THE GOLDFIELDS.

New Zealand Herald, Volume XXXIV, Issue 10429, 29 April 1897, Page 6

THE GOLDFIELDS.

AUCKLAND SHAREMARKET. Thibi wm again a fair demand for stocks yesterday, but in most cases at prices at which seller* declined to do business. There were enquirers for National Banks at 39s 6d, New Zealand Insurance 71s 6d, Auckland Gμ (new) £9 6s, and for Devonport and Northern Steamers at late quotations. In mining New Whans were disposed of at 3M, Scandinavians at 3d, and Royals at Is 6d. Victoria!, though sold at 2s 4d (a lower figure than that at which last business was done), had a downward tendency, 2s 3d being the best offer at last call. There were buyers for Hit or Miu at Is 3d, sellers asking Is Bd. Waihi-Silvertons were quoted at 20s. VVaitekauris and Woodstocks at last quotations. Great Barrier Island stocks, notably lonaa and Aoteai, were in better demand. ASSOCIATED STOCK AND MINING BROKERS. Business in the following was yesterday transacted by the above:—Waihi Extended, 7d; Waibi South, 6d; Aotea, 6d. WELCOME FIND G.M. CO. The annual meeting of shareholders of the above company was held yesterday at Mr. H. Gilfillan's office, Exchange court. The chair was occupied by Mr. fi. Kent (chairman of directors), and there was a fair attendance oi shareholders. In the report it was stated that while the results of the past year had not been altogether such as the directors could wish, it had been proved that the company's area was in a gold-bearing channel of country, and productive of ore of more than ordinary value. In the mine manager's report, details of the work done during the year were given. The balance • sheet shewed expenditure to have been £3901 8s Bd, including prooeeds ot ore crushed £1503 7s Bd, and calls £2012 8s 6d. The expenditure amounted to £362812s Id, wages and supplies, £2465 6s 7d, being the principal items. The credit balance wm stated to be £27216s 7d. Oβ the motion of the chairman the report and balance-sheet were adopted. The retiring directors, Major George, and Messrs. B. Kent and J. Smith, were re-elected. Mr. O. it. Waymouth was re-appointed auditor. This concluded the business.

WONONA G.M.CO. At the request of the directors Mr. Allom, of JMessrs. J. I. Philips and Co., visited the above mine. Hix report on the work done is as follows! —We have measured up the driving which amounts to 240 feet, besides numerous short prospecting drives on various parts of the ground. The country ii steep and heavily timbered, and numerous traoka have had to be cut to tare time. There are numerous small leaders and veins to be met with on the property, also one reef 20 feet wide, which has been cut in two places, and which the manager is now driving to cut at a much lower level. It is a promising bod; of quartz mixed with first-class ore that gives a reliable iileaof its quality.

CLUNES G.M. CO. The half-yearly meeting of shareholders of the above company called for yesterday lapsed. Tin directors reported that in January six months' protection was granted. With reference to the option on the property the purchasing company had been registered and » considerable portion of the working capital underwritten. The disturbed state of the English market had prevented a sale, but with a revival of business the holders of the option were confident of bringing the same to a successful issue. The balance-sheet showed receipts to have been £'265 3s 6d, and expenditure £K9 3s 7<l; wares and supplies totalling £189133. The credit balance is £3 17s lid.

WAITEKAURI MINERS' UNION. Pakmm, Wednesday. At a meeting of the Waitekauri Branch of the MiDers , Union Mr. W. H. Potte, president of the Thames Union, was present, asd gave an interesting account of the progress of the union, and explained its objects. Next Saturday a meeting is to be held at the Waitekauai Hall for the purpose of forming a committee and appointing stewards for all the mines.

NEW ZEALAND JUBILEE. Paeroa, Wednesday. The Melville corporation, a wealthy Home syndicate, which includes amongst its properties the well-known New Zealand Jubilee mine at Waitekauri, has dispatched Mr. Severin Soreneon, a South African, as mining engineer of its interests in this colony. According to private advices, Mr. Sorenson, who, by the way, though oi Danish descent 1 is»Scotchm»n by birth and education, is a very capable man. The company certainly do not intend sleeping on their rights, but give evidence of continuing the progressive policy which has distinguished their operations throughout.

