THE GOLDFIELDS.

New Zealand Herald, Volume XLIII, Issue 13114, 1 March 1906, Page 3

THE GOLDFIELDS.

OLD HAURAKI GOLD MINING ; • COMPANY. NEGOTIATIONS FOR AMALGAMATION. ' ' ' ' ' ■ '■ • " ' .A DRAINAGE BOARD TO.BE FOUNDED. * Thk annual meeting of shareholders of the Old.Hauraki Gold Mining Company, Limited, was ' hole} yesterday forenoon. The chairman of directors (the Hon. E. Mitclielson) occupied the chair, and there was a good attendance of shareholders. The annual' report ; of the directors stated that 1 the work carried on during the past halfyear had been similar to the previous, period, viz., principally tributing. Steps for the amalgamation of the Bunker's Hill Company's property with -that of the Old Hauraki Company had again been under consideration, and.it was to l>e hoped that in the interests of both companies, as well as tliat of the Coromandel goldfield generally, they . would be brought to a successful termination. The directors retiring by rotation were the Hon. E. Mitclielson and Mr. H. H. Adams. The balance-sheet, showed that the receipts, including £2 17s carried over from last year, and £188 Is 5d bank overdraft, amounted to £722 15*: 9d, and the expenditure to £708 2s 9d, leaving cash in hand £14 13s. The profit and loss account showed a credit balance of £2810. The mine manager, in his report for the year ended January 31, detailed the work done during the year, and said that in his opiniop the future prosperity of the mines in this locality depended upon the. lower levels. • During the year 5S£ tons of ore had been treated from the various tribute sections, producing 2570z 18dwt of . gold, of a value of £772 5s Bd. The surface sections, near where any rich ore had been got in the early days, were now worked in all directions, and it was unlikely that the company would get anything of very much importance from these tribute sections. The airman, in moving the adoption of the report and balance-sheet, . said he regret-ted that the year's working ' had not been attend«=d with more satisfactory results. . He alluded to the stoppage of pumping operations, and referring to the movement for the amalgamation of the Old Hauraki and Bunker's Hill companies he said that at the request of the directors he had met the chairman of the Bunker's Hill Company (Mr. Heather), and had submitted the following proposal as a basis of amalgamation: —Old Hauraki, 110,000 shares and £2000 cash ;" Bunker's Hill, 80,000 shares and £250 cash; Golden Pah, 10,000. shares for ground only. Mr. Heather expressed himself as favourable to the proposal, with the addition, of an extra 10,000 shares being allotted to Bunker's Hill, and a sufficient sum to cover their liabilities, which would exceed the £250 offered. The reply to that proposal was the following offer for the Old Hauraki property: —£1000 cash, with the right to take up 70,000 shares in the New Bunker's Hill Gold Mining Company, Limited, on the same terms as the present shareholders in thai company, viz., 2d per shore on application and • allotment. This offer the directors could not see their way to recommend to (he sluiroholders, and hence had declined it. The property was being worked on tribute. In two of the tributes they had an interest in addition to the ordinary 10 per cent. ' As regards the future, it was evident that it. was not conducive to the interest of the shareholders or to the goldfield to allow the plant to remain idle and the property nnworked. The directors therefore considered that, in the interests of the shareholders, if no satisfactory, arrangement could be., made ..with, the Bunker's. Hill Company, it would be advisable to wind up the present company; and form a new company to work the property at the lower levels. This ■ would, however, be useless, unless ai drainage board was formed for the Coromandel district. ' • .The motion was seconded by Mr. R. C. Carr. and carricd. , _ - . . In the course of a discussion concerning the proposed amalgamation, the chairman, said tl»e directors would appoint a deputation to meet the Bunker's Hill Company. On the motion of Mr. Carr, seconded by Mr. Lennox, the Hon. E. Mitchelson and Mr. H. H. Adams, the retiring directors, were re-elected. Mr. W. R. Holmes was re-elected auditor. - At the conclusion, of the shareholders' meeting, a meeting of directors passed a resolution »authorising the necessary steps to be taken for the formation of a drainage board. ,

