THE GOLDFIELDS.

New Zealand Herald, Volume XXXVI, Issue 11058, 9 May 1899, Page 6

THE GOLDFIELDS.

AUCKLAND SHAREMARKET. _ Business on the sharemarket was active yesterday especially in mining shares. The feature- of the day's transactions was another sudden jump in the value of May Queen Haurakis, yesterday's prices showing an advance back to about the prices quoted on Friday. Sales were effected in the morning at from 9s to 9s 6d, but at the afternoon call only 9s 3d could be realised, and sellers were open for further business at 9s 4d. Alphas were in good demand at late rates, and sales were effected at 4s 9d, while Obinemuri Syndicates sold at 5s 6d, with a further demand in both cases at the same rates. New Zealand Crown Mines were wanted at 13s 9d, with sellers holding for 15s, and Waihis were in demand at £6, with sellers quoting £6 ss. Waitekuuris were on the market at 455, but buyers were offering only 425. In lower-priced lines Victorias sold at from IOJd to 11M, Ohmeminis at M to 4Jd. and Waihi Extended* at Bd. Other mining shares were quoted at late rates. There was little change in investment shares. Taupiri Coal mines sold at 20s, with more on offer at the same figure. New Zealand Insurances were war- at slightly improved rates, and other shares were quoted at Saturday's prices,

MONOWAI G.M. 00. MEETING OF THE COLONIAL SHAREHOLDERS. DISSATISFACTION WITH THE HOME MANAGEMENT. A meeting of the colonial shareholders of tho Monowai Gold Minins, Company was held yesterday in the Chamber of Mines, Auckland, to hear a statement by Mr. W. Campbell, chairman of directors, who is about to return to Glasgow, after having spent six months at the Monowai mines. Mr. Campbell said he was in duty bound to meet the Auckland friends of the Monowai, and report to them the result of his stay at the mines, so far as shown by the extraction for one month. As cabled Homo a day or two ago, tho result simply put was 150 tons treated, of tho assay value of £330, and tho money realised £70, or, as it may yet be, £100. He confessed that ho had expectations of more than this disclosed. Ho had hoped to meet (he Auckland shareholders with more agreeable information, but theso were tho facts. Doubtless many might think that one month was not a sufficient time to givo a fair trial to new plant in oyaniding, and accordingly a repeat quantity would ho done in May. He hoped this would turn out encouragingly. As they had enough tailings provided to give this other trial, he judged it but prudent to cease mining. By tho time the May result was cabled tho directors would have before them the outcome of two months' extraction, and would bo belter able to gauge the possibilities. No harm was being done in the moantime, as ho had been alilo to cable Home an offer to tribute the Monowai for a few months, and if agreed to this would provide further efforts to prove the mine at no cost to the company. In tlio Gem mine they had, as they thought, met with a very rich shoot. The manager brought specimens with free gold, which assayed very highly, from £80 to £150 per lon. Two working trials were made in consequence, hut these did not result as might have been expected from moll stone. About 40 tons yielded onlj about £40. To keep the company in closo touch with this mine, as any day might provo it to bo most valuable, it had been let on tribute, and several good miners were now at work.

The report of the mine manager (Mr. G. H. White) was also read by Mr, Campbell, as follows: —

