THE GOLDFIELDS.

New Zealand Herald, Volume XXXVIII, Issue 11563, 29 January 1901, Page 6

THE GOLDFIELDS.

I AUCKLAND SHAREM ARRET. I The market was quiet again yesterday. Th I noon, call was abandoned on account of th I proclamation of the King. In investmen I linea; there were ; buyers of insurance an 1 shipping stocks, but no business resulted I In mining lines Monowais sold at 2s 6<_ I more being offered at same price, sellers 2 I sd. In Upper Thames lines Talisman Con I solidateds sold at 19s 6d and 19s 9d, seller I closing at 20s, buyers 19s 3d. Komat I Reefs were looked for at 2s 7d, sellers 3s § There were buyers of Maratotos at sd, sel lers 6d. For Tairua Broken Hills Is wa bid, sellers asking Is sd. Waihi Consoli dateds were held at Is lid, buyers Is 6d aihi Extendeds were firm at ss, buyers 4 lOd. In Australian lines Mount Lyell M and R.'s sold at £6 Is. In Barrier lines Bar rier Reefs' were done at 10s 3d, late seller asking lis 3d, with buyers at 10s. ; In othe lines late prices ruled. > •■•■ •" "" •" '"" - • ; '-- ' --■' MARIPOSA AND KAPAI VERMONT G.M. CO.'S. ; The latest news received from Home re garding the Mariposa and Kapai Vermon properties, at Kuaotunu, is that the amal gamation of the two is technically completed The new company is to be called the Kuao tunu Syndicate, and it has been registered and has adopted the first agreement. Sine, then a "supplementary agreement has beer executed with Mariposa Companj, ratifying the terms and conditions of the first agree ment. Arrangements will be made for the transfer of the property, and after that step; will be taken to put the Mariposa Companj into liquidation. • IMPERIAL G.M. CO. In the Imperial Gold Mining Company's mine, at Karangahake, whilst work was proceeding on the footwall branch of the lode the tributers' workings were recently reached. j and it was found that a shoot oi ore had \ been worked about 40ft south of the spot where broken through. There appears to be a fine body ot stone on the floor of the drive, and the manager is inclined to think that the workings are the Diamond low level. He has therefore commenced to sink a winze on the rich shoot of ore recently driven through, to prove the extent underfoot. The chamber has been cut, and a few feet have been sunk. The point chosen to sink from is about 15ft inside the mouth of the level. The lode formation shows fully 2ft in thickness, and is encased in a good description of country. : ■'-""'-.. - NEW FOUR-IN-HAND G.M. CO. £419 9s 2d FROM 59 TONS Mr. Wm. D. Holgate, managing director of the New Four-in-Hand Gold Mining Company's mine, at Coromandel, reports as follows upon the work done on the com. pany's property, for the three weeks ending January ' 26:— nment work has been proceeded with in is south end of the-mine. A rise has been started and risen upon for 14ft between Nos. 1 and 2 levels, which, when complete, will connect the old Cuirassier workings with the main portion of the mine, thus giving a permanent roadway for the ore to be conveyed to the battery. The drive on the reef in No. 4 level has been extended .a further distance of 50ft, the reef being about 2ft 6in wide, and of good quality ore. Stoping has been continued in No. 1 block, also in No. 2 block, south of No. 2 rise. The reef in the south stopes is over 6ft wide, and has been producing quartz very rich in gold. The battery has crushed and treated, since January 7, up to the present date, 59 tons of ore, for a return of 1440z 17dwt of melted gold, worth £2 17s lid per ounce—total £419 9s 2d." . At a meeting of the directors of the company, held yesterday, a dividend of 3d par share was declared. The above report was read, and considered to be most satisfactory, showing the ore just treated to have been up to the usual average of about £7 per ton. The company's battery has now been engaged in the crushing of ore for 21 months, with five head of stampers, and during that period three dividends of 3d per share have been declared. It is pleasing that- such a measure of success should attend the efforts of a local company. THAMES SHAREMARKET. ; [by TELEGRAPH- OWN CORRESPONDENT.] , Thames, Monday. Broken Hill (Waiomo), sellers sd, buyers 2£d; Kuranui, sellers 3d; Mahara Royal, sellers 6d; May Queen Hauraki, buyers 7d ; May Queen Extended, sellers