THE GOLDFIELDS.

New Zealand Herald, Volume XXXIII, Issue 10085, 21 March 1896, Page 3

THE GOLDFIELDS.

[BT TELEGRAPH.— CORRESPONDENTS.] Thames, Friday. Sharesiarket.— Bunker's Hill, Bailers 7a 6d; Cambria, sellers Is .7d, buyers la sd; Cardigan, buyers Is 6d ; Crown, sellers 38s; May Queen Extended, sellers sd; New Whau, sellers 9d, buyers 7d; Puru Consolidated, sellers la 4d. Qoben of Beauty.—Good progress continues to be made in the enlargement of the shaft. A depth of fully 30 feet has been attained, and the seventh set of timber placed in position. Victoria.—Very fair prospects are being met with in the winze below Mo. 1 level. A depth of about eight feet has been reached, and when breaking down a portion of the reef yesterday about eight pounds of picked stone were secured. A parcel of about six pounds of picked stone was also obtained from the leading stope above the level. A distance of about twenty feet still remains to be driven in the eastern drive at No. 1 level in order to connect with the winze sunk below the surface drive. The country in this drive has been rather tight of late, but the reef maintains a thickness of fully one foot, and showed colours of gold at the lasb breaking down. As soon as the connection is effected, and better ventilation provided, the manager purposes to connect the extensions of the crosscut at No, 2 level, in order to develop the reof at that point. The crushing, which is proceeding at Bull's battery, is shaping for a j similar return to the last, and is expected I to be completed about Tuesday next. I Paeroa, Friday.

Ravenswood.—The crosscut is still being extended, about 180 feet having now been driven, thus leaving still about 100 feet to go before the main reef can be met with. The hard bar of country has now given place to a more favourable class of sandstone. Woodstock.—The progressive works in this mine are being pushed ahead, and every effort is being made to have the property thoroughly opened up by the time the new plant is erected. 1 mentionod last week that a commencement had been made

to clean oub and re-timber the No. 1 level. This has now been completed for a length of 90 feet north of the crosscut, and for that distance about 30 tons of ore were obtained and tested, the result being an average assay value of £3 12s per ton. A commencement Ims now been made to extend the face, at which point the ore body shows about four feet of nice looking quartz. A start has also been made to cut oub a chamber preparatory to sinking a winze to connect with No. '2 level, which is 280 feet below, the block intervening being quite intact. A fino block of ground is therefore to be opened up for development in this portion of the property. Up to the present a start has not been made to clean up southward of the crosscut but this work will be undertaken next week, and here the block is intact to the surface as well as underfoot, while the backs already available, namely, about 100 feet, will bo increased at the aboutone in one as the drive progresses southward, in which direction there is about 400 feet to go before the Talisman boundary can be reached. About 180 feet of this length has already been accomplished, the work having been done about 13 years ago when the lode was proved to be from three to ten feet in thickness. One pleasing feature is that the formation is composed of friable ore heavily charged with manganese, and is running in decomposed andesite, consequently the oro will be easily broken out and mined very cheaply, while it may bo mentioned that in this portion of the

ground there is enough ore in night to keep 40 head of stamps running for a considerable length of time. All the other works are progressing favourably, while fresh contracts have to-day been let for tho extension of Nos. 2 and 5 levels, and

also the crosscut in the Ivanhoe section, which is already in 300 feet. The tenders received and accepted were as follow : — driving 50 feet in tho Ivanhoe section : Slattery and party, £2 15-* per foot; Brideson, £2 15s ; Hungerford, £2 (accepted). 100 feet at No. 5 level: Dabb and party, £1 7s 6d per foot; Walsh. £1 Gs 9d ; Brideson, £1 53; Casley, £1 0s lOd (accepted). 100 feet ab No., 2 level: Dabb and party, £1 19s 6d per foot; James and party, £1 10s (accepted).

WAITER AURI KING. OFFER FROM LONDON. Yesterday the following was posted by Mr. K. Park Home, legal manager of the Waitekauri King Cablegram received from England to tho following effect: Can take property at £800 cash, '20,000 fully paid-up shares, and provide £25,000 cash as working capital in a company of 100,000. The above docs not include the Waitekauri King's original area; the above is only for a portion of our amalgamated area." This offer came in consequence of overtures made before the recent amalgamation with other properties took place. A reply cable has now been Bent with an offer for the whole property.

