NEW ZEALAND MINES.

New Zealand Herald, Volume XXXVI, Issue 11057, 8 May 1899, Page 6

NEW ZEALAND MINES.

[from OUR OW.V rOBRKSPONDKNT.] London', March 30, THE TAITArij I'KOJ'KKTY. A SPECIAL general meeting of the Australasian Gold Trust (Limited) was held mi Tuesday afternoon at the Cannon-street Hotel. Mr. Kirkwood presided, and there was again a largo attendance. The Chairman referred to (ho last meeting, which had been adjourned in confusion, and said the solicitor had advised thai it would bo better to call another meeting to deal with the reconstruction proposals, which were, that a now company bo formed with a capital of £110,000 in £1 shares. He then referred to a circular issued by a shareholder (Mr. Cummings). In this, after reference to other properties in Australia, it was said I hat the titlo to the Golden Blocks in the Tailapu Instates was questionable. His (the Chairman's) reply t<> that was, it was necessary for Ilia trust to pay down some money lieiore they gut the property, but the negotiations were as nearly as could ho settled. When they paid £4500 tliev would have the properly safely in their bands. Then, with regard to the statement made in (lie circular that the trust would only have a three-eighths interest in the Golden Blocks, that was a mistake. Then there was a

" disastrous" paragraph in the circular that the Taitapu had not tho title, lie (the Chairman) had had tho New Zealand Blue Nooks for 1596, when llicro had licon considerable discussion in the New Zealand Parliament about it, and some desire had been expressed to take up lluwo freehold lands. But that had been negatived altogether, and the opinion of very eminent, counsel in tho colony, Messrs. Bell, Gully, and Izard, had been obtained as to the perfect soundness of tho title. Of course, tho New Zealand Government could pass an Act to confiscate the property, but it was not at all likely. And if they did they would have to compensate, lint whoil people, wen' actually working the Government did not turn I hem out. If the shareholders held on to the Taitapn properly, ho believed they would gel back several pounds for every pound they had put in: ho did not. however, mean that they would got back all the money that had been squandered in the past. The only reason he had joined tho board was to try and make some. little out of it for the shareholders. He then moved the resolution authorising reconstruction.

Mr. Suckling seconded. Mr. Cttmmings said tho only thing they were likely to get fo. their money was what camo from the Taitapu; the Australian concerns were worse than useless. And it had not been denied that the Taitapu title had been questioned. Ho moved, "That the company be wound up." Mr. liompass seconded. Mi. Toye objected to pay 3s a share for reconstruction. As to the Taitapu title they knew counsel's opinion could be got either way.

After some personal discussion, Tim Chairman said the opinion they had obtained was the very best that could possibly lie got. At all events, the Taitapu company were so satisfied with it that they had gone on with their reconstruction, and had got tho money they wanted. On being put, the amendment to wind-up was carried by 19 voles to eight. This not being tho required three-fourths majority, a poll was demanded. The Chairman then announced that though the actual votes could not then be declared, Mr. Cummings' amendment was carried. Later on a public announcement to the same effect was made. THE WAIHI MINE. " A wise step" has been taken by the Waihi directors, ill issuing the 1898 reports of then superintendent and mine manager without waiting for the directors' own report, which is not due for a few weeks yet, thinks the city editor of the Pall Mall Gazette. The reports camo to hand earlier than was expected, and the directors issued thorn separately, thinking that the shareholders would prefer not to bo kept waiting. Tho action of the Board may bo commended to some of the laggard directorates elsewhere, which exist unfortunately in plenty. As regards tho condition of tho mine, most of the work has been done on the old developments, but indications of other reefs have been found which will bo followed lip. A slight falling off in the yield per ton is shown for the year, but as nearly double tho tonnage lias been crushed, tho value is considered satisfactory. In the treatment of tho ore some 88 per cent, was recovered last year, indicating further improvements. It is further noted that experiments are still being carried on, and that considerable savings in the cost per ton are being effected.