In tho Monowai section a large lodo lias ! been exposed at. the Nos. 1 and 2 levels. The crosscourse found at tile surface and Nos. 1 and 2 levels has yet to be cut through at No. 3 level before the leef is exposed, and 30ft of driving is calculated to bo necessary for this. During my term of management a very considerable amount of dead work hail to be carried out to facilitate economical and systematic working of tho mine, preparatory to forwarding ore cheaply to the mill. To accommplish this, I found it necessary to form a connection bv putting a rise up 80ft from No. 3, or low level, to No. 2. This saves much labour in handling the ore, and provides an outlet for the quartz being broken in the higher levels. This work also gives the needful ventilation. At this No. 3 level your previous manager had driven on tho footwall of the lodo a distance of 300 ft north, without breaking into tho lodo to ascertain its value. We at once decided to cut into tho wall. After 30ft of driving tho lode was evident. Another work commenced at this level is a drive to again pick up tho lodo 130 ft north-east of the above work, and at the end of the present low level. This as a development work I consider tho most important, and calls for especial attention. At tho No. 1 level a very considerable, amount of opening up and timbering in a substantial manner has been accomplished, and a quantity of ore broken, and besides this largo blocks of tho reef containing thousands of tons aro available, and can now bo stoped out methodically at a small cost. It was thought advisable to put up a rise through to the surface for the purpose of getting filling for the stories as they aro blocked out. This work lias been completed, and no difficulty can be exprieneed in keeping the mill fully supplied with ore. Connecting this section with your mill for the conveyance of ore is a ground tramway, abut 100 chains in length. Another low level could bo opened at comparatively small cost, giving 80ft of backs. In the Gem section, we commenced by thoroughly prospecting the various reefs. This led to tho discovery of rich oro below No. 1 level. To prove tho extent and value of this in tbe most speedy manner, a drive was opened out. between Nos. 1 and 2 levels. After 30ft of driving the reef was intersected, driving m the reef was undertaken, and at 50ft gold could bo seen in tho quartz coming to hand. We therefore operated upon a small block, the product won being treated at the mill. Driving upon the same reof has boon in progress at the No. 2 level. This work is not far enough advanced to cut the chute of oro met with in the higher levels. The large quartz bodies exposed, and the gold won from the surface, encourages me that discoveries will be made in the lower ground in the Crown portion of the Gem. The work under review carried on under my supervision is further north than any work done by your late manager. This section is also connected with tho mill by a ground tramway. One great natural advantage is that, the whole of your mines can be commanded by adit levels for years, and worked water free.

Mr. Joshua Jackson asked if M.. Campbell could give any information as to tho financial position of the company. Mr. Campbell said they had a call of 2s 6d available, and there might lie about £1000 or £1500 on hand. They were not short of money, but ho thought the oilier directors should have a voice in deciding what was to be clone. Mr. W. R. Bloomfield quoted from a letter sent by the old directors of the Monowai to the directors at Home with relcrencc to tho appointment ot Mr. French, urging that tho management of Mr. Williams promised more for the practical development of the property than that of any person who had previously had charge. Mr. Campbell said he remembered the letter. The facts were that at a full meeting of the contributing shareholders in Glasgow it was decided that Mr. French should "act in conjunction with Mr. Williams. They cabled out to Mr. Williams. ,vho replied that he was willing to accept tho appointment in conjunction with Mr. French. But instead of that, Mr. Williams had refrained from working with Mr. French. Personally, he (Mr. Campbell) believed that tliev would have been much further forward if Mr. Williams had followed out the wishes of the contributing shareholders. In Glasgow they believed that Mr. French was the one me.ii capable of treating the Monowai ore. Mr. Bloomfield: Your stay at the mine resulted in your being satisfied with it as a mine? Mr. Campbell: Oh, yes; that is unquestionable. In answer t- further questions, Mr. Campbell said there woro about 60 tons of concentrates still at the mine of tho average value of £8 or £9 per ton. What should be done with the concentrates would he matter for consideration. When he came to New Zealand ho was determined to bury the past and see that tho mine got a fair trial in the future. A Shareholder: Has any scheme been suggested for the treatment of these concentrates? Mr. Campbell said shipment was one scheme, and a few tons might be treated experimentally at the mine, but there was no hurry. , Mr. James Russell said the compam wag incorporated .in October, 1896. Since that date tho directors at Home had had full management, and now the colonial shareholders wore plainly told that no process had been discovered for dealing with the ore. that showed some want of management. He toUMi. EWtetson in Glasgow that «"> interests of the company would be much tetter served by he appointment of three gentle--2 i mi 'I,o'1 ,0 ' ~e *" satisfiwi - could be got to fall the position of local directors, without remuneration, until the mino was in a good position, but Mr. Paterson calmly told him that the directors know best how to manage the mine.,.They had 75,000 shares in Auckland, and he thought they might have been trusted with the. duty of supervising and advising as to any work going forward,*- If