ALBURN I A. A cablegram was received yesterday of a very satisfactory nature, as regards the Alburnia, and the completion of arrangements for flotation may be looked for at any time.

TALISMAN. A report gained currency yesterday that the Talisman property had been actually sold, and there was brisk demand for shares. It is understood that though the sale has not been actually and definitely arranged, completion of negotiotious may eventuate in the very near future.

NAPIER G.M. CO. At a meeting of the Napier Gold Mining Company, held at the office of Mr. J. H. Harrison, yesterday, Mr. James Coo presided. It was decided to authorise the directors to dispose of the mine and property.

GOLD SHIPMENT. [BY TKIJKURAI'II. —PRESS ASSOCIATION.] Wellington, Friday. The Rimutaka took a shipment of gold of the value of £107,0-20, which is the most valuable shipment even taken from tho colony in one vessel.

VICTORIA G.M.C. An extraordinary general meeting of shareholders in the abovo company was held in the rooms of the Chamber of Mines, Hobson Buildings, yesterday, there was a large at- ■ tendance. Mr. G. Kissling, chairman of directors, presided. Iu laying the business before the meeting— 1 The Chairman said all present were no doubt aware of the fact that negotiations wero proceeding relative to the proposed disposal of the mine in London, the result of which had been that the following offer had been received:— " That a company be formed with a caoital of £200,000 in 200,000 shares, Victoria shareholders to receive 70,000 paid-up shares, the purchasers to provide a working capital of £25,000." After due consideration, the directors had come to the conclusion that they could not recommend the shareholders to accept the terms embodied in the offer, but would submit the following suggestions as ft basis Capital, £200,000 in 200,000 shares, 150,000 to be issued; 80,000 to go to the present Victoria shareholders, and 70,000 to the flotation syndicate, the latter to provide £20,000 working capital, the other 50,000 shares, nil paid up, to be held in reserve for the uso of the company." The impression of tho directors was that tho people in London wero not aware of the full value of the property, and they (the directors)considered the terms suggested fair, but this was a matter for the shareholders to decide as to whether they would accept or n Captain Morris could not see the necessity of £20,000 as working capital, as according to appearances they were just now on a patch of gold. He would also like to see what these (rood indications were going to result in before they went further into the matter of disposing of the property. , , The Chairman said he was of opinion that if tho company was floated it would be advisable that there should be a reserve of £20 000. Mr. L. D. Nathan said he believed the first thing to be done would be to empower the directors to sell the property, and accordingly moved in -that direction. Captain Morris did not altogether approve of the last speaker's suggestion, and held that the matter should not be left entirely in the hands of the directors. The first thing to do would be to submit the terms, and in the event of their being agreed to, then the directors should be empowered to sell. Mr. Steele then proposed, and Mr. Julian seconded, the following recommendations of the directors That the directors are hereby authorised to dispose of the company's nerty on the following terms; a company e formed in Loudon or elsewhere, consisting of 200,000 shares of £1 each, of which 150,000 are to be disposed of as follows : —80,000. fully paid up, to (50 to the present shareholders; 70,000, fully paid up, to flotation syndicate for the purpose of %

forming a new company, out of which the 1 syndicate shall provide a working capital in cash of not less than £20,000, and place to the credit of the company, and defray all i expenses whatsoever incident to the flotation 1 and registration of the company. The balance, 50,000 shares not paid up, to be held in reserve for the future use of the Company, and not to be issued without the consent of the shareholders; and in case of issue to be first offered pro rata to the shareholders at par. Taking into consideration the indications of a patch of gold being found in the mine. Captain Morris did not consider they would be acting wisely to bind themselves to dispose of the property at any fixed price. _ It savoured somewhat of selling "a pig in.a poke." There should bo little difficulty in raising £10,000 in the colony if cash was wanted. Mr. Bluck was of the same opinion, and held that they should get a substantial interest in cash as well as a share interest.

Mr. Steele's amendment was then put to the meeting, and on a division being called, was adopted by a very large majority.

MINING CLAIM.

