NEW ZEALAND MINES.

New Zealand Herald, Volume XXXIV, Issue 10419, 17 April 1897, Page 5

NEW ZEALAND MINES.

LATEST LONDON NEWS, [reoa OOK ows correspondent , .] London , , March 5, THE MARKET. So far from there being any revival in the mining market this week, the general tons is, lam afraid, more gloomy than ever. It is not so much the Cretan crisis now that keeps things dull, although that is not without its influence, direct or indirect, upon the market. The most prejudicial influence is exercised by the state of affairs in South Africa. Mr. Cecil Rhoite's) evidence before the Pa rliamentary Committee has not tended to put a brighter face upon things, and President Kruger's latest move toward virtual autocracy has had a greatly disquieting effect. It is of no use for New Zealanders to say all this has nothing to do with New Zealand, and ought not to affect the prices of New Zealand mines. The fact remains, as I have pointed out on former occasions, that any slump 1 in tne South African market had always a re-active effect upon New Zealand mining shares. And it is so at the present time.

Li conversation yesterday with Mr. Faithful! Begg, M.P., lie strongly confirmed all that I had previously heard as to the duluess of the market and the disinclination of British capitalists to touch any mines that had not been satisfactorily proved. " People in London,"said Mr. Paithfull Besg, "have become utterly disgusted at the way propertios have been poured in upon them. One London financier who has had a good deal to do with the promotion of mining companies, told me only yesterday that 11 man had just called upon him with literally a bag full of mining properties. Out of this bag he brought out no fewer than eighteen miuine; properties which he wanted to sell. Of course they were all virtually undeveloped properties, and the price asked was high, even if they had been proved to be all that they professed to be. I need hardly say that no sale came off."

LEGAL ASSISTANCE. It has been pointed out to me that in some cases a good deal of delay has occurred in connection with the flotation of New Zealand mines through the fact of the London lawyers consulted in the matter possessing insufficient knowledge of the New Zealand laws affecting such matters, and of the proceedings which have to be taken in connection with the transactions. It is very desirable that those who are sending home mining properties, or who bring them home, when they have to call in legal assistance, they should inako quite sure that they are going to the right men. It would manifestly be improper for me to name any particular firms, but a few inquiries in the right quarters will elicit the necessary information, and save a good deal of Irritating delay and disappointment, and perhaps failure. Several cases have been brought under my personal notico in which negotiations have fallen through, and the attempted flotation of mine? tailed through the ineptitude of the legal steps taken, while in other cases a fiasco nearly brought about by the same cause has been narrowly averted. THE MELVILLE CORPORATION. An important appointment has just been made by the Melville Corporation. Mr. S. Severin Sorenson has been appointed gnneral manager of all the properties which are under the general control of the Corporation, including the New Zealand Jn'bilee, KurauuiCaledonian, tue Mataranga, and of course Melville's, Mr. Sorenson, although, as will be guessed from his name, of Danish descent, is a Scotchman by birch and education. He has the reputation of being an exceedingly able man, and the Corporation consider themselves fortuuate in having been able to secure his services. He leaves immediately for New Zealand. In view of the large amount of business that now has to be transacted in connection with these various companies associated with the Melville Corporation, it hae been deoidod to open a branch office in Auckland, where all matters concerning the various companies—the New Zealand Jubilee, Kura-nui-Calodoniau, the Mataranga, and Melville's Corporation—that can be dealt with locally will be attended to by the local officers, thus relieving the London Board of a large amount of labour. LONDON AND AUCKLAND EXPLORATION COMPANY. Notwithstanding the general stagnation of the mining market, Messrs. Stokes and Wither have succeeded in forming the new company which I mentioned lately that they had in hand, namely, the London and Auckland Exploratiou Company. It has now been duly registered, and the prospectus is out to-day. It is to operate iu New Zealand, Australia, and Tasmania, but especially in New Zealand, where it will carry ou mining exploration and development. The capital is £250,600, namely, 250,030 ordinary shares and 600 founders' shares, all of £1 each. The profits will be applied first to pay a cumulative dividend of 8 per cent, ou shares other than founders', while, if any surplus, 75 per cent, will be distributed iu a further dividend on tho nou-fouiiders , shares, and the remaining 25 per ceut. among the founders'. An exceptionally string board of directors has beon' secured, all the directors being members of very influential Stock Exchange firms. They are Messrs. Edward Cazenovs, Ernest G. ilocatta, Charles Do Pass and Edward Wagg. The local board in New Zealand will comprise Messrs. Lawrence D. Nathan, John Browu, and H. E. Partridge. Mr. W. J. Stokes (of Stokes aad Wither) will be the secretary, aud the company's offices will be at Messrs. Stokes and Wither's office, 51 and 55 London Wall. Satisfaction is expressed that it has proved possible to secure as a local board the three gentlemen whose names have been mentioned, and who will bo assisted by a competent mining engineer. A contract was entered into yesterday between this company and the Anglo-New Zealand Mines Investment Company, under which the latter is to be immediately liquidated and its assets and undertakings acquired by the new company. The amount actually expended by the liquidating company, namely £2267, is to be repaid in cash by the new company, while an option as to the unissued new shares is reserved for a year to shareholders in the old company. Messrs. Stokes aed Wither teel muoh gratified that they should have been able to start such a new undertaking in the teeth of so severe a depression in the market. J.R, EXPLORATION SYNDICATE. The J.R. Exploration Syndicate, Limited, has been registered with a capital of £,1().')0 in £1 shares. The objects are: to prospect for aold and other minerals in New Zealaud or elsewhere. COMPANY MEETINGS. KAPAI-VERMONT COMPANY. The statutory meeting of the mont Gold Mining Company took place on Friday afternoon at the compauy's nfiices, 1, St. Helen's Place, Colonel E. C. Bensley presiding. The chairman explained what had been done so far in connection with the mine. The directors had already done much in the way of providing the needful additional machinery and appliances. They expeoted every moment to receive information that the transfer of the property had been completed, and that the titles were in the possesion of their representatives. The property enjoyed a high local reputation, and not only had beeu in work for a considerable time, but was also already dividendpaying. Colonel Bensley then quoted Captain Avail's report on the mine, in which he said :"I was exceedingly well pleased with my examination generally, aud feel couviuced that this true fissure vein will prove very productive at a great depth." The Chairman went on to say that the present company, in purohasmg the property, obtained with it a oomplete plant for crushing and treating the ore, but they had found it necessary to purchase additional machinery in order to extend operations. This they had lost no time in doing, and they were fortunate in having the advice of Captain Argall during hie late visit to this country. They had therefore shipped a No. 5 Krupp mill complete, with a good supply of reserve parts with steam engine, tubulnr boiler, and other accessories. They had also ordered a rock breaker and additional cyaniding plant at the request of their colonial committee, as well as a rotary furnace for the purpose of roasting the ore prior to dry crushing. They had just received a telegram to the effect thi'.t Captain Argall, since his return to the colony, had visited the mine, and was much pleased with its appearance. The purchases of machinery and plant already made were only a first step toward drawing on the capabilities of the mine. When remunerative returns were received, it was intended to add to the machinery, etc, until they arrived at a working capaoity of something like 1000 or 1200 tons a week. He felt confident that the reef would arrive at that stage before long. They had the whole crushing plant in active work, and at present development work was going on at the mine, and rich ore was beini; opened out, so that there was little likelihood of a break in the continuity of milling operations when a commencement was once made. Iu conclusion, tho Chairman stated that the latest cable received was, " The mine is being worked all right. They are getting into rich ore." In reply to a question, the Chairman said that an application would be made for a special settlement in the shares of the company so soon as the transfer had been effected. The meeting then closed iu tin muni w»y.

