THE GOLDFIELDS.

New Zealand Herald, Volume XXXVIII, Issue 11692, 29 June 1901, Page 6

THE GOLDFIELDS.

AUCKLAND SHAREMARKET. ' The market was. not very active yesterday. Investment stocks were in fair demand ..at lata rates, but no business resulted. In mining lines Welcome Jacks (contributing) sold at Is, sellers closing at Is id, buyers , lid. In Upper Thames lines Komata Reefs K had sale at 2s 7d, more being offered at same price, buyers 2s 6d. Waihi Consolidateds sold at Is 7d and Is Bd, late sellers Is lOd, buyers Is 7d. There was a run on Waihi Estendeds, on account of the news from the mine, and advanced prices were realised, sales being recorded at 4s, 4s sd, 4s 6d, 4s sd, 4s 4d, and 4s 3d, sellers closing at 4s 4d, with buyers at 4s 2d. In Coromandel and other -lines late prices ruled. ,

■NEW FOUR-IN-HAND G.M. CO.

£509 FROM 80 TONS. -- TOTAL TO DATE, £13,142. During the month ending June 29 development work in the New Four-in-Hand Gold Mining Company's mine, at Coromandel, has been chiefly confined to the Cuirassier portion of the property. The drive on the reef iha-s been extended to a distance of 116 ft. tCotal from No. 3 rise, 17C tv,. The country penetrated, still remains hard, the reef small, but of good quality. Stopiug has been continued on Nos. 1 and 2 blocks, and the quartz obtained has been of the usual average quality. Mr. W. D. Holgate, managing 'director, brought to town with him yester- . day samples of ore ft"dm the reef in the .Cuirassier and New Four-in-Hand sections, ■which were richly impregnated with gold light through, the stone being almost in the nature of specimen dirt. During the month the battery has crushed •and treated 80 tons of or?, for a return of 1750z 4dwt of melted gold, valued at £2 18s '2d per ounce, or a total of £509 10s 9d. During May 85 tons were crushed for £514 . ''4a. The' total amount won by the company ;to date is £13,142 3s sd, as shown in the following table of details: — ftn 1899, 655 tons ... £4,852 5 6 .•In 1900, 1204 tons ... ... < ... 5,333 5 0 £10,185 10 6 January, 1901. 59 tons 419 9 2 February, 1001, 90 tons 505 17 7 March, 1901, 85 tons ... ... 502 8 1 April, 1301, 90 tons ... 505 o 4 May/ 1901, 85 tons 514 4 0 Jane, 1901, 80 tons 509 10 9 Total to' date ... .« ... £13,142 3 5 WAIiriEXTENDED G.M. CO. ANNUAL MEETING.^ The annual meeting of shareholders in the iWaihi Extended Gold Mining Company (Limited) was held in the long-room, Stock 'Exchange, yesterday. There was an exceptionally large attendance, probably influenced by, the receipt of a telegram from the mine manager, to the effect that a reef had been cut in the company's south-east drive. Mr. Arthur Wright, chairman of directors, presided. , ~ The secretary (Mr. J. W. Nichol) read the 'directors' report and balance-sheet, which stated that the cash statement showed receipts (including £269 17s 2d brought forward from last.year) £3415 0s sd, and expenditure £3259 18s 9d, leaving a credit balance of £155 Is Bd. The mine managers report fully described the works carried out on the property during the past 12 months, and the directors did not think it necessary to supplement same further than by remarking that'they considered it a matter for congratulation th.it the sinking of the shaft had been carritid out with so little difficulty, and that the work of driving both northwest and south-east from the shaft "was now in full swing, and that they daily expecting to meet "with the reef in one or other of these two drives. The retiring directors were Messrs Wright and Price, who, feeing eligible, offered themselves for re-elec-tion. ..-The auditor, Mr. J. Young, again offered his services. The mine manager's report, which was taken us read, stated that during the year 'the amount of work done was as follows: (1) Sinking a shaft 12ft by 4ft, 306 ft. timbered throughout; (2) 180 ft driving; (3) the , erection- of poppet-legs, winding .machinery, . boiler and engine-house; (4) dwellinghcuse. In conclusion ie recommended the continuation of the t-'Yo drives from the shaft, as he was firmly of the opinion that quartz •Would, be intersected in either one of them. The reports and balance-sheet were then adopted unanimously. The chairman proceeded to make a somewhat lengthy address, ' in which he dealt seriatim with his actions during his term of directorship, in view of certain statements alleged to have been made as to his use ->£ his position. He stated, inter alia, that'lie was pleased to announce that the reef (probably the top of the lode), had been cut in the property. The company was in a, flourishing 'and. prosperous condition, but from what a competent judge had told him he considered the mine was going to be a very expensive one to work. _ Mr. J. Young was re-elected auditor, and a ballot' was proceeded with for the election of two directors, the following being nominated :—Messrs. A. W. Chat-field, J. J. , Craig, J. Malcolm, and A. Wright. (Mr. Price resigned in favour of Mr. Malcolm). Messrs. W. H. 0. Johnston and Grosvenor were appointed scrutineers. Whilst the voting was in progress the chairman stated, in "reply to a shareholder, that the directors had had before them a proposal for the sale of the property as .follows:— company to be formed with 300,009 shares of £1: 100,000 fully paid-up to go to the present company : £50.000 to be devoted to working capital; £8000 (or 2s per share) to go to the present shareholders; ' £5000 to be deposited; and if the negotia- • tions were not gone on with, the same to be forfeited to the company. This offer came to nothing, as the directors did noli agree to the terms of commission asked by the agent. A shareholder suggested that it might be wise to offer shareholders another 50.000 shares at 3s- to rami fresh capital to carry on with. The chairman said there would be time enough for that- when it was wanted. He did not anticipate they would be able to work the mine. It was evident to him that it would have to be done with foreign capital. ' The meeting then adjourned until ten a.m. to-day, when the result of the ballot for directors will be declared. ,

