NEW SHOTOVER G. M. CO.

New Zealand Herald, Volume XXXII, Issue 9976, 13 November 1895, Page 6

NEW SHOTOVER G. M. CO.

A special meeti tig of the New Shotover Gold Mining Company was held yesterday at the office of Mr. H. Gilfillan, jun. Mr. Alfred Kidd presided. Resolutions were passed authorising the directors to dispose of the property .to the Ivanhoe Gold Mining Company, either for shares in the latter company or on such other terms as might be agreed on. An extraordinary general meeting of the company was to have been held subsequently in order to . pasi a resolution requiring the voluntary winding up of the company prior to disposal to another company, but as shareholders had not sent in sufficient proxies to constitute a quorum, the meeting had to be adjourned for three weeks.

AUCKLAND SHAREMARKET. Business on the Stock Exchange yesterday was quiet. Thames stocks were little sought after, with the exception of the Waiomo stocks, in which previous prices wero fully sustained. Business was done in Monowais at 6s 2d, Gs 4d, and 63 fid, and In Broken Hills at current rates. Thero were numerous inquiries for May Queens at lis (id, but few sollers at this price, holders preferring to hold to their scrip. Norfolks sold at 4s; City of Dunedin, at 2s; and Scandinavian, at Is. In Kuaotunu stocks Waitaias advanced in price, consequent upon the improved prospects of the mine. Sales were effected from 4s to 4s 10d, whilst outside business was done ab 5s and over. Kapai-Vermonts still continue to decline, business being done at lis 9d, with further sellers ab lis 6d. A good feeling prevailed in Golden Anchors, which changed hands at Is 9d and Is lOd. Maorilunds sold ab Is sd; Midas ab Is 4d, and other smaller stocks ab current rates. Coromaodol stocks were not so, firmly bold.

The c hief tolling off was in Bun Vs Hills, which sold at 16s and 15s 6d,' New Golcondas were dons ab 2s Id, Welcome Finds at 6s 9d and 7s, New Tokateas from 3s to 3s 4d, Hauraki No. 2 at 2s 7d, and Pukewhaus at Is. There were buyers for several of the smaller stocks. In the Upper Thames list a fair amounb of business was transacted. Queen of Waihi sold freely at 2s lid and 3s, and Young New Zealand ab Is 9d. Waihi-Siverbons were reported ab 48s. There was a small demand for Waihi Proprietary ab Is 3d, Waihi Extended ab Bd, Waihi Consols at Is lOd; Waitekauri No. 4 ab 2s lOd, Waitokauri No. 2ab lOd. There were also enquiries for Imperial and Oceanias, bub little business resulted.

FREE STOCK EXCHANGE. Thero were large attendances at all throe calls at tho Free Stock Exchange yesterday. In the morning, however, business showed sign of apathy, both amongst buyers and sellers, attributable no doubt to causes easily traceable, both local and foreign. There was a marked improvement ab tho midday call, and business became more brisk, certain stocks being purchased ab an improvemenb in value on previous sales. Good business was transacted in Sb. Patrick's, a numbsr of parcels]being transferred. At tho evening call Waitaia and New Golconda wero in request, and the market closed with an altogether improved tone. Bunker's Hill stock slightly weakened during the afternoon, although there were practically few transactions effected, and competition either with buyers or sellers was far from active. May Queens showed a distinctly upward tendency amongst few inquirers. ProgressCastle Rock are slowly bub surely advancing in valuo. Tho following sales are reported ;— Waitaia, 4s lid, ss; Phoenix, 8d ; Argosy, lid; Harbour View, 9}d; Progress-Castle Rock, 11 Jd ; Juno, Sd ; Invicta North, 4Jd; St.Patrick, GJd; Now Golconda, 2s 3d; Heitman's Freehold, Is ssd; Bunker's Hill, 15s lOd. There were buyers for the following "stock: — Argosy, lid; St. Patrick, G.Jd; Day Dawn, 5d ; Ivanhoe, 8d; New Shotover, 6d; Waihi Consols, Is 10d|; Waihi Extended, Sd; Waihi Proprietary, or Waihi South, Is Id; Young New Zealand, Is 9d; Queen of Waihi, 2s Gd; Golden Anchor, Is 9d; Midas, Is 4d; Waitaia, 4s 6d ; Aurora, 4d ; Invicta North, 4d ; Big Ben. 3d; Bunker's Hill, 14s Gd ; Golden Hill Extended, 3d ; Harbour View, 9d ; New Golconda, 2s 2d ; Pride of Tokatea, ls4d; Pukewhau, lid; Welcome Find, 7s 6d ; Progress-Castlo Rock, lid; Pigmy, 9d.

