NEW ZEALAND MINES.

New Zealand Herald, Volume XXXIV, Issue 10628, 17 December 1897, Page 5

NEW ZEALAND MINES.

LATEST LONDON NEWS. [from Otiß own correspondent.] London, November 5. Generally speaking, I have nothing to add to what I said lasb week with reference to the position of New Zealand mining enterprises in London. The situation remains practically unchanged, and it is nob necessary thab I should waste space by reiterating what I have already said more than once. y/fe'JZ' jib?^&As&^ J^^^^j!as>zstsprJl' >\\& * % TOBty) W the gfanC aefongtag (a the company ; (2f ( that development wor\ accorittng to the) reports of the managing director at Che mine, had proceeded in a most satisfactory manner daring the past two years, , (3) that the water-race constructed for the purpose of working , economically by water power instead of by electricity as hitherto, was completed, and the 30-atamp mill was ready for working to its Meet capacity; (4) that there was now fully developed and ready for milling, a large body of Very valuable ore, It has been officially notified that tho holders of share warrants to bearer in the Komata Queen Company are entitled to exchange their share warrants for others in the Komata Reefs Gold Mining Company, in the proportion of one Komata Reefs share for every four shares in the Komata Queen. Fractional interests are to be paid in cash. Recent developments in the Hauraki caused the shares in that) company to advance as far as 9j. Wattekauri Extended went to Ss, and United New Zealand to 11-16, Royal Oak shares remained firm, and Kathleen Crown shares went up slightly. Consolidated Goldfields, however, have shown a downward tendency. Attention Is being called to the fact that river dredging for gold has been carried on with special success in New Zealand. The result is that the use of this process is likely to be still further extended. In their report up to June 30 last, the directors of the United New Zealand Exploration state that the company was incorporated on March 2,1896, with an authorised capital of £250,000. The issued capital of the company is £149,000, in respect of which premiums amounting to £21,750 have been received, making a total of £170,750. The state of the mining market has not been favourable to the realisation of shares, hence the company's affairs have not reached the stage at which a profib and loss account can be submitted. The company holds very large interests in the Moanataiari mine and the May Queen mine, two of the largest properties in the Thames district. At the Moanataiari mine the erection of a new 50stamp mill is nearly completed, and crushing is expected to begin about the end of the present year. The development of the May Queen mine is proceeding satisfactorily. The company also holds a predominating interest in the Cardigan mine ab Thames. Detailed information concerning these and other properties in which the company is interested will be laid before the meeting. Since the incorporation of the company a large number of properties have been taken up under option. 'Many of these options have been relinquished after examination of the properties ; but the great part of the expenditure under this head has been incurred in connection with options which are still in hand, from which the Board hns reason to anticipate very sasisfactory results. The company is in a strong position financially, and is therefore able to take up any mining properties or other kindred business of a sound character as opportunity occurs. In the London market the following are the latest quotations for New Zealand mining shares:—Achilles, 2s 3d to 2s 9d; Aroha, 1-16 to 3 16 ; Blagrove, Is 6d to 2s; Consolidated Goldfields of New Zealand, 2{j to 2J; Glenrock, 2s to 2a 3d; Hauraki, 8s to 9s; Kapanga, 5s to 5s fid; Kathleen,ls 3d to Is 6d; Kathleen Crown, Is (id to 2s; Komata Reefs, 9s Cd to 10s fid ; London and New Zealand Exploration, § to § ; Maorilaud, (id to 9d ; Moanataiari, J to J J Mount Lyell, 15 to 15| ; Mount Lyell North (new), % to 7-16 pin.; Mount Lyell South, 11-16 to 13-16; Mount Lyell North, fully paid, lg to 1$; New Zealand Consolidated. 7-16 to 9-16; New Zealand Crown Mines, $ to 1; New Zealand Joint Stock and General Corporation, 1 5-10 to 17-16 premium; Do. Founders', 5 to 6; New Zealand Talisman, g to I ; New Hauraki, la to Is 6d ; Preece's Point, 6d to Is; Royal Oak, Is 9d to 2s 3d; Taitapu Gold Estates, 1 to 1J ; Thauies-Hauraki, Jto §; Triumph Hauraki, 3d to 9d; Union Waihi, J to $ p.m; United New Zealand Exploration, 1 to 1J; Waihi, 4 9-16 to 4 11-16 ; Waihi-Silverton, 5-16 to 7-16 Waitekauri, 1 15-16 to 2 1 16; Waitekauri Extended, 5s 3d to 5s 9d ; Waitekauri United, Jto § premium; Waitekauri Cross. \ to |; Whangamata, § to J discount; Woodstock, 1J to IJ.