THE GOLDFIELDS.

New Zealand Herald, Volume XLII, Issue 12955, 26 August 1905, Page 3

THE GOLDFIELDS.

WAIHJ G.M. CO. A RECORD RETURN. £56,474 FROM 24.637 TONS, TOTAL TO DATE, £4,262,739. During the four weeks ending August 12, the Waihi Gold Mining Company crushed and treated 24,637 tons of ore for a return of bullion valued at £56,474. The output forms a record for the mine for the period. mentioned, eclipsing the return for the preceding four-weekly period eliding July 15, when 23,237 inns of ore produced bullion valued at £55,470. The total amount won. from the mine to date is £4.262,759, as shown in the following table of details:— - To July 51, 1890 £13,628 July 31. 1890. to December 31, 1391 ... . 36,458 In 189;], 18.297 tons 46,219 In 1893, 19.835 tons 61,345 In 1894, 24,364 tons 33.025 In 1895. 33.670 tons 120,335 .In 18:36, 34.410 tons 135,155 In 1897, 40,764 tons 144,041 In 1893, 77,' tons 256,494 In 1899, 102,581 tons 352,525 In 1900, 112,012 tons ... 317,902 In 1501, 159,325 tons 461,205 In 1902, 179,487 tons 621,574 In 1903. 231.373 tons 650,431 In 1904, 259,958 tons 623,882 £3,837,268 Period ending— January 28, 1905, 21,400 tons ... 45,477 February 23. 1905. 25.076 tons ... 52.100 March 25, 1905, 22.455 tons 35,510 April 22, 1905, 21.778 tons ... ... 54,110 May 20, 1905, 22.048 tons 55,930 June 17, 1905, 23.084 tons 54.600 Julv 15, 1905, 23.237 tons 55.470 August 12, 1905, 24,637 tons 56.474 Total to date £4,262,739 Total dividends, etc., to June 1 ... £1,727,896 IMPORT ANT DISCOVERY IN WAIOTAHI MINE. LATEST DEVELOPMENT OPERATIONS. RICH SPECIMENS AT No. 5 LEVEL. There was a sharp rise in the price of shares in the Waiotahi Gold Mining Company front the noon call on 'Change yesterday, the improvement being clue, to the following telegram from the mine manager:—

" Thirty pounds of good stone from the hangmgwull portion of the main reef at No. 5 level." The news is of great importance, in that (he development, points to the. rich run of gold from which the company have been obtaining highly satisfactory returns.at. the i No. 4 level, carrying downwards to the level below (No. 5). Sales jumped at once from, 50s to 595, and at the afternoon call business was done from 56s to 61s 3d to 60s to 60s 6d. Late sellers held for 60s 9d, and buyers effered 60s 3d'. The secretary of the company (Mr. G. S. Kissling), who visited the mine yesterday, was seen on his return to Auckland last evening by a. Herald representative, touching the latest developments. Mr. Kissling said that he was perfectly satisfied that the hope that rich gold would be met with at No. 5 level was more than realised. Talking into consideration the depth of the workings, and the. character of the stone, he regarded the discover)* as the most important made on the Thames field for many years. The secretary brought back with him a piece of the stone broken out, in order that the shareholders might see it, and form their own conclusions as to the nature of the development.

[by telegraph.—own correspondent.] Thames. Friday.

Another smart vise in Waiotehi shares took place, in consequence v of a- telegram. from the mine manager to the effect that. 301b of good picked stone had been obtained from No. 5 level. As a result, shares rose from 50s to 625, at which latter price a, large number changed baud.-? during the course of the day, there being steady buyers at that figure. The development, _as telegraphed by the manager, is a- very important one, and "conclusively settles the question as to the gold going down. The stone, according to the telegram (rich specimens), was. obtained from the kangmgwall leader which I reported yesterday as making into a large-sized body "of quartz, and in which gold might be expected at any time. This is evidently the same lode that, carries, the mineral'band in the No. 4 level, and is running along parallel with the main reef, and on the hanging-wall. Its size in the face cannot yet be determined, as only a. little of the quart?, on the hangingwal} side was broken down, but it is a good-sized body of quartz, and rich gold is showing in the large stone for the whole length stripped, some 4ft or sft, and right down to the floor of "the level, so that it is evident that the gold is still going down deeper. The quartz, so far as broken down, is not carrying so much mineral as «i the level above and the winze, and the heavy gold appears to have taken the place of the. mineral. The same thing occurred in several of the patches worked here in the early days of the field, notably in the Moanataiari and Caledonian patches. In. the winze from No. 4 level very little work has beeu done since yesterday at the bottom, -as it has been found necessary to put a. few sets of timber in to make the* work secure, but from what can be seen the quartz is making again below the break. In any case, any uneasiness that might have been felt about the gold making again below the break has now been set at rest by the discovery of the rich gold at the No. 5 level. At the No. 6 level good progress is still being made with the crosscut, from the Waictithi shaft, and 1 also with the one from the Kuranui-Caledonian low level. In the latter a body of quartz was cut into last night, runuin'g about, square across the drive. This lode has not yet been cut through, and its appearance so far as penetrated is of a. rather flinty nature, but more will be known as to its' true character after it has been cut through to the other wall.. This drive is now 'in a total distance of about 230 ft, and will require about another 150 ft of driving to reach the Waiotahi main reef, and connect with the No. 6 level from the Waiotohi shaft.