is ; Monowai, buyers 2s 4d; New Whau, sellers 4d ; Komata Reefs, sellers 3s, buyers 2s 8d; Waihi Extended, sellers.ss; Pride of Waihi, buyers 6d; Bunker's Hill, sellers lOd; New Four-in-Hand, sellers 2s lOd. NEW WHAU G.M. CO. [by TELEGRAPH OWN CORRESPONDENT.] Thames, Monday. For several days past the leading stope upon the new hangingwall leader at No. 1 level, in the New Whau Gold Mining Company's mine, has been carried along in a south-westerly direction, with the object of arriving at the point where the leader is supposed 1c junction with the main Sons of Freedom reef. This junction is expected to be reached in about another 15ft, when it is hoped that something good will be met with. At the present time the ; leader is split into a number of veins, but j the ore maintains a very promising appearance. Stoping is also proceeding upon the main reef, above No. 2 level. .This latter body averages about 3ft in thickness, and looks well. A small leader was intersected a few days ago on the hangingwall side of the reef, and running parallel with the main body. It is composed of a good class of quartz, and is well mineralised. MAHAKLRAU. [BY TELEGRAPH- —OWN CORRESPONDENT.] . - Thames, Monday. Messrs. Davies and Prescott report that .hey are now opening up on the low level, rom which most excellent stone is being selected. The ore will be treated in the Mahakirar battery. , -^__ ('HE NEW ZEALAND MINES TRUST (LIMITED). The following is.the report of this company, received by the last mail, and which vas to be laid before the ordinary general neeting, to be held on December 28 last, Che directors of the company are: Mr. Phomas Russell, C.M.G. (chairman), Mi. H. r. Bristow, Mr. A. M. Mitchison, the Right lon. Sir James Fergusson, Bart., M.P., Mr. X E. Russell. The report says: "The di- i ectors beg to submit herewith statement of ccounts for the year ending March 31, 1900, howing a balance to the credit of profit and oss of £48,071 2s sd, but pending a revaluaion of the assets, which stand in the books it cost price, they do not . recommend any livision of profits. The agency business of I he trust is well maintained,the earnings of I he agency department are increasing, and nable the Board to maintain efficient agents rhere the trust is represented in Australia nd New Zealand. During the year consilera ole progress has been made in the development of properties in which the trust 8 interested, with varying results. In the ! ast year's report reference was made to hree new properties in New South Wales ind one in Victoria, which had been acruired. One ot the New South Wales properties, afte_. affording fair . prospects for ;ome time, has been abandoned. Two of he New South Wales properties are well orward in development, and are full oi pronise of successful and favourable results. At he Victorian property (the Black Hill mine, iiallarat), the shaft has been sunk the remired depth of 1000 ft, and search for the odes is now being prosecuted from the .haft.. The shares held by the trust in mines md companies have not varied much in ralue during the year a few which have wen going in the direction of abandonment o. ■■. several • years have been abandoned, vhile others, held in suspense, now have an mproved and satisfactory position, tutller larticulars of the principal investments held >y the trust will be given at the meeting, md thereafter printed and sent to the sharemlders. The debenture issue referred to at he last annual meeting has not yet been nade, and temporary ; arrangements were r.ade for the yeai which now can be put in permanent form. It is intended that the imount of the debenture issue shall be 100,000 ; the term five years,; and the rate I )f interest 5 per cent, per annum, and that | .he debentures shall be secured by a special S ippropriation; of certain shares and securi- 1 :ies belonging to the trust, and by a floating I marge upon its general asseta. It is further j