there had been a local board of management they would have been much further forward to-day in regard to ascertaining the best method of treating.refractory ores. He thought the management at Homo, instead of incurring the heavy cost of sending Mr. Campbell out, might have asked the advice of those in the colony. In last balance-sheet there was £236 for travelling expenses. Mr. Campbell: Thank you for the, compliment. You might have spared mo that. I think it would have been better unsaid. Mr. Russell said he was of opinion that, the management of tho mino had resulted in direct injury to the mine. (Hear, hear.) But ho trusted Mr. Campbell would not think that anything was meant in disparagement of himself. There were many things in connection with tho mine in which a local board would be of great advantage to an English company liko tho Monowai. A question was asked as to the value of the reef, and Mr. French replied that ho had no doubt the mino was a good one, but ho could not officially stato the value cf the reef.

Mr. G. A. Buttle said if tho .nine was lot on tribute the next thing they might hear might be that tlio tributers had got the rich ore. Mr, Campbell ; They cannot ran away with very much before we will bo after them. Mr. Johua Jackson said largo quantities of gold had been taken out of mill's ty tributers in three days, without the companies knowing anything about it. Mr. Campbell: It was not Monowai orj. I will let anyone who cares lako a iwt or two of it. Mr. Bloomficld: Is it not a fact that you cabled Homo that you were satisfied with the experiments going on? Mr. Campbell: I was satisfied with tho assurance I trot that we were not going under 80 per emit. Mr. Bloomfiold: We have had that assurance before. Mr. Asliton asked what advantage Mr. French's process had over Mr, Williams' j.rocess. Mr. Campbell: Not much; but I am told that one month is 100 liltlo to judge ly. Mr. Ashlnu: My opinion is that in another year we will ho no further ahead. Mr. Campbell: That remains 10 bo seen. I will convey all these kind expressions Heme. (Laughter.) Mr. Kyall said ho had toon informed that Professor Black's treatment was an undoubted success, and that Professor Black was negotiating with people in Ballarat for its adoption. Mr. Campbell said tho Monowai might adopt it if it was proved a success, but as a rulo it was not best to ho the first to experiment. Mr. W. Clark: Is it not a pity that wo did not got someone to experiment with Mr. French '! At tho closo of the meeting, Mr. James Russell moved a hearty vote of (hanks to Mr. Campbell for bringing (he colonial shareholders together and explaining mutters to them. He thought it a course that might be pursued by oilier English companies. Mr. Bloomfield seconded, and the motion was put to the meeting by Mr. Russell, and declared unanimously carried. Mr. Campbell returned thanks, and the meeting ended. WAIHI G.M. CO. 7534 TONS YIELD £22,779. TOTAL TO DATE £980,870. Tho return from tho Waihi Gold Mining Company's batteries for the 28 working days ended April 29, just to hand, shows that 7534 tons have been milled for a return of £22,779. The return for tho previous month was £22,095, so that the average shown on. this occasion, a littlo over £3 per ton, is much better than that obtained at last crushing. The return brings the total value of tho bullion won from tho Waihi mine since 1890 up to £980,870 6s Bd. The following are tho returns sinco 1890 — Bullion won— Tons. £ s d In 1890 - ... 21,112 13 0 In 1891 - ... 23.935 511 In 1892 18.236 ... 44,833 2 4 hi 1893 19,805 ... 61.900 ID 11 In 1694 24.804 ... 82,827 22 In 1895 33,670 ... 120.334 22 111 1896 34,400 ... 137,321 8 2 In 1897 40.764 ... 144.040 9 7 111 1898 77,929 ... 253,304 12 5 In 1899—Period ending February 4 ... 8,533 „ 24,256 0 0 Period endin; March 4 7,152 ... 22.076 0 0 Period ending April 4 7,635 ... 22,035 0 0 Period ending April 29 7,534 ... 22,779 0 0 Total to date £930,870 6 8 WAIHI-SILVERTON G.M. CO. THE MONTH'S RETURN. During tho mouth of April 1000 tons of oro wero treated at the Waihi-.Silverton Gold Mines for a. yield of 6400z of bullion, valued at £1414 6s lOd. The net running time of tho battery was equivalent to 37 stamps running for 23 days. Since last report nothing fresh is known of tho Muscotto rcof in tlio western boundary workings, as work thero has been confined to sinking a shaft from the surfaco down to tlio adit level and down round tho winze in which it was cut. This shaft is a small two-compartment vortical shaft, and is equipped with engine, boiler, and head gear, all of which aro in position, and will be in working order by the end of this week. The stripping of tho winze will by that lime be nearly completed to the No. 1 level, when further development will ho energetically pushed on. The damage done to lite highpressure dam by last month's fresh is repaired and the (lam substantially improved. Most of the air compressor plant bought from (ho Wailckauri United is nnv on the ground and a start will soon ho made to erect it. THE LATE MONTEZUMA G.M. CO. TREATMENT OF REFRACTORY ORES. Tho Sydney Syndicate completed the purchase of the plant and mines of the Montezuma Gold Mining Company (in liquidation) on Friday, and activo preparations are being mado foMtarling work within a month from date. Certain additions have already been made to tho Ihcrmo-hyporphoric works, ami tho management luivo proved that the lowgrade refractory ores of tho district yielding about £2 per ton can be very profitably handled, and that larger returns will bo secured by (his method than by any other. Tho Rev. Joseph Campbell, who has given the matter tho fullest scientific and practical demonstration, is satisfied that from 80 to 95 per cent, extraction will be obtained from ,ho most refractory ores in the colony and as soon as the additions are complete largo parcels of ore will bo treated for tho public. Careful examination has led the management to tho conclusion that the best results will be obtained from the properties held by the late company, about the Plutus or north end of the To Aroha goldfield, and arrangements are being made for breaking large supplies of ore.

