THE GOLDFIELDS.

New Zealand Herald, Volume XXXVIII, Issue 11734, 16 August 1901, Page 6

THE GOLDFIELDS.

AUCKLAND SHAREMAREET. The market was quiet yesterday. In investment lines South British Insurances changed hands at 775, more being wanted at the same price, sellers 78s 6d. Thames Gas sold at 255. In mining lines Victorias were done at sd, and Welcome Jacks (contributing) ,at Is Id. In Upper Thames lines Talismans hud .sale at 23s 6d. late sellers asking 255, without buyers. Buyers of Crowns were offering lis 7d. sellers 12s 6d. Waihi Extendeds were looked for at 2s sd, sellers 2s Bd. For Waitekauris there were offers of 9s 3d, sellers 10s 6d. In Coromandel and other lines late prices ruled. THE GOLD RETURNS. A TOTAL OF £53.312 FOR THREE WEEKS. During the past three weeks the gold returns from the Auckland district goldfields have reached the encouraging total of £53,312 Is, which constitutes an output considerably over the average attained for many months past, though it has been exceeded during the present year. , Owing to the short period elapsing since the publication of the last table of returns with our last Summary, several of the yields from the mines are not here included, and consequently the present totalsatisfactory as it is— not a complete record of the operations carried out during the- July-August month. The output for the three weeks under notice is made up as follows : — Ohinemuri, £43.511 ; Thames, £5451 3s Id ; Coromandel, £4349 17s lid. MANANU G.M. CO. £1061 FROM 302 TONS. TOTAL TO DATE, £8298. During the month of July the Mananu Gold Mining Company crushed and treated at their battery, at Whangamata, 302 tons of ore for a return of bullion valued at £1061. Of this amount the plates yielded £343 2s 3d. and the cyanide plant £718 3s lid. The return is most satisfactory, and has not been exceeded in the history of the company. The total amount won from the mine to date is £8298 13s Bd, as shown in the following table of details : — In 1900—1162 tons £3,841 3 1 January. 1901—152 tons 447 14 7 February, 1901—198 tons 505 10 V, March, 1901—241 tons 859 4 6 April, 1901—300 tons 608 1 2 June, 3901—297 torn 975 13 6 July, 1901—302 tons 1,061 6 2 Total to 'date £8,298 13 3 MARATOTO G.M. GO. 11l the Maratoto Gold Mining Company's mine the new crosscut has been extended a further distance of 9ft, making a total of 124 ft from the starting point. There arc now several heads crossing the face of the drive, indicating a favourable change in the country. HAURAKI G.M. CO. The Hauraki Gold Mining Company (Coromandel) have crushed and treated 45 tons of ore for a return of 51oz ldwt of bullion, valued at £158 5s Id. (This return came to hand too late for inclusion in our Summary table.) VICTORIA G.M. CO. [BY TELEGRAPH. —OWX CORRESPONDENT.] Thames, Wednesday. The borehole continues to penetrate a clav formation, and to-day a further depth of about 15ft was attained, making the total depth of the hole about 284 ft. WAIHI EXTENDED G.M. CO. OFFER OF PURCHASE DECLINED. An extraordinary general meeting oi shareholders in the Waihi Extended Gold Mining Company was held in the long room, Stock Exchange, yesterday. Mi. J. J. Craig, chairman of "directors, presided, and the attendance was very large. The object of the meeting was to consider a proposal I for the purchase of the company's property, ! and also to consider resolutions conferring certain powers upon the directors. The Chairman, in opening the proceedings, referred to the complaints which had been made in certain quarters as to the directors' action in keeping private the terms of the offer received for the property. He explained that this was done in fairness to the parties j who made the offer. He assured shareholders I that their interests were quite safe with the directors, who would not, however, consent to the management of the property being run by the man in the street. A resolution had been passed at a former meeting, to the effect that the shareholders should be called together to consider any offers for the disposal of the property. The directors now asked for power to deal with any such offers so that in the event of others* being received, if the present one was refused, the necessity of again calling sharholders together might be obviated. They would only "accept offers subject to the approval, of shareholders, and if the latter did not show confidence enough in the directors to give them that power he for one would resign. Mr. A. Wright said he believed shareholders had every confidence in the directors. The Chairman then called upon the secretary (Mr. J. W. Nichol) to read to the meeting the particulars of the offer which had I been received. It then transpired that the | proposal emanated from Messrs. Louch, Son, I and Co., and was as follows :—A new company to be formed with a capital of 350,000 shares of £1 : a working capital of £50,000 ; present shareholders to receive 100,000 shares in the new company, fully paid up to £1; the option to extend over a period of six months; a deposit of £500 to be paid by the optionholders within three months, the same to be forfeited in the event of failure to float the company. As an alternative the applicants asked the directors to state the lowest terms they would take for a cash sale of the property. Mr. J. M. Lennox asked whether it was the. intention of the proposed option-holders to work the mine in the meantime. The Chairman said that it was not. Mr. Lennox remarked that the whole cost of development would therefore rest on the shareholders. The Chairman said the directors did not care to advise shareholders either way in the matter. If the offer had been one which they could advise the acceptance of, they would have done so. Instead of that, they had called shareholders together, and it was for them to accept or decline the offer as they saw fit. If the directors were asked he might say that they considered the proposed capital of £350.000 was overloading the concern, and they failed to see how a company of that size could be made to pay. If the shareholders thought they had another Waihi they should be prepared to pay calls, and take the chance of doing better things. If they were to strike a good reef in the mine plenty of syndicates would be ready to take the property up. The directors thought also that if the offer were accepted, the deposit should be £1000, as their work might unearth a reef and enhance the value of the property. Mr. Wright asked whether the directors could obtain a modification of the offer. The Chairman said they could not. Mr. Lennox then moved, " That the offer be declined." He considered that the person taking an option over the property should at once commence relieving shareholders of the cost of development. He thought shareholders might very well decline the offer, and leave the power to the directors which they asked for. Mr. Hancock seconded the motion. Mr. Shepherd said it seemed to him they were treating the offer of £50.000 working capital as though it were one of 50s. ' If any British capital was likely to come into the colony he thought they should encourage it to do so. He moved as an amendment, " That the matter be left in the hands of the directors to make the best terms possible with power to decline the offer, unless on better terms than the present." Mr. Wright seconded. Mr. Lennox said it was all very well for Mr. Shepherd to talk about encouraging English capital, but the terms now offered were not good enough—that was the point. At the suggestion of Mr. Pickering, and on the chairman stating that Mr. Louch had said the terms were the best he could offer, Mr. Shepherd withdrew his amendment, and Mir. Lennox's motion was carried. The Chairman then moved the following resolutions : —a. " That the directors be, and they are hereby, authorised to sell and dispose of the whole or any part or parts of the company's property to any person, company, or association, at such price or prices, and in such manner and on such terms and conditions generally as the directors shall see fit, with full power and authority to effect, ac-