GENERAL ITEMS. A circular is being issued to the shareholdeVsof thoNewMoanat&iari Gold Mining Company by Messrs. F. A. White and Brothers, in r#ferericß to the sale of tho property to an English syndicate. Mr. E. J. White, acting secretary, states that full particulars have not yet arrived from London, but from letters received it i 9 believed the terms are as follows: —The capital of tho new company to bo 200,000 shares, 50,000 of which are reserved - for further capital, if required, leaving 150,000 ab present issued. Of these, the home syndicate retain 100,000, out of which they Drovido £25,000 working capital, the present holders receiving tbe balance of 50,000 fully paidup shares. Shareholders unable to be present at the meeting to be held to consider the matter are asked to send in proxies to either of the directors.

A similar circular is being issued by Messrs. White to the shareholders of the Maori Dream. This circular states: — " From letters received from Mr. White we understand the terms of the now company will be as follows Capital, £100,000. The home syndicate retain £75,000, out of which they provide £25,000 working capital. The present holders receive 25,000 fully paid up shares." In this case proxies of those unable to be present are asked for so that there shall be a complete gauge of opinion. Mr. William Clarke lias received some stone from the Teutonic Company's property for assay. It is from tho creek where the drive is being put it." The prospectus of the Golden Horn licensed holding appears in another column. The property consists of acres, at Tapu, immediately between the Sheridan and Golden Point" claims. The proprietors are now working in good crushing dirt, the reef being 3i feet wide. The holding is divided into 60 shares, of which the present holders retain 30, the same number being offered to tho public at £25 each, tho shares representing 1000 scrip. Plans and prospectus can be seen at Messrs. Cook and Gray's, and applications for shares may be mad# to thab firm.

MINE MANAGERS' REPORTS. Inglkwood (Owharoa, November B).— eastern crosscut has been extended a distance of five feet, which with the 10 feet mentioned in my last report, makes 15 feet in ill. The body of ore still continues to give the same excellent dish prospects as before. In the western crosscut good progress has been made, the extension of the drive being five feet. The face shows a mass of stringers, carrying good gold. I enclose results of assays made from both, workings: East, £4 19s; west, £5 2s 6d. Re Inglewood protection. I understand that some person had applied for permission to work the ground with three tneu for three months. I attended the Court on Tuesday, November 5, and the Warden granted protection for three months, with four men. Cloves (Thames, Novemberll).—Workhas been confined to the low level, which is still of a difficult nature, on account of the old drive being crushed together; still wo are making good progress, being now in a total distance of 80 feet, and I think this next week will about complete the old drive and bring us to the solid face. The leader running along the floor of the old drive is a nice looking body of 6 or eight inches, and there is good mineral about it. I have no doubt that when we reach the solid we shall not have far to drive on it before getting gol(l._ I have discontinued work in the upper drive for the present. Middle Stab (Thames, November 9),—The cleaning out and repairing the_ tunnel has been continued, and we have again this week accomplished 150 feet, making now a total distance completed of 800 feet, with a new iron tram road laid the whole distance. I think about 150 to 200 feet will bring us to the solid ground. Imperial (karangahake, November 9). — We have driven 22 feet on the reef since we have picked it up inside of the big break. The reef still continues to look very well, and is full of iron pyrites and silica. I have seen no lode since I have been in Karangahake charged with so much mineral as it is. I am in good hope that when we get through this band of mineral we will then come on a good run of gold. United section: There is very little change in this section any more than that we have extended the drive eight feet.

New Wimu (Thames, November 9).— Driving has been carried on on the continuation of the Sons of Freedom reef for a distance of 20 feet. The reef is still much broken. This is owing to the effect of the filide, as we not are altogether clear from it as yet. I will now have to timber up this ground, as it is very heavy about the slide. The crosscut at the tunnel has been in very hard ground up to this date, but I am in hopes to-day of a chauge showing in the face for tie better. This crosscut is now driven 40 feet.

Moanataiari North (Thames, November 9),—The drive on the main reof has been extended 15 feet and the reef broken down to the face. The reef at present looks remarkably well, being; two feet thick in the face of the drive, and carrying a large amount of excellent mineral all through. The country encaflinj the reef is all that could be desired, and I should not at all be surprised to obtain a good haul of specimens a ; any time, should we meet with the - junction of the Dauntless or any other reef. I have also driven about eight feet on;the hangingwall leader we cut through some time ago. It is four inches thick, and is carrying good mineral. It looks promising, and is, J. believe, well worth a trial.

