THE GOLDFIELDS.

New Zealand Herald, Volume XXXIV, Issue 10454, 28 May 1897, Page 6

THE GOLDFIELDS.

AUCKLAND SHAREMARKET. The market was a little quieter yesterday A fair demand for scrip still exists, the margin between buyers and sellers, however, being too lrfge to allow of a large volume of business being transacted. For Standard stocks there is a healthy demand. There were yesteiday buyers of National Insurance at 17s 6d. AnckUnd Gas firmed, old having buyers at £1412s 6d, new being asked for at £9 17s. New Plymouth Gas had buyers at late quotations. Taupiri Coals were inquired for at 26s 6d; New Zealand Drug, 47s 6d; Northern Boot, 8s; and Union Oils 15a 6d. in mining Cardigans were again exchanged at Is. Sellers of New _ Alburaiu ctme down to facilitate business with the result that lines were placed at 3s lOd, with further buyers at that figure, at the close sellers asking 4s Id. Sheridans declined a little, sellers coming down from 4s to 3s 9d, with no business resulting, best buyers offering 3e 4d. Kapai-Vermonts were in demand at 5e 6d and 5s 9d, sellers holding for 6s 6d. Crowns were again placed. 24s being the price, with buyers 23s 6d at close. Imperials were dont at Is 9d. Talismans maintained their upward tendency, being placed at 17s 4d. Talisman Extendeds were done at Iβ 4d, Waitekauri Kings at4Jd,and Waitekauri No. 2a »t 3d. In Waihi Extendeds business wag done atlOd andlOJd, while Waihi Souths also looked up, being exchanged at lid and Iβ. There was a good demand for the scrip of Coromandel properties, especially for Baurakis, but no business was reported. Harp ot Tara (Tairua) were placed at 4d and i\a. Barrier stocks again rose, a small line of Gold and Silvers being sold at 8s with further buyers 7s 9d at close. lonas were done at Is 4d aud Is sd, with further buyers at Is 4d, sellers asking Is Bd. Aoteas were also wanted at the close. Waitekauris declined a little. Kuranui-Caledoniaus were in steady demand at 4s 9d. while there were buyers of Bunker's Hill at 2s 6d, and Welcome Finds at 2s 2d. WAIHI-SILVERTON.

780 TONS YIELD £1305. For the four weeks ending May 22nd, the Waihi - Silverton Gold Mining Company crushed and treated 780 tons of ore for a yield of 770ez bullion, of the valne nt £1505. Last month 820 tons yielded £1646. The previous months this year were: March, 760 tons for £1594; February. 660 tons for £1561; January, 581 tons for £1034.

NEW ZEALAND TALISMAN G.M.CO, Work on this property is progressing satisfactorily, and the propects are considered very promising. At the No. 5 level the contractors have finished timbering, and have resumed work ou the reef, which still maintains its usual width—s feet; at the last breaking down the quartz assayed £24 13s 3d per ton. Thequantityof pure gold per ton was 9oz 13dwt lfer, which is considered more than satisfactory. Messrs. Bewick, Moreing, and Co. state that it is hoped crushing operations will be commenced by the first of next month.

YORK G.M.CO. The half-yearly meeting of shareholders of the above company, called for yesterday, lapsed for want of a quorum. The directors, in their report, stated that since the formation ot the company prospecting operations were proceeded with, with the result that three reefs were discovered, besides several quartz outcrops. A drive is being put in to intersect No. 1 reef at a low leveL The balance-sheet showed receipts to have been £818 15s (exclusive of cash paid to vendors) and expenditure £464 Gs Kid, the principal item being wages, £273 3s 9d. The credit balance in bank was £354 8s 2d.