complish, perfect, and carry out to completion any such sale with the approval of the shareholders." B. "That the directors be empowered for the purpose aforesaid, to use the company's seal, and to do and perform all such acts, matters, and things, and to sign, seal, and execute all such deeds, documents, and writings as the said directors shall deem | necessary." i Mr. Wright seconded, and the resolutions were adopted. DUNEDIN STOCK EXCHANGE. [by telegraph.— press association*.] Dt;nki)in. Thursday. • Dunedin Exchange sales : Alpine 11, 51s, 30s : Electric, 42s ; Fourteen-mile Beach, 24s : Kelly and Casey. 6s, 5s 6d ; Leaning , Rock 8""3d: Mnnuherikia, 38s; Monte i Christo, 25s 6d, 24s 9d, 25s 9d, 25* 6d. 275, 27s 3d, 27s 6d. 27s 9d, 28s, 27s 3d, 27s 6d, j 27s 3d ; Nelson Creek, 50s 6d, 50s 3d, 49s | 6d, 48s ; New Alexandra, 4s 6d ; Reeves' | Proprietary, 13s 3d ; Vincent Extended, 7s, j 7s 9d, Bs. " C<«go Exchange : Central Charl- ' ton, 7s 6d ; Great Central, 14s. Equitable i Exchange : Junction Electric, 30s 3d. |