! proposed that >. the holders of these debenI tures shall" have; the; right to '. convert into j ordinary shares at any time during their currency. • It will be necessary, therefore, to increase . the capital. of ' the company, ;; by -■ 100,000 shares, which will be J primarily ree j served for the redemption' of the debentures, t and the '1 extraordinary;] resolutions; which i f will be proposed for this purpose at the xI traordinary general »meeting;, which will; fcl- ' I low the ordinary meeting, are set out in the > I notice sent herewith.i. :In accordance with 5 the articles of association, Mr. Arthur M. -1 Mitcliison retires from the Board, and offers J himself for : re-election; and the Board rej commends that Mr. William Thomas Dodds 1 I also be appointed a member of the Board. • The auditor, Mr. C. T. Moore, also retires, • and ' offers himself for re-election." ! j'V •• ' DREDGING. [BY TELEGRAPH. —PRESS ASSOCIATION.] i Dunedin, Monday, j During the , week ended to-day returns I . were reported from 31 dredges, the total i i yield being 7220z lldwt 9gr, or an average j ■|of 230z per dredge. Additional returns: i Golden Gate, 470z? 9dwt; /Upper Waipori, \ 21oz 15dwt; Tuapeka, 18oz; : Evans' Flat, 17oz 12dwt. s -.-.-. ... ——— 1 DUNEDIN STOCK EXCHANGE. , j [BY TELEGRAPH. PRESS ASSOCIATION.] ■] Dunedin, Monday. I I Stock Exchange sales at premiums: jAhaura River, Is ; Aldinga, 7s; Erickson's ] Reward, 8s ; Grand Junction, 6s 6d ; Green- j j stone, 3s 6d; Hokitika Extended, 3d; . Hokitika River, 12s; Mosquito, 2s 6d; Pac-1 tolus, 32s 6d, 335, and 345; Pactolus No. 2, [ 2s and 2s 6d; Pactolus No. 3, 6d ; Trafalgar, 12s ; Victory, lis and lis 9d. Sales j were also effected at the following prices : — I Alpine No. 2, £2 3s; Arrow Junction, 335; I Charlton Creek, 3s 3d and 3s 6d; Dobson j No. 2, 30s 6d, 31s, 325, 335, 345, 34s 6d, and j 1 34s 9d ; Electric, £2 9s 6d ; Electric Exten- j I dcd, £2; Galvanic, 35s 9d; Gold Queen, [ 32s ; Golden Beach, 22s 6d; Golden Bed, J I 31s and 30s 6d; Greenstone Junction, 275; I !Grev River, £2 13s; Half-way House, £2 | 4s 6d; Leviathan, £2 Is 6d, £2 2s, and £2 j Is; Merrimac, 375; Nelson Creek, £3 4s i. „ and £3 7s 6d ; New Alexandra, 21s 6d, 21s, | IGrev River, £2 New Half-way House, lis f 4s 6d; Leviathan, £2 Is 6d, £2 2s, and £2 S Is; Merrimac, 375; Nelson Creek, £3 4s j and £3 7s 6d ; New Alexandra, 21s 6d, 21s, Jj 20s«6d, and 20s; New River, lis 3d and lis | I 4d. In addition to the above, sales were re-g I corded at the following rates of discount: I | Inchdale, lis ; Waiora, 2s. § CITY council represen- i I TAT lON. ■ •&» { CHANGES UNDER THE NEW ACT. i 1 CITY DIVIDED INTO FIVE WARDS, j I The question of revising' the boundaries of f \ the wards in the city came up for discus- \ F sion at the Council meeting last evening, I | Before the new Municipal Corporations Act j I came into force there were six —North, j \ South, East, Grafton. Ponsonby, and Sera- ! a ngahape— returning three members, but | 1 the Act mentioned necessitated a redivision, I I and the Council decided that there should be I | five wards, each returning three members. | | Mr. F. E. Baume moved, " That the reso-1 1 lutioii of the Council of December 13, 1900, 1 , adopting the Legal Committee's report, ro- I I commending that the city be divided into I I five wards, returning three councillors each, i I be rescinded, and that the Council abolish « t all subdivisions in the city, making it an \m- ] | divided borough." In doing so he said he I { considered it would be preferable to have | j the councillors representing the city than] one part of it. If his motion were adopted, j ! it world reduce the number of councillors to | ! 12, but he was ot opinion that the latter ] L numbe: would be large enough. If *tho [ | councillors wore elected by the oity as a £ whole, it would give the Council more pros- 1 | tige. ' | ! Mi. T. T. Maeefield, who seconded, was of j | opinion that it there were a city electorate, I ( it would preclude - the possibility of petty f s ward feeling creeping in. '■ l 1 Mr. Han nan favoured a continuance of 1 | the ward system. , : . , I | Mi. J. Stichbury thought that if they had j I a city electorate, the outskirts would be i I neglected. j | Mr 7J. Jamioson considered that the fact ] | of having .ward members enabled the coun- 1 j cillors to have an intimate knowledge of the | | different parts of the city. fs ! Mr. C. J. Parr, in supporting the motion, h | said he thought if the ward system (which p j had not been a great success) were done!! ', away with, they would get a better class of § | men in the Council. tj Mr. Entrican spoke in favour of the [j | motion. If they had an undivided borough [j | a mas to fight an election would have to I possess a city reputation instead of a ward | reputation. a M». J. Patterson opposed the innovation. [ ! The Mayor. (Mr. D. Goldie) said it was [ recognised that the true policy was to make \ the representation as small as possible fori one man. A poor man should have as good [ I an opportunity of contesting a seat as a< \ rich man. There were '8888 persons on the j | rolls, and if there were five wards one-fifth 1 ! of that number would be quite sufficient for! any one man to look-up. He did not think j that they would get better men for the a people than they had at present. Business f men would not dc the work that the pre- J sent ward members were doing, and the 1 management would slido into the hands of jj the officials. They had in the past had an [ undivided borough in Auckland, and it was ( not a success. Ii the motion were carried ] they might get more polished men, but they S would not get men who would do better I work than the present ward members. 1 Mr. Baume, replying, said his desire was | to do away with "localism." S The motion was defeated by 11 votes to 6. | The report of the Legal Committee fixing | and naming the five wards as under was i adopted:— I East Ward: The boundaries of the east 1 ward include the eastern half of Queen-1 street, commencing at the Waitemata liar-1 bour at the Queen-street Wharf, and extend-1 ing southward to Grey-street and the eastern 1 half of Grey-street to Pitt-street, and the | north-eastern half of Pitt-street to Karanga- 1 hapo Road, and the northern half of Ka- J rangahape Road to Symonds-street, and the l northeurn half of St. Martin's Lane, Ceme- | tery Bridge and Park Road to the city boun- 1 dary, thence northward along the city boun- 1 dary to the Waitemata Harbour, and thence | westward along the harbour to the point of i commencement at Queen-street Wharf. North Ward: The boundaries of the North j Ward include the western half of Queen- j street, commencing at the Waitemata Harbour at the Queen-street Wharf, and extending southward to Grey-street, and the western half of Grey-street to Cook-street, j the northern half of Cook-street to Union- j street, the north-western half of Union-street to Patteson-street, and the northern half of College Road, thence northward along the j eastern halt of a new road on Freeman's Bay j reclamation to harbour, and thence along I harbour to point of commencement at j Queen-street Wharf. .: ; South Ward The boundaries of the South ! Ward include the western half of Grey-street from the junction of Cook-street and Greystree'- to Pitt-street, the south-western hail of Pitt-street to Karangabape Road, the north-western half of Karangahape Road to Ponsonby Road, the northern half of Ponsonby Road to Franklin Road, the eastern \ hair of Franklin Road to Union-street, the southern half of Union-street to Cook-street, and the southern half of Cook-street to the point of commencement at Grey-street. > Ponsonby Ward: The boundaries of the . Ponsonby Ward include the western half of f ; a new road commencing at the Waitemata [ Harbour along the western side of Free- 1 man's Bay to College Road, the south-eas-tern half of College Road to Franklin Road, j . the western half of Franklin Road to Ponsonby Road, the south-western half of Pon-1 sonby Road to Richmond Road, the northern half of Richmond Road, Cox's Creek, and thence along high-water mark to the I point of commencement at the new road at : Freeman's Bay. -. -■;;..; :-.:..: 1 ■ Grafton Ward: The boundaries of the ; Grafton , Ward ' include the southern half of [ : Park Road from Grafton Road to Park Ave-1 ! nue, the western half of Park Avenue to I ■ Carlton Gore Road, and along the eastern, I southern and western boundaries of the city i ■ to Karangahape Road, and the southern half j of Karangahape Road, ;- St. Martin's Lane, | ' Cemetery Bridge and Bridge-street to the \ . point of commencement of Park Road. I • Mr. Jamieson and Mr. Patterson said it ! was the desire of the residents in.Karanga- I hape Ward that the name should be pre- | i served, oi else " Newton" substituted. They objected to the name Grafton. A motion to '. change the name Grafton back to Karanga- j j hape ot Newton was negatived. . '.< j