NEW ZEALAND MINES.

New Zealand Herald, Volume XXXIV, Issue 10347, 23 January 1897, Page 5

NEW ZEALAND MINES.

LATEST LONDON NEWS. ' [from our own cqrbespondent.] London, December 11. GENERAL. I HAD a conversation to-day with Mr. G. Bigga-Wither, who has just come .over from N. ew Zealand with Mr. Stokes, manager of the Anglo-New Zealand iline3 Investment Company, ou business in connection with that institution, Mr. Bigge- Wither tells me ho finds everything dull in the extreme just now, so that it would be folly to attempt any new flotation until some improvement takes place in the general tone of things. " It is perfectly useless," said Mr. Bigge-Wither, " to go into the market just now unless you havo something that is not only very good iu itself ami reasonable in its price, but also iu the nature of a developed property. It is quite true that there are still some people prepared to buy Now Zealand properties at a reasonable price, provided that they have been to aome extent developed. I do not mean to say that there is not eveu some sale still for decent properties that are yet undeveloped, only then buyers will not give anything like the price that the colonial vendors expect. lint the London purchasers greatly prefer to give a better price fer a property that has-been somewhat developed and tested than to get a totally undeveloped property eveu at a lower rate. It would bejnstas well," he concluded, ' that yon should make this clearly understood in New Zealand." Ihis I promised to do, and now I have done it. _ At least I hope I have made the point quite clear. You will observe that its purport is practically the same as that of many previous discourses of mine which I have preached at the urgent re-quest of the higher authorities on tho subject, who are moreover, men largely aud deeply and widely lutorebteu iu the prosperity of New Zealand mines. The gist of the whole thing is that for somo time to come, and especially until the numerous mines already floated have begun to pay reasonable divdeuds, only the really Rood properties should be seut home to the London market, and vendors should be contented to receive moderate prices, part of the price being iu shares, as uu evidence of good faith, aud us a guarantee of their confidence in the value of tho property. I a:n informed that Messrs. Fraser and Chalmers are extremely busy completing a largo uumber of machines for New Zealand, inoldins! two large plants for the Arolia and New Zealand Crown Mines. These consist principally of a 214 effective horce-power air compressor, hoisting engine and pump to be worked by compressed iiir, pipes of every description., Pelton wheel of unusual dimensions, all for the New Zealand Crown Mines; and a 100-jiorse power air compressor, Pelton whecel, pipes to drive a number of air drills, etc., intended far the long drive at Arolia. At the New Zetland Crown Mines the foundations for the r.bove plant and 40 new stamps are iu course of erection, aud it is expected that tho whole plant, which is a largo addition to the existing one, will be at work by the middle of next year. The directors of the Woodstock Gold Mining Company have just issued their report for tho period ending 30th June. It will be submitted at the general meeting to he held in Louclon on tho 18th inst. It states that the company was registered on the 30th July, 1895, with a capital of £150,000 in £1 shares. Up to 30th June lost 137,501) shares had been i«3ued-l 12,500 of them as fully paid-up to the vendors, 'ind the romaining 25,000 in return for £'25,000 cash. Since that data an option reserved by the vendors of subscribing for the remaining 12,500 shares at a premium of 03 per share has boon oxeroised, and the company has thus been provided with further oiish to the amount of £10,6'2i), The property oonsists of iv mining area of about 72 acres, situate at Karangahake, in the Upper Thames district, Hauraki Peuinsula, New Zealand. It is divided into twonearlyeqnalportions by tho Waitahwheta River, which flows through it in a narrow gorge some 700 feet deep. This circumstance affords great facilities for economical working, inasmuch as mining can bo carried on by moans of adit levels set in from the sides of tho gorge, and the necessity fur aiukiug shafts -iiid erecting expensive pumping and hauling machinery will thus be obviated for many years to come. On tho -Ist September, 1595, when possession was obtained, work was being earned on with a ten-stamp battery capable of crushing about 230 tons of ore per month. The directors, considering such * plant wholly inadequate to deal with the large quantities of payable ore known to exist, decided at once to eroct an additioual 30 head of atumps, with the necessary cyanide plant for treating the crushed ore.' The old ten-stamp battery continued running till the end of Maroh last, when it was stopped to allow of the erection of the new