THE GOLDFIELDS.

New Zealand Herald, Volume XXXVI, Issue 11243, 12 December 1899, Page 6

THE GOLDFIELDS.

AUCKLAND SHAREMABKET. The sharemarket was rather quiet yesterday. There was no change in investment shares. In mining lines Crowns were in demand at 16s 6d, and Talismans showed considerable improvement, opening with buyers at 13s and sellers at 14s, and closing with buyers at 13s 6d, and sellers not quoting. Waihis were still in demand at £10. Barrier Reefs (issued at 18s 6d) sold at 7s, Wliangamata Gold Corporations were wanted at ?s 7d, with sellers quoting 4s 6d. In lower-priced lines Waihi Souths showed further improvement, selling at Is 7d, with more on offer at the same figure, buyers quoting Is 6d, Grace Darlings were slightly firmer. Alphas sold at Is, and Ohinemuris at 4Jd. Other mining lines were quoted at late rates,

BULLION SHIPMENT. The National Bank of New Zealand shipped to Sydney by the Westralia yesterday, for transhipment to London, five bars of bullion valued at £5250.

WHANGAMATA GOLD CORPORATION. 770 TONS YIELD £1521. The return from the Wliangamata Gold Corporation mine has just come to hand. During the month 770 tons of ore were treated for bullion, of the value of £152116s 9d, equal to £1 19s 6d per ton. The previous return was £1483 16s 3d from 770 tons.

TALISMAN G.M. CO.

IMPORTANT AMALGAMATION PROPOSALS. MEETING OF AUCKLAND SHAREHOLDERS. An informal meeting of shareholders of the Talisman Gold Mining Company was held yesterday in the New Zealand Insurance Company's buildings, to consider an important cable from Mr. W. A. Mercer, the attorney representing the New Zealand shareholders in London. About 40 shareholders attended. Mr. Andrew Hanna presided, and stated that the committee appointed in Auckland to watch the interests of the Now Zealand shareholders, sent the following cable to Mr. Mercer on November 20 :—"Owing to new developments Talisman Extended, Royal Mail would strongly urge you to try and revive negotiations Exploration Company. It would greatly benefit all concerned. Failing this, can you not prevail on Talisman Company secure at once Talisman Extended mill site, so as to complete outside work if possible before winter sets in. The sooner the matter is settled the better." In reply to this the following was received: —''In reply to your cable received, will do my very utmost. Must be done as quietly as possible. Am writing fully." The following cable received on Thursday afternoon was then read to the meeting:—"Talisman Extended has been formed separate company. Nevertheless, am in a position to arrange amalgamation on following basis. To form entirely new company, capital of company to be £255,000. To purchase Talisman for 150,000 fully paid shares, Talisman Extended for 105,000 fully paid shares in new company, for which they hand over the following : Victor Waihou, Royal Mail, Mararoa, Crown Extended, as well as £25,000 cash down for working capital and mill site. If arrangement accepted can get guarantee to purchase at par any new company shares held by old Talisman shareholders during three months after completion agreement. It is proposed to erect at once, additional 60 stamps cyanide plant. Cable decision as soon as possible. I expect to leavo on business near the end of January, to colonies by way of Auckland. I shall require your full support in order to carry it through. Will join Board of Directors (new company) to watch your interests. Consider it very advisable to accept. Proposals made perfectly fair and straight." The Chairman stated that the extent, of the Talisman Extended, Victor Waihou, Royal Mail, Mararoa, and Crown Extended was 208 acres, irrespective of the mill site, which contained five acres, and the area of the Talisman being 60 acres, the amalgamation would give a total of 268 acres. The cable just read had licen before the committee, and the members of the committee were almost unanimous that the proposal should be accepted, subject to the following limitations: (1) That whatever moneys the present Talisman Company bad in hand, which they believed to oe some £15.000, should be applied in payment of a dividend to the present shareholders; (2) that the amount of working capital should be increased from £25,000 to £30.000. The committee also thought they should ask Mr. Mercer to do his best to have the nominal capital reduced from £255,000, if possible, to £250,000 or even less. One very important element in the message was Mi'. Mercer's statement that he could get a guarantee to purchase the holdings of all the present shareholders at par. If the suggestion the committee had put forward was carried out a dividend of at least 2s ; per share should be paid, and if any share- | holders desired to sell their shares they would get the par value of £1, so that the present shares would be worth £1 2s. There were 150,000 shares in the presont Talisman Company, so that the shareholders would get share for share, Mr. H. M. Shepherd asked if the committee really thought it necessary to haggle over £5000.