MARATOTO G.M. CO. Wo understand that at tho last breakingdown of the lode on the Maratoto Gold Mining Company's property a stone of great sizo was tr.kcn out, which is believed to bo richer than anything yet seen in the Maratoto mine, PROGRESS-CASTLE ROCK G.M. CO. The manager at the Progress-Castle Rock Company's mine telegraphed yesterday that 121b of picked stone had been secured from No. 1 reef above No. 3 level. Our Coromandel correspondent' telegraphs:—"During last week 201b of nicked stono wero deposited in the Rank of New Zealand by tho mino manager (Mr. W. G. Martin). The reef continues to look remarkably woll, Fair progress is being mado with the winze, which is to connect No. 3 and No. 4 levels, and thus also provide a chute for the oro to tho lowest level, which will be in touch with tho proposed now battery." BULLION SHIPMENT. Tho National Bank of New Zealand forwarded to Sydney by tho Tarawcrn. yesterday for transhipment to London, six boxes and five bars of bullion, valued at £11,850. WOODSTOCK G.M. CO. [HY TELEGRAPH.—OWN CORRESPONDENT.] Paeboa, Monday. AH tho now runners have now been installed, so that in future the return of bullion should show an increase. There is nothing fresh to record in connection with the mining operations, though a fino large body of stone is being operated upon the slopes south of the riso at No. 5 level, the width of ore being from lift to 12ft. The rise carried up from No. 4 level to No. 5 lovel south of No. 2 break, having established communication between the two levels at that point, a winze has been started bolow the No, 5 level, with a view to testing tho reef on its downward continuation. NEWS FROM THE MINES, [BY TELEGRAPH.— CORRESPONDENT',] Coromandel, Monday. KATHLEEN CROWN. 'A reef has been cut in the lowest level, carrying gold plainly visible in the stone. The reef is 18in wide. A rumour has been current that gold had also been struck in the Kathleen, but thore is no truth in the report. Still, a great improvement is noticeable not only' in the country rock, but also in tho appearance of the reef. ~ . ■ f KAUBAKI ASSOCIATED. '. i •Some very _ nice picked stone iB being se- ! cured in this mine, hopes are.entertained , that the low level,will be as profitable as the i higher blacks, ■•:-■' !.;:■■'■.,';'■''::.;••■ :;;-..;.•.■•;•-; ■,;:..i .;--..