plant. Between 21st September, 1595, and the following 30th March, the .amount of ore crushed was 1352 tons, assaying £5 3s 9d per ton, and the value of the bullion recovßred was £5104, or an average of £3 15s 6d per ton. This represents a recovery of about 85 per cent, of the gold and 55 per cent, of the silver. It is expected that with the new plant a much higher percentage of extraction will bo obtained. Pending the completion of the new works, the development of the mine lms been proceeded with vigorously. Up to the 30th June a sum of £4875 had been expended on this work, and since that date the rate of expenditure has been about £800 per mouth. As the result of these dovelopmeuts, Mr. McCombie, the mine manager, has estimated that there aro now 32,000 tons of ore in sight. & meeting of the Cassel Gold Extracting Company was held at Glasgow on Wednesday last. Mr. D, 8. Carson, who presided, said that since the last balance-sheet was issned £7500 had been written off for depreciation in the Mac Arthur - Forrest patents. The value of these patents now stood at £18,017, whereas iu March, 1802, they stood at £97,011. Tho profit for tho year, after deducting expenses and depreciation, was £20,221, out of which it was proposed to pay a dividend of five per cent, on the paid-up capital, payable in fnlly-paid shares in tho New Zealand Crown Mines Company, calculated at par. The company had won an action for the reoovery of royaltics against the South Australian Government, but the adverse decision in South Africa had come upon them as a surprise, as they could hardly realise that with ft case so strong a decision adverse to their patents could havo been arrived at. They did not wishtn ininimiso the seriousuess of the decision, but the chairman pointed out that the nutter had still to como before the Court of Appeal in London. Mr. Carson remarked that the treatment which the Cassel Company had met with would be au interesting object lesson to inventors. Apparently the more valuable inventions were, the less likelihood there was of the patents being maintained in the face of farreaching combinations of sinister influences such as the Cassel Company had had to cih counter. He believed that they had built up an established position as cyanide manufacturers, and that their work was second to none. That department of their business would continue to receive close attention. Mr. Carson concluded by moving the adoption of the report and the declaration of a 5 per cent, dividend. Mr. Leonard (iow having seconded the motion somo discussion ensued. Colonel Aitken criticised the action of the directors, but held that the position of the Cassel Company was not hopeless, even in regard to the African Recovery Company. It had very good assets, having royalties from New Zealand and elsewhere iu addition to the cyanide business, but the expenses ought to be out down. Several shareholders expressed their [ concurrence with Colonel Aicken's 1 views. Mr. Thomson asked how the compauy's patent rights stood in New Zealand? In reply, the chairman said that as regarded the company's patents in New Zealand their first application to the registrar to amend the patent was refused, and they appealed to the Supreme Court. Tho directors hoped to be able to reduce the working expenses. Ultimately the report was adopted, Mr. J. S. McArthur, was reelected a director, aud tho remuneration of the directors for the year was fixed at £300. A case of considerable interest in connection with New Zealand mining companies has been before the Edinburgh Law Courts, Lord Low being the presiding judge, Baron James de Hirsch, of 20, Rue Taitbout, Paris, and 30, St. Swithin's Lane, London, was the "pursuer" or plaintiff, and David Macgregor, 2, Salisbury Quadrant, Strathbuugo, Glasgow, was the " def endor." The action m officially described as being "for declarator that, under agreement constituted by letters dated 27th April and 2nd aud 4th May, 1896, the defender bound himself, on the requisition of tiie pursuer, to transfer and deliver to the .pursuer, 7000 shares nf £1 each, fully paid, of, aud in the New Zealand Crown Mines Company (Limited), which was registered on 27th Juue, 1596, against or on payment of 30s per share, such shares to be transferred and delivered, after receipt or allotment to the defender thereof, in such quantities as the pursuer might require the same, and at any time during a period of six months from the registration of the company. A docerniture to transfer and deliver the shares was asked on payment of 30a per share. There was an alternative conclusion for payment of £14,000." According to the affidavits the defender was a director and shareholder of the New Zealand Crown Mines Company. It had now been amalgamated with the Earl of Glasgow Mine, and the two amalgamated companies .were thereafter, on 27th June, IS9G. registered under the name of the New Zealand Crown

