MINING.

New Zealand Mail, Issue 1286, 22 October 1896, Page 29

MINING.

Auckland, October 15. At a meeting of the Wentworth Goldmining Company it was stated that the necessary plans and documents had already been sent Home in connection with the negotiations that had been commenced for the sale of the Wentworth and an adjoining property. The New Zealand and General Mining Syndicate, London, have been granted the option for floating the Cardigan mine on the following terms: —That the Company bo formed with a capital of .£170,000 in 170,000 shares of .£1 each, a working capital of .£20,000 cash to be provided, and a further 20,000 shares to be reserved for a like purpose, the present company to receive .£250 in payment for the said option for four months, a further payment of .£250 to be made if, on the expiry of the said four months, an additional time (not to exceed three months) be asked for. The present shareholders to receive .£IOOO cash and 50,000 shares (equal to one for every two now held). On the dato of flotation the sum of .£250 to be paid and banked to the credit of the company. The Crown goldmines return for September is £3017 worth of bullion from 1017 tons of ore. The Gem of Hauraki shareholders are to place their property under offer. The option on the Puru Consolidated is taken up by Mr Jenkyn Cooper on behalf of Cooper's Australasian Exploring Company (Limited). The Kangatira property is to bo amalgamated with the Alameda, making a total area of 158 acres. Jt is reported that the Mahara Royal Tapu property has been successfully floated on the Home market. The sum of £2916 is payable to-day on account of the purchase of the Central property by an English company. The return from the Crown mine, Karangahake, for the past month shows an increase of .£IOOO worth of bullion as compared with the previous month's yield, the total being over .£3OOO. This is the largest return yet got from this mine. Auckland, October 16. Work has been begun on the Tamihana property at Whangamata by the holders of the option, and a sum of money has been received from London for the purpose of developing operations. A cablegram has been received by the Waiotahi Goldmining Company from the solicitors to the purchasers of the Company's property, conveying instructions to examine the option held by F. A. White, titles, &c. This would point to an early and satisfactory completion of the matter of flotation. Mr J. H. Harrison, manager, has instructed Messrs Devore and Cooper to take action for damages against the committee of shareholders in the Star of Waihi Goldmining Company. The necessary notice of action will be issued immediately. Under the terms of their option, Seaver Bros, have started men at work at the Waitete Company's property at Waihi. The Jewel is now under offer to representatives of an English syndicate, ,£IOOO cash having been deposited for the option of flotation. Auckland, October 17. The Hauraki return is 208ooz 14dwt (value £-6200) from 300 tons of stuff. A cablegram was received to-day stating that the Waitaia Company had gone to allotment in London. The "Victoria crushing for the past month : was 130 loads of ore for 2250 z, worth i £620. W. II Churton makes the following ! notification in reference to the Komata Triumph : —Directors have accepted the following offer for the purchase of the property by a Home syndicate : —Capital ofthe Company, .£160,000 in .£1 shares; t working capital of £25,000 to be* provided; present company to receive .£3OOO cash and 50,000 fully paid up shares. <£looo of above in cash (including deposit made to-day) to be paid by 15th January, 1897 ; shares and balance of cash by March 14th, 1897 ; the purchasing syndicate to have the right to employ six men in prospecting work in the mine, commencing forthwith. The option for the flotation of the Alpha property has been extended until December 17th. The working expenses of the mine are to be borne by the negotiators. I£eefto:>:, October 13. The following are the gold returns for the week:—Keep it Dark, 103 oz amalgam from 61 tons; Al Tributers, gold from 9 tons; Buller Dredge, 25£oz gold for 126 hours' run. Perth, October 17. The Orient Company, Lake Austin, has crushed two tons of stone for the splendid return of 6400 z gold. Auckland, October 19. The lodgment of applications for claims in the Tauranga district still continues. Last week 12 applications were put in, involving

deposits of .£450, the largest amount yet deposited in one week

Auckland, October 20. At a, meeting of the Madge Goldmining Company, it was reported that Geo. S. Graham, who had offered the claim in London, had received a cablegram that it could be negotiated on the terms offered. A resolution was passed empowering the directors to dispose of the Company's property to the best advantage. At a meeting of the Pride of Tokatea Goldmining Company, 42 shareholders were present, who, together with proxies, represented over 70,000 shares. Resolutions were carried voluntarily winding up the Company under the provisions of the Mining Act, 1894. The shareholders receive .£40,000 in cash and shares in the English company, the Hauraki Associated, .£20,000 of which has already been distributed in cash, and 38,000 shares are now available for issue. John S. Philips and Co. received £250 by cable from a large financial corporation in Scotland to buy the first refusal or option of the Standard licensed holdings at Coromandel. The following notice was posted on the Exchange to-day:—" Afavourable offer ha 3 been received for the Golden Hill Company's property; negotiations now going on." Ottawa, October 15. The excitement over the gold mines in British Columbia is increasing. One company has divided £40,000,000 in 18 months. A private telegram received in Wellington last week states that heavy gold has been struck in the alluvial workings of the Wakamarina Gorge Company's property. Tho boxes have not yet been cleaned up. The indications are more gratifying than ever, and the receipt of the telegram yesterday caused a stir in mining circles in Wellington, the shares in the mine jumping immediately from 12s Gd to 20s. The Wellington directors of the Wakamarina Gorge Company leave by tho Grafton on Friday to visit the property. The directors meet in Blenheim on Monday. A telegram received in Wellington by the executive of the Franco-New Zealand syndicate states that at a general meeting of the shareholders of tho Big Kiver Company in Beef ton on Tuesday, the sale of the mine by the directors to the syndicate was confirmed.