MINING NEWS.

New Zealand Herald, Volume L, Issue 15236, 25 February 1913, Page 5

MINING NEWS.

MOANATAIARI.

SCHEME FOR DEVELOPMENT.

ADOPTED BY SHAREHOLDERS.

A special meeting of shareholders in the Moanataiari Gold Mining Company was held in the office of the secretary (Mr. .7. W. Nichol) yesterday. In the absence of the Hon. E. Mitchelson, the chair was taken bv Mr. H. T. Gorrie.

Tho following resolution, passed at the recent meeting of the May Queen shareholders, was read by the secretary : —That on payment of the sum of £100 this company release the Moanataiari Gold Mining Company from the mortgage of £8000 held and secured on the licensed holdings and other rights .of the Moanataiari Company."

On the motion of the chairman, it was resolved to forward a cheque for £1.00 to tho May Queen Company, and reference was made to the generous manner in which that company had met tho Moanataiari Company. s It. was decided, on the" motion of Mr. H. 11. Adams, that calls be made with tho object of providing funds for driving to get into contact with reefs behind the Moanataiari slide.

Mr. Adams said that he considered this work should have been done many years ago. If a new goldfield was*to be discovered at depth he felt that it must bo behind the Moanataiari slide.

The chairman remarked that a call of fourpence per share would about cany out the scheme proposed. Proxies for 50.000 shaves had been sent in, which meant that the shareholders approved of the scheme.

THAMES-HAUBAKI PUMP. PUMPING STARTED AGAIN. The engineer of the Thames-Hauraki pump telegraphed yesterday as follows : — " Started pump again last night." AUCTIONING FORFEITED SHARES. AMENDMENT OF ACT SUGGESTED. The system whereby gold-mining companies are compelled to sell forfeited shares by auction was condemned at a meeting of shareholders in the Moanataiari Company yesterday. ' Mr. H. H. Adams remarked that under this system shares were often sold for two or three shillings per 1000, and thic, was very poor encouragement for those shareholders who did pay up. He considered the law should "be "amended so that the shares might revert to the company, if they did not realise the amount of the call at auction. It was suggested that the Government should be approached ir. the direction of having the law amended. WAIOTOHI. The manager of the Waiotohi Gold Mining Company reports for the week as follows :—At No. 7 level the drive east on what appears; to be the main reef is in a distance of 83ft from the footwall dropper. Th« reef formation on the hangingwall side is now showing a little more quartz, but the main portion is still cf a mullccky character. The stone on the formation on the new and cross reefs is being continued, but no gold has been seen during the week. At the 1000 ft level, owing to the bucket rods breaking down, no work has been done since Friday morning, but the necessary repairs have now been made, and work at this level should be resumed about Wednesday next.