Mines Company. It was contended that by the letters on which the pursuer's case was founded, the defender agreed to transfer, as stated, 7000 of the Shares which would be allotted t.i liiin" iu the new company. On the 27th June, 1896, the pursuer intimated that he called for delivery of the shares, but the defendant disputed that he was bound to deliver. At that date the market price of the shares was above 30a per share, and the pursuer said that but for the defendant's refusal toimplement the contract he would have realised .them at a large profit. Since the date'.nf raising this action (13th July, 1S06) the price had fallen, and is now below 30s. per share, and by the defender's refusal to implement the contract, the pursuer had sustained. great loss and damage. .He accordingly claimed that in place of a transfer he was now entitled, under the second conclusion of the summons, to decree- for the loss and damage Sustained, which amounted to the sum wed for. The defence was that when the nejy company was formed the pursuer and his principals neglected, or at all events, failed, to procuro for the defender a seat upon the Board, The parties were therefore in breach of tho undertaking given to the defender, upon which alone he consented to withdraw his opposition to the amalgamation echeine, and to give the pursuer's principals the call of the shares. The defender maintained that, as they had failed to implement their part of the agreement, under which he agreed to trausfer the shares, he was ijot now bouud to perform his part. To-day, however, 1 hear that the action has boen settled. By the arrangement tho defender retains the shares, each party discharges tho other of all claims of damages, and no expenses are awarded. A very valuable and satisfactory report has just been received by tho Hoard of the Consolidated Goldfields of New Zealand from Mr. David Zimim, the managing director for New Zealand, and is buing issued to-day by the directors to the shareholders of the company. Copious detailed information is given about each of the groups of mining properties which are now in the possession of'the company, including the Humphrey Gully group, the -Golden Fleece and Wealth of Nations group, the Welcome group, tho Rosebory and Caledonian group, and the GlobeProgress gronp. At a meeting ot the Greshanj'tiold. Exploring Syndicate, held yesterday, at Winchester House, the chairman, Mr. J. J. Wallace, announced that interim dividsude amounting to 40 per cent, had already been paid in casli during the current year. One of the subsidiary undertakings, the Whitehead and Sultan Company, had acquired a property iu New Zealand in place of the' West Australian one. This New Zealand property is situated iu the heart of tlis Thames Goldfields, aud surrounded by some of the most important iniucs in Now Zealand. It has received the new title ot the Hauraki Golden Age mines, and the directors learn that there are very large bodies of ore ready for crushing operations, which .will soon he started. Further, the ohairnuvn pointed out that the directors hud turned their attonbiou more prominently to New Zealand, where, he said,' the miniug laws were much more encouraging to capitalists aud conducive to proper mining. The company was chiefly interested in the 200 acres known as the Komata Viow, situated in the Komata district of the Hanralii Peninsula, near the Komata Reefs mine. Their consulting engineers in Now Zealand, Messrs. Totizeau and Jausou, thought bo well of tho prospects of the mine that they acquired au extra hundred acres, which would now be developed under the direct supervision of thoir own engineers, who had a very able staff of assistants iu Now Zealand, including Mr. A. P. Griffiths, who was ii Wliitworth scholar and held several other qualifications. The joint manager ot tho Australasian Gold Trust and .if the New Zealaud Pioneers recommend with reference to the company's claims on the Taitapu Gold Estate that a travelling party bo lit once equipped to explore some of the hack parts of the Tμtapu block, of which he had heard extraordinary stories as to reefs contained in it, and which lay direcliy in u line of the gold-bear-ing part of that district. Therefore, in his opinion, it would warrant the cost of two or three men during the summer mouths, when that heavily timbered country was most ac cessiblc. He reports very well of the finds in blocks 2 and 3, and sa,, J he has seen some exceedingly linn prospects from the tunnel. A very favourable report has been received upon the property of the New Zealand TalUmau Gold Mining Company. It states that the company owns a very valuable mine, capable of producing highly payable ore in considerable quantity for many years at a low working cost, while a large area of the property, and the fact of its intersection by so many reefs, render the probability of new discoveries of rich ore a reasonable expectation ; so that, with tho improved milling facilities, the prosperous future of tho miiio is considered to bo fully assured.

