THE GOLDFIELDS.

New Zealand Herald, Volume XXXVI, Issue 11056, 6 May 1899, Page 3

THE GOLDFIELDS.

AUCKLAND SHAREMARKET. During the past fortnight the market lias shown a marked improvement, and yesterday,prices were well maintained, there being a. good demand for both investment and mining stocks. In standards National Banks were in demand at 48s, no sellers being quoted. New Zealand Insurances were in good request at 61s 6d, while South- British, which firmed, could havo been placed at 52s 6d, sellers holding for 545. New Zealand Accidents improved, buyers offering 31s, while Gisborno Gas, Northern Steams, Devonport Ferrys, Taupiri Coals, and New Zealand Drugs were in demand at late rates. In mining Waibis were sold at £6, and at last call were in request at the figure quoted,'sellers holding for £5 2s 6d. Waitekauris also improved, and could have been placed at 42s 6d (cum. div.), sellers raising their price to 44s 6d. New Zealand Talismans were wanted at 14s 7d, Wailii Silvertons 13s 9d, Crowns 13s 6d. Woodstocks were easier, 7s 3d being the best offer, though 1 here were no quoted sellers at less than 8s 6d. Alphas opened with buyers at 4s 4d, but subsequently 4s 9d and 4s lOd were offered and declined, sellers holding for ss. Grace Darlings saw business at Is 3d and' Is 2d, and eased, buyers offering Is Id, sellers Is 3d. Waihi Extended*, were placed at 7Jd and Bd, and Imperials at 3jd. Ohinemuri Syndicates (Owharoa) wore placed at 5s 9d, and at last call there were further buyers at this figure, sellers 6s 3d. In Thames lines considerable activity was shown in May Queen shares, which were sold at 9s 2d, 9s 6d, and subsequently at 9s to 8s 9d, there being buvers 8s 8d and sellers 9s, at last call. Victorias verr done at Hid and lid, and were a shade weaker when the market closed. Mahara Boyals were asked for at 2s. In Coroinandel lines Four-in-Hands were wanted at 3s 3d, Bunkers Hills 2s. Roval Oaks' buyers advanced to Is Bd, but sellers held for 2s 4d. Barrier Reefs (paid-up) were wanted at 3s 6d. and subsequently buyers offered 3s 9d, sellers holding for Is 3d. Wiianganuita Gold Corporations were in demand at 6s and 6s 3d, but sellers wanted 8s 6d.

WAITER AURI G.M. CO. PLANT TO BE WET-CRUSHING IN JUNE. INCREASING THE CRUSHING POWER. It is expected that by the end of tk present month the whole (it the crushing plant of the Waitckauri Gold Mining Company will lie converted from dry to wet crushing, and that 011 Juno 5 or 6 the plant will commence permanent rot-crushing operations. Until this change is effected the matter of increasing' the crushing' power bv adding' to the number of stampers, will not be proceeded with, but aftar that date it is expected that this important work will he undertaken, and operations in this direction pushed ahead as rapidly as possible. WOODSTOCK G.M. CO'. 1428 TONS YIELD £1722. During' the torn weeks ended April 22 the Woodstock Gold Mining' Company at Karangahake crushed and treated 1428 tons of quartz for a return of bullion valued at £1722. During the previous month 920 lons were crashed lor a return valued at £1515. 'the manager reports that the difficulties experienced in treatment have now been overcome. WAIOTAJfI G.M. CO. £370 FOR THE MONTH. The return from the Waiotahi mine at the Thames came to baud yesterday, the result of the crushing being 1320z of retorted gold, valued at £370. The return for last month was 1330z, of the value of £372 10s Bd, KATANGA G.M. CO. ' 17 TONS YIELD £65. The Kapanga Gold Mining Company have just completed ti enisling of 17 tons quartz and 2211) picked stone for 220z 12dwt melted bullion, of the value of £65 10s 9d. NEW FOUR-IN-HAND G.M. CO. THE PROSPECTS IMPROVING. The latest leports from the New Four-in-Hand Gold Mining Company's mine, 'it Waikoromiko, are to the effect that the plates show gold, and that the battery, aerial tram, circular-rail delivery, and other machinery are working splendily. Th. pio.'pects at the mine have shown an improvement, and the second breaking down of the reef in the upper level of the Four-in-Hand resulted in 151b of picked stone being obtained. which, with the picked stone obtained the other day, makes 351b on hand, in addition to the picked stone previously taken from vaiious portions of the property. The picked s'mie just secured is said to come from the centre of the reef, which runs from 2ft to 2ft 6in in width. Mr. E. W. Alison, tho chairman of directors, proceeds to the mine next week. Mr. W. 1). Holgate, the managing directoi, is at present in Auckland.

