TEE LONDON MINING MARKET.

New Zealand Herald, Volume XXXIII, Issue 10020, 6 January 1896, Page 6

TEE LONDON MINING MARKET.

[FROM OCR own correspondent.]

London, November 30. It was announced in New Zealand papers some weeks ago, I know not on whose authority, that the Queen of Beauty and Deep Sinker Mines had been floated. That statement was wholly without foundation. They are not "floated" up to this day, and inay not be for som» little time yet. I don't know whether it is stale news, but at any rate, I understand the fact is that Mr. R. R. Hunt a long whilo back transmitted to New Zealand an offer from some capitalists concerned in South African mines, men who knew what they were about, who were prepared to put down a fine set of pumps in the Queen of Beauty shaft, and to sink it from its present depth of 750 feet to 1500 feet or more, and to work with the Thames Drainage Board in regard to pumping, for the consideration of '2J .per cent, on the gold won, whilo no vested interests would have been disturbed, and ample working capital would have been provided for carrying on the mines.

For some reason not explained at this end, that offer was not accepted, and as I say, up to the present time, these mines have not been floated into a company. But what lias been done by Mr. C. A. Harris and Mr. Meyrjck is to get ft strong syndicate to take the matter up and to carry on the mino until the right moment shall arrive to offer the property in the market. Mr. Harris tells me that the syndicate is a powerful one with ample capital, aud " means business." The members are convinced that they can float the enterprise whenever it shall seem advisable to do so.

Meanwhile the nyndicate will carry on operations vigorously, and already plans and specifications have been obtained for suitable pumping and other machinery on a largo scale for working in deep levels, and Mr. Harris tells me that work will be carried on with all possible energy, and with abundant means. i

Then again with regard to those mines which Mr. Welstsad and Mr. R. H. Byles have in hand, I learn that these also are being taken up by a syndicate of capitalists, in view of the prevalent indisposition on tho part of the public to go in for mining shares, Steps have been taken which will render it possible to bring out these mines before the option held by the promoters shall have expired. That is to say, so I understand, certain capitalists have bcon convinced that the enterprise offers good promise, and so they will put money into it, and carry on until the improvement of the property on the one hand, and of the market on the other, shall render the favourable flotation of a company feasible.