THE GOLDFIELDS.

New Zealand Herald, Volume XXXIV, Issue 10515, 7 August 1897, Page 3

THE GOLDFIELDS.

AUCKLAND SHAREMAREET. A faib amount of business was transacted yesterday. Investment stocks were in fair demand at late quotations. In mining May Queens were in steady demand, tales being recorded at 7e6dind7ißd, with buyers 7« 6d, sellers 8s at the close. Moanataiaria rose, being placed at 12i, with further buyers at Ha 9d, tellers asking 12s 6d. New Alburnias again taw business, several lines being placed at 5s 9d and 5a 10d. Puru Consolidated were placed at 2s Bd. KuranuiCaledonians were in demand at 4s 6d, Royals at Is 3d, Victorias at la 10d, Kaipai-Ver-monts at 4a 6d. Upper Thames stock was also in good demand, Karangahake properties especially. Crowns firmed, being placed lit 25s 6d, 265, and 26s 3d. Talisman Extendeds saw business at la 4d. Ivanhoes had an upward tendency, and Talisman had buyers at 18s 6d. In Waibi icrip Ohinemuris declined, being placed at 6d. with best buyers 5d at the close. Waibi Extended*, in which a large amount of buiiness has been transacted of late, were placed at Iβ 3d and la 4d. In Coromandel ecrip, Bunker's Bills were exchanged at Is 6d, with buyers Is 4d, sellers Is 9d at last call. Hauraki Main Lodes rose a little, being placed at 6d and 6|d. Welcome Findt were done at Is 10d. There was no ohange of importance in Tairua, Wharekeraupunga, Whangamata, and Barrier scrip.

CAMBRIA G.M. CO. An extraordinary meeting of shareholders of the above company was held yesterday at Mr. R, McDonald Scott's office, the Chairman of Directors (Mr. G. S. Kiisling) presiding. The balance-sheet submitted showed the receipts to have been £390 3$ 4d, and expenditure £36$ Us 10d, leaving a credit balance of £211 Is 6d. The directors in their report stated that the Cambria property had been disposed of to the Anglo-Continental Syndicate for 7450 shares in the Moanataiari mine—that was at the rate of one share for every aix held in the Cambria. The Chairman, in moving the adoption of the report aud balance-sheet, brought under the notice of the meeting the valuable assistance rendered by the legal manager, Mr. Scott. That gentleman's services had been indispensable, and he had been untiring in his attention to the duties pertaining to the office. Mr. Scott returned thanks forthe kindly recognition of his efforts. It was then decided to wind up the company voluntarily. NEW WHAU-CLUNES. The option over the above amalgamated properties at the Thames, having been withdrawn, other proposals have been discussed by the directors, and what are considered satisfactory terms arranged. A meeting of shareholders will bo held at an early date, when the details of the proposal will bo laid before them.

THE HAURAKI GROUP. Captain Hodge was yesterday seen by a Herald representative in reference to Coromandel mines. "At the Tokates." said he, "we are continually meeting with colours of gold in the stone in the 160-feet drive west from the shaft, We have to drive, say, 40 feet to come up to the point where, in the upper level, we have continuous dabs of gold tor 30 feet in length. If the earlier record of the Tokatea reef goes for anything that is practically in vertical lino with where the heaviest shoot of gold was," " As to the Hauraki, the boilers are here, and the remainder is due by the Indraghiri in about a fortnight. At the mine, and at the 350-fcet level ctossout, towards the lona, at a point about 40 feet from the shaft, and dipping east, there is a body of quartz between 30 and 40 feet wide. This is a mass ot veins, which I believe in depth will come together in one body of ore. We are working n very favourable-looking reef towards the Welcome Fied. This is new ground. I think it is the same reef as in the Welcome Find."

"As soon as possible after we drain the Union Beach mine we shall drive the, 80feet level, in the old Green Harp, right through the hill into the Hauraki. Inasmuch as the reef has got the record in the early days, and seeing that we have a largo amount of virgin ground to develop between the mines, this may turn out well. We have tho permanent plant to do the winding and pumping, and we. have an air-compressor coming out to enable us to sink a shaft anywhere in the line of reef, or close to each side of the reef." .".At ttwSuccesa we shall start crushing U Monday, and at the Royal Oak we are putting through'l6oolb of specimens." " In the Hauraki main lodes they have a good' show; they have lately gone through splendid rock. Developments in the main lodes will be very important from the moment they start crosscutting; they have gold-bearing reefs." "At the Kathleen during the next few months I hope wo shall have the reefs to develop that are known to exist in the property. We are fast approaching the approximate run of the reefs."

