MINING NEWS.

New Zealand Herald, Volume L, Issue 15377, 12 August 1913, Page 5

MINING NEWS.

OLD HAURAKI. WORK TO BE SUSPENDED. Witit the object of considering the position of the company, the shareholders of tha Old Hauraki Mine were called together yesterday at tho office of the secretary, Mr. 11. Oilfillan. Mr. Charles Hudson, the chairman of directors, addressed those present, and briefly put before them the reasons for the calling of tho meeting. In the last report, he stated, hints wero thrown out to the effect that unless an improvement was shown such a course as this would havo to bo taken. In the past the company had been a great gold-producing one, but a great deal had lately been absorbed in working expenses. In all, some. £22,000 had been spent in exploiting the mine, and a big source of expense had been the operations necessary in connection with keeping the property dry. Pumping expenses, going on at the present time, accounted for about £l5O per month. This amount had to be expended before any of the actual work was carried out, and at the most conservative estimate it would cost a total sum of £250 per month to work the mine. Mr. Shepheard, who had lately been in cliarge, had worked tho country in a most systematic manner, but he was unable to say now where even a colour of gold could'be found. The only possible solution of the difficulty lay in the obtaining of more capital and tho sinking of &. new shaft to tap fresh ground. If a call were made it would still be uncertain whether the money would come in, and, in the meantime, the pumping operations, at great expense, would have to be carried on. A penny call would be all up in pumping during the six weeks that it woidd take the money to come in. The directors were unanimous in saying that the mine should bo shut down. Ihey did not suggest thkt the company should go into liquidation, but that the woik should be temporarily stopped and protection applied for for 12 months. Several suggestions as to the continued working of the property were put forward by shareholders, and it was proposed by one of those present that a call of sixpence should be made. The chairman pointed out that in any case the company, by its articles, had no power to maite a sixpenny call. Even if it could, it would scarcely be feasible, for when a penny call was made recently over 30.000 shares- were cancelled, because of non-payment. Of this total only 2000 \\nd been sold again under the powers vested in the company. When the directors had carefully considered the matter they had decided that it would be best to close down and c»ase the pumping operations. The water would,, of course, rise in the mine, but if thera was any revival in the future the work could quite easily be started \ne\v. A motion was put before the meeting, and agreed to without, dissent, to the effect that .-ill work should be stopped, and a 12 months' protection applied for. It vas stated that the assets totalled £675 odd, and the liabilities were £7ll, the latter sum being mainly the cost of coal.

ROSS GOLDFIELDS. DRIVE CONNECTED WITH CASSIUS. The following talegram was received from the Ross Goldfields mine yesterday : —"The drive is connected with the Cassius workings. Going through same to-day. No trouble with the water." OCCIDENTAL. The manager of the Occidental mine, Thames, reports that two stopes on No. 2 Teef have been in progress during the past week. In the top slope the reef is still small, but shows dabs of gold when broken down. The reef in the south ecope continues strong and continues to show colours of gold. The rise in the south drive was taken up 14ft. making a total height of 38ft from the No. 5 level. Small leaders of quartz continue to show in the rise and some nice dabs of gold were taken from some of them. NOTES. In tho Golden Belt mine, Nevesvilla, during the past week two men have been employed in getting a block of ore opened up at'the No. 1 level.