GRACE DARLING G.M. CO. NEW COMPANY TO BE FORMED. PROPOSED CAPITAL, £6000. Yesterday representatives of the Grace Darling and l'ortsca Gold Mining Companies and the Prioress, etc., Mining Syndicate, met at Mi. D. G. McDonnell's office, to consider the ' advisability of commencing operations and working the combined properties. It was announced that the option held by the syndicate represented by Mr. T T. Wynne over the amalgamated properties had expired 011 tile 30th lilt. Proposals for the amalgamation of the companies were discussed and a scheme adopted. It was decided to form a company, tc be called the Grace Darling Gold Mining Company (Limited), with a nominal capital of £15,000, in 150.000 shares of 2s each. Of this number -90,000 shares, paid-up, are to be allotted tc the present shareholders, 30,000 shares .".re to be reserved for the company, and 30,000 are to be offered in the first place to present shareholders, pro rata, 011 holdings at 2s per share, payable as follows • -3d 011 application, 3d on allotment, and the balance in calls of not less than M per share, at the discretion of the directors. The 90,000 shares arc to be allotted as follows: 21,000 shares to the Prioress pyramid, and vendor shareholders, 1/.UIU to the Portsea, and 51,990 to the Grace Darling shareholders. In the latter case 43,090 shares are allotted to the Grace Darling Company for the property, and 8900 foi (lie cash at present 111 hand, whirl: amounts to £620. 'Hie 30,000 shares tote offered will, if taken up, provide £3000 fur working capital, and the reserved shares are available fo. raising a snnilai amount. A 10-stamper battery and cyanide plant is on the property.

OHINEMURI G.M. CO. BORING OPERATIONS TO BE CONDUCTED. Hit Obinemuri Gold Mining Company, whose property is adjacent to the Wai 11 Consolidated, Grand Junction, and YUini Extended mines, have decided to conduct boring operations. The directors explain that th c period of absolute protection having expired, permission lias been to worl- die property with two men. I'lie have decided that it would be advisable to prove the ground before any l®g e cxpentuture is incurred fo. pumping l mac ' l '" /) , enable sinking operations to be conducted. After inquiry, consideration of plans. and taking advice from those competent, tin. directors feel confident that the Wai 1 ree svstem continues in the company s propel ty, and for this purpose have purchased Mta-mond-fcoring plant. Tender, were c l a and accepted for placing thejlant m I'° „ tior. and erection, etc., and Mr.<JJ .Me Lean, who is superintending the operation., expccts to commence boring .with the a* mind-drill on Monday, .Nineteen feci la already, been negotiated by means of the chisel bore, . and the diamond-drill wUi. oe used as soon as suitable country is reached..

TURU CONSOLIDATED G.M. CO. ,J h ? laesb reo, ' ts from the above company s mine at Puru are to the effect that good progress Las been made with the last contract let. The country has been favourIff/, th ,° reef has averaged 18in in Width, though it is rather knocked about split lip. Several pieces of stono allying gold have been secured from the Dangiugwalt portion of the reef, and the manager expresses the opinion that if the .jiir.e c,ilss of country continues the reef should open out well.

MAY QUEEN HAURAKI. LDY TELEGRAPH, OWN CORRESPONDENT,] >~, ... . Thames, Friday. • m C J| '")8 the No. 1 and new lodes, in Ao. 2 winze, below No. 6 level, in the baxon section, during the past day or two, ogcther with the fact that good results have been obtained from both bodies, has given a tinner tone to the mining industry in this district and has confirmed the confidence which has generally been held in the prospects of this company's mine. So far iere has been no general breakingdown ron J. either lode, but in carrying on the work of stripping them, portions of both have fallen away. As the result of the opeiations No. 1 lode has been cut into for a out a foot, and shows solid quartz for i.at thickness, but as yet there is no sign ? "e footwall, and no effort has been made 0 cut into that wall. From the quartz -en some 201b of very rich picked stone have been selected, and gold is still showing m the hole made in the lode. The new lode oil ie opposite side of the winze shows a thickness of between 14in and 16in of solid quartz, with strong colours of gold showing throughout, together with zinc blende « ruby silver. About 51b of rich ore have been selected from this lode. In No. 1 winze, the lode (No. 1) has widened out to a width of between 3ft and 4ft. and appears to be making even stronger downward, and also improving in grade. It will be remembered that the "dig" in this winze w as being carried down between a hangingall vein and the main lode, but the intervening space is now fully occupied by quartz, and this will necessitate the "dig" being carried henceforth on the hangingwiill side ot tho vein, which should enable more rapid pi ogress to be made. As yet no water has been encountered in either winze, so that no difficulty in that respect is looked for, 01 even anticipated. The two works mentioned are being pushed ahead with the utmost vigour, and at an early date the Nos. 3 and 4 winzes will be started on the new lode and No. 1 lode respectively, in proximity to the boundary of the Trenton section. When the winzes are down the required depth of the new level (about 90ft) they will be connected by drives, which will thus open up three lengthy blocks in which sloping operations will be commenced as early as possible, It is probable that No. 1 winze, being the most vertical, will lie utilised as a subsidiary hauling shaft, through which the trucks of ore will be lifted, by means of an air winch, to No. 6 level, and then run along the level to tho Saxon shaft. A connection has already been adjusted to the 4-inch air-pipe at the May Queen No. 4 level, so that the compressed air can be conveyed through pipes along the main crosscut to the Saxon section whenever required for the purpose of working the air-winch, and also to operate the rockdrills and to improve the Ventilation if necessary. This will enable the blocks to be worked economically, and without any unduo delay. The sinking of the Queen of May shaft is being carried on with the aid of the rock-drill as rapidly as possible, three shafts being employed, and another six or seven weeks should see tho shaft down to the point where the chamber for a new level in the May Queen section will be opened out. As soon as the shaft is down a sufficient depth, and whilst the •crosscut on No. 4 lode is being driven, winzes will bo commenced on both the No. 4 and north-west lodes, so as to connect with the rises that will afterwards be commenced from the new level. The company's battery for some months past has been engaged'in treating ore for tributeri at workin the various mines oi the field. This, however, has been no source of profit, but has been a great convenience to the com. pany's tributers and others.