WAITAIA. In this mino the various workings are now connected by rises, winzes, and passes, with the lowest level. Numerous blocks are opened up ready for sloping, and a largo quantity of ore can bo broken out without delay whenever it may bo found advisablo by the management. It would appear that a battery is now necessary for tho profitable working of the mine, because the reef thus opened up has long since been proved to contain gold of considerable richness. /THAMES SHAEEMARKET. [BY telegraph.—own correspondent.] Thames, Monday. City of Auckland, sellers 3d; Euranui, Boilers 4d; Mahara Royal. Kilos 2s Id; May Queen Hauraki, sales 9s; New Whan, sellers 2d- Victoria, sales lOd, 10id, Boilers lid; Imporial, sollors 4£d; Talisman, sellers 15s 6d. ,

MINING IN NEW GUINEA, WARNING TO MINERS. Mr, A. Hudson, who has been recruiting his health on the Blue Mountains, before returning to New Guinea, where ho has spent some six summers, was met by a reporter of tho Sydney Morning Herald, and gave an account which, in view of tho reports received lately from New Guinea, came as a. surprise. " What I would like to impress upon you people in Sydney is that New Guinea is not like any other gold-bearing Australian country," he remarked. "It is not like your Coolgardio or your Queensland fields, because when a man lands on the shores of New Guinea ho is blocked at once." "You don't mean that tho laws of the place block him?" "No, but tho country does. It is a dense and all but impenetrable malarial jungle through which the prospector must literally cut his way. That is so different from any Australian gold-bearing country, for when a man lands ho can wag it. Net so in New Guinea. When a man lands at. Samarai, the nearest place to what were the goldficlds, though they are worked out new, he can't swag it. And in the rush which took place in 1897 (only two years ego) there were dying on the beach from fever and dysentery disappointed men in scores. The Government steamer Mcrrio England took a couple of hundred of the poor fellows away, and Burns, Pliilp, and Co. helped away a great lot more, while in tlio meantime others were dying like rotten shoe]) — chaps that expected to find New Guinea an El Dorado, where they only bad to jump ashore, and with pick, shovel, and cradle, make an ounco a day." "Then you are opposed to seeing your countrymen rush to New Guinea?"

" Exactly! If they do rush tho place they will find that what I say is true. It is no place, no country, no climate for a rush such as we know of in Australia, in the Ballarat days or the Mount Morgan days, or tho latest rush to West Australia. It is totally different.'- " Did you say that tlio diggings are worked out?" "Yes; the four small gullies on tho Mambarc— Watson's, Fruser's, and Reynolds' aro done. I don't say but there arc equally good places in tho intenor of New Guinea; in fact, I'm certain there are, and in attempting in reach ono of them 12 months ago our party started with 17 native carriers, and we returned unsuccessful and with but eight carriers, the others dying of dysentery and other sicknesses." " But you arc, you say, going back again? - ' " Oh. yes! I mean to havo anntliei try, and I dare say we shall (my mate and I) succeed in Iho long run ; but my special object just now is to throw out a warning. Don't rush to New Guinea until there are tracks and roads cut through the country. We had mules up there, but they wcro no use in tho dense jungle, and there are a lot up there now, but the only means of transit is by native carrieis. These you get at 10s per month by engagement with the Government officials, and pay in advance. Then you want to buy at least three months' supply before you slavt from Samarai, and then von inn your chance of tho climate." "Which is a humid one"'" "I should say so. The wet season, as they call it., last nine months, and it rains off and cm the other three." " How much cash do you consider a diggc should have at command to land at Samarai with?"

