NEW ZEALAND MINES.

New Zealand Herald, Volume XXXIV, Issue 10409, 6 April 1897, Page 6

NEW ZEALAND MINES.

LATEST LONDON NEWS. [rSOU OCR OWN eOBRESPOSDEST.) Losdon, February 26. It is almost needless to say in view of the concurrent facts that it is fortnjphtly settlement time on the Stock Exchange, that tbe Cretan crisis is largely upsetting the money market, and that South African matters seem in as much disrepute as ever, that the New Zealand mining market in London is ttill tbe reverse of lively. At i tbe lame time there are many manifestations of the growth and progress of a more sanguine spirit than has prevailed of late. Evidences of this kind crop up from time to time in tbe financial papers, and may be regarded as the straws that show the way tbe wind is blowing. For example, the Ballionist, in the latest issue, points out that the prices of Now Zealand mines remain generally steady. In explanation id puts forward two reasons, one being that the market has not been flooded lately with this kind of stock, and secondly that a general feeling prevails that" there is a good time coming." In deed, it does not hesitate to point the moral in very plsin termn that the holders of New Zealand mining shares may well be content to await ultimate results, notwithstanding any temporary fluctuations of prices and of apparent values. Farther it predicts that very important) news may be expected by cable within the next two or thrie weeks, when Captain Argall shall have arrived in the colony, and be able to report on the outlook and actual yields of the various mines with which he is connected. Indeed, the Bullioniit goes further, and distinctly assert! that at the present low price of many good properties such as Kapanga, Komata Reefs, Komata Queen, Kathleen, Kathleen Crown, Tararu (Jreek, Scotty's Hauraki, Waitekauri Extended, these shares are certainly worth picking; up and might well receive the attention of investors. " K&pangas," it remarks, "at 9s 6d are absurdly low, and should now stand at double that figure, in view of the splendid future of the mine." It adds that others also stand at present far below their real intrinsic value, and should be bought without hesitation at ruling prices. It goes on to say that " the future of all the aforesaid mines is practically assured, and we feel convinced that in three or four months the shareholders will have every reason to congratulate themselves on tbeir holding, nob only in the above cases, but also in regard to many other valuable properties in the Thames. Coromandel, and Waihi districts."

One of the financial writers says:—" New Zealand is daily growing more popular than ever, and certain influential firms in the city have in their possession strong proofs of the important future of New Zealand as a gold producer." Messrs. Hunter and Skinner, who brought Home the mine formerly known as the Paraquet, at Waiom,o, in the Thames district, expect to bring it out shortly under the auspices of a new company, under the name El Dorado, COMPANY MEETINGS. On Tuesday last the annual general meeting of the Success Gold Minei Company was held at Winchester House, Old Broadstreet, Mr. Henry Wilson occupying the chair. The Chairman, in moving (he adoption of the report and balance-sheet, expressed » regret that it was not his privilege that day to speak in Che encouraging and satisfactory manner,he had usually been able to do in referring to New Zealand. Unfortunately he could not speak so favourably as he would have wished to do in respect to the Success Mines Company. Nevertheless he must ask the shareholders to remember that seven or eight months' actual working of the mine was not sufficient to develop its wealth. The enterprise bad been gone into under the advice and recommendation of two eminent experts, Captain Argall and Captain Hodge, than whom no advisers could probably be named as more suitable for the directors to rely upon. The Company's want of succees was due to a sudden alteration in the ground, which changed its character from rich co poor ground. However, the latest reports showed indication of improvement. A 10<staraper battery, with engines, boilers, and all appliances complete, had been erected, the Chairman went on to say, at a cost of £4146. About half of the amount of the calls unpaid, £1782, bad been received since the accounts were made up. Ic was considered advisable not to press shareholders too severely in these rather dull times for mining when their willingness and intention to pay were well known. The actual hitch which had occurred in their case was that the rich ore they were working at some eighteen or twenty points in the mine, 95 or 100 feet below the surface, was interrupted by what was technically termed a diorite dyke, in which no gold was ever found. It would be too tedious and too costly to goon developing the mine in the customary way, confronted as they were with a diorite dyke, and the present plan, recommended by their manager. Captain Hodge, was to sink a shaft some 200 feeb from the surface, and thus to test the ground. There was every reason to believe that the mine would be much more profitable at the greater depth. Difficulties also were experienced through the state of the roads, delaying the arrival of their machinery and supplies ab the mine. Then when the mill was started, the pipes conveying the water to work the Pelton wheel were found to be too weak for the pressure and leaked. This was remedied by the contractor. Then the teleeram of the first crushing from five months' operations was by no means satisfactory, the yield being 107oz of bullion, valued at £300, from 100 toni of stone. It was stated to be as satisfactory as coull be expected in the circumstances, the greater parb of the ore not being rich. The later telegram, which appeared to read " It is a very poor mine and will not pay to work," had naturally alarmed the directors, but it turned out to refer limply to the interruption of the diorite dyke, which had cut off all the rich ore for the time. Subsequently 41oz of gold bullion were obtained from a crushing of 150 tons, but still later 58oz from 44 tons. His own belief was that the mine, when properly opened out, would prove successful, and they might feel confident that if the mine possessed latent wealth in the form of good gold ore, such a man as Captain Hodge would get it out. He was glad to see that few shares had been sold, a* this pointed to the confidence still felt by the shareholders. Io seconding the adoption of the report, Mr. £. W. Lane expressed his conviction that the rather alarming telogram sent home by Captain Hodge was hardly warranted by the circumstances. He pointed out that the company atill had capital in band to the amount of over £9000, and they had all the machinery they required for the present, together with tteam power sufficient for them to be able to sink the new shaft 200 feet »b very little cost. In spite of the disappointment; that might be felt so far with the result, he thought the work already done had been something extraordinary. Hβ thought they had every encouragement now to expect much better resales during the next few months. The report and balancesheet were unanimously adopted, and the retiring director, Mr. F. G. Lane, was re-elected. The meeting then terminated in the customary manner.

