THE GOLDFIELDS.

New Zealand Herald, Volume XXXVI, Issue 11163, 8 September 1899, Page 6

THE GOLDFIELDS.

AUCKLAND SHAREMARKET. Yesterday the market showed no material change, Taupiri Coal Mines were placed at 21s 9d, while South British could have been placed at 53s 6d, and Leyland and O'Briens at 255. New Zealand Talismans were placed at 12s 3d. May Queens 6s sd, 6s 6d, and' Bunker's Hill, old issue, 2s. No change in other lines.

MARATOTO G.M. CO.

ANNUAL MKIiTIXG, The annual general meeting of shareholders of the Maratoto Child Milling Company (Limited) was held at Mr. R. McDonald Scott's office yesterday. Mr. John McCombie (managing director)* presided, and there was a good attendance of shareholders PIBKITOBs' BEI'OBT. After the oiHcial minutes had been read by the secretary (Mr. 11. McDonald Scott) and confirmed, the directors' report was read as under:— Your directors have the honour to submit their first annual report and balancc-sheot for the year now ended, The summary from the "latter is as follow* : — Receipts: Cash from sale of 10.000 shares at 6d each, £250; calls received, £1245 16s 3d; mining requisites sold to the Maratoto Battery Company (Limited), £2 14s 9d—total, £1498 lis. Disbursements: Wages paid at the mine, £912 14s yd; general charges, including mining requisites, £434 8s 8d; contribution to Ohinemuri County Council for road, £50 Is 3d; cash balance in bank, £101 6s 6d—total, £1498 lis. Shareholders will remember that the company was floated on the Maratoto reef, from which rich results were obtained. Thcro was also the Pay Rock reef in the claim running parallel to the Maratoto reef, which also claimed attention. The examination of the latter proved as satisfactory as was anticipated, but in operating in No. 1 level on the Pay Rock reef, which is intact to tho surface, an unusually rich body of ore was discovered, which maintains its character in the rise and in the winze. A No. 2 level was started to drive on the reef. The drive has now reached to within a few feet underneath the winze, and there is every probability of the rich ore being found in the No. 2 level. Tho 15-head battery being erected for the company by the Maratoto Battery Company (Limited), will be ready in December next, when tho mino will be sufficiently opened up to keep it going. Meantime, 20.000 share.., part payment of 40,000 shares, have been issued to that company. Your directors believe the mine to lie a valuable one, and look forward to the company turning out a complete success. Two directors, Messrs. John MeConibie and .Tolin Lndean, retire, and are eligible, and seek reelect inn .—Jo ipt McCoumn, Chairman. MANAGING DIBKCTOH'S UKI'dHT. The report of the managing director (Mr. John McComliie) on the operations proceeding at the mine was then read as follows: — September 1, 1899. To the Shareholders. Gentlemen,— tions in your mine were commenced on September 12. 1898, and the following is a summary of the work done up to dato: — Marototo Section: This section of the mino has been exploited by your predecessors, who opened up the marototo lode in five different levels, situated at intervals apart, and affording fully 250 ft of backs above the lowest workings. Systematic prospecting throughout the different levels resulted in the location of several blocks, comprising a very large tonnage of payable ore, and here the tipheads alone contain over 1500 tons of ore, which yiolds an average assay value of £2 5s per ton. No. 5 Level: To begin with, this level lias been cleaned up, retimbered where required, and a tramline laid down for a distance of 210 ft. About 165 ft south of tho crosscut leading into this level, a shoot of ore ranging from £1 to £3 per ton in value was met with, and this proved to bo fully 100 ft in length along the line of the lode. Here a chamber was cut out, securely timbered, and a start made to sink a winze, for the purpose of testing the value of the lode underfoot. This work, however, had to be abandoned, on account of the heavy inflow of water, which precluded the possibility of sinking economically. Then, with a view to ascertaining tho valuo of the lode overhead] a l'iso was put up to a height of 37ft, at which point connection was effected with the No. 4 level workings. This rise went up (in the hangingwall side of the lode, which was broken out to an averago width of 4ft without any sign of the footwall, and the average assay valuo of the ore is £2 per ton. The block between, the abovementioned levels is intact throughout, and a very large quantity of oro could be obtained hero at short notice. Pay Rock Section: The development of this section has received most attention since the mine passed into the hands of your company. No. 1 Level: South of Mcßrinn's Creek this level has been cleaned up, and retimbered in places for a distance of 180 ft. The lode lias also been cut into at intervals along the lino of the level, and good prospects obtained at every point of intersection. The average width of the payable oro is 4ft, and its assay value is £2 18s per ton. Over the i back of the level a riso lias been put up to tho surface, a height of 50ft, and the lode, measuring 4ft in thickness, yielded on the average by assay £2 8s nor ton. Sinking beneath the floor of this level was (hen started, but the water difficulty presented itself, when a depth of 7ft had been attained. A very noticeable feature in this winzo was that tlm ore more than doubled its value in tho 7ft of sinking referred to, and it was heavily charged with silver, occurring as a chloride. North of Mcßrinn's Creek 300 ft of driving was carried out on the lode by the previous owners and option-holders. This work was all done on the footwall side of the lode, and no effort was ever made to test the hangingwall, which is the goldbearing portion of this ore body on the south side of the creek already referred to. The first work under- : taken was a crosscut from the face of the level going northwards. After cutting through the lode for a distance of 7ft, a de- ! posit of very high-grade ore was met with ' on the hangingwall side, and some of this ' was exceptionally rich in the precious metals, i This level has been extended 74ft north of j the crosscut, and 26ft south of the same ' point, on the hangingwall branch of the lode, and outside the rich shoot, which is proved to bo 30ft in length, the ore is all payable. A rise has been put up to a height of 77ft on the lode, which measured 4ft in thickness, and tho average assay value of the ore for ! the first 30ft of rising is £9 per ton. There- i afgter the ore became poorer in quality, but ' even the lowest grade stuff can be treated for remunerative returns. Sinking beneath the floor ol this level came next in the order of things, and the winze is now down to a I depth -pf pt. For the tot 25ft of sinking J