HAURAKI MAIN LODES, LIMITED. Work OD the above company's property at Coromandel is progressing satisfactorily. The shaft has now been sunk 171 feet, and it is intended that a chamber will be opened out at 180 feet and crosscuting taken in hand. The quantity of water met with is slight. The permanent poppet heads are now erected on concrete piles, and it is considered that this is a very substantial piece of work. Id sinking quartz veins are being cut through, and altogether the indications are said to be very promising. ZONE O.M. CO. The half-yearly meeting of the shareholders of the above company, which was to have been held yesterday, at Mr. F. W. Cowern's office, lapsed. The directors in their report state that driving on the No. 4 reef was being continued. The reef had a very promising appearance, and it was anticipated that as soon as solid couutry was reached the lode would prove payable. It was suggested by the mine manager that a winze should be sunk on No. 1 reef, and this work will be undertaken shortly. The balancesheet showed the receipts to have been £818 15s (exclusive of cash paid to vendors). The expenditure amounted to £562 14s Id, the principal item being wages £357 17s 7d. The credit balance in bank was £256 03 lid. A PINE SPECIMEN. [BY TELEGRAPH.-OWN CORRESPONDENT.] Coromandel. Thursday. Mr. H. P. Hornibrooke, whilst digging in his garden in Coromandel, unearthed a quartz specimen with gold, valued at about £10. HASTINGS G.M. CO. An extraordinary meeting of shareholders in th£ above company was held yesterday, at $?, Queen-street. Mr, Graves Aickin presided, and there was a very large attendance. .The meeting was called for the purpose of confirming a resolution to voluntarily wind up the company or otherwise. A statement of accounts, showing balance in bank to be £123 7b 10d, was laid before the meeting, the other assets being original shares not yet paid for £375 and bills receivable £273 3a. The Chairman said siuce the last meeting there had been a change in the mining aspect generally, and in respect to Tapu properties. An option had been offered for the Sheridan, and it was highly probable an offer would be made for the Hastings. In addition a gentleman who represented a very strong London syndicate had asked to be allowed to make an offer. In view of the improved state of matters, Mr. Philips had made a supplementary report, showing how progressive and economic work could be carried on. A letter had been received from a solicitor representing four shareholders, asking that the company should be wound up by the Supreme Court. Mr. McAlister (Tole and McAlister) solicitor to the company, read a letter which had been received from Mr. E. \V. Burton, on behalf of Messrs. La Roche, T. Hedger, B. Philpot, and A. Menzies, asking that the winding-up be placed in the hands of the Court. The alleged reasons assigned were that the shares of all the directors save one had cost nothing; that the directors were employed for reward to superintend the management of the company's affairs, and in violation of section 29 of the Mining Act of 1894 they had suffered moneys of the company to be banked other tha,n to the company's credit; that in respect to these moneys a certain arrangement had been made outside the powers and duties of the directors: and that serious losses had been sustained by shareholders due solely to alleged negligence. To this Messrs. Tole and McAlister had replied that the books of the company were open to inspection; that the aim of the directors was to carry on the comphny if it could be done; that all the directors had purchased shares at least sufficient to qualify them as directors; and that the other matters raised would be definitely replied to after the meeting. Following tbis, said Mr, McAlister, he had received notice to proceed in the Supreme Court. The Chairman read a report from the mine mauager, and also a telegram, speaking of the property in the most satisfactory terms. After considerable discussion (in which one shareholder asked if it was not a fact that until the 3rd of last month the company bad had no banking account), the proposal to confirm the resolution to wind up the company was unanimously rejected, and au amendmentto carry on work was unanimously adopted. It was also agreed, with but two dissentients, to resist the compulsory windiug up of which notice had been received.

SHERIDAN G.M. CO.

NAPIEE SYNDICATE'S PROPOSALS ACCEPTED. A special general meeting of the shareholders ot the Sheridan Gold Mining Company was held yesterday afternoon at Mr. D. G. MauDonnell's office. The chair was occupied by Mr. J. D. Connolly (chairman of directors), and there was a large attendance of shareholders. The Chairman explained that the meeting had been called to consider a proposal made by Mr. Chas. Grey, representing a Napier syndicate, for the purchase of the property, and also to authorise the directors to complete negotiations in connection with the matter. The offer submitted by Mr. Grey on behalf of the Napier syndicate was, that a new company be incorporated as a limited liability company, to lie called the Sheridan Gold Mining Company (Limited), with a nominal capital of £130,000, divided into 130,000 shares of £1 each, of which number 80,000 shares should be fully paid up shares, and the remaining 50,000 contributing shires, such new company having for, or among its objects, the acquisition of the whole of the righti, privileges,

