MINING NEWS.

New Zealand Herald, Volume XLVIII, Issue 14567, 2 January 1911, Page 3

MINING NEWS.

THE GOLD RETURNS.

£1,233,429 FOR ELEVEN MONTHS.

INCREASE OF £19,691 3s 11d.

The returns reported from the gold mines in tho Auckland district during tho past month readied a total of £107,694- 19s lid. This, compared with the aggregate for tho previous month, represents an advance of £6592 16s 9d, while contrasted with that for the corresponding period of 1909 (£108,774 15s 9d) it shows a falling off of £10?9 15s lOd.

This brings tho total value of the returns i announced from tho mines in the Auckland j province during the past 11 months to i £1,233,429 10s Bd, or £19,691' 3s lid in excess of that, for the corresponding period of last year, wlmhi the value of the bullion produced amounted to £1,213,738 6s 9d. Tho final clean-np will lx; made known this month, thus enabling the complete gold returns for tho year to be given. Of tho past month's-total the Ohinemuri field contributed £103,569 12s 9d, tho Thames field £2020 7s 2d, and tho Coromandel field £2105. The returns reported from tho various mines during the past, mouth are as follows: OHINFMUBf. Waihi, 35,549 tons £68,170 0 0 Talisman, 4150 tons 17.133 13 4 Waihi Grand Junction, 7421 tons 12,266 2 1 N.Z. Crown Mines, 1796 tons ... 3,496 0 0 Komata Beefs, 800 tons 1,770 0 0 Maoriland (Nov.). 151 tons ... 292 9 0 Maori land (Dec.), 139 tons ... 272 3 4 Scotia, 93 tons 169 0 0 Total Ohinemuri district ... £103,569 12 9 THAMES. Waiotahi (Nov.). 163 tons; 51b p.s. £604 6 9 Waiotahi (Dec.), 159 tons; 236 17dwt 544 1 0 May Queen (Nov.), 218 loads ... 446 18 10 May Queen (Dec.). 37 loads; 201h p. s . 222 9 2 Watchman, 42 loads 183 11 5 Kuranui, 2 loads 14 0 0 Total Thames district £2,020 7 2 OOBOMANDEL. Hauraki Reefs, 39 tons; 1201b U.S.; 29107. 19dwt ... £880 0 0 Mountain King, 65 tons ... ... 460 0 0 Four-in-Hand, 5011) p.s.; 40] colours 185 0 0 Old Hauraki (Nov.), 70 tons, 751b p.s. ... ... ... 180 0 0 Old Hauraki (Dec.), 40 tons; 751b p.s. ... ••• 235 0 0 Pride of Tokatea, 2 tons, 801b - p.s. 90 0 0 Kapanga (tribs.), 22 loads ... 75 0 0 Total Coromandel district ... £2,105 0 0 Total Auckland district for December, 1910 ... ... ... £107,694 19 11 Total Auckland district for first eleven months, 1910 ...£1,233,429 10 3

THE WAIHJ MINE.

FURTHER DROP IN- SHARES.

DIRECTORS' POLICY CRITICISED. By Telegraph. Association. —Oopyrisiit. I/ONDOX, • December 30. The Financial News says that the Waihi gold mine has become a prey to rumour, largely because the directors do not publish progress reports. There has boon another big drop in the shares, and to-day's closing rates were: Buyers, £4- 12s 6d; sellers, £4- 15s; against buyers, £5 Is 3d, and sellers £5 3s 9d on Thursday.

■■ The most remarkable feature in mining circles daring the past year • has been the gradual reduction of the value of shares in the Waihi mine. At the beginning of the year they were quoted at £10, and gradually dropped a shilling or two at a time until they reached £7. This price was last touched on September 2, and the following day there were sellers at £6 15s. buyers offering £6 12s ; 6d. On September 5 £6 10s was offered, i On tho 10th there was a brief recovery to i £6 16s 3d, this : being followed by another fall to £6 15s on the 12th, and by the end of the month the price offered was £6 Is 3d. There was a slight recovery on i October 3. : tho buying , price quoted being £6 8s 9d, but on the 7th and Bth values again fell to £6 6s 6d and £6 5s respectively. On October 21 they went up again to £6 8s 9d, but since then have gradually descended in value. The prices quoted on December 22, the last day tho Stock Exchange was open before closing down for the holidays, were buyers £5 15s 6d. with sellers at £5 16s. The local director "Waihi mine (Mr. Chas. Rhodes), in speaking to a Herald representative, with regard to the comment of the Financial Times, stated that there was absolutely no foundation for the statement made as to the directors not publishing progress reports. As a matter of fact the Waihi Company published cables once a fortnight or of ton or, and monthly reports with full particulars of work dono at the mine, and in addition to these shareholders were also supplitd with quarterly reports. No other Now Zealand concern, as far as ho knew, issued quarterly reports. Through the information supplied in the reports it was quite possible for an engineer to make a model of the mine, and also work out a correct statement of the assays and yields, without even visiting the mine. This had been done by the directors in London. Two visiting engineers also made a duplicate of some of the "mine plans from particulars supplied in the reports. In answer to a ration as to whether thore was anything wrong in regard to tho mine Mr. Rhodes said that durinsr the past nine months development of the No. 9 level in the Martha lode had been proceeded with, and had disclosed the fact that there were only from 15ft to 20ft of payable ore on the hanging wall of the lode, the balance being practically worthless. That position had been reported from time to time during the whole of that period. During the past month nothing out of "the ordinary had ha ppened, and certainly nothing to cause tho further big droo of £1 per share which had taken place. There was no reason, in his opinion, why the company should not continue in the position of being able to pay the usual 4s dividend. In conclusion ho said that the reports from the mine, published during tho past 10 years, gave all details, both good and bad, with regard to the working of the mine. There was no cutting out of bad assays or putting in of Rood ones. The reports supplied to' shareholders showed absolutely the true position, of the mine. Ho said that for some unaccountable reason the "scare" at Homo seemed to bo more pronounced than ever, but Mr. Rhodes drew attention to the fact that at tho present time there were more shares on the local register than over before, and more were still coming out.