At the Magistrate's Court yesterday, before Mr. H. W. Northcroft, S.M., the case of William Christie Fraser v. William Heury Cliurtou and William Elliott, was continued. Mr. Burton appeared for the plaintiff, and Mr. Bnume tor the defendants. The olaim was for £12 10s, purchase money of a half share in the Kuaotunu No. '2 licensed holding, or alternatively the recission of the contract of purchase if the Court deem it a contract, as it was alleged that there had been misrepresentations. The claim has since been floated as the " Premier Gold Mining Company." William Christie Fraser stated\£hat he was an ongineer. He had signed a prospectus of the Kuaotunu No. '2 licensed holding, and would know his signature. On thinking the matter over, he was not positive that he did sign. Mr. Burton then asked Mr. Baume to produce the original prospectus, but he refused, and said nothing could make him produce it. His Worship asked Mr. Baume why he would not do so, and went on to say that he liked a case to be fought on fair grounds, and everything as fair as possible on one side as well as on the other. Mr. Baume replied that he would produce it at the proper time. Mr. Northcroft: All I can say is that it gives one the impression that there is something to be hidden. Mr. Baume: I have not said so. Mr. Northcroft: Well that is the impression. Witness was given a copy, or what was understood to be a copy, of the prospectus, by Mr. Burton, and examined on that. If- ho had had any doubt of the genuineness of the signatures preceding his own, it would have influenced him in purchasing. In consequence of a conversation he had with a Mr. Canhell, witness went to inspect the prospectus at Mr. Elliott's office, and the project was represented as a " good thing." He subsequently purchased a full share on behalf of a Mr. Montgomery and himself, and paid Mr. Cliurton for it, who was then manager pro (em. That was in October, 1893. He was unable to dispose of his half share in January, and, as far as he knew, the shares were not quoted to this day. Before purchasing, witness had rcceiveda notice to attend a meeting of the " Kuaotunu No. '2 Gold Mining Company, No Liability. -1 Witness was examined about the mimes of certain speculators which appeared on the prospectus, In an advertisement headed "Premier Gold Mining Company," which was published in February, those names were not in the list of shareholders. He had received no personal notice of any withdrawal of capital. The original prospectus was hero handed in by Mr. B.mme, and witness said his name, which appeared upon it, was not in his writing, although he might have authorised it to be put down. Mr. Baumo admitted that the majority of the writing was in the hand of Mr. Elliott. The names were not intended

to be signatures. Mr. Burton then asked for the license, and Mr. Bauine said it was not in Auckland, and further, that no license had been granted by the Warden at the time the prospectus wa3 signed and the money paid. Cross • examined by Mr Bauma witness said that neither of the defendants told him the property was a licensed holding. The first time he knew the

jetise had not been granted was about two months aco. He would not swear positively that Mr. Elliott did not explain to him the full position of the mine, but to the best of his belief Mr. Elliott did not. No one represented to him that the signatures on the properties were the genuine signatures of the subscribers. Witness said he understood

they were either genuine or put down as his own, by authority. On February 28 he was informed that Mr. Shera's money had been returned to him, and witness thought be was also entitled to have his back. He knew about a month before that the license was not granted. He considered he had not been put in full possession of the facts; that was his complaint. Witness had no conversation re the matter with Mr. (Jhurton v hatever except on the 28th of February. Witness had got what he barpined for, but had the company been formed at the time it would have been saleable.

Daniel Montgomery said he thought he was buying in a " licensed holding," and purchased because Mr. Eraser approved of the speculation. Walter Jones was also examined. At five p.m. the case was adjourned until Monday next. QUICKSILVER MINING. Our Kaikohe correspondent writes Quicksilver mining is now in full swing. Mr. A. P. Griffiths, the mining manager for tlio Colonial Exploitation Company, of Loudon, is a man of undoubted Qualifications, and if under his supervision the industry does not flourish, we shall have the satisfaction of knowing that the failure is not owing to want of money or brains.