and effects of the Sheridan Gold Miuing Company excepting its money and uncalled capital. That 50,000 of such fully paid up shares should be allotted to the present shareholders of the Sheridan Company, »nd the baUnceeof the paid-up shares (viz., 30,000) and the 50,000 contributing shares should be naid to Charles Grey or his nominees. That the working capital cf the company should be £10 000, of which £6000 would be paid on the assignment of the company's property, the balance, £4000, to be called up as required, the 50,000 contributing shares being liable for that amount. That the sale should date as from the first day of May last, from which date all outlay and expenses incurred by the Sheridan Company would be paid by the new company. . ~..«■ The Chairman, in moving that the offer be accepted, and that the necessary power be granted the directors, said that tne property had been under option to Messrs. Grey and Quinlan for seven or eight months, and that during that period over £1200 had been expended in developing the property. He thought those from whom the offer had been received were entitled to every consideration at the hands of shareholders, as the tormer believing the property to be a good one, had done the best they could. They had to contend against adverse circumstances during the past three months, but despite this had kept the mine going. The present offer differed somewhat from that origiually made, but though it was not exactly what was expected, considering the depressed state of the home and local markets, the offer was one which deserved the consideration of shareholders and was one which the speaker thought should be accepted. The property had beeu thoroughly tested, and as shewing the feeling of the Napier syndicate on the matter, £6000 (for working capital) had been guaranteed in about a week's time, the remaining £4000 to be called up as required. He bad satisfied himself as to the bona fides of the guarantee, and the National Bank had given au assurance that the £6000 was available on the assignment of the property. Inquiries had elicited the fact that when the mine was at work previously 79S tons of ore had yielded £6000; the quantity of gold obtained was not ascertainable. It was intended to repair the battery and water ■ race, aud to increase the number of heads of water. If the property were sold at home it would be fully twelve months before work would be commenced, whereas with a local syndicate purchasing work would be in full swing in three months. It was intended to employ a large number of men to make the necessary repairs, the object being to work and thoroughly prove the property before spending a large sum of money in the purchase of new plant, etc, (Hear, hear.) Regarding the £4000 to be called up as required, he regarded that as a concurrent liability to be called up at any moment. He was satisfied that there was more money behind the Sheridan at the present time than behind some of the companies floated at home. (Hear.) He moved that the offer be accepted, and was satisfied that shareholders would be studying their interests by accepting it. The motion was seconded by Mr. N. Browne. Mr. H. M. Shepherd supported the motion, stating that the offer was a courageous one in the face of the fact that the home people had refused to purchase the property. He, however, wished for further information regarding the £4000, which was to be available when required, Was it meant that the money would still be available after ore was won, so that the balance of receipts from the gold obtained, after expenses had been paid, would go to the dividend account. The Chairman said he took it that what was meant was that supposing the £6000 was insufficient, the balance (£4000) would be available as required. What the epeaker would like to see was the £4000 to form the nucleus of a fund, which could be added to from time to time. (Hear, hear.) Mr. Henderson asked whether it was intended to transfer the office of the company to Napier, or was it to remain in Aucklaud ? The Chairman could give no definite information on that head. He would regret if it were transferred to Napier, but he would not allow that matter to in any way jeopardise the sale of the property. In answer to Mr. Chav Lβ Roche, Mr. Connolly said the £4000 could eertainly be looked upon as an asset of the company. During the discussion that followed, The Chairman said the directors had not considered the advisability of making (alls to the extent of £6000, so as to work the property, as calls at the present time were somewhat unpalatable to shareholders. Mr. A. B. Donald was strongly in favour of the offer being accepted, but thought that a reserve fund should be established if money was available instead of the amount being distributed among shareholders. So far as the £4000 was concerned, he understood that it was a liability on the purchasers, and that they considered it as such. After further remarks the motion was put to the meeting and carried unanimously. It was decided co delete that portion of the proposal dealing with the incorporation of the company under any particular Act. It was mentioned that a telegram had been despatched to Napier with the object of ascertaiuing the syndicate's wishes in that respect, but that no answer had been received. It was also decided to call a special meeting of shareholders for the purpose of formally winding up the old company. GENERAL MINING ITEMS. All the shares in the Barrier Reels Gold Mining Company, formed for the purpose of workiug the property at the Great Barrier now known as Ryatva Proprietary, were yesterday applied for. In accordance with a resolution arrived at by the shareholder* of the Staffa (Great Barrier) Company, all the shares have beeu pooled for six mouths. Mr. X. Sorenson, the manager of the Kuranui-Ciiledouun mine, has employed a large number oi extra men, so as to keep the battery working at full time. Mr. Y. Galvin (secretary to the newlyformed Government Mining Bureau) has returned from his visit to the Hauraki Peninsula, and is at present in Auckland. Mr. Galvin leaves again on Monday. In company with Messrs. George Wilson (inspecting engineer) and James Coutts (Inspector of Mines) Mr. Galvin has inspected all the principal mines at the Thames, Coromande), etc. The representative ot a Wellington syndicate is at present in Auckland making enquiries regarding several properties which are to be inspected. The Upper Thames will probably be the first district visited. THAMES SUAREMARKET. [by telegraph—own correspondent.] Thames, Thursday. Adelaide, sellers 9d; Argosy, sales 6d; Broken Hill, buyers 2Jd ; Conservative, sellers 2(1; Darwin, contributing, sellers 3d; Golden Horn, buyers 6d; KuranuiCaledoniau, sellers 5* 6d ; Karaka Queen, eelere 4d, buyers 2Jd ; Kuranui, sellers Is 3d; Mclsaacs, sales 2Jd, sellers 3d, buyers 2id ; Moanataiari Extended, sellers 4d; New Whau, sales 6d, sellers 74(1, buyers s|d; Nonpareil,sellerslOd; Occidental, sellers4d; Tararu Creek, sellers 4s; Temple Bar, sellers 3d; Victoria, sellers 2) 9d, buyers 2s 6d ; Royal, sellers Is 7d; lona, sales Is 4d, sellers Is6d ; Aotea, buyers 7d; Lone Hand, sellers Is; Waihi Extended, sales lOjd; Waihi South, sales Is; Waitekauri Monarch, sellers 3d; Empress (call paid), sellers 3d; Albert, sellers Is 10d.