KURANUI-CALEDONIAN G.M. CO. CAMBRIA REEF STRUCK. The following telegram from the mine manager, posted on the Stock Exchange notice hoard yesterday forenoon, caused improvement in the price of shares in the Kuranui-Caledoniwi Cold Mining Company :—" Have struck the Cambria reef. Will not 'touch ib until to-morrow." This development' was expected,, us hi a recent report, the manager announced thai of the 50ft of driving from the winze in. No. 4 level, required to cut the Cambria, onlv 20ft remained to be driven. Shares sold, from fa lOd to 3s 5d to 3s 9d to 3s 2d to 3s 4d, with further demand at the last mentioned figure, late sellers holding for 3s 5d." [fit TrLEGRihH.—OWN CO-RESPONDENT.] Thames.. Friday. As telegraphed by the manager of the Kura-nui-Caledonian mine, a large body of quartz was cut in the No. <i crosscut llastnight, which is evidently the Cambria, reef. This ha,- been met with a few feet earlier than was expected, but is easily accounted for by a slight change of underlie iu the reef, which is lying very Hat. The, reef has j not yet been broken into, but is being ! stripped for the full height of the drive, ( and will not be broken down until to-mor- : row morning, so that nothing can yet be said of the appearance or value of the quartz, The country is, however, of a, favourable nature, and the breaking down tomorrow will be watched with considerable 1 interest.

HIDDEN TREASURE G.M. CO. SHAREHOLDERS DISCUSS THE COM- ■ PANY'S AFFAIRS. A meeting of shareholders in the Hidden Treasure Cold Mining Company was held last evejiiiisj at the Federal Hall, Welt Hey.street. for the purpose of receiving thereport of the investigation committee appointed at a recent meeting to inquire into tire affairs of the company. Mr. Joshua Jackson occupied tke chair, and called upon Mr. K. Johnston to read the. report. Mr. Johnston said '' seemed that * ire »eertcy observed hitherto concerning the affair* « ■hi ...mnanv bid had a, detriment;.! eftec ou tl.i S the Hiine. He then proceeded to givSrti.il. as far as available. The connlm -. . .tares in the company, a* lar as could he .m tinned numbered just on 30.UW, of which number 47.000 were in order, the application and foment i, ney luring been paid. These tod brought, m £*'v> Mr S Bastard, who had been engaged <n" nv'ai the ore at the ' mine, had received *2pli in ash £160 for plant, and salary at Hie : rate of »-l ntr week This, together with certain exM„«?" incurred in going to Nelson, brought the total amount paid to Mr. Bastard and on his beuali to «tf3. 1" addition to this, Mr. Bastard had received iM fully paid-up shares, most u. which, II not the whole, had been transferred or sold to other persons. Mr. Bastard had engaged ait assistant chemist at £3 a week, and a manager at CO a weft. Mr. Johnston submitted a, statement of accounts showing that, alter all disbursements, there would bo a credit balance oi from £S0 to £100. 1" addition to tins, Mr. Bastard's process, whatever it might be worth, was the propertv of the company, the formula! having been lodged in the bant in (he name ot the chairman. . ~ , Mr 0. Whisker informed the meeting that oi the 10 tons of ore recently referred to Mr. Lastard If- tons were from the same part, of the mine from which samples had been previously treated. ~ . ~ ~ , Mr C. Grey, chairman of directors, said that the secrecy observed bv the directors was. as they believed 'in the interests of the company. It seemed to them that Mr. Bastard's process meant either the mating or the breaking of the mine, hence, the line of action adopted by the directors. They might have made a mistake in what they had'done." but thought they were dolus their best for the shareholders and the property. Mr. J. W. Rice drew attention to the fact that according to tests made by Mr. Bastard, some of the ore "gave returns equal to lOoz to tilt ton. Despite this, however, Mr. Bastard had transferred or sold the shares that had been given to him, * course which Blight well have shaken the confidence of shareholders. He thought that steps should at once be taken to satisfy themselves whether or not the mine was any good, and to this end suggested that trial parcels of ore should be sent elsewhere for treatment. They would by I his means ascertain whether or not there was a process by which the ore could be treated. He also thought that the attitude of the directors: generally was unsatisfactory, and urged that further investigations be made, .the shareholders present to bear any cost that might be incurred. The Chairman informed the meeting that he had had two parcels tested, one outside the colony ami one at the Thames .School of Mines. In both instances the assays showed the ore to be payable in gold and silver. This being so. it did not seem that matters were as bad as they appeared as far as the mine was concerned.

After some further discussion it was decided, uii the motion of Mr. Rice, to suggest to '.he director*, that they should send two tons of ore from the mine to the Dapto Smelting Works (New South Wales), and two tuns to the Edwards Furnace and Refinery Company'* Works at "Bc-ndijo (Victoria) for treatment, with a view m definitely ascertaining- the value of the ore, the directors to report the results to the shareholders. DUNEDIN STOCK EXCHANGE. [BY TELEGRAPH.— ASSOCIATION".] DONEDIN', Friday. Stock Exchange sales: Roibnrgli Jubilee, . 2Ts; Riley's Beach, Cs 9d.