AUCKLAND SHAREMARKET. | Very good business was done in mining shares yesterday in the Auckland sharemarket. Business was transacted in Cardigans at Is 7d. in Hazelbanks at 3s 8d to 3s 9<l, in Monowais at 5s 3d, and in Victorias at 4s, with firm demand in each. New Alburnias were exchanged at ss, with further buyers at 4s 9d. There were buyers of May Queens at 7s, with no sellers under 8s 3d. Little business was done in Kuaotuuu stocks, though offers were not wanting. In the Upper Thames list there was a run on Talismans, which saw business done at from 10s 3d to lis 2d, with still a demand at lis. Talisman Extendeds were firm, as were also Waihi-Silvertons, iu which there were sales at 70s 6il, with buyers at that. There were "buy er3 of Waitekauris at 90s, with no sellers under £5. Victors were done it 3s 9d, and considerable transactions took place in Centrals and Byron Bays. Bunker Hills were doue at 7s Id, with more calls at 7s. Exchanges were also made in New Golcondas, Pride of Tokateas, aud Welcome finds. Cheaper stocks were also in demand.

FREE EXCHANGE. The following sales were effected yesterday St. Patricks, 7d ; Nil Desperandums, ; Young New /jealands, Is ljd: Mount Aurums, sd: Coromandel freehold Proprietarys, Is 7(1 ; Bri tannins, 8M ; Bnffalos, 6|d; Scandinavians, 9d. There were buyers as follow: Rangatira, %1 ; Cardigan, Is sd; Excelsior, 3d ; Cnelt, 3d; Golden Fleece, sd; Huanui, Is 2d: Imperial, Is sd; Ivanlioe, 8d ; New Zealander, 4Jd; Nil Desperandum, 5Jd ; Talisman, 10s 3d ; Sovereign, Is; Central, Is 2d ; Hercules, 7id ; Waihi Extended, (Ud; Waverley, 9d ; Young New Zealand, lsljd; Byron Bay, lid ; Teutonic, ssd ; Queen of Waihi, 2s 7d; King of Waihi, GJd; Waihi South, 7-jd ; Waihi Dredging Company, 2d; Aorere, Is 3d; Kapai-Vermont, 6s 9d; Midas, Is Sid; Balfour, .sjd ; Golden Link, iid; Carnage sd; Ajax. 4id: Bunker's Hill, 6s Oil ; Hauraki No. 2, lOd; Hauraki South, 9d; Pride of Tokatea, Is 3d: Pukewhau, sd; Welcome Find, 2s 8d; Zealandia, 6d; Coromandel Freehold Proprietary, Is 4d; Buffalo, 6Jd; four-in-hand, Is 3d; Progress-Castle Rock, 5Ad ; Conquering Hero, 3d.

GENERAL MINING ITEMS. | It has been decided to forward a parcel of stone, taken from the Pride of Tokatea, and which was on view at Mr. VV. Spencer Hampson's office, to Loudon, by the outgoing mail. The Byron G.M. Co. will hold an extraordinary meeting of shareholders on the Bth prox. at the Bank of New Zealand Chamber at '2.30 p.m. The half-yearly meeting of the company will be held on the 30th, at 11 a.m. The annual meeting of the Sheridan G.M. Co. will be held at the N.Z. Insurance Buildings on the 31st inst. at 3.30 p.m. A call of Id per share has] been made Li the above company. Mrs. A. D. Clark announces that she has commenced business as sharebroker, as advertised elsewhere.

THAMES WARDEN'S COURT. [by telegraph—OWN CORRESPONDENT.} Thames, Friday. At the sitting of the Warden's Court today, before Mr, Eyre-Kenny, the following business was transacted SPECIAL CLAIMS. The following applications lot special chims were recommended:-J. Smith, jun., Duplex Extended, Kar.ika creek (recommended in the name of A. Young); 10. 0. Heale, The Hilton, Taiaru; 'Ilium Brierly. lolauthe Kxteudeil, W hanganiata (recommended in the name of 11. C. {lay/*, F. Hollis, Broken Hills Extended, 'I*'™*; L Lewis, Orion Extended, Puru; Arthur Wright Bis Beef,PP ur Henry Low, New Caledonian, Wftiotaht cieek ; J, G. Ralph, Tavistock, Waitekauri; J.J. ODulum, Wairoa Whangainata (recommended in the same I ofT.T.Eadv). | LICENSED HOLDINGS. I T.lcensed holdings were i;ranted as follows 1,. McLivor, Gi'Meu Arsow, Taivua; Attiiur Wright,

