THE GOLDFIELDS.

New Zealand Herald, Volume XXXVIII, Issue 11787, 17 October 1901, Page 6

THE GOLDFIELDS.

AUCKLAND SHAREMARKET. The market was quiet yesterday. In investment lines South British Insurances sold at 78s, more being wanted at 76s 6d, sellers 795. In Upper Thames mining lines Waihi Grand Junctions were done at 325. Crowns had steady demand at lis 6d, sellers 12s 3d. There were buyers of Tatma Broken Hills at 4s, sellers asking 4« 3d. Talismans were looked for at 28a, sellers ols 6d. Buyers of Waihi Extendeds quoted at 2s Id, sellers 2s 3d. For Waitekfluris 7s 9d was offered, sellers 9s.- In Coromandel p.nd other lines late prices ruled.

WAITER G.M. CO. (LIMITED),

£3368 FROM 2178 TONS.

TOTAL TO DATE, £329,417. During the four weeks ending October 4, the Waitekauri Gold Mining Company crushed and treated 2178 tons of ore for a yield of bullion valued at £3368. This is a slight improvement on the return for the previous month, when 2182 tons yielded £Z>3i2. The total amount won from the mine to date is £329,417 14s lCd, as shown in the following table of details: — To December, 1897 £85,452 11 0 To December, 1898 64,052 6 0 To December, 1899 74,276 0 0 To December, 1900 70,749 0 0 £294,569 17 0 January, 1901, 2578 tons 5,097 0 0 February, 1901, 1857 tons 3,306 0 0 March, 1901, 1835 tons 3,295 0 0 April, 1901, 1901 tons 3.501 0 0 May, 1901, 2806 tons 4,068 0 0 June, 1901, 3052 tons 5.004 17 10 July. 1901. 2062 tons 3.296 0 0 August, 1901, 2182 tons 3,a12 0 0 September, 1901, 2178 tons ... 3,5c3 0 0 Total to date £329,417 14 10 TE PUKE GOLD REEFS (LIMITED). TWO TONS YIELD £84 15s. Mr. F. B. Allen, M.A., B.Sc., director of the Thames School of Mines, has furnished particulars respecting the treatment of a little over two tons of quartz from the Te Puke Gold Reefs mine, representing two classes. The result was bullion worth £84 15s. Mr. Allen specially dwells upon the superior nature of the quartz for easy treatment, and the low percentage of silver materially reduces the cost of cyaniding. He adds that the matter of extraction presents no difficulty, and the bullion is worth £2 15s 8d per ounce, and a percentage saving of 96.3 of the gold and 95 of silver has been accomplished. The ore is easily crushed, and stamps dealing with it would have ?. large output. The expert now in England reports most favourably from latest cablegram, and he fully recognised the economic facilities for mining combined with the huge ore body to be dealt with. Mr. Worth, the manager at the mine, reports most encouragingly of the developments now proceeding. A noted expert is now at the mine, inspecting with the view of reporting on behalf of a wealthy Australian investor, as a participator under the present option deed. It is now conclusively proved that an average of 25s per ton will pay handsomely, and that average hr.s been greatly exceeded, irrespective of the rich runs of ore, such as that which has now been treated.