The Chairman said at the first glanco lie did not think so, but it would be necessary to increase the crushing power, and he thought there should bo some margin to come and go upon. Mr. Shepherd said lie thought the London directors were likely to know the amount of money that would be required, and he feared if they started haggling over 5000 shares they would lose their chance again, as they did when the last offer was made. Personally lie would be inclined to give Mr. Mercer a free hand, and if he could get the additional £5000 of capital, well and good Mr. C. E. Purchas expressed a fear that if they insisted upon a small matter like £5000 the whole arrangement might be

upset. Mr. J. H. Upton said the question of the nominal capital was a minor matter. He thought they might drop that part of it. but he thought they should endeavour to get the £30,000 working capital. Mr. C. E. S. Gillies said it should be a sine qua noil that the talisman shareholders should get the £15,000, now in the hands of the Talisman Company, as dividends. Mr. E. Anderson said the cable made it pretty plain that the Talisman Company was to be wound-up, and if the company was to be wound-up he assumed the shareholders would get a dividend. Mr. H. T. Qorrie suggested that a satisfactory guarantee should be secured that the shares held by the Talisman shareholders would be purchased at par. The Chairman accepted this suggestion, and submitted his motion, as follows: — " That Mr. Mercer be authorised to arrange the amalgamation on the terms mentioned in his cable of December 6, subject to the following conditions: (1) That a satisfactory guarantee be given to purchase at par any of the new company's shares held by the old company's shareholders. (2) That fill moneys in hand, and to accrue to the Talisman Company, be not included in the sale, but be divided amongst the shareholders as a dividend. (3) That the working capital be increased from £25,000 to £30,000." Mr. Upton seconded. Mr. Purchas moved, and Mr. Shepherd seconded, as an amendment, "That the increase of the working capital be not insisted on. but sent as a suggestion to Mr. Mercer." The Chairman's motion was carried by a large majority, and was subsequently put as a substantive motion, and unanimously adopted. At the close of the meeting, Mr. Anderson stated that the cable had been in the hands of the committee since Thursday, but no information had gone outside the committee, and no member of the committee had availed himself of the information in any way. The recent rise in Talisman shares was not on account of any demand in Auckland, but on account of a demand from London. The meeting closed with a vote of thanks to the chairman

! COROMANDEL RETURNS. The following returns from Coromandel are to hand; — HAURAKI. During the past month the Hauraki Gold Mining Company crushed 160 tons of ore and treated 1021b of picked stone for 2400z sdwt bullion, valued at £743 15s 6d. The return for the previous month was £764 16s sd, from 150 tons ore and 1481b picked stone. HWANG A. The Kapanga Company crashed 92 tons ore and treated 9lb picked stone for 86oz 9dwt bullion, valued at £248 3s Bd. In the preceding month the Kapanga had a return of £692 16s, from 66 tons of ore and 1281b picked stone. ROYAL OAK. The Royal Oak Company crushed 100 tons of ore and 801b picked stone for 61oz ldwt bullion, valued at £167 2s 6d. In the preceding month the Royal Oak Company had a return of £93 9s from 100 tons of ore.

ADELAIDE G.M. CO. [from oub own correspondent.] Thames, Monday. Some little difficulty has been experienced for some days past in the working of the Farrington pump being utilised to keep the water down in the shaft this company is sinking in the Hokianga section of its property. In consequence sinking operations have latterly been at a standstill. The pump worked all right as long as there was no grit in the water, but as soon as the water became dirty and full of particles of gravel, then the pump became choked and refused to do the work required of it. An improved pump is now being constructed by Messrs. Price Brothers, ;ind will be ready for use in a few days, so it is hoped the work of sinking the shaft will shortly be in full swing again. In the Adelaide section the eastern drive upon the course of the cross reef is being pushed forward with very encouraging prospects. The reef is still split up into a number of quartz veins (some of which show colours of gold), but by gradually cutting into the footwall country the manager is hopeful of eventually getting on to solid quartz. The stope that is being carried westward over the top of the old workings has nearly reached the main break. Here, too, the reef is split into a number of veins, but colours of gold are frequently seen, and the ore is being saved for treatment, as is also that coming from the drive.