THE WOODSTOCK MAIN REEF COMPAXT. On Monday last a statutory meeting of the Woodstock Main Reef Company was held at 3, Princes-street, Mr. W. C. Johnson in the chair. The Chairman explained that the company had a nominal capital of £135,000 in £1 shares, and that provision had been made tor a working capital of £35,000, of which £'25,000 was issned, the whole having been privately subscribed without appeal to the public. Ten thousand eharei were held in reserve for further issue whon required, »nd no cash was spent by the company for promotion purpose'. The company's mine, formerly known as the Ravenswood, Was situated at Karangahake. Its extent was 90 acres, and they owned a well situated mill site and rights for a water-race on tho Ohineniuri river. The whole of this property had been transferred to the company. They had arranged with the Mines Corporation of New Zealand for the joint uso of its offices and clerical staff in the colony, Mr. H. W. Flint beiuf! the legal representative and registrar of this company. Mr. A. P. Griffiths, of Merrick and Griffitlis, of New Zealand, has been secured as consulting engineer. His mining knowledge was considered to be second to none in the colouy. The mine was a large property known to contain several reefs, with exceptional facilities for economical working by tunnels in the hill sides. Mr. E. F. Adams had now finished the survey, and & systematic and comprehensive plan of development had been drawn up by their consulting engineer. The work was making good progress. Some further buildings were necessary and were in course of erection. They would involve only a moderate outlay, as no pumping and winding eusjines and plant were required. A report on the mine received from Mr. Rechnagel, advising engineer to the Mines Corporation of New Zealand, expressed the opinion that the Ravenswood mine would reproduco the characteristics of the Woodstock Reefs, and thai two big reefs of over ten feet average width would be found eitending almost through the whole length of the Rwaiisrcood, beside a number of smaller reefs.