BUNKER'S HILL G.M. CO

The annual meeting of shareholders in the Bunker's Hill Gold Mining Company was held in the office of the legal manager (Mr. C. A. Stubbs) yesterday, Mr. A. Heather (chairman of directors) presiding. There was only a small attendance. THE ANNUAL REPORT. The directors' report was read as follows :—" In presenting their sixth annual report, your directors regret that the operations carried out during the year in the No. 1 reef of your mine, which looked so promising a year ago, have not resulted in the success that your directors and mine manager contemplated, as you will see by the mine manager's report herewith. For a period of six months this reef looked very promising, gold to the value of £640 7s 9d having been Won from it during that time, but as the returns fell off to almost nothing, and the prospects of the reef improving being apparently so remote, your directors decided, on July 16, to close down the mine rather than go on doing any further dead work, until the annual meeting of the shareholders, thus giving the shareholders an opportunity of expressing an opinion as to whether further development works shall be carried on or not. We would mention in passing that if it is decided to carry on, means of raising further capital will have to be found, as the available capital of the company is almost exhausted. Several other smaller development works have been carried on during the year, which you will find fully referred to in the mine manager's report. Unfortunately they did not result in any profit to the mine. You will notice from the mine manager's report that as to future working, he advises operations to be confined to the 4in leader and the balance of the mine to be let on tribute. v\~e may say that an offer for tributes on the 4in leader has been received, but as it was so near the annual meeting your directors thought it best to leave this and all others matters for the shareholders to discuss at that meeting. Since shutting down the mine, your directors have taken steps to have the mine, plant, and machinery well looked after, at a very small cost. Expenses have been cut down to the lowest pound, and from May 14 to the present time your directors have refrained from drawing any honoraria. In pursuance of the company's articles of association, two of the directors, Mr. J. Endean and Dr. J. Wilkins, retire from office; also the auditor (Mr. W. R. Holmes), but they are eligible, and offer themselves for re-election. In conclusion your directors are still of the opinion that "you possess a valuable property, and one in which a rich patch of gold may be found at any time, but as they have met with so many disappointments in the past, and fresh capital being necessary to carry out further developments, they now leave the matter in the hands of the shareholders for them to say what is to be done." BALANCE-SHEET. The balance-sheet, which was taken as read, was as follows: — Dr. Balance, August 31, 1900 £768 13 4 Salaries 66 1 8 Board fees for travelling 41 10 0 Mine wages 738 5 6 Mine requisites 70 9 9 Insurance 8 5 0 Bank interest 52 7 10 Rent of mine 30 0 Advertisements and general charges 73 4 3 Outstanding accounts paid ... 49 14 0 £1,871 11 4 OR. Cash received from calls... ... £759 4 6 Cash received "rom gold 640 7 9 Cash received from new issue shares 0 12 0 Balance 471 7 1

£1,871 11 4

The balance-sheet was certified as correct by the auditor (Mi. W. R. Holmes).

MINE MANAGER'S REPORT.

The mine manager's report was read as follows: —"I have the honour to submit the following report on the work carried out in your mine from August, 1900, to July, 1901. Throughout the year operations were confined to the No. 1 reef, between the No. 1 and No. 2 levels, and the extension of a crosscut towards the north-east section of your property. For the first six months of the year everything went splendidly, and gave high promise of a blight future ir the affairs of your union, as the reef upon which operations were conducted was producing a very fair grade of general ore, combined with small hauls of specimen stone. This quality of ore, however, was confined to a limited run, the quartz on either side was poorer, and the returns gradually became less: likewise the staff of hands employed, and ultimately all hands were discharged, and protection for the mine obtained, in the crosscut driven, several quartz leaders were passed through, but were of a disappointing character. A winze was also sunk below the No. 2 level, and here disappointment had to be met in the face. During the year 82 tons of general ore and 1631b of picked stone were treated, realising 2280z 17dwt ef melted gold, valued at £640 7s 9d, the product of

180 ft of driving, 72 fathoms sloping, and 20ft of sinking. With reference to the future working of your mine, I will confine myself to your 4in leader, upon which I would again recommend operations being resumed. For this leadei, as previously intimated, I believe, only awaits the quickening touch of capital and enterprise to succeed in getting into smoother and lesstroubled waters. There are considerable backs to operate upon, and a connection with your No. 1 level will afford splendid ventilation and a good way of working. Should it be deemed necessary to work below your No. 4 or 350 ft level, it is quite possible arrangements could be made with the neighbouring mine to work the leader from their 440 ft level, or crosscut and rise up to meet the bottom of your shaft, and thus save the great expense of sinking and having to contend with water. The other portion of your property I would advise being let on tribute. In conclusion, gentlemen, I might mention your machinery and boiler are in first-class order, likewise your shaft and surface buildings." In moving the adoption of the reports and balance-sheet, the Chairman sr.id that if the shareholders took no initiative themselves, the directors would call them together before the lapse of the protection to ask them what they suggested as to the future of the property. Mr. Lev ton. seconded the motion, which was adopted.

The retiring directors and auditors were re-elected.

In reply to Mr. Ley ton. the Chairman said they must either let the mine on tribute, reconstruct, or wind up. It had been suggested tint an expert's opinion should be obtained as to the best course to pursue in the future, but he thought they had an expert in the mine manager, who was very much in favour of developing the 4in leader. He was sorry more shareholders had not attended the meeting. The proceedings then terminated.

WAIHI EXTENDED G.M. CO.

In the. Waihi Extended Gold Mining Company's mine during the past week, the north-west drive liar, been timbered up, and the sides of the drives cut where the dams are likely to be fixed. The cutting of rings round the shaft is now in hand, which, when completed, should catch up the water now going down the shaft, and convey it into the drive, from, whence it can be pumped as required.

GOLDEN. REEFS G.M. CO.

