THE GOLDFIELDS.

New Zealand Herald, Volume XXXIX, Issue 11950, 26 April 1902, Page 7

THE GOLDFIELDS.

' ' AUCKLAND SHAREMARKe't. , The market was quiet yesterday, the feature ,in mining lines being a further rise • in Tairua Broken Hills, which sold at 8s 8s 3d, 8s 4d, and 8s 6d. There were further sellers at fa 6d, late buyers quoting at 8s 3d. Kuranuis had sale at 6tf Chelmsford were looked for at Is 10d, -sellers 2s 2d. In investment lines. New Zealand Insurances changed hands at 735, more being offered at that price, with buyers at 72s 6d. Auckland Gas (new, £4 J,os issue) were done at £12 17s 6d, sellers •™ « £13, without buyers. Old issue ''?o , cklancl a « were in inquiry at £13 18a &d, no sellers quoting. Bank of New /ealands had sellers at 625, without buyers. Booth, British Insurances eased a shade to 82s M, with buyers offering 80s. In other lines late prices ruled. PUKEMAKUKU MINERAL LODE ~, [BY TELEGRAPH.—OWN I'ORBKSrONJ.IKNT.] ' _ . , CoiioitAnrma Friday. It is reported that there is every prospent of the mineral lode in the Pufcemakuku Creek being profitably worked in the near fUt * Ur n- iJf-rtf S^ ted that a well-known metallurgist (Mr. French) has been conducting experiments with the result, that he has determined that the local ore will serve as a flux for ore of a refractory nature in another part of the Hatiraki mining district. The local ore has long been known to contain gold, silver, copper, and lead, but the cost of transport and treatment has hitherto . been a bar to it being profitably worked. Mr. French will pub miners on to work en Mondev, getting out a 20-ton parcel of ore. half of which will be forwarded to Melbourne for treatment and the other half to Auckland.

MONOWAI G.M. CO. [BY TELKUUAPn.— OWN COBBKSPONDENT.] „„ , . , Thames, Friday. 1 he result of the treatment of February month s accumulation of concentrates on b.'iialt of this ajwjKrtiy, which were shipped to the Dapto Smehing Works for treatment, was as follows ;— Tho shipment consisted of 30 tons lßcwt net weight, and yielded at the rate of £15 2s 7d per ton. The cost of treatment was at the rate of £1 15s i tr ton, and a further charge of £9 2s 8d ivas also incurred for freight, etc. The actual mini remitted to the company was £404 6s 4d. During the same period bullion to the value of £129 14s 9d was also obtained from 292 tons of tailings, treated at the company's cyanide plant. The total value of February's output, therefore, amounted to £634 Is Id. Operations at the mine are being proceeded with as expeditiously as possible. The work .of opening up the main lode and stuping the same at isfo. 3 level is proceeding very satisfactorily, and everything is now in capital order and ready for an increased output of ore whenever the same is necessary. The crosscut at No. 4 level, which is being driven to intersect the main lode, is now in a total distance of 330 ft, leaving ft further distance of about 270 ft to drive before the lode is expected to be to hand. The erection of the newvat at the cyanide plant is completed, and will be in readiness for the treatment of tailings in a few days. Everything is working satisfactorily at the battery, and the ore being put through is of the usual grade. No word is yet to hand re the proposed new reduction works.

MAY QUEEN HAUIIAKI G.M. CO. IK TELKGB.U'H.— OWN CORRESPONDiNT.J ti :'■, , Thames, Friday. About two months ago the management of this company invited applications from miners for the right to work on tribute a block of ground upon No*. 1 and 2, Cardigan lodes, situated" at and above No. 3 level of the Saxon section of the company's property, and 7 6 applications were received. The block was let to J. Ellis and Sons, who tendered p.i 47 per cent. It has now transpired, that the Warden, Mr. Pv. S. Bush, refused to sign the agreement between the company and Mr. Ellis when the same was submitted to him for his sanction, on the ground that if the block was one which would yield profitably to tribufers after paying 474 per cent, royalty to the company for the right to work the same, then it was one which should be worked by the company with wages men. As a result of the Warden's refusal to sign the agreement, the company drew up another contract, in which it agreed to accept, and the tributers agreed to pay, per cent, of the value of the gold won, but on it being submitted to tho Warden for ratification, the latter again declined to sanction tin agreement which provided for such a. large percentage being paid to the company. In consequence of this hitch the management has arranged with Mr. Ellis to cease operations in the block in question until other arrangements can be made. The general manager (Mr. A. H. Curtis) is expected to visit the Thames early next week, when it is probable the matter will be further gone into, and art understanding arrived at. The point is rather a fine one to solve. It appears that the block in question is one that has been sought after "for several months past by different parties of tributers, for it is looked Upon. as being one which is likely to turn out a considerable quantity of gold, inasmuch as other parties, who.have worked adjacent blocks on the same lodes, have all done well. . It is understood that the company did, at one time, have some intention of working the block on wages, but when it was taken irto consideration that a considerable number of tributers were working adjoining blocks, and that the putting on of wages men might lead to some confusion us regards the tributers' system of working.' and perhaps necessitate the exclusion of tributers altogether from that part of the mine, it was eventually decided to abandon the idea of working the block on behalf of the company and to invite applications for tributes. Messrs. Ellis and Sons, the tributers, who are affected by the Warden's decision, state that they are perfectly satisfied with the agreement they entered into with the company, and that they are anxious to work the block, even at the 47£ per cent. rate. From the prospects they have met with since commencing operations they are convinced thev can work the block at a profit to themselves on those terms, At the present time they are crushing the ore which they had succeeded in breaking out before being compelled to suspend operations, and they anticipate securing a profitable return of gold from the same. Of course, the reason for the Warden's action ill this particular transaction, in addition to tho reason already mentioned, is no doubt to discourage the mode adopted of inviting application* for blocks of ground, and letting the same at higher rates of percentage than would be obtained if the sumo were let in'the manner that has always been the custom on this field, viz., by the companies or mineowners fixing upon the rate of percentage when the tributers made applications for a block. The ultimate settlement of the matter will be awaited with interest.

SOUTHERN MINING. [Br TKLKGitAI'H.— ASSOCIATION.] Dunkdin, Friday. Diinedin Exchange sales: Gold King, 6s 6d ; New Half-way House, ' 13s ; Notown Creek, 27s 6d 27s 9d, 28s, 23s 3d; Olrig, 20s, 19s 9d ; Royal Maori, lis. Dredging returns : Hartley and Riley, 1420z 7dwt ; Enterprise 1.. 430z 7dwt 18gr ; (.old King, 83oz 2dwt ; Watmumu Central, 270z 7dwt ; Wairnumu, 220z ; Endeavour, 21oz ; Central Charlton, 20oas 15dwt; Inchdale, 20oz lldwt; Enterprise 11., 20oz ; Central Mautaura, 19oz sdwt 10gr ; Charlton Creek, 13oz sdwt; Point d Or, lloz ; Spec Gully, lOoz 12dwt ; Molvneaux Koh-i----noor, fi>z'l3dwt. Greymoittii, Friday. Nelson Creek dredge has resumed work. A 4s dividend has been declared.