the lode was broken out to a width of 3ft, and the average assay value of all the oro grassed therefrom is over £12 per ton. Then the rich ore-shoot appeared to dip gradually to the southward, and, at a depth of 32ft, passed out of the winze. Subsequently the ore here has fluctuated in value, and the last sample taken from the bottom of the winze, right, across the lode, for a width of 3ft, assayed £6 5s per ton. No. 2 Level: This level was started on the Pay Rock lode, where it outcrops in the gully, on the north side of the spur, at a depth of about 100 ft below the No. 1 level, and it is now in a distance of 571 ft. During the progress of this level several small shoots of oro were met with, but a long stretch of the lode was hard to break, and the ore very low grade. At present the lode, carrying a little gold, is being broken out to an average width of sft, without any indication of the presence of either of the walls, and the distance remaining to be driven in order to reach the line of the winze coming down from No. 1 level is 20ft. Future Outlook: Tho results attendant upon the exploitation of the Pay Rock section of the mine augurs well for tho future of the property. The run of payable oro has now been proved, at the No. 1 level, to bo about 600 ft in length, and, so far as developments havo gone, it appears to be improving going downwards. New Mill: The building to cover tho cyanide plant is oomplelo, and the framework for the battery section, as well as that of the ore-bins, is all in position. Good headway is being mado with tho construction of the stands for tho percolating-vats, and except the boiler, all the machinery is now delivered on tho machine-site. The fluming for tho water-race is nearly all finished, and tho excavations for the tramlino connecting the mine with tho mill aro all ready to receive the sleepers and rails, On (lie motion of the Chairman, seconded by Mr. D. B. McDonald, the reports and balance-sheet (of which a summary is contained in the directors' report) were adopted. ELECTION or DIRECTORS, ETC. The retiring directors, Messrs. John Endean and J. McC'ombie, were, on the motion of Messrs. W. Bainton and J. Davies, reelected. On tho motion of Mr. Daniel McLeod, the retiring auditor, Mr. D. B. McDonald, was reappointed to the position. A vote of thanks to the chairman terminated the proceedings.

THE DREDGING BOOM IN THE SOUTH. Attention is now being paid to the Southland district as a field for dredging, and several experts who have visited the auriferous portions of the available areas express the opinion that Southland has possibilities (so far as permanence and regularity of yield in a moderate degree goes) tint Otago cannot hope to excel. The only difficulty that presents itself to those who know the nature of the deposit to be worked, is that on top of the gold-bearing drift is clay and surface loam, which, being taken up at the same time as the gold, might prevent dredges from being worked at a profit. Several dredges are at present working in the Waikaka Valley and up Matuura Vallev, on Waimumu and Charlton Creeks, and many other dredges are being built, so that dredging in Southland is sure to make rapid progress in the near future. The North Otago Times states that a petition is being signed asking the Government to resume possession of the hospital and municipal reserves at Maorewhenud for gold mining purposes, the Government to give adequate comjjciisatiiin to the two local bodies in the event of resumption. The Hartley and Riley Dredging Company have just declared a 20s dividend on shares. In about 11 weeks the dredge picked up 3ewt. of gold!