MINING ON THE KAURI TIMBER COMPANY'S LEASEHOLDS. Thames, Wednesday. No farther evidence was taken to-day re the above matter. Mr, Burgess, who is conducting the inquiry, left for Paeroa to-day, but will be back here again by Friday, when he anticipates taking the evidence of other witnesses who have sent word in from Tairua that they are coming iu to gee him. WATER CONSERVATION. [BY TELEGRAPH.—PRESS ASSOCIATION. I Wellington, Wednesday. Mr. Perham, of the Public Works Department, ha» been instructed to prepare a preliminary report in connection with the Government scheme for conserving water on the goldfields of the colony. BIG REEF G.M. CO. A LIVELY MEETING. A special general meeting of the shareholder* of the above company was held yesterday in Messrs. Clarke and Fleming's office. Mr. Andrew Wright (chairman of directors) presided, and there was a good attendance of shareholders. The meeting was convened in compliance with a requisition from shareholders, the business being to consider a proposal re removal of directors at any time, and to take into consideration the arrangement made for the sale ot the mine.

The Chairman said that bo far as the directors were concerned they had nothing to hide. Their actions had been straightforward and in the interests of the shareholders. If there was anything radically wrong with their management it was for the shareholders to gay se, and put the directors out of office. Certain insinuations and charge* had been made, and all sorts of rumours bad been afloat. He had a suspicion as to who was responsible, but did not know positively, and he therefore asked the individual referred to to stand up like a man, and ny what he had to say. None having stood up Dr. Wilkins explained the circumstances that had led to his accepting a teat on the directorate. His sole object in accepting was to bring about an engagement with an expert from Home, who was at present in Auckland, so that the ore from the mine should be thoroughly examined and the best made of treatment ascertained. He did not want the fees, and thought that directors should not accept any fees until their mines became reproductive (hear). What with directors' fees, legal manager's expenses, and office charges, etc., it was impossible for shareholders to stand the drain. The Chairman said it was necessary to ascertain whither the refractory ore in the mine could be treated. If that were determined the mine could easily be sold, Mr. Hickey said it had come to his knowledge that negotiations for the purchase of the mine in London had fallen through owing to overloading by agents, who had put another £2500 on to the price asked by the shareholders u commission. He did not think that they had any right to so handicap a property, ueither did he think the directors (who were appointed to safeguard the interests of the shareholders) should have allowed inch a thinj to be done. It had been said that the handicapping had been done with the knowledge of the directors, and he thought it was about time that work of this sort should be put a stop to. The Chairman defended tht action of the directors, stating that the commission of £2500 was not too much, considering the price asked for the property, 'fen per cent. was the usual commission on sales, and that would be £5000 if that percentage had bun the arrangement made re commission. The shareholder* had named a net price and insisted on getting that figure, and agents had to charge a commission somehow. Mr. Pollock referred at length to the statements mad* re overloading, which he said had never been done. The reuou why the sale did not take place was because of tht " slump" in the market at Home. The charge* of overloading and that' some of the directors were to receive a return commission were aot baud on fact*. The directors had worked hard to effect % sale, and the shareholder* were under a debt of gratitude to them. Mr. Pollock also referred to certain statement* made which he stigmatised u being "deliberate and malicious falsehoods."

Dr. Wilkini referred to tbe "indiscreet and injudicious speech" which they had heard, and said it was calculated to offend directors and shareholders. He expressed the opinion that the property had been overttsM tai that (bii bjdkiUed the sail

Mr. Hickey maintaiued that what he had Mid iu absolutely true. ThoM opposing had endeavoured to draw a red herrinj; across the tract, and by inuendo to diicredit him in the opinion of the shareholders, but he " hurled the bue accusations back." It «h not right tbtt the director) should hire power to hand a valuable property over to men to make ducks and drake* with.

The meeting at this stage became somewhat more lively, several of the shareholders speaking at once. The Chairman, turning to Mr. Hickey, asked him to cease his by-play. Mr. Hickey replied that he was not playing : he was very much in earnest. After another altercation, the Chairman said he would not listen to any further "humbug and claptrap," and that the meeting had been called for the purpose of transacting business.

