THE GOLDFIELDS.

New Zealand Herald, Volume XXXVIII, Issue 11799, 31 October 1901, Page 6

THE GOLDFIELDS.

AUCKLAND SHAREMARKET. j The market was quiet yesterday. In investment lines New Zealand Insurances sold at 66s 6d, with buyers left at same price, no sellers quoting. Bank of New Zealand's were looked for at 41s, and National Banks at 74s 6d, without sellers. Milne and Choree (preferential) had inquiry at 225, sellers asking 235. In Upper Thames mining lines Komata Reefs recovered a shade, selling at Hid, with J buyers still offering that price. Waihi j Consols were done at 2jd. Waihi Ex- | tendeds changed hands at 2s 5d and 2s 6d. sellers closing at 2s sd, with buyers at 2s 3d. Waiteka-uris had sale at *9s 9d. late sellers asking lis 3d. buyers quoting at 9s. Waihi Grand Junctions declined to 56s sellers, buyers still offering 335. In other lines late prices ruled. CHELMSFORD G.M. CO. I The animal meeting of shareholders in i the Chelmsford Gold Mining Company was ! held in the office of the secretarv (Mr. A. ! L. White) yesterday, Mr. T. T." Masefield ; (chairman of directors) presiding. The secretary read the directors' report, which stated that since the last annual meeting the various works had been pushed ahead, and the battery started in April last. A compact cyanide plant had been erected as well as an assay house. The present stampers had always been considered as experimental, so that it would be necessary at some future date to erect additional stampers to enable their ore to be treated ; economically, as the same number of men would work a larger plant. The mine was being well opened up. and the levels were being pushed ahead to test ground at a ! lower depth which gave promise of satis- ! factory results. The retiring directors were ; Messrs. T. T. Masefield and T. A. Ashton, who together with the auditor (Mr. C. I. i Filer) offered themselves for re-election. The balance-sheet was read as follows: — Dr. : Capital. 80.000 shares at 2s each. £8000: less 10.000 at 2s each allotted to the Kauri Timber Company for licenses, and less uncalled capital, 70.000 at 9d. £3625— £4375: Bank of New Zealand overdraft. £320 13s 6d: creditors at balance, £659 15s sd: total. £5555 8s lid. Cr. : Mine account, £1677 12s sd: battery machinery and cyanide plant. £2650 los 9d ; water-races, £572 os 4d; tramway account, £14 15s: unpaid calls. £411 ids 3d: cash in hand, £o 14s 2d: Thames wages deposit, £25: total. £5355 8s lid. The working account showed that the mine expenditure amounted to £1449 lis 6d ; battery expenditure. £2068 15-3 6d: and general expenses, £271 9s 4d. The gold won from 786 tons amounted to £845 19s 6d. The mine manager's report detailing the work done in the mine and batten- was also read. He considered the prospects of the mine better than ever before. The chairman, in moving the adoption of tne : reports and balance-sheet, reviewed the difficulties that had had to be overcome, | and the added expenses incurred through I unforeseen circumstances before tne works j could be started. They had. however. j now got their battery at work, and enough i water to work 20 or 30 head of stampers. j The directors felt that a larger battery I would be required. The lowest levels also I should be developed, and would, he I thought, give far better results. Mr. C. i E. Button seconded the motion. Mr. St. j Shepperd thought the directors should 1 come boldly forward and call up their j capital in order to develop the property j thoroughly. Mr. W. S. Whitley said it i present anticipations were borne out, the I directors hoped to make no more calls. i He urged patience on the part of shareI holders. They should put through two or J three more crushing.-?, and see how they ' turned out. If there was a surplus he } would advocate it being put into machij nery. The chairman said before increasing ! the plant the shareholders would be furI nished with an estimate of the whole cost. j The reports and balance-sheet were then I adopted. The retiring directors and the ! auditor were re-elected. | COROMANDEL FREEHOLD PRO- ! PRIETARY. I The half-yearly meeting of shareholders i in the Coromandel Freehold Proprietary ] was held in the office of the legal manj ager (Mr. 11. Gilfillan, jun.) yesterday. ' Mr. W. Gorrie (chairman of directors) pre- ; sided. The directors' report stated that \ during the past half-year they had coni tinned negotiations for the sale of the corn- ; pany's property. An altered