THE GOLDFIELDS.

New Zealand Herald, Volume XXXIII, Issue 10080, 16 March 1896, Page 6

THE GOLDFIELDS.

[by telegraph.—own CORRESPONDENTS.J Thames, Saturday. Sharkmarket.—Bunker's Hill, sellers 7s, buyers 6s 9d; Cambria, sellers la 7d ; Cardigan, sales Is Cd ; Kuranui, sellers 2s 6df May Quoon Extended, sellers 6d ; Moanataiari, sellers lid ; New Whau, sales GJd, buyers 6d ; Victoria, sales 4s, sellera 4s Id, buyers 3s fld j Talisman Extended, gales Is sd.

Qukkn of Beauty.— work of stripping and cutting down and rotimbering tho shaft is being continued with go 0 d progress. A depth of betweon 25 and 30 feet has now been attained, and six sets of timbers havo been placed in position. Pcuu Consolidated.-Tho south drive upon tho Rimu reef has reached a distance of 125 foot, and although tho reef has narrowed in to about two feet it still maintains its quality, The contractors have extended the low lovol 18 feet since starting. The country is much tighter than it wan, but is of a good description. Adelaide.—The contractors for the enlargement) of the shaft have succeeded in cutting down a depth of 30 foot, leaving a further depth of 65 foot to reach tho adit lovol, when the further sinking of tho shaft will be continued. A party' of tributers who are working a block upon tho Adelaide main roof have completed, crushing of 7$ loads for a return of 12o'z lOdwb molted gold.

Victoria.— parcel of 301bs of picked stone was obtained this morning whilst continuing the breaking down of the reef in the leading stope above tho western drivo at No. I lovol, The reef continues to vary in size from two to eight inches, and one particular featuro in connection with it is that tho picked stone coming to hand ii nob found in patches, but is found well scattered throughout tlio whole body of quartz; so that the general dirt will no doubt yield well when crushed. The sinking of a winze upon tho run of gold below tho level is to be commenced on Monday morning, and as tho ground is all intact under foot there is every probability of important developments being made shortly. As soon as the works now in hand for improving tho ventilation of tho mine are carried out, a start will bo made to develop tho same reof at the No. 2 lovol. A crosscut at that lovol is already in a considerable distance in the desired direction, and a nice-lpoking leader intersected in it, but the cflirso the latter is striking does not correspond with the course of the reef at No. I level, so that tho crosscut will evidently have to be extended a further distance before it is to hand.

Pakkoa, Saturday. Favosa.—There are now fully 10 feet of solid stone showing in the drivo, without as yob any signs of the hangingwall, and, as at tho surfaco, tho formation is exceptionally wide, thero is no doubt that tho Favona Company is favoured with a very big lode to develop. The other day I mentioned that four small samples of stone had been broken out and sont to Auckland to bo assayed. Tho result of those tests camo to hand to-day, when I was informed that tho average assay value was 18s per ton.

Talisman.— battery is now about completed, and I understand that tho kilns aro to be filled with quartz at onco, and roasting commenced early next week, so that in another fortnight crushing will probably bo commenced. This information will doubtless bo of interest to the shareholders, especially as matters have been hanging fire so long, in consequence of tho extended negotiations with a homo syndicate far tho Sale of the property. However, as tho local company have now determined to dovolopthe property, it is to bo sincerely hopod that the Talisman will before long take its place among the dividend-paying mines of Ohinemuri, and as tho oro has already been proved to be rich, there is no roason to doubt this.

Earl of Glasgow,—Operations in this mine aro confined to tho driving of two crosscuts, which are passing through a fair class of sandstone. Tho distances driven are 3G5 feet and 2So'feet- respectively, but as yet no quartz has been intersected.