"Yet," responded Mr. Hickey, "and you art doing your best to baulk business." Mr. Hickey continued speaking, amidst cries of "Sit down." "Chair," etc. The Chairman, turning round and facing the speaker, shouted, " Will you sit down, tirf

Eventually order was restored. Dr. Wilkins then moved the following motion : " That the following rule for the management and purposes of the company be added to the rules at present in existence, viz.,' That the company may at any extraordinary meeting remove any director or directors before the expiration of his or their period ot office, and appoint another or ether qualified person or persons in his or their stead, and the person or persons ao appointed shall hold office during such time only as the director or directors in whose place he or they is or are appointed would have held the same respectively if he or they had not been removed.'" The motion was seconded, put. to the meeting, and carried, only fire hands being held up against it After further remarks the Chairman declared the meeting closed. No motion re conditions under which the property was to be sold was brought forward, so that in this connection matters remain undisturbed.

GENERAL MINING ITEMS. Yesterday the mine manager of the Karaka Queen telegraphed to Mr. Churton to the effect that the reef on No. 2 level had been broken down, and that strong gold was freely distributed through the stone. Mr. Green, a mining expert from England, who ia at present in Auckland, has been engaged by some companies owning properties where the ore is refractory to examine the stone and report. Mr. W. H. Churton yesterday received the following wire from the mine manager of the Premier:—"A good prospect ot loose gold has just been obtained from the bottom of the wiaze in the Premier claim."

The mine manager of the H&uraki No. 2 mine telegraphed yesterday :—" Touched more quartz in the face of the crosscut this morning." The half-yearly meeting of shareholders of the Jupiter Gold Mining Company called for yesterday lapsed. The balance-sheet showed receipts to have been £469 15s, and the expenditure £273 89 10d, leaving a credit balance in hand of £195 6? 2<l. Mr. Josiah Martin has just completed a series of about 60 photographs of various parts of the mine and battery of the New Zealand Crown Mines (Limit* A). The photos show the workings above and below ground, and all the various processes in the battery treatment. A full set has been forwarded to London by Mr. R. R. Hunt, general manager of the New Zealand Exploration Company, while a telectiou was on view yesterday at Mr. Martin's. The following meetings to have been held yesterday at Mr. J. H. Harrijon'soffice, lapsed. The cash in hand in each instance is :— Napier Gold Miaing Company, £42 9* 9d; Prospect, £92551 d; Wynyardton, £107 Bs3d. Messrs. Brown and Miller, of the KapaiVermont and Irene Companies, Kuaotunu, arrived early yesterday morning bythelona on company's business. It is understood their visit to town is iu connection with more machinery for developing the mines. It is intended to thoroughly prospect the whole of the property at the Great Barrier offered to the Staffa Company before a selection is made of the ISO acres which the company hiive undertaken to purchase. A number of gold mining notices are advertised elsewhere.

THAMES SHAREMARKET. Thames, Wednesday. Alburuia East, sellers 8d; Club, sellers, 3d; Conservative, sellers 4d; Darwin (contributing), sellers 3W; KurauuiCaledonian, sellers ss; Raraka Queen, sellers Sd; Nonpareil, sales 9d, buyers 9d j Occidental, sellers 3d, buyers Ud; Tararu Creek, buyers 3s; Temple Bar, sellers 3d; Aotea. buyers sd; Koyal, sellers Is 6d, buyers Is 4d.

NEWS FROM THE MINES. [BY TELEGJUJH.—OWN CORRESPONDENTS.] Thames, Wednesday. CLUB (TAFU).

Two shifts are employed in pushing ahead the low level, but as the country which is being penetrated is rather tight the progress made is somewhat slow.

GRAND TRIFLE, The No. 3 reef which is being driven upon is about two feet in thickness, and looks very promising for gold. It is anticipated that another 25 feet of driving will see the junction with the main reef to hand.

PDRU CONSOLIDATED, The rise on the Rimu reef, above No. 2 level, continues to meet with a good class of ore, in which colours of gold are pretty freely seen, and 25 feet of further rising should see the connection with No. 1 level effected.

GOLDEN BAND (TAPU). The low level is in a total distance of 190 feet, and is pausing through a good channel of country. What is known as the footwall reef is expected to be met with in the next 10 or 12 feet of driving.

