LONDON MINING NOTES.

Otago Daily Times, Issue 10598, 16 September 1896, Page 4

LONDON MINING NOTES.

(From Oub Own Cobhbsi-omdest.)

London, Angnit 6.

There ia very little mining news of any importance to record by this mail. The London season is over, the holiday season is in full awiDg. Th»t means that everybody who c* n possibly get away—who cm afford both time and money—has lefctown and is importing in various parts of the United Kingdom or the ContinentManifestly, tb.ar»fore; She people who float, or promote, or underwrite, or run now mining companies are not on the spot jast now. It is emphatically the "off season," isnd during the next two or three months. there will be virtually nothiiig doing on the London market in the, shape of anything new. Il; would be practically useless for anybody to attempt the flotation of any new company for soane wesks .to come. October may see a resumption and activity in this direction, bat ss ft rule it is not until about November or tfce early part of December that the investing public usually resume active operations. There appears, however, to be no limit to the extent to which the public will contributa capital toward the development of miaing enterprises, provided the undertakings seem to be legitimate and justifiable; Xbere is a strong undertone of confidence in the future of New Zealand mining, and this confidßoce assuredly will take the form of good investments provided due satisfaction be given. that the various companies possess valuable property and reasonably go.\d prospects.

But there is obV point which mast not be lost sight of in the colony. It would be a very strong further incentive to British investors in New Zealand mining if some of the mining cbmpani-s newly floated dating tU3 past year or two were to begin paying dividends, however small. At present it must be remembered that the returns upon all the large amount of capital invested or guaranteed in connection with New Zealand mines that have been floated since the present boom set in, are ' merely in the clouds — purely problematical. It has been the splendid result shown by the Waihi and a few other mines that- have kept the ball rolling so long, and will still keep it rolling in some degree. Bat people will soon tire, of putting their money into New Zealand mines if none of the newer ones show any definite sign of being payable.

A specially competent judge aßsured me only yesterday tbat if even one or two of these aew mines proved deflnitely to be dividendpaying, the effect would practically suffice to attract millions of fresh capital for farther investment 'in New Zealand ruining properties. At present, however, the sum invested or guaranteed is very large, and I think it is quite possible that the flow may be temporarily chocked unless some proof bs forthcoming that the sums already risked will prove to have been profitably employed. I have mentioDed before, that what I may call the outside public have had very few fingers in.the New Zealand miaing pie. What has been done has been done by syndicate!!, large or small, or by combinations of several companies or syndicates. Most of theee are now, to use the current slang expression, "full up," and in many cases a keen desire exists to unload at the first available opportunity. What is wanted, therefore, is some news respecting these new mines of a character sufficiently cheering and definite to bring about a genuine rise in value and an active demand on the part of buyers from the general public. This wonld enable the preseDt large holders of New Zealand mining shares to relieve themselves, at any rate, of psrt of their load, and in that case there is little doubt that they would be quite prepared to begin all over again.

The following are the latest quotations for New Zealand mines -.—Achilles, Is 9d, 2s 3d ; Aroha, 1 3-16 d, 1 5-16 d ; Consolidated Gold Fields of New Zealand, 4 1-16, 3-16; Hauraki Associated Gold Reefs, 4s 9d, 5s 3d ; E»?t HaurA-i, 33 6d, 4s 6d ; Irene, 4s 9d, 5i 3d; Kapanga, 13s 6d, 14s 6d ; London and New Zealand Exploration, 1 9-16, 11-16; New Hiuraki, 3s 6d, 4s; New Zealand Consolidated, 2 1-16, 316 ; New Zealand Jubilee, 7-16, 9-16; Scotty'g Hsuraki, 3s 6d, 4s;- Succesi, 1 7-16, 9-16; Tslism»n, 12s, 13s; Taitapn, : 21, $; Waihi Gladstone, 1 3-16, 5-16; Waihi, 6|. J; Waihi Grand Junction .(preferential), lg, §; Waihi Stlverton, 2|, J; Weitekauri United, 1J uremiura ; Coromandel, 2 1-16, 3-16 ; Glt-ntock, Is 3d, la 9-.i; H&uc»ki, 18s, ,19s ; Kathleen Crown, 2s 3d, 2s 9J ; Kauri Freehold, 3 1-16, 3-16; Komata Kiefs, 10s 6d, ; :ils; Maoriland, 2s 6d, 3s ; Frsece'i Point, 3* 6d, 4s ; Royal Oak, 2s 9J, 3s 3d ; Thames Hauraki, Is l-B*d ; Triumph Hauraki, 3s, 4s ; Union Wain:, 5-8, 7-8, premium; United New Zealand Exploration, 1 7-8, 2; Waitekturi, 5 3-8, 5-8; Waitekauri Central, Bs, 9s; Woodstock, 2i, 2|. .