A statutory general meeting of the Whitngamata Proprietary Company was held this afternoon at the Cannon-stroet Hotel, Mr. J. 1). Alexander in the chair. The Chairman explained that the meeting was called in accordance with the statute, and that there was no formal basinets to be transacted. Hβ stated that everything was going on well and good progress was being made, and that the affair* of the company were generally speaking in a satisfactory condition. Mr. Edward Riley, of E. Riley and Co., said he had much pleasure in assuring the shareholders that in hie opinion they possessed a very valuable property, and he said *o with a certain amount of knowledge, inasmuch as he had a* interest in the adjoining property, which was virtually on the same ground, and which was proved to be rich. The meeting terminated in the usual way. NEW COMPANIES. The Scandinavian Gold Mines Company, Limited, has been registered with a capital of £110,000 in 10s shares. The signatories are :~W. Jordan, G. C. Hayward, G. J. Webb, H. W. Jordan, H. C. Newman, F. Shields, W. C. Gurney. With a capital of £25,000 in £1 shares the registration of toe Haoxati Development Syndicate ji awwneei

SHAREMARKET. Accordine to my Stock Exchange quotations the following are the Utesb prices ruling for New Zealand, mining shares :- Achilles, 2s 3d 2a 9d; Aroha, i to §; BUgrove, Iβ 6d to 2s; Consolidated Uoldfields of NewjZealand 2± to 2f; East Hauraki, 9d to Iβ 3d; Glenrock, 6d to Is; Gloucester, Iβ 6d to 2e; Hauraki, 10s 6d to 11s 6d j Hauraki Associated, Is 3d to Is9d; Kapanga, 8s to 8s 6i; Kathleen, 2s 6d to 3s; Kathleen Crown, Is6d to2s ; Kauri, 111-16 to 11316; Komata Reefs, 12* to 13i; Komata Queen, 2s 3d to 2a 9d; London and New Zealand Exploration, Jto 1 J ; Maoriland, Iβ to Is 6ii: Mount Lyell, 8J to 8|; Moanataiari, ato 1; New Hauraki, h 3d to Iβ 9i; New Zealand Crown, 1 316 to 1 5-16; New Zealand Joint Stock and General Corporation, U to lg premium ; ditto Pounders', 11 to 13; New Zealand Minerals, 6 to 10; New Zealand Consolidated, J to J; Preece'e Point, Is 6d to 2a; Royal Oak, Is 6d to 2a ; Taitapu Gold Estates, 1 13-16 to 1 15-16; Thames-Hauraki, Jtol; Triumph-Hauraki, 9d to Is 3d; Tokatea, Iβ 9ci to 2s ; Union Waihi, ito § premium; United New Zealand Exploration, 1* to 1|; Waihi, 6J to 6J ; Waihi-Silverton, 13-16 to 15-16 j Waitekauri, 3J to 3|; Waitekauri Extended, 63 to 7s; Waitekauri United, Jto § premium; Waitekauri Cross, § to g ; Waitekauri Central, 7e to Sβ; Woodstock, 2to 2i; Irene, 3« to 3s 6d; KapaiVermont, 1 to 1J; New Zealand Finance, Ito 1J; New Ze.ilund Croivii, H to 1|; Success, Is to Is Gd; New Zoalaud Talisman, j to I; New Zealand Deferred, 13 to 15.