' ' WAIHI. QUARTERLY DIVIDEND OF 3s v PAYABLE. Tlie quarterly dividend at the rate of 3e per share is payable to shareholders in the VVaihi Gold Mining Company, at. the company's office, Shortland-street, to-day. As the'shares in the company number 500,000 the dividend will absorb £75,000, and win raise the total amount distributed among shareholders in dividends. etc., to £1,952,896. ' - SUNBEAM GOLD AND SILVER MINING . COMPANY." The annual meeting of the shareliokl-ei's of tho Sunbeam Gold and Silver Mining Company, Limited, which was to have taken place on Tuesday, lapsed for want of a. quorum. Tbe following is the directors' report:—During the past year work Imi« been prosecuted with all possible speed and economy. About 200 ft have been driven on the reef at No. 1 level, making a total distance driven on tbe reef at this level ofabout 600 ft, with most encouraging results. These results fully warrant the erection of tli© batterv. The freehold property of 100 auree has been paid for and conveyed to the company, so that you now have 200 aores in your property. A five-sfcairip mill, complete, has. been erected on the freehold part of the property, and our superintendent is confident that the extractions. by the treatment. will be highly satisfactory. He w also confident of making a. start crushing towards the end of the coming month. Judging from aesavs made of the ground opened up we fed confident that this property will he -a payable one.

HAURAKI NO. 2 COMPANY.' ' 'Hie meeting of the shareholders of the Hauraki No. 2 Gold Mining Company, called for yesterday, lapsed for want of a quorum. The" annual report .stated that the projrtsrtj had'been under protection during the puot nix months, and no work had been carried out. Inquiries had been made from Ixmdon with a view to providing funds for the. fur-, ther development of the mine, but bo tar nothing had resulted. ______ WAIHI ELECTRICAL POWER SCHEME. [BY T*IiEGf»ArH.--OWV COKBKSrONDEN'T.] • ' Waihi.' Wednesday. At the meeting of the Waihi Liberal and Labour Federation the president (Mr. I). Donaldson) referred to the important scheme of the Waihi Company for bringing in electrical power from the Horn Horn. l' a «. foi working their plants at WaSkin and vYaim. He "ave notice to'move at the next meeting "That the federation ask the Government to favourably consider the scheme, it being m the best ."interest* of the mining industry. Should the Government -ho unable to take immediate action in the direction named, it should accept the offer of the \Vailn Company to find the money and do the woik. ' DLTNEDIN STOCK EXCHANGE. [BY TELEGRAPH. —I'IIKSS ASSOCIATION.] Dunkwn. Wednesday. Stock Exchange sales: noor.ex div.. 9s; Golden Bed, 23e; Sailors Bond, 16s 6d.

WAIHI RIVER CLAIMS.

TREATMENT OF TAILINGS. AUSTRALIAN SYNDICATE EXPERIMENTING. "•* [BY TELEGRAPH.OWN* CORRESPONDT.J • -Waihi, Wednesdays V A large plant for the treatment of tailings washed into the Ohinemuri River during past years lias been, erected about a mile or so Waihi. The tailings were brought up in a punt and elevated to the batten*. ', The owners, after expending about £9500 in the erection of machinery, wages, etc.; suspended-. operations some time ago. and in the meantime' they .have negotiated- with an Australian syndicate for the purchase of the 'river claims held by them. This Australian syndicate has now taken over a six months option, and have agreed that during that jjeriod they will spend at least £400 "Sampling the sands, etc., and if successful results follow, that a company will bo formed providing capital to the; extent' of £10,000. The syndicate have appointed Mr. Clark to' supervise the work, and he, together with an assayer and several men, is now engaged sanlp'.ing at various points between Waihi and Pacroa. Whilst these experiments are being conducted the Warden (Mr. E. S. Bush) has agreed to recommend to the Minister for Mines that six months' protection be granted. - . .' i '