New Zealand Jcbilek.Tho inanacjement of the Jabiloe mine at *Vaitokauri is presenting a vigorous scheme of operations, and thero is no doubt that the company did well in placing Mr. Raithby in clmrgo of the works, as under his generalship the ground is unquestionably receiving a thorough testing. The low level is now in a distance of 077 feotand is passing through a good channel of sandstone. This level readers of tho Hkkald will remember was commenced during Mr. Cooper's terra, and was undertaken with a view to thoroughly prospecting the country. No encouragement was, however, recoivod, and as the distance commenced to run into hundreds of feet without meeting any lode the effect was rather dishoartoning. The company, however, in apito of all, kopfe the face steadily ahead, and now it is my pleasing duty to chronicle the fact that a lode has at last been intersected, the sizo of the formation boing about seven foot through. This does not represent all solid quartz, as with the exception of about 18 inches on tho footwall side the oro body is considerably broken up. However, tho reef has only boon met with, and the probability is the lode will become moro compact and organised as developments proceed. A strong flow of water is issuing from tho face, and thero is every indication that the reef will be of large dimensions. Tho winze stated in my last report as having been commenced on Christie's reef has now been sunk 56 feet, but it was making so much water at this depth that work had to be suspended for tho present, or at all events until tho water difficulty can be obviated. It is rather a pity that it was found compulsory to stop operations here, as the greater the depth attained tho richer the lode became, and somo assays takon from tho bottom of tho winze yiolded as high as £31 per ton, while quartz takon from th's level and rises overhead gave, at tho highest value, only £14 per ton ; so that it will be soon the valuo of tho lodo improved considerably at greater depth. The level on Christio's reef is now in 75 feet, while tho rises aro up 28 feet. Therefore, as far as these workings ore concerned, everything is ready for breaking out stone as soon us the battory is completed. At a point about 70 feet underneath Christie's drive the old Moonstone level, which is in about 214 feet, is now being utilised, and is to bo extended for tho purpose of intersecting Christie's reef, which consummation ib is expected will bo effected whon the drive has been advanced a further distance of 200 foot. The work is proceeding with throo shifts; so that it will bo soon expedition is being used in tho extension of the level. At present a small leader of promising nature is being carried on in tho face, and if it lives it will unquestionably junction with Christie's load. At the battory operations aro restricted to completing the cyanide plant and tho construction of the dam for battery water supply; while the kiln survey has boon made, and I was informed by Mr. Raithby that tho requisite excavation will shortly bo commenced. In the Jubilee extended section the work with five men is being carried on, and consists of opening up developments on a large reef. A drive has been started on it in one place, and '200 feet to the north of this the reef is being cut through to provo its valuo. Up to date, however, nothing of a payable nature has been found. Altogether a considerable amount of work has boon and is boing done, something like 36 men being employed in the various works in progress, and from this it will bo soen that tho company aro doing their utmost to systematically develop tho ground within tho Jubilee area, and as a consequence it is hoped by one and all that the encouraging prospects now being received will only bo tho fororunnor of a prosperous carccr in a thoroughly realistic form.

THE GERMAN MINING EXPERTS. Pabroa, Saturday. The two Gorman mining experts iinvo visited quito a largo numbor of mining properties in tho Ohinomuri district, and iiavo now taken their departure for To Aroha. Te Aroha, Saturday. Herren Schmeissor and Wichmann, the German exports, in company with Mr. Gordon, mining inspector, visited VVaiorongomai yesterday. They inspected the workings belonging to the English syndicate ; also tho Loyalty, Palace, and other properties in the district. The party leaves for Kotorua this morning.

WAIHI CONSOLIDATED G.M. CO. A cablegram published in the Herald'on Saturday stated that the Waihi Consolidated Gold Milling Company had been floated in London, with a capital of £200,000 of which £130,000 was offered to the public. Thin is thought by some people to refer to the Favona • Brillant, which a private cablegram, received a few days ago stated would bo floated during last week the capital being the same as that given above. It is also thought probable that the cable refers to the Waihi Consols, which includes Haines and Morrill's special claim and also the Waihi North special claim, witli a total area of '200 acres. Advices lately received from London stated that the Waihi Consols property had been placed under offer to a powerful London syndicate.

CARDIGAN. " Mr. McDonald Scott states that the next lode expected to be intersected should be the one found by Mr. Radford in tho drive in the Queen of Beauty towards the Trenton, and in which he reported having found gold,

FAVONA—BRILLIANT. A telegram reoeivod on Saturday stated that 30 feet had been driven on tho reef with no signs of the other wall. '

VICTORIA. Mr. Macky on Saturday received the following wire :—3olb picked stone from stope over No. 1 level. v

TALISMAN.

. Negotiations are proceeding for the flotation of the Talisman Gold Mining Company's property through a powerful syndicate in Loudon.