Dixon'*, Punga Flat; R. Kelly, Albert Park, Tapu J. H. Smith, Waimea Extended, Upper Tararu. Edward R. Edwards, Magazine, Tairua. This application was opposed by T. M. Glasgow, who objected to the area of 30 acres being granted ai shown on applicant's plan, on the ground that it overlapped to the extent of five acres on the holding known as the Eureka, for which he (Glasgow) was applying. Mr. Miller appeared for the applicant, and Mr. Clendon for the objector. Mr. Clendon, in support of the objection, submitted tbs following grounds taken up by the objector :-(!) That the land surveyed was not the land marked; (2) that the disputed ground was not pegged on the three angle* of the southern side before lodging the application; (3) that since the lodging of the application pegs were put in by the applicant at an angle on the south-eastern side; (4) that one of the pegs on the western side was nhifted, thereby including a greater area than originally marked out. Mr. Miller, on the other hand, contended that there hud been no wilful shifting of the pegs, and that il certain angle pegs had been put in, such had been done at the request of the surveyor. He submitted that the applicant was entitled to at least the Tholo of the ground confined within the four pegs originally put in, which would reduce the disputed area down to about two acres. After a considerable amount of evidence had beon taken for an 1 against the application, His Worship decided that the objector (Glasgow) had established his objection, and awarded the applicant (Edwards) the area applied for, less the disputed five acres. Costs amounting to £8 10s 6d were also allowed. The application of T. M. Glasgow for -the Kureka licensed holding which included the disputed tivt acres referred to above, was then granted.

MISCELLANEOUS APPLICATIONS. The following applications were granted :-F.W. Abbott, two water-races, Wbarekawa; Daniel Sheridan, permission to work the Golden Horn licensed holding, Tapn, with two instead of four men for four months; William Taylor, man's ground, Karaka Creek ; John Burke, six months' protection for the True Briton special claim, 1 apu ; Samuel Stephens, permission to work tha Bnton Licensed holding, Tapu, with two men for (out months; John Northey, six months' protection foi the Lincoln sppcial claim, Karaka Creek: Sarah Bawden, six months' protection for the Gloucester special claim, Karaka Creek ; Richard Webster, six months protection for the Just-in-Time claim, Te Papa Gully; J A. Pond, six months' protection for water-race, No. 9295, Tararu Creek, and six months' protection for water-race. No 9296, Tatarn Creek ; A. 0. Field, four months' protection for the Marigold licensed holding, Ohui; Henry Beecher, four months' protection lor the Carnation licensed holding, Ohui; John Smith, amalgamation of Duplex and Jlcl>anc South licensed holdings ; 8. Montgomery, machine site and water-race, Puru; J. TV. Thorp, four water-races, Taitua. With respect to 115 acres of surplus ground in the Hilton special claim, Tairua, E. J. Greville, being the first applicant, was awarded 10 ■ acres, and J. W. Boyd being the second applicant, was awarded the remaining 15 aero-. ADJOURNED.

The following applications were adjourned to the 27th. instant: -R. Cannell, Pikau special claim, Puriri; D. Sampson, Good Hope special claim, Puriri: J. P. \\ aril, extended prospecting area, Wharekawa; J. P. Ward, permission to work the Nil l)e.S|i«randuni No. 2 and Nil Desperandum Kxtended licensed holding, with a less number of men; J. W. Thorp, machine site, Tairua; 0. B. lieere, water-race, Puru. The following applications were adjourned to April 85 :-H. L. Smfth, Conqueror special claim, 'Vaiomo, for amendment of plan; U. J. Porter, Main lAid Surplus licensed holding, an objection beins lodged by tna KaUrj Timber Company; W. Calloway, Golden Falls special claim, Whangimau, for amendment of plan; A. S. JBrierly, nater-race, Wairoa Creek; Robert llateinan, machine site, Otanui; T. s. Morpeth, water-race, Puru; P. Maher, residence site, Tararu : li. 11. Bishop, water-race, Whareknwa; K. M. Williams and James Agnon, permission to work the Cumberland spccial claim, Karaka Creek, with a less number of men.

MINE MANAGER'S REPORTS. Waihi Grand Junction.-Shaft 238 feet; west crosscut 159 feet ; going through good country; miking a heavy rush of water. SukFaLO.—While breaking down last night ths leader showed strong blotches of gold through ths stone.