proposal was ! submitted to them, principally in the direcI tion of substituting debentures for a pori tion of the amount payable in cash, to | which the directors agreed, subject to the j shareholders' approval. A reply on this | matter was early expected, and in the ; meantime the directors were assured by j those who had it. in hand that everything i was being done to bring about the desired ! sale. In pursuance of the question of tri- ; butes, the directors had called for same, ! but without response so far. It had been I decided to redeposit the sum of £500, I which had been for some time on fixed I deposit with the National Bank. The rei tiring directors were Messrs. Gorrie and I Smith, who offered themselves for re-elec- '• tion, as did Mr. R. E. Isaacs as auditor. ' The balance-sheet showed a credit balance I of £560. including the amount on deposit. I In moving the adoption of the report and i balance-sheet, the chairman said the direc- < tors were in hopes of hearing at any I moment that the negotiations going on at j Home had been successful. Mr. H. Green seconded the motion, which was carried. The retiring directors and the auditor were | re-elected. HAURAKI NO. 2 G.M. CO. In the Hauraki No. 2 Gold Mining Comj pany's mine at Coromandel. the country in I the'drive on the leader is harder and well i mineralised. Black flinty veins are crossI ing the face of the drive, which is a good j indication for gold. BARRIER REEFS G.M. CO. A rise has been commenced in the Barrier Reefs Gold Mining Company's mine from No. 3 level, about 40ft west of the shaft. This will connect with the intermediate drive. The lode still looks well here. The rise will prove the block between the levels, and will also provide an easy means of exit for the ore from the block now being opened up. HAURAKI MINES (LIMITED). The telegram from our Coromandel correspondent published in yesterday's issue, referring to a parcel of picked stone as having been secured in the Hauraki Gold Mining Company's mine was in error. The picked stone in question was found in the Hauraki Mines (Limited) property. COROMANDEL SCHOOL OF MINES. On Saturday last the students of the Coromandel School of Mines, accompanied by the president (Captain Kenrick), the secretary (Mr. W. Thomas), and the director (Mr. D. V. Allen), and members of the Council, making a party of 17 all told, visited the Opitonui district, with the object of inspecting the Kauri Freehold | Gold Estates mines and battery. After a pleasant ride over the range, Opitonui was ] reached at a-quarter to eleven a.m., and a I start made for the mines. Mr. A. Monti gomery, the general manager, and all ! those acting under him, offered every I facility for a thorough inspection of the j several mines and everything connected 1 therewith. Mr. John Goldsworthy, the \ general mine manager, officiated as guidej in-chief, and afforded every opportunity of I seeing all there was to be seen. The I Maiden shaft was descended to the bottom, j some 400 ft below the surface. Ascending i the shaft, a visit was paid to the large | dam. The Rangatira shaft was also visited, ! and some, of the levels and slopes were in- ! spected. The operations are on a large I scale, and everywhere evidence of thorough ; work and care was apparent. An adjourni ment was made to Bain's Hotel at one p.m., where ample justice was dune to a I sumptuous repast, the party being the j guests of the president (Mr. A. T. Kenrick). The party then retraced their steps i to Tererenga, the battery being reached at i three p.m., and a couple of hours pissed ! very quickly in looking over and inspecting ' the large plant. It. is without doubt one I of the best and most thoroughly-equipped i stamper batteries in the colony. There is | every modern appliance for gold-saving, j and everything in thorough order. The plant was in full swing. The. party then journeyed homeward, well pleased "Kith the ] outing, and more than satisfied with the

courtesy and facilities for inspection afforded them by everyone connected with the Kauri Freehold Company.

DUNEDIN STOCK EXCHANGE. [BT TELEGRAPH. —FKESS ASSOCIATION'.] DrXKDiN. Wednesday. Dunedin Exchange sales: Fourteen-mile Beach. 12s; Golden River, 5s 6d: Kelly and Casey, 7s ; Leaning Rock, 10s : Meg and Annie, lis 6d. lis: Molyneaux Kohinoor, 8s discount: Nelson Creek. 48s : Rise and Shine. 10s; Royal Maori, ios. 12s 9d, 13s. Otago Exchange : Gold King. 6s; I Mokoia, 15s 6d. i • i .