Hazelbakk (Thames, November 11).The rise on the cross reef above No. 1 level is being proceeded with. The reef in the back of the rise is about 18 inches in thickness, and looks more promising than it has done since we started to rise from the level. It contains some excellent mineral amongst which gold has been frequently seen. As there is a large block of ground intact here I am of opinion there is now a fair chance of payable ore being met with as it is risen upon. There is little change iu the stopc on Kelly's lead. It is 8 inches thick and looks promising, but as the quartz is of a rusty orown colour it makes it difficult to see gold in the stoue. In the winze on the cross lead at the Ho. 2 intermediate level there is little change. The lead is small and no gold has been seen here this week. : New Moanataiari (Thames, November 9). —Since last month's return then: have been 88 tons of stone treated from the workings on No. 2 reef in the Golden Calf section of the 150-feet level, and 34 tons from the Golden Age footwall and Dawn of Hope leads above the Point Russell levej, for the respective

yields of*62oz and 340z of amalgam. ~ The' stone from.the former workings,- you (will notice, is a considerable improvement onthab treated during the month just past, and I am very hopeful thatastill further improvement will take place as the stopes get opened up westward over Captain Ninesses' old workings. On the No. 4 lead work is proceeding as usual, and gold continues to be seen at each breaking down of the quartz. , Point Russell level: In the eastern drive on the course of the Golden Age reef a small lead was passed through during the week, but no gold was seen in it. None of the large lode has yet been broken down, as I am anxious to keep the drive going steadily ahead until a better class of country is met with. The No. 2 Dawn of Hope lead in the stopes is a nice defined body of stone, but at present is only of moderate grade. A connection has beeu effected with the old Dawn'of Hope drive and the stopes on the Golden Age footwall leads. As soon as possible the vel will be continued on into the footwall, where other payable leads should be met with. On account of the recent wet weather no work on the surface has been carried on. \

Ecreka (Coromandel, November 11).— have extended the drive on. Malcolm's reef 10 feet. The reef maintains its usual size, 10 inches, all of which is being saved for crushing; gold is still visible in the stone. Fifteen feet more of driving will put us underneath where rfood stone was obtained on the surface. We are also driving on a stringer off Malcolm's reef, and from the appearancc of the stone it may make specimens any time. Maokiland (Kuaotunu,_ November 8). — We have extended the main drive on No. 2 reef 20 feet, making total distance from surface 60 feet. The reef in the face is fully four feet thick, and looks very promising, especially the hangingwall portion,' which prospects very fairly. The reef continues to be very wet. Puru Consolidated (Thames, November During the past week we commenced operations. Wo opened No. 1 reef 80ffe"8t south of former workings. The reef "here shows for a thickness of three feet, in which I can get fair prospects of gold. I also started two men to repair the level on the same lode, only lower down the spur, and we inteud driving from this level upon the course of the lode both north and south. Eastward of this lode further explorations revealed another nice-looking lode about two feet six inches thick, in which a little gold is also obtainable. I will start two men next week to open out upon No. 2 reef, which shows for a thickness of 12 feet.

New Golconda (Coromandel, November 11). Good progress has been made with the drive, and we have to-day met with a leader at 25 feet from shaft. We have only just tapped it, therefore I cannot give details of size, dip, and course, but will wire result when broken down. The character of quartz istii'st-class, and I should say it will prove to be the No. 2 Just in Time lead, from which rich stone was obtained in former days. [Yesterday the following telegram was received from Mr. Daldy, by Mr. 1). G. MacDonnell " Leader 5 inches, course east of north, dip westerly; every indication for gold."] Kaioka (November 10).—Two men were put on to drive for the lode. The driving and excavating to be done will bo 90 feet to reach the line of reef, and at this point the reef should give, say, 50 feet of backs] The work will take, say, to Christmas. When the reef is to hand, I will then prospect the main spur, north-east from the present workings, and drive through this to the reef, say, a distance of 60 feet, and there it will give about 400 feet of backs.

Mononvai Amalgamated (Waiomo, November 10).—During the past week we have been engaged uncovering outcrop of lode on No. 2 quarry going north. The lode at this point, from the hangingwall to the footwall portion, is fully 22 feet in width, and of firstclass ore, highly mineralised. And with the good weather season before us our supply of ore from these quarries will be enormous. From the floor of present cutting to the floor of the cutting above, where our present supply of ore is coming from, we have a future supply of rich ore 14 feet in height, 22 feet in width, with 150 feet in length, with an exhuustless supply north and south of present quarries. Britannia (Coromandel, November 8) — I have now completed the erection of winding machinery and poppet-legs, etc., and yesterday evening the first bucket of water was raised by steam at the Britannia mine. Today forenoon have been finishing up round the mouth of shaft, utid now the bucket is running up and down the shaft in a way that is most satisfactory and pleasing. The machinery and poppet-legs, and in fact everything in connection with the steam wiuding, works in a way that leaves nothinp to be deaired, and gives one the impression that it has been a going concern for months instead of only a few hours. {?■■ Bcffalo (Coromandel, ; November 9)A-I have put on three men, and we have'exi tended the prospecting tunnel 23 feet, making a total of 35 feet altogether. The ground is very shaky and we have had to timber it as far as we have gone. We should soon be into firmer ground as the tunnel is penetrating a high hill. The leader we are driving on looks well, the stone being heavily mineralised. We cut a small mullocky leader yesterday, but there is no gold in it where cut. Water is making freely in the face of the drive. The country rock still maintains its quality.