INTERSECTION OF A LODE. [by TELEGRAPH.OWN CORRESPONDENT-] Paehoa, Friday. The-prospecting works at the Wjsihi Extended Gold Mining Company property are Being attended with very encouraging results, a large reef formation at the 300 ft level having .been passed through. It. -will be remembered that when the shaft had attained a depth of 300 ft crosscuts were run from the chamber in a north-westerly and south-easterly direction, and it is in the latter that, a lode formation, measuring 3ft across, lias; been intersected at a point about 50ft .from tho shaft. The value of the reef, of course, cannot yet be determined, though the cuartz is of a kindly description. It may "be that the cap of the reef has been struck, as the formation is a little dislocated, and is apparently influenced by the broken country overhead. Nevertheless, it augurs well for, future operations, and is a matter . for congratulation that a lode formation, 3ft wide, lias been met thus early after Mr. Johns', scheme of development had been put well in hand. It is not yet known what reef has been intersected, or whether the •whole body lias been penetrated ; so with a view to determining the latter point the crosscut is to be continued further ahead, after which, no doubt, opportunity will Ittaken to prove in some measure the identity and ■ value of the new. discovery. It is hardly likely, however,;-that the true worth of the lode will be ascertained until it is tested another couple of hundred feet on its downward continuation.

WAIHI CONSOLIDATED G.M. CO. The annual meeting ef the Waihi Consoli'dated Gold Mining Company, called for yesterday, in the office 0:' the secretary (Mr. G. 0, W. Morris), lapsed for want of a quorum. The directors' report stated that i,- 'during the early part of the period under review the ground was prospected by means _' ; ■of putting down bores with a diamond drill. •The;results were not altogether satisfactory, owing. to the quantity of loose boulders met "3- At the end. of November last the di- • , ™?*° rs ™ approached by Mr. J. Ziman. . 71 ™! 0 ' obtaining, an option over the 1 ISnPfn/iP' option was granted for h, months from January 1, on the

following terms —The company to have a capital of £200,000 in 200,000 shares of £1 each. A working capital of £50,000 to be provided, and • present shareholders to receive 40,000 fully paid-up shares. The option-holder to expend not less than £100 per month in development, exclusive _of rents, plans, etc. The option-holder being desirous of going in for a more permanent form of development than boring, he applied to the directors to allow him to obtain six months' protection, and enable the money to accumulate, when prospecting of a more substantial character could be undertaken. On his agreeing tt» pay the £100 per month into the credit of the company during the period of protection, his request was granted. The retiring directors "were Messrs. Joseph Thornes and J. J. Craig, who, being eligible, offered themselves for re-election; and the auditor (Mr. C. I. Eller) also offered himself for re-election. The balance-sheet showed a credit balance- in bank of £333 16s 6d.

WAIHI BEACH UNITED G.M. CO. The annual meeting of shareholders in the Waihi Beach United Gold Mining Company was called for yesterday in the office of Mr. It. McDonald Scott, legal manager,, but lapsed for want of a quorum. The directors' report stated that in February last, Mr. 'Thomson's option having terminated, the company carricd on operations in the mine on its own account, until May 13 last. On that date an option agreement was entered into with Mr. J. Ziman as follows: —The option to be for three months from May 9, and for a further 12 months from August 9, if requested in writing prior to the termination of the three months. The optionholder, during the three months, to take over the working of the mine, to advance the expenses incurred, and in the event of the option being terminated before the end of the thrae months Mr. Ziman to be reimbursed his outlay up to £250, and if renewed the said expenses to be borne by him. In the event of the flotation of a company in London the shares to be £1 shares paid-up, and the present company to receive per cent, of the gross number of shares in the new company. The working capital to be guaranteed to be £40,000. The report concluded by stating that the retiring directors were Messrs. Sidney Nathan and Fred Moore, who, being eligible, offered .themselves for re-election.