DARWIN. The sinking of the winze from the Multuin level upon No. 1 reef is at present being hampered very much by a flow of water, which requires continual baling. The reef, however, shows strong colours of gold, and apparently is improving in value as it makes downward.

SHERIDAN (TAPrj). The country boing penetrated by the low level still continues of a lightish description, but of a favourable class for finding gold in should any quartz body he intersected. The level is now in a total distance of about 830 feet, which leaves 360 feet further to drive before intersecting tlie main reef, but other ore bodies are expected to be met with before then. ALBURSIA EXTENDED. Good prospects continue to be met with in the rise upon Vale of Avoca reef above the low level. In fact the reef appears to be improving in quality as height is attained, and colours of gold are Been at each breaking down. The rise is now u|> a height of 35 feet, and there is still quite 100 feet of solid ground overhead. ARGOSY, No. 1 drive eastward upon the main reef has been temporarily suspended to allow of a rise being curried np upon that body to the surface adit level, which in now in course of being opened up. The point selected for the rise is where a run of good ore was recently met with. This run of ore is about SO feet in length, and the rise will test the reef for a height of 93 feet. The surface adit drive is pawing through a good class of country. CARDIGAN. The sinking of the new main shaft is being steadily proceeded with, and it is now going down through solid sandstone country. Up to the present a good deal of trouble has been experienced in contending with the water draining in from the adjacent country, bat the shaft is now being puddled with clay on the outer side of the timber, and as depth is reached the flow of water is gradually diminishing, so that eventually very little trouble should bo experienced in that respect.

KARAKA QUEEH. A breaking down of the reef in the main drive at No. 2 level took place to-day, with the result that strong blotches and colours of gold were seen freely distributed through the ore. The reef continues to look very promising, being between three and four feet iu thickness and encased by an excellent class of sandstone country. It is probable that stopinjr operations will shortly be commenced upon the reef, s> rise having already been carried up to the surface. Pairoa, Wednesday. WAIHI NEW BATTERY.

Tlie i *"" Gold Mining Company's works at Waikino are progressing most satisfactorily, and a great army of workmen are engaged erecting the battery sheds, excavating, etc. The framework for large tank shed i» well under way, whilst the battery building is also being roofed in with corrugated iron. The various buildings under construction, and the activity displayed in connection therewith, give ample evidence that the company in question intend sparing no expense in having erected in as short a time as possible the largest and most complete crushing plant. in the colony. The erection of these large reduction works at Owharoa has naturally created a demand lor some place where the people who arc engaged in work thereabouts may be able t? build. The Government, recognising the position, intend throwing open a suitable block somewhere near the Waitekauri Junction roadl fox the establishment of a i proper tow»al^ y ' ■ •

Coromandel, Wednesday. BAURtKI NORTH. The correct tonnage for the Hauraki North crushing wm 10? tons (not 115 tons) for a return of 288oz 7dwt. LONDONDERRY L.H. The Londonderry licensed holding on Tokatea will be sold by auction to satisfy heus to-morrow, ky order of the Warden, Tk Poke, Wednesday.' TE PUKE GOLD REEFS.

Work on this mine is being confined to driving a crosscut to the south on the footwall ot the reef. A distance of over 40 teet has already been driven, andthe stone coming out is of really firat-claxs quality. It is intended to continue the drive right through the spur, and then crosscut in the other direction towards the north till the spur on that side is tunnelled through,

CLARK'S FREEHOLD. The low level drive is being pushed ahead to cut the twelve-foot reef that was opened up on the surface. The reef gave iuch good prospects that it was decided to put in the low level before anything was done to open up and prospect the other reets that were found on the surface. A distance of 30 or 40 feet more should see the reef cut, and if it improves as it goes down it should turn out well, for the surface indications were particularly encouraging.

SISTERS. On Saturday the reel was tapped in the drive, and cut into a couple of feet. The stone taken out was of a very promising description, but has not been tested sufficiently to give any idea of its value.

