THE GOLDFIELDS.

New Zealand Herald, Volume XXXVIII, Issue 11642, 2 May 1901, Page 6

THE GOLDFIELDS.

AUCKLAND SHAREMARKET. There was little change in the tone of the market yesterday. Investment lines had fair demand* Union Oils soiling at 19s and D.C.S.'s at 9s. In mining lines Victorias were done at 3d, late sellers 3£d, buyers In Upper Thames lines Chebnsfords were much easier, business being recorded at 2s, with more on offer at 2s 2d. Waihi Consolidateds changed hands at 2s, with further buyers at Is 10d, sellers 2s Id. Buyers of Komata Reefs advanced to & Bd, sellers 2s lOd. Talisman Consolidateds had no sailers, buyers offering 24s 6d. Waihis were held firm at £9 ss, buyers £8 15s. Waihi Extended* firmed to 4s 9d, buyers 4s od. For Waitekauris there were buyers at 13s, sellers 17s 6d. Woodstocks were looked for at 5s 6d, sellers 7s 6d. There were several transactions in Barrier Reefs, at advanced prices, the better feeling exhioited being attributed to a recent report upon the property. Sales were recorded at 4s, 3s lid, 4s 2d, 4s 3d, and 4s 4d, sellers closing at 4s lOd, buyers 4s Ad. In other lines late prices ruled. WAIHI EXTENDED G.M. CO. The Waihi Extended Cold Mining Company's shaft has been sunk to a depth of 287 ft. For the last, few shifts the country has been rather softer and whiter than usual, and looks of a favourable description. There is no increase in the water. ALPHA G.M. CO. In the Aipha Gold Mining Company's mine at Waitekauri the tight country in the No. 4 crosscut ha? been passed through, and a more congenial class is being entered upon. The level is now in 1242 ft.

BARRIER REEFS G.M. CO. In the Barrier Reefs Gold Mining Company's mine the leading stope" at No. 3 level. Barrier section, east, is in a total of 158 ft. At No. 1 level the leading stope has been extended to 150 ft. The lode here averages about 18in in width. The ore is of good quality. At No. 3 level west, Barrier Reefs section, the leading stope is now 224 ft in length. No. 2 stopo 100 ft, and No. 3 stope 60ft. The reef varies from. 3ft lin in width. The ore also varies in quality, some being very good, and some being only just payable. At No. 2 level west the leading st<ipe is 69ft in length, and No. 233 ft. The reef is from Ift to 2ffc wide, the ore being of a payable nature. At No. 2 level in the Barrier section a drive has been started eastward from the crosscut on a strong, likely-looking lode, from 4ft to 6ft in width. This lode is intact the whole length of the Barrier section, giving backs of about 20$ ft above No. 2 level. The deep adit is being extended southward through the lona lode. This has been cut into for 10ft, and there is no sign of the hangingwall. It is a very strong lode, from which a large volume of water is issuing Mr. W. Goldsworthy, manager of the Talis man Consolidated Cold Mining Company's mine at Knrangahake, was recently engaged bv the directors of the Barrier Reefs Gold MSning Company to furnish a report upon their property. Mr. Goldsworthy visited the mine about two weeks ago, and handed his report to the directors yesterday. In this he stated that in the Nos. 1 and 2 levels east there was a large block of ore ready for stoping out, intact right up to the surface with the exception of the leading .stope. The reef varied in size from 9in to 20in, and assuming its average width at 15in, the block was estimated to contain 9954 tons of payable, ore. Fourteen general samples gave an average assay value of £4 14s 5d per ton. At the back of No. 2 level there was a block containing 4622 tons of ore, and east of the winze in No. 2 level a block of 445 tons. The reef was small here, but gave an average assay of £5 14s Id per ton. The reef in the No. 5 level west was 2ft 6in wide, with 5031 tons of ore, averaging £2 10s 54d per ton, to be mined. In the floor of the level, east and west of the winze, samples taken from the reef, which averaged from 2ft to oft 6in, gave an average value of £6 6s 4- l d per ton. Mr. Goldsworthy considered that the lode was making bigger and richer with depth. At the end of No. 3 level a reef was intersected 6ft wide, the hangingwall being not then to hand. The flow of water from this lode indicated a big ore body running parallel with the Barrier Reefs. He recommended driving west upon this lode. The total tonnage" of ore in sight at Nos. 1, 2, and 3 levels was 20.052 tons, of an average assay value of £4 2s Id. With regard to future work, Mr. Goldsworthy recommended the driving of another low level about 1200 ft to intersect the reef 100 ft west of the winze at No. 3 level ; the laying of a tramway from the mouth of this adit level to the battery ; the prospecting of several outcrops showing on the surface, and running parallel with the main reef; and the adoption of the contract system for all driving and stoping operations, on the score of economy. He considered that for the capital expended the mine was well opened up, and generally in good working order, and that it had a bright future before it and should become one of tie prominent bullion producers f the North. The company's large area and the number of unexplored reefs therein indicated a long life for the mine, as there was but little development work done so far. In conclusion, the report stated that if the reefs traversing the property proved to be as valuable as the one at present being worked, the company possessed a rich mine. CHELMSFORD G.M. CO. At the Chelmsford Gold Mining Company's battery, at Upper Tairua, five head of stampers have been running during the past week. There is a fair show of amalgam on the plates considering the small quantity of ore put through. Work in the mine is proI ceeding as usual, the ore broken out being put through the battery.

