THE WAIHI’S LIFE

New Zealand Times, Volume XLIX, Issue 11302, 30 August 1922, Page 7

THE WAIHI’S LIFE

BETTER PROSPECTS. A LONDON CRITIC’S VIEW. LONDON July 5. Nev Zealand investors will be interested in the following comment by Londtan “Truth'a" financial editor on Wai'hi;— “When, reviewing the annual report of the famous Waihi goldmine, I remarked .that this mine, although it passed its zenith- long* since, 'is likely to last some Tears yet, even if no new make of profitable ore i 9 revealed by development workl/ S&nce then there (has been a strike of good ore, and, during the past week the market in the company's shares has been given another lift by the publication of a summary of the views of the director of the geologi°al survey of the New Zealand Government. According to the cablegram from the mine, this official endorses prospecting 2000 ft in depth, considers secondary enrichment at depth probable, and the discovery of new primary ore boU.es possible, and is also of opinion that general lateral exploration is warranted. “In May, when I suggested that tho market was not allowing n great deal for the old mine, plant, etc., considering tho company's liquid assets, the price of the shares -was 1 l-16th (cum the dividend of ls. free _of tax). The market quotation has "Surinj? the past week been up to 1 11-16. What tho future holds for the company is uncertain, and ‘taking a profit never ruined anybody,' as the wiseacres sometime® remind us; but there are not wanting some market men who have become quite oolimistic about old mine, and are talking the shares still higher. While it is certainly encouraging to have these views expressed by the geological survey director, shareholders, of course, must not think they are backing a certainty. Even a director of Ihe geological survey has only ordinary eves and cannot actually see further into the ground than anyone* else. Moreover, there issom etiroes a pardonable inclination to look on the best side of local enterprises. Indeed, it is apparently the same gentleman who has also just exT>ros«ed art optimistic view ns to the prospects in depth of tho Waihi's neighbour, the Waihi Grand Junction goldmine."