NEW COMPANY.

With a capital of £09,000 iu £1 shares the Kiwi Syndicate Limited lms been registered by N. Herbert Smith, 43, Coleman-street, E.G. The objects are :To adopt and carry into oft'ect an agreement expressed to be made between R. H. Byles of the one part and this company of the other part, and to institute, enter into, curry on, assist or participate in financial, commercial, morcantile, industrial, manufacturing, mining aud other businesses, works, coiitraots, aud undertakings, and financial operations of all kinds in New Zsahnd or elsewhere. The signatories are; G. Freeman, L. T. Simpson, H. Simpson, R, Freeman, R. H. liyles, R. Crawford, G. Rotbwill, The number of directors is not to be more than five nor less than two. The llrst are H. Simpson, L. T. Simpson, G. Matosdorf, and G. Freeiimu, Qualification, £500. Remuneration, us the company may decide.

COMPANY MEETINS. NEW HADKAKI GOLD PROPERTIES. The annual meeting of tho New Hauraki Gold Properties Company took place on Monday las.t, at Winchester House, Mr. Henry Wilson occupying the chair. In moving the adoption of the report, the chairman expressed regret at the death of Colonel Thomson, one of the directors, lie then proceeded to explain the various itome in the accounts. He pointed out that the company had still a considerable balance in hand for working capital, and they believnd this ,vould be quite sufficient for all their purposes until the miue should be brought into ii piiyiug condition. Tho company had £13,000 earning 2J per cent., and they had 160,000 shares in tho Success Gold Mining Company, which they would hold until better times came, wheu they might dispose of them at a premium. A large expenditure of money, time, and patience was required to thoroughly provn and develop a property of the extent of tho New Hauraki. A bold, progressive policy was being pursued, which had for its object the opening up of tho mine thoroughly und not merely picking out the best bits beforo it was thoroughly developed. This, however, meant much delay and work, It was satisfactory that the management of the property was under to able and trustworthy a man a3 Captain Hodge, The property was almost too large to be treated as one mining area, and it was possible that it might be found advantageous later to dispose of a portion of it, thougii nothing aa yet has been arranged. There were plenty of people, both iu England and in tho colonics, who were perfectly ready to appreciate tho knowii wealth iu the Tokatea. Mr. F, G, Liwo, who seconded the motion, mentioned that the company had acquired on leasehold at no cost to itself, 14 acres to the west of their property. They considered this addition of great value. Mr. Lane went on to explain at some length the way thoy were developing the property, and declared that so fat' as they had seen it was mineralised throughout and that much better results might be expected at a deeper point. Their agents were positive ,of success.andtheirdevelopmeutsshowedclearly that they had prospects second to no other mine in the district which was not at present returning ore. The report and balance-sheet having been adopted, Mr. F. G. Lane was unanimously re-elected a director, and the meeting was closed in the usual way.

GOLDEN PAH (HAURAKI) CO. A statutory general meeting of the Golden Pah Company was held on Monday last at Wiuphester House, under the presidency of Mr. Henry Wilson. The chairman, after explaining that this coinpauy was an offshoot of the Hauraki Company, spoke highly ot the energy, intelligence, aud probity displayed by Captain Hodgo in the development of the property. The Hauraki shareholders who had the right of subscribing for the shares of this subsidiary company freely availed themselves of the privilege, and all the shares were taken up except thp 20,000 which had been reserved to be issued later, probably at a considerable premium. A telegram received that day couoluded, "I cousider the mine in every respect very valuabln. , ' Patiauce, however, would be needed in carrying out its full deyelopmeufc, but he thought there was not the slightest doubt that the shareholders possessed a property which would turn out satisfactorily, and it might be to the same extent as the-parent company, tho Hauraki. It was known as a matter of fact that there were five distinct lodes running through the Golden Pah property, and that two of these lodes had exactly the sanio bearing as the principal main lode's iu the Hauraki, A shareholder asked what was proposed to be done with the profits made by the disposal of the area of the Golden Pah Company. The Chairman said the profits would be divisible, and would be participated in by the present shareholders of the company. The meeting closed with a vote of thanks. ■■•■■■■