" In reference to the Golden Pah we are cutting a chamber in the 130-fcet level, which ia practically an intermediate level between the 80-feet and the 180-feet levels. We saw colours of gold in the stoue yesterday, aud we have a two-feet reef. As I have said we are cutting the chamber now, and have done nothing with the reef beyond taking down one portion it. There is every indication, however, of the reef being a payable one,"

EUROPEAN G.M. CO. (THE TRANSFERENCE OF SHARES. An extraordinary meeting of shareholders in the above company was held yesterday, at Mr. A. P. Horne's office. The meeting, which was convened in accordance with a requisition from shareholders, was called to consider what action should be taken regarding trust shares, and to consider the present position of the company. Mr. Handley (chairman of directors) presided. Mr. 1. Reid stated that at a previous meeting of shareholders it was decided to recommend the shareholders to make calls, and with the proceeds pay the liabilities of the ompany and proceed with the development f the property out of the first two calls. The directors hud not acted as recommended by the shareholders, and he wanted to know why the instructions of the shareholders had not been carried out? The Chairman admitted that the directors had not done as recommended, and their reason was that they deemed it better for the company to go into liquidation. Mr. J. C. Colbeck (one of the directors) said that two calls would realise £200, and the liabilities of the company would amount to that sum; how conld the directors proceed with the development of the mine? There had been, he said, many irregularities in connection with the company, and he held that the dealing with tho trust shares was also irregular. The position was, that if two calls were made and paid, the money would simply go into the pockets of an interested few—those who had floated the property— and he had therefore done his best to block the whole thing. What encouragement had they got from the property to warrant them making further calls? Mr. Dawson, another director, substintiated what Mr. Colbeck had said, and stated that tome of those interested were simply waiting for the directors to make the calls so that they coHld put the money into their own pockets. He had taken the position of director with reluctance and would be glad to leave it. The company had been more or lets in difficulties from the commencement. ; Mr, Reid said that the principal question had not been touched upon. What had been done in connection with the shares sold, and how was the amount.of the 38,000 shares made up? . , It was explained that after the sale 0 38,000 forfeited shares it had been discovered that there were only 23,000 of such shares, and as the purchaser declined to accept a smaller number the directors, after takini legal advice upon the point, made up the required amount by transferring some of the unsold shares, while two of the directors disposed of 4000 of their shares to make up the 38,000. Subsequently the purchaser of the shares withdrew, and legal advice obtained, was to the effect that the company could not insist upon the sale being carried out. After further discussion, which at time became somewhat animated, Mr. Reid maintained that the shares transferred to make up the 38,000 could not be looked upon as forfeited shares, and had no right to be classed aa aucb. He thought the directors should be made to take their shares

back. The reason why the directora declined to wry out the ibueholdera , wish and make •alb wu thftt After the next call the Duplex »narenolderg,whohad received ahares paid up to a certain amount, mold be liable for the next call made. The ahares transferred by the directors were simply loaned, to be returned when there were forfeited shares available. Messrs. Colbeck and Dawion gave an emphatic denial to this statement, and said that the matter of repayment was never mentioned. They were asked to take the company oat of a difficulty, and they did 10 by selling sufficient iharei to make up the desired number. „ After farther discnuion Mr. Reid moved, "Thatthe 5000 reserved shares be returned and placed to the credit ot the company, and that the 10,000 shares transferred by shareholders be at once placed to the credit of the shareholders who supplied them, as no forfeiture of shares could possibly have taken place; thatthe manager and directors take the best steps available to dispose of the remaining 16,000 shares to the public." The motion vu carried by eight votes to seven. A ballot was taken with the result that the motion was again carried, subject however, to the voting power being verified by reference to the register of the company.

HIHI SPECIAL CLAIM, IMPORTANT DEVELOPMENTS. [by telegraph.—ows correspondent.] Thames, Friday. , The owners of this special claim, which is siuatedat the head of the Kauaeranga district, have just completed two more trial crushing*, in order to still further test the value of their recent discovery of gold in a district where it was previously thought it did not exist, the result being that their most sanguine expectations have been fully realised. Each of the parcels referred to comprised one ton, one of which wa« treated by the ordinary wet process of crushiug at the May Queen battery, where the single stamper was used, whilst the other parcel was treated at the School of Mines experimental plant, where the ore was first dry crushed, and afterwards dealt with by the hot pan amalgamation. From the parcel treated at the May Queen battery 12oz 4dwts of melted gold were obtained, and from the parcel treated at the School of Mines Uoz 15dwts, the value of the gold being about £3 3s per ounce. It will therefore be seen that the dirt was consistent in value, and also of a very high grade. The owners of the claim now intend to give a thorough prospecting, with the object of ascertaining what extent there is of this kind of dirt, and should the prospects warrant such a procedure they will eventually arrange for the putting of a battery on the claim, The finding of payable gold in the Hihi district is of considerable importance, and should future operations turn out as successful as those lately accomplished have done, it will practically mean the opening of a new field for miners.

GENERAL MINING ITEMS. A plan of the Waihi Grand Junction, Wailii Extended, and Ohinemuri mines, showing the supposed course of the Waihi reefs, was exhibited at Mr. D. G. McDonnell's office yesterday and attracted a good deal of attention. According to the plan the Martha reef runs through the Grand Junction, the eastern portion of the jExteuded, and on into the Ohinemuri. The meeting of shareholders in the Owharoa United Gold Mining Company, called for yesterday at Mr. S. H. Matthews' office, lapsed. The balance-sheet showed the receipts to have been £80217s Bd, and expenditure £74816s Id, leaving a credit balance of £54 Is 7d. It was decided by those present that another 100 feet of driving should be gone on with, by which time the reefs running through the Ohinemuri Syndicate's property are expected to be cut. A meeting of shareholders in the Kiosella's Freohold Gold Mining Company, which was to have been held at Mr. W. Gray's office yesterday, lapsed. The statement of accounts showed the receipts to have been £323 Is Cd, nud expenditure £320 7s 7d, leaving a credit balance of £2 13s lid.