KAURI FREEHOLD GOLD ESTATES (LIMITED). THE LILLIS AND RYAN CLAIMS. [IIY TELEGRAPH. — CORRESPONDENT.] CoitOMANDEL, Friday. Messrs. Lillis and Ryan this morning deposited in the Bank of New Zealand 290z 15dwt of gold, valued approximately at £90. This was obtained lrom that portion of the Kauri Gold Estates property at the head of the Waikoromiko Valley, and known as Lillis and Ryan's claim. This portion of the property has long been noted as possessing rich golden veins. There is a large area of rough country in its vicinity which had very little prospecting done on it, for the simple reason that ordinary prospectors have chiefly confined their operations to Government and native land, and usually avoided private property. PUBLIC BATTERY. [by TELKOItAI'II —OWN" COItIIKSI'ON'DKN'T.] CoitosiAMiKL, Friday, The effort to float a. company for the purpose of erecting a public battery at Cornmandel having failed, the committee have determined to do the next best thing, viz., to assist the School of Mines to erect a plant, which will lie capable of treating large parcels of ore at a moderate cost, such battery being open to the public. The plan of operations now is to raise money by public subscriptions, which will be liberally subsidised by the Government, the plant to belong to the School of Mines, by whom it will bo controlled and worked, the Hon. Mr. Cadnian and Mr. McGowan, members for the district, both approved of this plan. Mr. Malcolm McLaren, director of the School of Mines, has plans and specifications ready for a suitable plant, so that no time will be lost. THAMES SHAREMARIvET. [BY TEI.KGItAI'II. —OWN' CORRESPONDENT.] Thames, Friday. Broken Hill, sales 2d ; City of Auckland, sellers 3d : Knranui, sellers 5d ; May Queen Hauraki, buyers 8s 6d ; Tararu Creek, sales Is Id ; Victoria, sellers Is, buyers IOJd ; Imperial, sellers 4jd ; Talisman, sellers 15s 6d, buyers 14s 6d ; Four-in-Haud, sales 3s 4d. KURAJN UI G.M. CO. [BT TELEGRAPH. —OWN CORRESPONDENT,Thames, Friday. The trial crushings of ore from Crawford's and Hunt's reefs, at the low level, have been completed, but the results, which are somewhat disappointing, have not been divulged. KURANUI-CALEDONIAN G.M. CO. [by telegraph.—own correspondent.] Thames, Friday. During the month of April, just passed, 15 of the tribute parties employed in this company's mine crushed a combined tonnage ot 44 loads of general dirt and 1261b of picked stone for a total yield ot 1650z 18dwts of melted gold, valued at £450 12s 4d.

CARDIGAN G.M. CO. Thames, Friday. Some two or three weeks ago the No. 2 lode, 011 its westerly course, at No. 6 level, was cut off by a large break, and since then efforts have been made to pick it up again on the other side of the break. So far the search for it has proved unsuccessful. It is thought, however, that the continuation of the lode will be met with soon. WAIORONGOMAI BATTERY. Paehoa, Friday. Mr. A. T. Day has been appointed superintendent of the Waiorongoniai battery, which is now owned and is being worked by Mr. E. H Hardy, late of Coromandel MINE MANAGERS' REPORTS. May Queen Extended (Thamos, May 1): Have been cutting more into the hangingwall side of the reef, but so far do not seo any sign ot the hangingwall of tho reef formation. The last foot or two have been through easy sandstone, . with boulders of flinty intermixed through it. If we do not get the wall of tho reef or more quartz after two or threo mort feet of •cutting into formation wc will go on with the d l ™ 6 on the footwall, where the reef looks best. . , Waverloy (Karangahake, May 1): Driving 13 being continued on'.the new reef, which continues to give fail prospects of gold, Ihe country is of a much, firmer character, consequently tho reef is more compact, home of the . ribs of quartz aro mineralised, while others are quite free from mineral. lam of opinion when the lode gets properly consolidated, that we will get payable ore.