. . NEW MAY QUEEN. • [BY TELEGRAPH.—OWN CORRESPONDENT.] Thames, Wednesday. In the New "May Qu-een mine the work of driving and stoping on the No. A lode at No. 6 level is progressing steadily, and) with good results. Ine western drive has now been extended about 90ft from the crosscut, and is still a good, strong, welldefined lode, showing gold'< freely, amd yielding a little picked l stone at each breaking down. The six-inch leader, which branched off into the foot wall, appeals ,to be still running away, from the main iode, and so far as ib has been driven on is car lying good gold. The western drive has not yet reached tho junction of the specimen leader met wit'll at the upper levels, but it is expected to be reached now at any time. The eastern drive is in a. distance of about 75ft from the winze, amd th-3 lode at this end is also looking well, being a well-defined body of quartz, fully 18in in thickness, and a. little picked stone is selected at each breaking down. About another 70ft of driving in this' direction should intersect the junction of the Nor'west lode. The total length now driven on the reef from the eastern end to the western-face -is about 200 ft, a;nd . for the whole ■ distance the. lode has produced picked stone, more or less, at. each'breaking down. Above the level there are three stopes in progress, -which are all producing good crushing dirt . and picked stone. Stoping operations tire also proceeding in the block above No. 3 level, and these stopes . ait' also producing payable crushinj? dirt, though not of so rich a nature as the block at No.' 6 level. At the battery. crushing .is still steadily proceeding, 16 head beinc kept going one shift on the quartz from No. 6 level, and six heads on that from the No. 3 level. Cleaning up and retorting for the month will take place on Saturday next, when a good return may be expected. The amount of ore treated is not vet available, but it will. be approximately about 150 loads from No. 6 level, and about 30 from No. 3 level. / , ' . VANGUARD. / " [BY TELEGRAPH.—OWN COR3.UBPONDBNT.] •_ Thames, Wednesday. ■ Good progress is still being made with t.he low level crosscut in tiie Vanguard mine, and the contract'for 300 ft will be completed by the end of the present: week. A small leader about 2in in thickness , was intersected on Monday, carrying nice mineral, and the country in-the face is all that could be desired. The actual distance yet to drive before intersecting, the Vanguard reef wiH depend on the underlie of the reef from the surface to this level, but according to the latest measurements taken by Mr. E. F. Adams another 50ft or 60ft of driving should see the reef to liaad. "* ' MAY QUEEN EXTENDED. • [BY TEIiBORAPH.—OWN CORRESPONDENT.] Thames, Wednesday. .An the May Queen Extended mine the work of cutting out the chamber and preparing for the erection of the machinery on the shaft lias now been aoout completed, and the machinery is expected to arrive by boat to-morrow, when the work of erecting it in position will be at once proceeded with, which will probablv take about a week to complete. Everything should be in position and ready to commence pumpisg out the shaft by tie end of next week. WAIHI WARDEN'S COURT. [by TKLEGRAPH. —OWN ' CORRESPONDENT.] , ■ Waihi, Wednesday. • • At the fortmghtlv sitting of ; the Waihi Warden's Court to-day the following applications were" grant«l:—Waihi Standard Gold Mining Company, permission to work with two men for three months; T, Vivian, six months' protection for Waihi East (forwarded to. the Minister); R. Hawke, residence site, part- .section 140b: E. Anderson, residence site, section 763, Waihi ; H. E. Jury, surrender part section 140, Waihi, accepted ; W. Rilov, residence site, Waihi; R. Worth, Coronet-special claim (recommended) ; S. Draflin, Ruby special claim. ! SOUTHERN MINING. " [HT TELKGRAPIf. — ASSOCIATION.] DtJNKOiN, Wednesday. v The Blue Spur and Gabriel's Gully' Company have washed up 8370z. MINE MANAGERS' REPORTS. Vanguard (February 27): The low level crosscut, is now in 285/t: total distance from shaft, 1600 ft. The country still continues favourite for meetin* with gold-bearing lodes, and yesterday afternoon the contractors intersected a nice-looking leader about 2in thick, well mineralited and in good country. We have not seen any gold. in the stone, which, however, has a very promising appearance. This lender is almost vertical and will likely prove to be a dropper from the reef we expect to meet with before long. Wailii Beach (February 27): The contractors have driven 14ft since starting the crosscut through the reef, which is going through hard country, with stringers of quartz through it. Although the country is hard, ii is* of a favourable nature. i The contractors have driven Bft north oil the hangingwall of. the reef. The reef in the face of the drive is r.tther split up at present, but I expect 'hat in-a few feet more driving it will form a compact body of quart/.. The country rock is all that could 1* de»ired. • Rising Sun (February 24): During the week Hie extension 'of the northern drive on t4ie reef has been continued by the contractors, and a portion, about 20in, of the footwall of the reef broken down for a distance of 10ft. Some of the stone looks verv promising. The hanginjrwall of the reef has "still to bo taken down. The country encasing the reef is rather'tight for speedy progiew being made. n . ' Oinalm Minos (February 26): During the past week. tlie drive in the No. 1 level has been extended 20it. 'Hie reef for this distance lies very tmiven, the footwall rising and falling along the drive. At present we have only 2ft of the reef in the drive (which is the richest, portion), gold being visible through - the ore, which is of a rubblv nature and shows a fair quantity of sulphide' of silver. I expect, as driving proceeds that the reef will full, or dip. again, and we will have a full face of enisling dirt. The contractor is just completing hii work in the mill, which I crpect to hove a preliminary turn out of by the end of the week.