WATHI'S NEW ISSUE: TWO VIEWS OF THE MATTER.

The Pall Mall Gazette says:— is decided discontent, except on the part of those who are likely to benefit by premium snatching, with the suggestion of the Waihi directors that they should issue new shares at £1 each, the market price of the shares being 9£. 11, is a reckless piece of capitalisation which may seriously hamper the company in the future. In place of issuing 160,000 £1 shares, it would be feasible to issue 20,000 at 8, or a larger number at a slightly lower price, without appreciably jeopardising the rato per cent, of the interest distribution. We have not to consider the conveniences of present holders altogether, but have, in a joint-stock company, to take into consideration the future of' the company. However, it is well to state the other side of the case, and the following ingenious communication is selected as perhaps the best of those we have received from shareholders desirous of securing the advantage of the big premium : —

To the Editor of the Fall Mall Gazette. Sir,—Will you permit a subscriber, who is also a shareholder in the Waihi Gold Mining Company, to point out, in reply to some remarks in the "City Notes " of your .Saturday's issue, that the folly of the directors of the Waihi Company may not he so foolish as the writer of those remarks imagines ? There are several excellent reasons for the suggested issue of one new share at par for every two shares of the present capital ; for one thing, the directors have frequently had it pointed out to them that a share standing at over £10 in the market is less easy to deal in than a share at a lower price. Instead, therefore, of paying 75 per cent, on the present: capital, they propose to pay 50 per cent, on a capital half as large again. To a permanent shareholder it can make no possible difference in which form he receives his dividends. This is no new departure for us : in 1337, when the capital of the company was £160.000. and dividends of 40 per cent, were being paid. 100,000 new shares wereissued at par on identically the same terms as the present issue—namely, that they should receive 5 per cent, for one year, and then rank pari passu with the old shares. The issue was a great success, and the dividend was maintained at 40 per cent, as before. I venture to predict that the present issue will be similarly successful, and that the same rate of dividend at least will be maintained on the enlarged capital. Our Hoard has always managed the company on tiie most prudent and conservative lines. There have not been wanting critics who have called them over-careful. One of the ablest of milling experts, Mr. Curie, in his well-known book on the " Great Gold Mines Of the World," while giving the mine a very high place among the best-known mines, complained that the Board had not even then 500 stamps at work, and since then many important discoveries have been inr.de. On their side, the shareholders have never clamoured for division of profits up to the hilt ; on the contrary, we have set aside large sums out of profits for future benefit, and have been willing to hold our shares to pay us only some 5 per cent, on the market price, because of our firm belief that this mine will be turning out gold at a profit long after all the mines on the Band r.re worked out. Enormous us has been the work done already at Waihi. two-thirds of ~ the area of the mine has not yet been

touched, and it is pretty certain that this unexplored area will add yet more to the number of lodes already being developed.—l am, sir, yours faithfully, M. March 3.

If we content ourselves with a business illustration, we might ask what would be. thought of the business acumen of a firm which sold its goods to friends for £1 v.ten it could sell them for £9 10s?

THAMES SHAREMAEKET. [BY TELEGRAPH.OWN CORRESPONDENT.] Thames, Wednesday. Broken Hill (Waiomo), buyers 2£d; Kuranui, sellers 3d; May Queen-Hauraki, buyers 9d : New Whau, sellers 3d ; Victoria, buyers 2£d; Tairua Broken Hills, sellers 2s'6d.

A VISITOR'S VIEWS. [BY TELEGRArH—OWN CORRESPONDENT.! Thames, Wednesday.

Anions the visitors to the Thames during the last day or two was Mr. H. E. Meardon, of Adelaide, a gentleman who is interested in the Broken Hills mine. Mr. Meardon expressed the opinion that the Thames deep levels should be properly prospected, and added that the hills to the east of the town should surely receive nnore attention. A cursory examination had convinced him that there was a great future before the Thames.

DUNEDIN STOCK EXCHANGE. ,' Y TELEGRAPH.— ASSOCIATION.] Dcxeihn, Wednesday. Dv.nedin Exchange sales at premiums: Exu ided Fourteen-mile Beach, Is 6d. Paidup: Alpine Consols, 47s 6d; Electric Extended, 58s 6d: Fourteen-mile Beach, 32s 3d - Golden Link, 15s 6d. 15s; Greenstone Junction, 19s 9d, 20s; Great Central, 29s 3d; Hartl«y and Riley, £6 ss; Kelly and Casey, 31s 6d; Leviathan, 21s 6d; New Alexandra, 7s; Sailors' Bend, 37s 6d; Upper Magnetic, 20s, 19s 9d, 20s; Vincent Extended, 32s 6d, 32s 9d. Davis' Bend, Is discount. Otago Exchange sales at premium : Buller Junction, 9s. Paid-up : Central Electric, 58s; Electric, 495; Golden Bed, 235. Equitable Exchange, paid-up: Arrow Junction, 19s 9d ; Galvanic, 9s 6d; Gold King, 12s 3d; Teviot, 19s.