At Kaitangata, in the county of Bruce, which li'"i south of Dunedin, the dredging boom lias manifested itself, and several claims on Measly Beach have been recently pegged out. A Southern correspondent, writing from Waipori (Otago) to our mining reporter, states that a party of Auckland miners have done well on the Waipori, and have just received a substantial sum for two dredging claims pegged out. The most regular goldproducer in the district is the Jutland Flat. Even at the present time, the shares for some dredging companies in Ota-go are applied for within 24 hours. The Long Valley Dredging Company, Limited, of £9000, 7000 £1 shares being offered to the public was floated in less than a day. Though many promising areas in Otago have been pegged out., companies floated, and good returns secured, some of the claims have proved duffers. On some it has been found impossible to work a dredge. Several shareholders complain, and with good ipason, that frequently the capital subscribed goes for prospecting works, which should have been carried out before the flotation of the company.

VICTORIA: ITS MINES AND MINERALS. We acknowledge receipt of a special number of the Australian Mining Standard, devoted to "Victoria: Its Mines and Minerals." It will be remembered that the same |aper recently published a special edition dealing with Tasmania and that country's mineral wealth. The paper deals with the mining history of Victoria, present position, future prospects, with full and interesting details of the geology, lode systems, special characteristics, leading mines, and general resources of the colony.

WARNING TO MINING INVESTORS. The attention of mining investors is directed to sections 131 and 135 of the Stamp Act, referring to the insertion of the purchaser's name on a transfer before it is signed by the seller. Several cases have lately been' brought before Southern courts, and the offenders heavily fined. It is intended to strictly enforce the provisions of the Stamp Act, so that brokers and investors will require to exercise care that no breach of the special provisions referred to is made.

WAIHI SCHOOL OF MINES. [NY TELEGRAPH. —OWN' CORRESPONDENT.] Paf.koa, Thursday. The alterations and additions to the assay laboratory at the Wailii School of Mines have been completed, and provide accommodation for about 20 students. A new furnace, 15in square, has been built, in addition to a substantial working bench. The improvements cost £50, half of which was paid by the Government. Mr. Bauance, the newlyappointed assistant, will not be able to tako up his duties till the end of the university session, which closes during the last week of October.

GOLD SHIPMENT. [by telegraph.—own correspondent.] Thames, Thursday. The Bank of New Zealand will ship to Auckland to-morrow morning, per the p.s. Wakatere, three boxes, containing 23000z of gold, the value of which is about £5900.

COROMANDEL WARDEN'S COURT. [BY TELKGEAI'Ii.—OWN COEKESPOXDENT.] Cohomaxdkl, Thursday. Before Mr. R. S. Bush, Warden, to-day, the following applications were granted or recommended: Mr. Gray, Empress claim, 96 acres 1 rood 13 perches; John Buckland, Holly Branch, 100 acres; Fred Mayne, 5 acres, being portion of the old Great Kapanga; Jno. I'. Ooodall, Waikororaiko, 68 acres 1 rood 3 perches; Saml. Dillimore, 100 acres prospecting license, Mac Lean BlockWm. McNeil, jun., Inverness, 17 acres; Fred Mayne, Benefit quartz claim, 5 acres', being part of old Paul's Creek claim: A. C.' McKay. Fabulous, 100 acres adjoining Four-in-Hand mine; J. H. Taylor, Colorado South, 60 acres near Whitianga; Chas. O. I'hair, Ocean View, 29 acres 1 rood 35 perches; Alex. Peebles, surrendered residence site, No. 281, Kuaotunu ; J. D. Re»an surrendered Golden Tokatea licensed holding ; protection granted to W. H. Thomson, four months for Tandem special claim; A.' B. Kelly and W. Dwyer, six months for Miners quartz claim.

This evening a concert, tendered by Mr. and Mrs. Jackson, will be given in the Y.M.C A Booms; The vocalists will be: Misses Tilly and Crowther, and Messrs. A. L. Edwards and Hamilton Hodges. A violin solo will be played by Miss Florence Walker, and a piano , solo by Miss Harper. Amongst the other items will be a number of selections by tlio orchestra. Mr. Jackson will act as conductor, and Mrs. Jackson will act as accompanist'. I expect to get suited to-day (Friday) with a waggonette at Turner's sale. "Empire *and freedom!" So said one of the greatest of Romans, when asked what were his politics. Briton, let the motto be your watchword throughout tho ages. But no less notable was the saying of one of the greatest of Mew Zealand public men, when 11™ j £ to °k or a cough or cold uooas' Great Peppermint Cure," he exclaimed. He was as right as the old Roman statesman. Give it a trial; it is sold everywhere and never fails,