GEOLOGY OF THE HAURAKI GOLDFIELDS. A reprint of Mr. Park's memoir " On the Geology and Veins of the Hauraki Goldfields," translated by G. Heimbrod, appears in the October number of the' Zeitschrift fur Prakt-ischs Geologie, Berlin.

GOLDEN PAH G.M. CO. [by TELEGRAPH, CORRESPONDENT,] Coromandel, Monday. Operations in the low levels are being carried on most satisfactorily. A cross leader was met with whilst driving to intersect the main lode. This new leader has already produced several pounds of very rich specimen stone, some of which has been on exhibition at the Bank of New Zealand today. The stone is estimated to be worth at least three ounces to the pound. No estimate can bo placed upon the extent of the golden vein, but there is no question as to its richness. 'The new find is in the same class of country rock from which the old Union Beach and Hauraki rich deposits wera found. The Golden Pah is in closo proximity to the Hauraki claim, and not far distant from the Union Beach section of that property.

A LARGE NUGGET. [BY TELEGRAM.PRESS ASSOCIATION*.] llokitika, Monday. A large nugget, weighing 31oz lOdwt, valued at £120, was purchased by a local bank on Saturday. The nugget Lad a rugged and worn appearance. It has been named " The Smiler." The locality of the discovery is kept secret.

DREDGING RETURNS. [NY TELEGRAPH.PRESS ASSOCIATION'.] Dunedin, Monday. During the week ended to-day returns have been reported from 22 dredges, the total yield being 6570z 7dwt 23gr, or an average of over 240z per dredge. The additional returns are: Junction Electric, 112oz; Empire, 220z; Unity, 21oz; Evans' Flat, 20oz Bdwt 9gr; Upper Waipori. 18oz; Jutland Flat, 13oz Sdvt; lienger Burn, 807, 12dwt.

DUNEDIN STOCK EXCHANGE. [BY TELEGRAPH.—PRESS ASSOCIATION'.] Dunedin, Monday. Sales: Golden Point, 38s; Hartley and Riley, 160s, 157s 6d, 1595, 1575, 1595, 157s 6d, 158s; McCrae's Flat, 10s 3d Magnetic, 61s; Vincent, 435. Sales at premiums; Ahaura River, 3d; Alexandra Lead, 7s; Central Electric, 44s 6d; Dunstan Pioneer, Is 6d: Earnscletigh No. 3, 3s. 3s 3d, 3s 6d; Electric Extended, 5s 7jd; Endeavour. 4s • First Chance, 8s and 7s 9d; Ford's Creek, 3d; Eraser's Flat, 2s 6d, 2s 4}d, 2s 6d; Gibb's Beach, par; Gibbston, 6d; Goldon Bed, Is; Kelly and Casey, 2s and 2s 6d; Leaning Rock, 9d; River Molyneaux, ss; Royal Maori, Is 6d; Second Magnetic, 10s; Sixteen-mile Beach, Is 6d; Upper Magnetic, 4s 6d; Waikaka Forks, Is.

THAMES SHAREMARKET. [iIT TELEGRAPH. CORRESPONDENT.] Thames, Monday. Kuranui, sellers 2d; May Queen Hauraki, sellers 4s 6d, buyers 4s 2d ; New Alburnia, sellers Is; New Whau, sellers 6d; Ohinemun, buyers 4d; Bunker's Hill, sellers Is.

MINE MANAGERS' REPORTS. Maratoto (Marototo, December 7, 1899): Tho following is a statement of tho work done in tho mine for the week ending above date: No. 1 level—Tho No. 3 winze has boon sunk 6ft, making its total depth 21ft. Tins i 6 on the hangingwall lode, which ranges from 18in to 2ft' in thickness, and tho ore is all of good quality. Here the water is becoming rather troublesome, and sinking operations havo been suspended in the meantime. The No. 2 slope has now been advanced Hft north of the rise, where the lodo measures fully 2ft in thickness, and, after picking out all the high-grade ore, the assay value of the remainder is £7 5s por ton. South of tho rise tho leading stope has been carried along 6ft on the lode, whioh is about 12in in width, and tho avorage assay value of the whole of this ore is £21 13s per lon. No. 2 level—This level has been driven Bft, and next week tho contractors oxpect to make bettor headway. Hero the lode ranging from 2ft to 3ft in thickness, is very hard to break, and tho ore is low grade. New mill—The_ shoot and tramline connecting tho mine with the mill is now complete, and next week a start will bo mado to truck hifh-grade ore into tho mill hoppers preparatory to sampling and bagging.