We understand there has been a find of gold in the Golden Pah, but there is no truth in the statement that rich gold has been discovered in the Hauraki main lodes.

THAMES SHAREMARKET. [BT. TELEGRAPH.—OWN CORRESPONDEST.j Thames, Friday. Argosy, sellers 7<l; Climes, buyers 3d; Comet, sellers 2d; Darwin (paid up), sellers 4Jd; Kuranui-Caledonian, sellers ss; Karaka Queen, sellers 4d; Kaiser (contributing), buyers 2Jd; Kuranni, sellers Is 3d; May Queen, sales 7s Bd, sellers Bs, buyers 7s 6d; Molsaacs, sellers, 2d; New Albnrnia, sellers 6s; Now Whan, buyers 7d; New Golden Point, sellers 4d: Nonpareil, sellers 8d; Occidental, buyers 2Jd; Puriri, sellers 4d; Royal, sellers Is fid; Sheridan, sellers 2s 7d; Tararu Creek, Bellers 2s 9d; New Zealand Crown Mines, sales 26s 4d; Empress, sellers 3Jd.

COROMANDEL BROKERS' ASSOCIATION. [IT TRMGRAPU.-OWN CORRESPONDENT.] Coromandel, Friday. A.J.C., sellers 2d; Hauraki Main Lodes, buyers 5(1; Alert, sellers Id; Conquest, sellers 2d; Criterion, sellers 3d; Cuvier Light, sellers 3d; Empress, sales 3Jd, buyers 2d, sellers 4d; Good Enough, sellers 3d; Jersey, sellers 4d; Ladas, sellers 2d; Lorna Doone, sellers 3d; Madge, sellers 3d; Morning Star, sellers 2d; Pride of Hinraki, sellers 3d; Waikanae (paid up), sellers Gd,

NEWS FROM THE MINES. [by telegrafh.-own correspondents,] TKames, Friday. NEW WHAO. The tender of G. A. Penk and party at £1 Is lid per foot has beeu accepted for driving a distance of 150 feet upon the Sons of Freedom reef at the low level. BIG REEF. Very encouraging prospects continue tobe met with in the large reef that is being operated by this company, about eight feec of the footwall portion is being broken, and by pounding and washing samples of the ore fair prospects of free gold are obtainable.

NONPAREIL. The leading and second stones are now in full swing again upon the Liverpool reef, with the object of getting ont another crushing as quickly »s possible. The reef varies in thickness from 6 to 12 inches, and shows colours of %old at every breaking; down. Both drives, however, are at a standstill. Coromakdel, Friday. GOLDEN" SHORE. The Golden Shore special foreshore claim, 137 acres in extent, adjacent to Preece's Point proprietary mine, and situated between that mine* aad the Hauraki Special, was visited to-dey by Messrs. W. D. Holgate and E. W. Alison, representing an Auckland syndicate. They were accompanied by two of the proprietors of the Golden Shore, Messrs. J. B. Rookliff and H. Davis. >The most promising reef, the outcrop of which is known to run across the beach flat for over 800 feet, was exposed to view at several points from about 100 feet from high-water mark fora depth of several feet, and proved to be nearly three feet in thickness of solid quartz; numerous pieces taken out to-day in tho presence of the party had gold plainly visible. Some of these gold-bearing lumps of quartz are of considerable size. One piece taken by Mr. Alison for testing weighs quit* 401b, with gold showing every time it is broken. There is nothing in the nature of specimens, but apparently a large, well-defined, consistent eold-bearing reef, The distinction between this and most Coromandel lodes is that there is no leader attached to it carrying the gold almost solus, but a full-bodied lode of solid quartz. In the past some phenomenal assays have been made from test parcels. Two bags of ore were taken away by the Kawau. It is probable that the report of Messrs. Holgate and Alison will lead to the ground being immediately worked. If ao a shaft will be sunk to a reasonable depth,' and a crosscut put in therefrom so as to test the reef at a lower level thoroughly prior to expending any great amount of money in permanent machinery and workings. The line of outcrop shows that the reef bears right through the centre of tho Hauraki Special property, which is across the harbour. A suitable site for the propoaed shaft was located by the party to-day.

ROYAL OAK. I hear that the crushing of the Royal Oak stuff is completed. The result is said to be most satisfactory. Twenty-five tons of general dirt were put through, besides tbe specimens. . bunker's hiix.

Driving on the crosscut in a northerly direction is proceeding. This ia exploring virgin ground. At the lowest level the country is very good, intersecting minerals, and cross veins are frequently met with, which are considered splendid indications.