disastrous, for tbe .mine would be left in such a state that it could not be worked afterwards".—The meeting then closed with a vote of thanks to .the Chairman.

Koranui —The annual meeting of shareholders in tbe Kurariui 1 Hill Gold Mining Company was held yesterday in the Chamber of Commerce, the business being to receive the report and balance-sheet, and to consider a resolution for winding up the company. Mr. T. Peacock, M.H R., Chairman of Directors, presided, and read the,annual report, and the - Secretary ', read the balanceabiet. - The dhjecfora",expressed regris that guooesl t hafr'noli' 'afeMed-Sheif last" year's operations. ; . Work had ; been •, principally carried oa in the levels, from the '80 feet level upwards, and in no case bad the lodes come up to paying point. The time for holding the meeting had been delayed for two reasons. The first was that close upon the time for making up their annual, aocbunt their Secretary had to resign owing to monetary embarrassments, and this led to an examination of the books by the auditor extending over 'several weeks, and revealing certain irregularities in the ; register book to the disadvantage of the company. The second reason was that the directors, having seen",the" 'difficulty' bf getting in calls, were led to consider the whole position with a view of receiving an expression of opinion from the shareholders, but the manager having opened up a blook from the 80-feet level which was expeoted to prove payable, time was given to enable him to put 20 tons of quartz through the battery as a test betore calling the meeting. The result was very discouraging, and although another leader had been followed, the directors felt that there was nothing to warrant them in withdrawing from the course which they had reluctantly agreed upon, namely, to call the shareholders to consider the question of voluntarily winding up the company. The receipts for the year were :—Calls, £1491 15s ; gold, £115 Us lid ; tribute. £582 18* 6-1 ; overdraft, £1673 10s 10d : total, £356319s 3d. The expenditure was £2337 6s 6<i ; overdraft. £1521 4s Sd; cash in hand. £5Ss Id: total, £3863 19s. 3d. —The Chairman in moving the adoption of the report pointed out that the business was of a twofold character, and he recommended that they should first deal with the portion of the business referring to the report and balance-sheet. He then proceeded to detail the operations which had been carried on, and the Secretary read the mining manager's reports np to May 25th. They were on the whole encouraging. The Chairman then dealt with the statement of accounts. There was a balance due to the bank of £1673 10s 10d, and the calls due and likely to be recovered were £1548 14s; but there were other calls, in regard to which there were doubts as to whether they could be recovered, one reason being that shares were registered without calls being paid, and in other oases there was a doubt whether the calls could be reoovered, as a second call had been made before the first was paid. —ln reply to a question, the Chairman said that the directors had drawn no honorarium. He moved the adoption of the report.— Mr. Crawford, mining manager, gave information re the proposed opening of the new ground under the foreshore. Howard seconded the adoption of the report and balancesheet.—Mr. L. D. Nathan said before the accounts were passed he would urge tht.t all calls should be enforced.— report and balance-sheet were then adopted, and Mr. Nathan's suggestion, put as a resolution, was also carried.—The Chairman then moved the second resolution, that the company be wound np voluntarily. Hβ said the directors only thought it wise to recommend this course, as they had experienced a great disinclination on the part of the shareholders to pay up calls, but it might be desirable to postpone the winding up until Mr. LaMonte's process was tested. Although proposing the resolution, he would not be adverse to holding over until they made further efforts to recover the calls due. He wonld leave the matter in the hands of the shareholders. They might so on a little longer, and let the mine more largely on tribute.— Mr. Barstow would like the opinion of the manager as to whether letting of the mine on tribute would lead to the injury of the working party of the mine.—Mr. Crawford said it would not interfere, for it would be the duty of whoever was in ' charge to see that the works were not injured. They might let to better advantage at a lower percentage and in bloofcs of ground, instead of so < many feet on a lode. He believed they would let readily, for he had received many applications, and he belieevd by this means they might be able to accumulate money to carry on other works.—Mr. Batstow considered it would be most desirable to let as much of the mine as possible on tribute, for by that means they could keep their battery going —Mr. Keesing said that if they let the tributes for 12 months they could not wind up in the meantime ; but Mr. Morpeth said they could sell their property subject to existing tributes. Mr. Aickin moved, as an amendment, " That the question of winding up the company be postponed for a year, and that the mine from the Beach level 'be let on tribute," and Mr. Morpeth seconded the amendment. —Mr. Lennox said he would support the amendment if Mr. Aiokin added a clause empowering the direotors to expend a sum not exceeding £500 to prospect the foreshore portion.— Crawford said he would recommend letting all the old portion of the mine from the 80-feet level tribute, and Mr. Aiokin amended his motion to this effect.—The Chairman suggested that ajreaosution of this sorb. would meet the matter, " That the oompany be not wound up at present, and that the directors be empowered to let the upper portion* of the mine on tribute to as large an extent as possible, and resume prospecting new ground when they thought it desirable." He withdrew his original motion, and Mr. Aickin withdrew his amendment,'and the suggestion of the Chairman was put as a substantive motion, and carried. —A vote of thanks to the Chairman terminated the meeting. V

Telephone.—An ■ extraordinary meeting of shareholders in the Telephone Goldraioing Company was held yesterday in the Brokers Room, Insurance Buildings. Mr. J, M. Lennox was in the ohair'.—On the motion of the Chairman, seconded by Mr. Devore, it was agreed that the following apeoial resolution bo passed :•—" That the direotors be authorised and empowered , to effect the sale or other disposition of the whole of the company's property and asseta upon suoh terms as they may think fit." Moanataiari.—The annual meeting of this oompany, which was to have been held to-day at Mr. F. A. White's office, lapsed for want of a quorum.