" Certainly not loss than £60. He should have that amount after paying his passage, or when, in other words, ho steps ashore on the New Oilmen coast. With that sum ho can fee! independent, in so far that after giving the country a trial, say three months, he will have enough to pay his passage back to Australia. That is if he does not succeed in getting ' the cclr.nr,' and it ho is not stricken with fever, which is unlikely, he ran pet away by one of the steamers, and not lie down and die in the forest, as I have seen them, or fall helpless to rot on the beach." Upon inquiry at Messrs. Bums, Philp, and C'o.'s, (ho reporter was informed that there were strong indications of a rush to New Guinea. Mr. .limes Burns said that the applications were daily becoming more numerous, and he trusted that the utmost publicity .nitild be given to deprecate a rush taking place to so unprepared and unhealthy a conn Going in parties of 10 at a time might he, very well, but to encourage hundreds of men to try their fortunes there was nothing short of inhumanity. MINE MANAGERS' REPORTS. Hunker's Hill (Coromandel, May 6) Rise —During the week 16ft liavo been risen. Yesterday a break striking east and west made its appenranco, but as yet it is a littlo premature to say how the roof will ho affected by it. No. 4 6topo has been carried along 10ft for the .veok, with no chango to report. Fnotwall lode— total of 16ft has been driven on this reef, which is somewhat split up. No gold has been soon this week. Northern drive This face has been advanced 10ft for the week, making a total of 127 ft from the crosscut. Hero the reef has boon cut off by a break, into which wo have driven 6ft, with no sign. of being through it. Maratoto (Marototo, May 4): Good progross continues to bo made with tho advancement of both tho rise and tho winze being oponod up on tho Payrock reef, over the baok and underfoot in the No. 1 level. Two extra hands have boon put on in the rise today, to push it through as soon as possible, as tho air is very bad, and we have still about 80ft to gc to tho surface. Tho riso is up a distance of 25ft, and the reef is gradually widening out, being now fully 3ft in width, and still producing ore of good quality. In the winze, which lias attained a doptli of 14ft, wo are saving fully 4ft of tho reef, 2ft 6in of tho lmngingwall portion being exceptionally good, and still maintaining its good quality as depth is attained. In the No. 2 level tho contractors have driven a distance of 14ft for the week, making a total distance of 374 ft driven on the lino of reef. The lodo in tho faeo is about 4ft in width, and carries gold, but not in a payable quantity. Nonpareil (Thames, May 6): Blanche level—Good headway is being mado with tho extension of this level on the course of Wade reef; 13ft have been driven during tho week, making a total of 40ft since driving was commenced. Tho reef is 6in thick, carrying good mineral; blond also is obsorvable in the stono. Tho country rock contains Humorous mineral veins. These are composed of a brighter mineral than those formerly passed through. This is a decided improvement, hut the nature of the country is still rather coarse. Tho furthor sinking of the winze on Wade reef was resumed on Monday last ; this has now attained a dopth of 50ft, The country being sunk through is of an excellent description. Very' littlo quartz has been broken from hero during the week. Imperial (Karangahake, May 6): The contractors continue to make good headway with tho oxlension of the low level drive on the south courso of main reef, 15ft being drivon for tho week, which makes a total distance of 158 ft now opened up from tho main crosscut. At present the whole width of the drive is composed of stringers of quartz and flinty stone, and the reef continues to be very much split up, but is encased in a favourable class of country. An improvement in these respects is, however, anticipated as the drivo is forged ahead. The drive lias been continued on the new outcrop, but tho reef formation still consists of quartz and mullock intermixed. Grace Darling (Waitekauri, May 5): Sinco last report the Port-sea low level crosscut has been enlarged as far as the flalsheet. The face in the upper level has been extended a distance of 15ft,, making a total distance of 35ft from the top of the last rise, whore .if. is holed through to the level. The reof.'has opened out from 3ft. 6in to a width : oflsft, and is of a very promising description; being composed of nice ' friable. ■ stone, with gold showing occasionally' through ; it. The surrounding country'.' rock.is all that could' desired,';: a; decomposed, oxidised '■■■ andante, with iron seam3 T coming in from the hangingwall, ; . •