VICTORIA G.M. CO. '[BY TELEGRAPH.OWN CORRESPONDENT.] . Thames, Friday. The erection of tho boring plant and the placing of the sheer-legs in position for lifting the boring tubes is now completed, and now only a few minor details remain to be attended to, all of which will be accomplished to-morrow. Boring operations will in all probability be commenced on Monday.

MR. J. W. WALKER'S MINING PROPOSAL. [BY TELEGRAPH. —OWN CORRESPONDENT.] Thames, Friday. Mr. J. W. Walker met the committee of the Thames Miners' Union, according to arrangement, this evening, and discussed with them his proposals as regards the taking up and testing for gold of a large area of ground in the Punga Flat district. There was not, however, a very large attendance of the committee, consequently it was arranged that Mr. Walker _ should put in writing the various matters in which he requires the assistance of the union, and to set forth therein the concessions he desired in connection with the mining regulation, the same to.be submitted to a meeting of the committee to be held on Friday evening next.

THE KOMATA DISPUTE. [BY TELEGRAPH.— CORRESPONDENT.] Thames, Friday. The Komata dispute was again brought before the committee of the Thames Miners' Union this evening, when Mr. James Hardman, the vice-president, who visited the mine in question on behalf of the union on Monday last, submitted his report on the matter I understand, however,, that the committee decided to take no further action in the dispute, "at least, not for the present.

ROYAL OAK OF HAURAKI (LIMITED). [BT ' TELEGRAPH. OWN COKBESPONDENT.] Coromandel, Friday. This company; has treated at the battery, Tokatea, 62 tons of general quartz and 401b of picked stone, for a yield of 86oz 7dwt of gold, . which realised £2 10s 5d per ounce, making the total value of £217 13s sd. Owing to a premature drive of logs on the Waikorimiko Creek, the first two chains of the company's water-race on that creek were carried away, consequently the battery is shut down while repairs are being effected, and 70 tons of ore is on hand awaiting treatment.

THAMES SHAHEMARKET. [by TELEGRAPH.—OWN' CORRESPONDENT-] Thames, Friday. Kuranui, sellers 3d; New Wliau, sellers 2d;. New Gloucester, sellers Is; Komata Reefs, buyers 2s 3d; Talisman Consolidated, buyers 22s ; Waihi Extended, buyers 4& 3d. WAIWHERO, SLUICING COMPANY. [BY TELEGRAPH.— ASSOCIATION-.] Greymouth, Friday. The Waiwhero Sluicing Company, North Beach, washed up 181 oz of retorted gold for 48 shifts,' or 384 hours, valued at £725. This is considered an excellent return.

DREDGING.

[BY TELEGRAPH.—PRESS ASSOCIATION.] Dunedin, Friday. The Chat to Creek Dredging Company's shareholders to-day finally resolved to go into voluntary liquidation. At a meeting of the Garvey Burn Gold Dredging Company it was decided to go into i voluntary liquidation. The claim is considered a good one, but the capital is insufficient to pay for the completion of the., dredge, and as shareholders did not come forward with additional assistance the resolution to go. into liquidation was carried. Dredging return, :—Waimumu Extended, 230z 16dwt; Waimumu Central, 220z 12dwfc.

DUNEDIN STOCK EXCHANGE.

[DY TELEGRAPH. —PRESS ASSOCIATION.] Dune din, Friday. Dunedin Exchange sales at premiums: Victory, 2s, Is 6d, Is, Is 3d. Paid-up.: Arrow Junction, 19s; Bendigo, 25s 6d; Boundary Creek, 12s 6d; Cairnmuir, 21s, 20s 6d: Endeavour, 19s 3d; Fourteen-mile Beach, 455, 44s 9d, 455, 45s 3d; Gibbs' Beach, 6s 6d, 7s; Gold Queen, 10s 3d, 9s; Golden Link, 14s Od, 14s 6d; Golden River, 6s, 6s 3d; Grey River, 22s 6d; Half-way House, 31s; Junction Electric,, 30s; Magnetic, 265, 26s 6(1, 26s 3d', 26s 6d; Mokoia, I3s6d; Nelson Creek, 56s 6d, 56s 9d, 575; Sixteen-mile Beach, 17s; Vincent, 29s 9d. Ota go Exchange: Alpine Consols, 445; First Chance. 34s 6d, 34s 9d; Second Magnetic, 30s, 30s 6d. Equitable Exchange: Golden Bed, 20s.