VISIT OF AN EXPERT. During last week Mr. Recknegel visited all the principal claims at Te Puke, being accompanied by Mr. Malcolm Fleming. Mr. Reckuaael took samples of stone tor testing from all the principal reefs and seemed greatly impressed by the potentialities of the field if only more development work was done. He expressed the opinion that it was one of the most promising districts he had seen. warden's court. After being adjourned for two months, the first sitting ot the Warden's Court for the dispatch of business took place on the 21st, when the following business was put through: —Special claims: Montana, applied for by C. Riujeu, opposed by leaseholder, George Weston. Refused with £2 2s costs to Mr. Rhodes, mining agent, who appeared for the objector. Bay of Plenty No. 2, J. Wright; Khakitea, C. Swanson; and Sisters and Sisters licensed holding, K. Asher, all recommended. Rata, Patience, Pukerimu, Pukepai, Pukehina. Pukeroa, Puketona, and Pukehura were adjourned; and Vermont, D. F. Lundon, and Ulster, S. W. Qoss, were granted six months' protection.

MINE MANAGERS' REPORTS. Star of the North (Cabbage Bay, April 24).—Work has been continued on the No. 2 leader. Quartz looks, very well. Have started drive to prove leader 30 teet lower down.

Dover Castle (Pnriri, April 27).—Have been putting in crosscut to intersect new reef. This reef lays in the footwull of No, 1 about '25 to 30 teet.

Occidental (Thames, April 26).-North Star low level crosscut has been advanced 140 feet. Cruuhing of eight loads of quartz from No. 1 leader was completed for the yield of 17oz 15dwt melted gold, value £47 12s (id. Talisman Extended (Karam;ahake, April 26.—Work in drive south on Stuck pole's reef at the 230 feet level has been continued. Reef maintains its size, about 1 foot. Golden Link (Kuaotunu, April 24).-Drive on reef at specimen level has now beeu adyanceil i>4 feet. Reef still continues 3 feet in width, with well denned walls. Kaiser (Thames, April 24).-Recf has shown gold freely to the naked eye. Reef is about 3 feet wide in west und 20 in east end. Have driven on the new reef 103 feet. May Queen Extended (Thames, April 26). Reef in the west drive is rather pplit up, but have found colours of gold in small veins of quartz. Have been stripping the reef in the Hokianga section, We shall bo breaking down duriug the week. Victoria (Thames, April 26). -Leader westward of break at intermediate level is being followed with encouraging results. The leader is smal l,but has shown gold very freely. In ostein drive leader is about nine inches in thickness, and a little gold may be seen. There are five stopes in progress over the east aud west drives.

Criterion (Coromandel).-Shaft on No. 1 leader is now down 9 feet; the country continues very favourable. A little gold was seen last breaking down. A start was made te open out No. 3 reef; it is a nice body of stone.

Fleminoton J Whaugamata).-Crosscut on haudinßWall of-flo. 1 reef is being pushed on; country is a blue sandstone with quartz reini running through it. ' Sausbub? (April 27).-This week has been chiefly occupied in tracing and trying to find fresh outcrops, with the result that a good looking lode has been uncovered. No. 4 has a width of two feet, and ii a good looking lode. No. 5 is small leader that has been discovered crossing the roadway, and carries ore of good character; freely mineralised. Gem (Karangahake, April 24).-Country in drive is getting softer, io that better progress will be made. About 90ft will take us under the creek and to tho other spur, where I expect to meet with the proper country. Mata Reefs (Thames, April 27).-Driveon eastern continuation of reef has been started and shows a good belt of country running with this section of the lode. Gulden Opportunity (Thames).-HaTe oxtonded tho low level tunnel 60ft in all. We have passed through n blue reef about 18in wide. There in a number of quartz leaders dropping out of the hangiiigwall into the reef all heavily charged with bright mineral. Can KOt a fair dish prospect. In Martroa No. 2 the reef is broken up. Can get dish prospects.

Shebidan (Tapu, April 26).-Low level crosscut has progressed 11 feet during the week. Country is much firmer in charaoter, and in consequence progress has been retarded.

Haoraki North jCoromandety-Tangye boiler has been repaired, and work is now proereesiiiß satisfactorily. All the faces are freely manned, and the work of development is now iu full swing. All the quartz from the eastern face aud stopes is going into the hopper. Have called for tenders for constructton of reservoir to hold 20,000 gallons, whioh, with supply from our own mine, ought to keep present crushing plant suuplied.