MINING NEWS.

New Zealand Herald, Volume LXVI, Issue 20364, 19 September 1929, Page 9

MINING NEWS.

THE TUI COMPANY.

allotment of shares

Tlio statutory meeting of shareholders of tho recently-formed Tui Gold Mining Company, Limited, was hold yesterday, Mr. L. G. P. Spencer presiding. Tho directors' report stated that the total number of shares allotted was 46,260, and of those shares 25,000 had been allotted paid up to 3s a share to George Otlio Barber as part of the consideration for tho sale by tho allottee to tho company of the King Solomon, King Solomon Extended and the Nana special quartz claims. The.total amount of cash received by tho company in respect of the shares was £909. Tho preliminary expenses, excluding commission of and incidental to the formation gf tho company were estimated to amount to £2OO and would be borne by the company. The directors were;— Messrs. L. G. I'. Spencer, of Takapuna; G. 0. Barber, of Foxton; R. M. Moorcraft, of Auckland; R. 11. Montgomery, of Auckland; 11. Cowan, of Mangatainoka; G. II- Henderson, of Pahiatua; and W. R. Ross, of Fahiatua.

Tho remuneration of directors was fixed •it 10s a meeting, with a limit of £6O for any one year. Provision was mado for reasonable travelling expenses for directors living at a greater distance than ten miles from Auckland. The question of extra remuneration for tho chairman for work in connection with tho establishment of tho company was referred to the directors.

Tho chairman reported that it had not been possible to make a satisfactory agreement with the Thames Borough Council for the supply of electric-power, and it was proposed to install a small power-plant for the purpose of keeping ventilation going. The policy of the company would bo to try to get into No. 3 reef and let a contract, and allow the manager and his men try to develop No. 2, which would givo good prospects if a winze was put down. The company had been faced with several hurdles, and tho chief one was how to got the quartz crushed. It had been successful in securing a lease with an option of purchase of McGregor's battery, about half a mile down the creek on which they were working. The company was fortunato, as another concern had desired it, and if tho opportunity had been lost it would have been fatal to tho company's prospects.

REPORTS OF MANAGERS

Hauraki.—As soon as tho bank returns for the cold sold is to band tho detailed return will be made The quartz hopper at tho mine is about completed, and crushing at the battery will b>> resumed on Tuesday. The passes at both ends of the slopes arc full, and toward tho end of this week sloping will be resumed at Iho point where tho last lot of specimen stone was got, mid wlirro gold is showing in the back of the slope. Driving on the Green Harp reef from the deviation drive, has advanced Bft. through bands of quartz up to 'Jiu. in width. This drive will be carried through to tho portion of the Slookwood reef, followed in tho main level. There is a mags of quartz here, and tho junction should bo close up.