AUCKLAND SHAREM ARRET. Business was steady on Saturday in the Auckland Sharemarkct, offers being made for over 70 different stocks. In the investment class there were buyers of New Zealand and River Plates at 7s 3d. of Gisborne and lhaincs Gas at 325, of Devonport Steam Ferries at 28s, of Taupiri Coals at 19s with no sellers in cither case. Auckland Gas, both old and new, wero unchanged, and there were buyers of Hikuraugi Coals at 7s 10s, and of Northern Boots at Gs. In Thames mining stocks there were offers for almost all of the higher priced, but the only exchanges wero in Victorias, which wero acquired at 4s and 4s Id, closing a trifle easier. In the Kuaotunu list Kapai-Vermonts were transferred at 6s 9d, with a hardening tendency, as was the case also with Aoreres at Is 3d. Jupiters and Maori Dreams saw business transacted, with further buyers at firm rates. In tho Upper Thames class most of the heavier stocks were dealt in. Waitekauris wero done at 90s, with further offers at 87s Gil, and no sellers under 955. There were transfers in Woodatocks nt 24s Gd, and in Talismans at 9s 9d, with buyers at firm rates in each case. For WaihiSilvertons 703 was offered and refused. Alphas were in demand at 4s -id, Queen of Waihis at 2s Bd, Victors at .'ls, and remained steady, as did also other lesser priced stocks. There was little feature in regard to the Ooromandel list.

FREE EXCHANGE. Oil Saturday at the Free Exchange good business was done in Sovereigns several hues changing hands at from l(J.\d to 11 id. A large line of Centrals also sold at is Cii several parcels of Jewels at from 3d to 4d' and Great United from 2d to 3d. Hercules shares sold at 9d,

AUSTRALIAN SHAREMARKET. Press Association.Electric.'l'olegraph-Copyricht..

p. . , Sydney, March 15. During the early part of the week business both in investment and mining shares, was slack, Things improved during the latter part. Government stocks are steady. Banks sbow a slight inclination to ease. Silver fluctuated considerably, but closed firm, and advancing in view of the prospect of a new concentrating plant being started shortly at Broken Hill Block 10 had big advance. (jrokl: Very few transactions. The market closes a little (inner. Copper: Distinctly weaker. Tho Telegraph published some articles from a special correspondent on tho West Australian goldfield. In a leader summarising the articles, the paper Bays that there is anything to justify the present boom has yet to be proved. Actually less gold is being raised in West Australia than in New South Wale*. The history of the majority of sensational discoveries is much the same. They aro eminently fitted by the dazzling richness of the surface shows for booming purposes, but comparatively useless for genuine mining on account of the poorness beneath. As long as gambling continues, and the public subscribe the money, work will go on, but when the gamble is over speculators will fold their tents and steal away, It is likely enough a few mines will give permanent employment, but it is absolutely certain that as soon as they are of no more uso for stock exchange gambling the bulk of them will be abandoned. The mines so far have given no indication to sustain any tiling like the rush they attracted, and miners are strongly advised to think twice before abandoning the richer mining colonies, with the probability of finding themselves stranded homeless in the West. It will be fortunate if trouble of a serious nature does not result from the rush.

Melbourne, March 15. Sound investments are in good demand at full rates. Mount Lyell and Board of Works debentures show a big turnover at a Rood advance. Banks and Government bonds are steady. In silver a fair amount of business has been done, but prices are irregular. Broken Hill I'roprietam are in strong request, with a material advance at the close. Opening sales, Propriotarvs 48s 6(1, closing ;ios G|. Block 10's jumped from Sis (id to JMs. Tasmanian mines are in good demand at improved rates. Gold: West Australians, dull; Victorians, in steady request, with improving tendency. Adelaide, March 15. After the marked dulness of the greater part of the week, a brisker tone was noticed in the sliaremarket. Both gold and silver Barrier stocks closed strong. Proprietaries, sales from 48a to 50s j Block 10's, 80s 6<l to 92s Gil. West Australian gold, more sales, firmer.

SOUTHERN MINING. Gkeyjiouth, Saturday. The gold returns for the week are Dark, 112oz amalgam from 115 tons; Cocksparrow Dredge, 430z amalgam for 106 hours; Buller Dredge, lOJoz gold for SO hours.

MINE MANAGERS' REPORTS. Sterling (Karangahuke, March 11).—Very little work was dono in either of the faces during the past week. The drive on the reef is now in a total distanco of 34 feet from the crosscut. The reef is a little larger, being now about 15 inches thick, and has splendid indications for gold. Tho crosscut is now in a distance of 268 feet, there being no perceptible change from last report.