NEWS FROM THE MINES. [BT TKLKOBAFH.— OWN CORRESrONDm.] Thames, Thursday. HAURAKI GOLDEX AGE BATTERY, The concrete foundations for the above company's new reduction plaut are being pushed forward as rapidly as possible, and it is anticipated that they will be completed 80 far as the stamper-bed foundations are concerned by the end of next week. The motor blocks are already in position, and most of the heavy timber prepared by the carpenters for the framework of the stampers. TARARU CREKK G.M. CO. The City of Duuedin reef in the western drive and stopes at the low level in the Dunedin section is at the present time supplying an excellent grade of ore, and the output therefrom is keeping the company's reduction plant fully employed in its treatment. Very encouraging prospects are also being met with in the extension of the battery low level, and the outlook for soon meeting with a payable run of ore at that point is very good at the present juncture. Surveyors are now at work in preparing the levels for the new high-level water-race, and the construction of the latter is to be undertaken as soon as possible, it being desirable to improve without any further delay the efficiency of the company's motive power at the battery. ALBURKIA KAST. The riae upon .the footwall reef above the low level ha 3 attained a height of about 56 feet, but no gold has recently been seen owing to the country encasing the reef not being of a favourable character. Consequently the manager proposes in a few days opening out at the top of the rise for an intermediate level, and commencing to drive upon the reef on its northerly course. By so doing he anticipates meeting with a more favourable class of country, and an improve' meat in the reef u well. Paeroa. ThundftT. WAIBI-BILV£RTON. Mr. H. W. Moore, manager of the fftibiSilvertou mine, brought the last month's yield of bullion into Pure* to-dey and

lodged it in tbe B»nk of New Zealand. The return, I understand, is not so good as that of last month, though it is considered satisfactory. At the mine both Nos. 1 and 2 level explorations are being conducted as usual, whilst active preparations have been made towards sinking the shaft a further distance for the purpose of opening up another level. A good deal of labour was entailed in this undertaking, such as cutting out the chamber, timbering, etc., bat as the work is now about completed, no doubt the sinking of the shaft will be continued with all possible despatch.

MINE MANAGERS' REPORTS. Golcex Opportosity (Thamesl.-Extend-ing of low level crosscut in Mararoa No. 1 is being pushed ahead. Have drivenlß feet in Mararoa No. 2 to cut large blue reef. Country contains quantity of minerals. Have started prospecting upon Happy Thought sec--1 Progress-Castle Rock (Conraandel, May 24).-Eight feet of reef broken down. Colours of gold seen freely through ore. Reef three feet wide on the south end. Quartz paddock now full of ore. Omega (May 25).-Low level has been extended 156 feet. Very hard ground and progress slow. Surface level is in 60 feet, and if survey is correct, first of reels should soon Extended (Waihi, May 22).Have driven total of 162 feet. Country continues same. Hope to cut something after driving 50 feet further. Would not advise work being done on 12-inch leader, >a we could get very little backs. Four-is Hand (Waikoromiko, May 22).Drive along course of reef has been advanced 5 feet further. Main crosscut has been extended about 5 feet further. Kibs of quartz have been passed through. Fabulocs (Waikoromiko, May 22).—Satisfactory progress made in prospecting operations, Have commenced to drive on one of the reefs which have been intersected. A little gold got by pounding.