A letter had just been received from Mr, George Beetlum, one of the directors, the Chairman said, expressing the view that, taking all the circumstances into consideration, excellent returns might be looked for, even with a comparatively low yield of gold from the quartz. The directors thought the prospects were so eucomnging as to warrant their agents in the colony asking them to devote a sum of £500 a-month for development purposes. The main tunnel was being pushed on as rapidly as possible. Mr. Byles and Mr. McCombie had told him that the Woodstock Main Reef property might be considered as an ideal mine—prospectively, of course—and in no way inferior to the Woodstock mine, which adjoins it, while in area it was one of the largest mines of the district. The meeting closed with a vote of thanks to the chairman. NEW ZEALAND EXPLOBATIOS COMPANY On Thursday next the ordinary general meeting of the New Zealand Exploration Company will be held at the Cannon-street Hotel, when the report of the directors— Comte I. DeCamondo, Marquis d'Hantpoul, Sir Westby Perceval, Messrs. Jacques Kulp, R. G. Levy, J. H. Lukaoli, and Ernest Maywill be presented. The report and accounts are for the period ending December 21, 1890. The aggregate profit resulting from the Company's operations during this period amounts to £0'2,7'28 9* Cd, including a sum of £25,219 18s, premium realised on the sale of shares ot the Company, aud appearine in the balancesheet as reserve fund. The profit and loss account shows a credit balance of £27,476 11s Gd, of which the directors have decided to set anart a sum of £16,500 as provision against depreciation, as per clause 109 of the Articles of Association. Ot the remaiiiiug balance of £10,979 Uβ 6d. The directors recommend tho distribution of 2s 6d per ordinary share, and of £6 9s 6d per founders' share. The distribution amounts to £10,670 6s 3d, being £9375 to ordinary shares and £1295 6s 3d to founders' shares, leaving £306 5s 3d to be carried forward to the credit of the ordinary shareholders. It may be remembered that the company in its present form was incorporated on January 10, IS9O, when it took over the busings and assets ot the previous New Zealand syndicate. The balance-sheet, therefore, shows the result of the company's operations for very little less than twelve months, and the distribution on the ordinary shares represents 12J per cent, of the paid-up capital. Since its incorporation the company has formed two subsidiary companies, the Aroha Gold Mines, Limited, and the New Zealand Crown Mines, Limited, beine reconstructions of previously existing concerns. The company has further putchased several mining claims and properties, and also negotiated the acquisition under option of large areas of land. Messrs. J. H. Lukach and J. Kulp, the two directors retiring by retation, being eligible, offer themselves for re-election. Messrs. Deloitte, Dever, Griffiths and Co., auditors, who have been appointed by the directors for the first year, offer themselves for reappointment, at the usual fee. MISCELLANEOUS. "It is safe to say (says the Mining World) that only the fringe of the Thames Peninsula's vast mineral wealth has yet been touched." After "enthusing" aboub the olimate, abundauce of fuel, water, etc., the article concludes: "He would be a bold man who would veuture to say that, with the present activity in New Zealand mining, and with the capital, science, and skill that are being thrown into it, the productions of the next 25 years will not immeasurably surpass that of the past quarter of a century." Among the recent arrivals from Auckland on mining business is Mr. C. J. Hutchinson, who brings home several mining properties for sale, Little, of course, can be done with regard to them in the present atato of the market, but I understand they are in very Komi hands, and that so soon as any improvement takes place they stand a fair chance of being placed. Mr. Michael Andrews has also arrived lately from New Zealand with mining properties for sale, and I gather that he stands a very good oh&nce of getting them taken up on favourable terms so soon as the market shall become sufficiently favourable. LATEST QUOTATIONS. The following are the current prices for New Zealand mining sharos:—Aroha, 7-16 to 9-16; Blasrove, Is 6d to 2s; Consolidated Goldfields of New Zealand. 111-16 to 113-16; East Hauraki, 9d to Is 3d; Gloucester, Is to 2s; Hanraki, 10a 6d to lla; Hauraki Associated, Is 3d to Is 9d; Kapauga, 83 to 8s 6d; Kathleen Crown, Is 6d to 2s; Kathleen, 2s 6d to 3s; Kauri, 1| to 1|; Komata Reefe, Us 6(1 to 12s 6'l; Komata Queen, 2s 3d to 2s 9.1; London and New Zealand Exploration, jto 1$; Maoriland, Is to Is 6J; Moanatai;iri. fto 1; New Zealand Consolidated, ito f; New Zealand Crown, U to lg; New Zealand Joint Stock and General Corporation, 1J to ljj pm.; do., Founders', 1 to 13; New Zealand Minerals, H to i: do.. Founders', 6 to 10; New Hauraki, Is 6d to 2s; Preece's Point, la 6d to 2s; Royal Oak, la M to Is 9d ; Taitapu Gold Estates, If to l^; Tokatea, Is 6:1 hi 2s; Triumph Hauraki, 9d to Is; Union Waihi, i to i pm.; United New Zealand Kxploration, 1J to 1|; Waihi, 6 7-16 to 6 9-16; Waihi-Silverton, 13-16 to 15-16; Waitekauri, 31 to 3.}; Waitekauri United, 4 to § pm.; Waitekauri Extended, 6s to "7a: Waitekauri Cross, J to»,|; Woodstock, 1 15-16 to 21-16; Globe Venture Syndicate, £ to | pm.; Irene, 33 to 3s 6d; Kapni-Vermont, 1 to 1J; New Zealand Goidfk-lds, ItolJ : Success, la to Is 6d; Thames Hauraki, fto £.