The leader in the Golden Reefs Gold Mining Company's mine at Gumtown has been sunk upon a further 10ft. The leader is now sft wide, and gives fair dish prospects; gold is occasionally seen in the stone. The road to the Kapowai battery is expected to be finished in a week or two.

BARRIER REEFS G.M. CO.

In the Barrier Reefs Gold Mining Company's mine an intermediate drive west from the east pass has been started about 50ft above Ne. 3 level. The lode is 14in wide, well defined, and of good quality, and is making into a block 210 ft by 116 ft. The eastern drive at No. 2 level looks promising.

VICTORIA G.M. CO.

[BY TELEGRAPH.OWN CORRESPONDENT.] Thames, Wednesday. A further depth of Isft was attained in the bore to-day, which makes a total depth of 512 ft now attained. The country srfcill continues jointy, and of a somewhat difficult class to bore in, but there is no doubt that the solid formation has at last been reached.

OLD BIG PUMP.

[BY TELEGRAPH.OWN CORRESPONDENT.] Thames, Wednesday. The annual boiler inspection, which has been in progress since Thursday evening last, is now completed, and everything is in readiness for resuming pumping operations to-morrow morning. Three out of the four boilers were found to be in excellent order, and were passed at once by Inspector Dalrymple, but he has ordered certain slight repairs to the fourth before it is again used, and they are to be attended to at once. Advantage was taken of the stoppage to give the whole of the pumping machinery a through overhaul, so that, with the exception of the one boiler, everything is now in good order.

WAIIII G.M. CO.

[BY TELEGRAPH. —OWN CORRESPONDENT.] aeroa, Wednesday. The alteration to the Waihi Gold Mining Company's original 100-kead stamper battery at Waikino, is progressing satisfactorily, and it is anticipated that the plant will be converted from dry to wet crushing by the end of the year, so that the full 200head at the Victoria, will, at the commencement of the year be operating under the wet regime. Additional vats are also being constructed, whilst the filter presses are to be supplemented by three more, thus making eight altogether.

COROMANDEL WARDEN'S COURT. [BY TELEGRAPH. —OWN CORRESPONDENT.] Coromandel, Wednesday. At tho sitting of the Warden's Court today, before Mr. R. S. Bush, Warden, the following business was disposed of: — Final Grants: The following applications have been assented to by the Minister: — G. H. Boyd, Poneko Nos. 2 and 3, and Standard special quartz claims; P. A. Hadley, Whitianga special quartz claim; Kapanga Gold Mining Company, protection for six months. Recommended: New Hauralci Gold properties, protection for Success special quartz claim for six months. Surrenders: West Tokatea Gold Mines, surrender of portion of claim ; Don gal Bryce, Punic special quartz claim; J. H. Witheford, Bismarck Extended licensed holding; O. M. MoFarlane, Hauraki South special claim. Granted: Progress-Castle Rock Gold Mining Company, permission to work the Vautfhan special quartz claim with two men for six months; P. A. Hadley, permission to work the Welcome .lack special quartz claim with two men for six months; Queen of the North, permission to work with two men for six months; Walter Moorcraft, Nereid special sea beach claim, subject to the approval of the Minister ; Asiatic Gold Mining Company, permission to work with two men for six months; H. J. C-olthurst, Katie special quartz claim; William Sadgrove, business site No. 29, Kuaotunu. Forefeiture: E. A. Daldy v. the Harbour View Gold Mine — Suit for forfeiture for non-working. Mr. Rhodes appeared for the plaintiff. There was no appearance of the defendant. Mr. Daldy gave evidence as to the non-working, and Mr. Banks (clerk of the Court) as to the expiry of the protection granted. Forfeiture was decreed and costs allowed. Court fees lis, agent 21s. J. T. Martin v. Scotty's Gold Mining Company— made for substitution of service.

DUNEDIN STOCK EXCHANGE,

[BY TELEGRAPH. —PRESS ASSOCIATION.]

Dunedin, Wednesday. Dunedin Exchange sales: Alpine 11., 18s ; Boundary Creek' (preferential), 8s ; Gentle Annie, 9s 6d ; Gibbons' Beach, 2s 6d; Golden River, 7s, 6s 9d, 6s lO^d; Half-wav House, 5s 3d, 6s 3d, 6s 9d, 7s 3d : Leaning Rock, 14s 6d, 14s, 13s 9d, 13s 6d ; River Molvneaux 6s 3d; Sixteen-mile Beach. 2s, 2s 3d, 2s 2d ; leviot, 6s 9d, 6s 3d. Otago Exchange : Gold King, 7s 3d ; Junction Electric, 26s 9d ; Kelly and Casey, 8s 6d ; Vincent Extended, Bs.