NEW ZEALAND JOINT AND GENERAL CORPORATION. A statutory meeting of the New Zealand Joint Stock and General Corporation was held on Monday at the Cannon-street Hotel, Mr. A. Worthington Biggs in the chair. The chairman said that since the company was registered in August, 100,090 shares had been applied for and allotted, 10i per share being called up. which gave a working capital of £50,000. A liability of 10a per share still remained uncalled, but it was uot intended to call up this amount, as it was thought better to keep it as a sort of final reserve. It, was intended as profits were made to carry a large proportion of them to a reserve fund, so that as these accumulated year by year, there would bo less likelihood of the uucalled capital being called up, The object of the company wa3 mainly to do business in New Zealaud properties. New Zealand was rich in minerals and was likely to become one of the most profitable goldproducing countries; the advantages of climate, jof wood, and of water, were unrivalled, while the reels wore of good width, and the cost of mining was very low, so that New Zealand hud all the elements for successful mining. At the present time the directors wero in treaty fora large area, which, if they succeeded in getting, would prove a valuable acquisition. Tho company bad uot all its eggs in one basket, but' hail u large interest in the Northern territories scheme winch had dealt in a district loug known to be rich in gold. He thought he might assure tho shareholders that unless matters failed entirely to go as they expected they had already during the few month's the company hadbeeu in existence earned n handsome profit, aud as soon as certain matters now in train were completed he thought they wonld be justified in declaring au interim dividend. They did not intend to divide profits up to the hilt, but hoped to make it a successful concern which would last many years and also be a steady dividend-paying enterprise. Therefore, they would endeavour as they made profits, while giving the shareholders reasonable dividends to accumulate both a reserve aud a dividend reserve fund so as to equalise profits in dull times, which in tho loug run wonld be to the interests of all concerned, and would make the whole business moio stable. Mr. R. 15. Tetlay, one of the directors of the Northern Territories Company, mentioned that tljat company was already formed and in aptivo work. A very complete crashing plant of great _puwer, and machinery for winding, pumping, etc., had already been sent out and the rich ores would be treated on a very Urge scale. They had also sent out a cyanide plant to treat tho tailings which wore rich in gold and of which they had many thousand tons, The second engineer had been on tho ground for some time, and the chief engineer with a chemist and several other officials sailed last week. 'J hey hoped to be able to claim tho subsidy offered by the South Australian Government to the first company which had an aggregate of 3000 feet in shafts, none of tho shafts being less than 300 feet in depth. In reply to u question, the chairman said that they had a very substantial interest in the Northern lerricories Company, but it would bo unwise at the m/osent stage to state the precise extent of it. Half the new shares to l;e issued would ba reserved for preferential allotment among the financial oompanies concerned. The pries of issue would be known shortly. In proposing and seconding the vote of thanks, Messrs. Judd and Kelly spoke in warm tonus of this prospects of the Northern lerritoiies Company in which the New Zealand Joint Stock Corporation had au interest. The meeting closed in the ordiuury way.

THE SHAREMARKET. According to my latest information from tho Stock Exchange this afternoon, the following are the prices current for New Zealand mining shares;— Achilles, Is 3d to Is 6il; Arolm, jj to j ; Blagrove, 2* Gd to 3s 6d; Consolidated Goldfields of New Zealand 2 1516 co 8 1-16 : East Hauraki, Is to Is 0d ; Glenrock, 6d to Is; Gloucester, 2s 6d to 3s; Hivuraki, 16s to 17s; flauraki Associated, 2a 6d to 3a; Kapanga, 10a 3d to 10s 9d; Kathleen, 3s 3d to 3s 9d : Kathleen Crowns, 2s to 2s Gd; Kauri Freehold, 2§ to 2f; Komata Reefs, lL's 3d to 12s 9d; Komata Queens, 2s 91 to 3s 3d; London and New Zealand JUxpluratiou, i'd to l|d ; Miiorilimd, Isfldto 2s 3d; Moamitaiari, lj to jjd • New Zealand Consolidated, 1| to H; New Zealand Crown, 1J to 1§; New Zealand Joint Stock and Uueral Corporation. § to £ premium ; Do. Sounders' 10 to 13; New Zealand Minerals par to J premium ; Do. Pounders' 10 to 15; New Hauraki, 2s 9d to 3s 3d; Proece's Point, 2s 6d to 3s; Roval Oak, 2a to -.'a 6.1; Thames Hauraki, Jto 1; Triumph Hauraki, 2s to 3s; Taitapu Gold Kskites, 215-16 to 3 1-16; Tokatoa, Is 0d to 2s 3d; Union Wiuhi, par to I premium; United New Zealand Exploration, ljj to 1J; Woilij, 7 tu 7Ji VVailii-Silvertnu, § to g; Waitci'.auri, i-\ to <1|; Wuiiekuuri Extended, 8s to (fe; Waitekaiiri United, ft to J premium; VVditi'kiiui'i Cross, J to 1; VVuitekauri Central, is to 8s; .Woodstock, 2 3-16 to 26-10. New Zealand mines have been much stronger during the current week. Consolidated Gold Fields have been in very brisk demand owing to rumors as to the coming report of Mr. Ziman to which I have referred elsewhere, The shares wero actively inquired for to-day at 3 to 3J. Waitekaiiri shares have inproved to 4jj, and Arohag to •}; WaihiSilverton also improved to J, Komata Reefs and Kauri Freehold were n shade easier at the dose.