MINING.

Otago Daily Times, Issue 15064, 10 February 1911, Page 6

MINING.

In reporting this week's return of 7oz 17di\vt for 139 Lours' work from tho Waikaia dredge, the master states that there was no ohange in tho ground. . The secretary of the Mystery Flat Company reports a return of soz Bdwt for 128 hours' working. Tho secretary of tho Masterton Company reports a return of ljoz for 102 hours' working. • . For 124 hours' work tho Koputai dredge obtained soz Bdwt of gold. Tho i secretary of the Manuhcrikia Company received word yesterday that tho dredge resumed operations on Wednesday. The secretary of the Otago Company reports that the gTound in the Xo. 1 claim, keeps fair, but the silt last week was troublesome, and some time was lost fixin.gr up sand l shoots, etc. Tho No. 2 dredge had a full week's work, but the ground is still very poor. The total gold yield from tho Sailor's Bend dredge last year was 1370z 17dwfc 215r, raked at £535 Qs- 6d, and the expenditure for the year was £978 7s 3d, :x> that the company sustained a loss on tho year's operations of some £400. Tho. total gold winning since September, 1899, the date of registration, amount to £16,774. Dividends have been declared to tho amount of £3600, and tho company has , £104 2s 3d at the bank and owes £405 7s 3d. There, are 161 shareholders in the I company, which employs nine men. 1 ■ DTJNKDIN STOCK EXCHANGE. A very qnist day was experienced on tho Dunedin .Stock Exchange yesterday, no business taking place, and only ono sale being reported. Golden Bods were on the market at 18s 6d and Island Blocks at 6s, and there were buyers of No Town Creeks at 4s. Rising Suns wore wanted at £2 and I'actolus at 4s 3d, in short soiling offce in each case. May Queens and New Sylvias were even, and New Zealand Crowns were on offer at 4s scl. Talisman Consolidateds defied with a buyer at £2 7s and a, seller at £2 Ps M, and a further weakening in vaiues took place in Waihis. which closed with a seller at £3 15s and no bsltsr buyer than £3 13s 3d, in oamperison with the previous day's buying and selling quotation of £3 16s 3d and £3 16.? 9d. One Mile was reported, at £3 15s 9d (London delivery). In the investment stock 1 market Bank of New Zjalands wore inI quired for at £10 15s, Standard Insurances at £1 7s. and Perpetual Trustees at £1 Is. Union Steams wore even at £1 17s and £1 17s 3d, and there was a buyer of Doimghy's Ropos at £1 4s. with a seller at £1 ss. Sale Reported.— Waihi (London delivery), £3 15s 9(1. ' The following are yesterday's latest, quotations, subject to the usual brokorage:— DIIEDGIXO f-'TOPKS. Blackwater (contrib.)—Sellers 13s. Blackwater (paid)-Sollers 15s. Golden Bed-Sellers 18s 6d. Island Block—Sellers 6s. No Town Creek—Buyers 4s. Otago—Sellers 13s. I'actolus—Buyers 4s 3d. Rising Sun—Buyers £2. MiNiNo Stocks. Consolidated Gokllields—Sellers £1 May Queen-Buyers 2s 3d, sellers 2s 7d. 2s 7d. Now Sylvia—Buyers 3e <d, sellers 5s Bd. N.Z. Crown—Sellers 4s sd. Watchman—Buyers 2s Bd, sellers 2s 10d. Talisman Consolidated—Buyers £2 7s, sellers £2 8s 3d. Woihi— Buyers £3 13s 3d, sellers £3 15s. Waihi Grand Junction—Bnyors £1 9s 6d, sellers £1 9s 9d. Investment Stocks. Bank of New Zealand—Buyors £10 15s. ■ National Insurance—Buyers £1 14s 6:1 sellers £1 15s. Standard Insurance—Buyers £1 7s. U.S'.S. Co.-BurdSa £1 17s, sellors £1 17s 3d. Perpetual TtwAees Co—Buyers £1 Is. D.l.C.(pref.)-Buyws £1 2s 3d. D.I.C. (ordinary)— Sellws 6s.

Kaiapoi Woollen Co.—Buyers £5 2s. Milburn Limo and Cement (£l)—Buyers

N.Z. Drug Co. (£2)-Sellors £2 9s 3d. Donaghy's Rope and Twine—Buyers £1 4s, sellers £1 ss. Dominion Rubber—Sellers 15s p.

AUCKLAND STOCK EXCHANGE. (Per United Pbess Association.) AUCKLAND, February 9. The following business was done at the 3.15 p.m. call to-day:— Waiotahi, 3s sd; Bromner's Freehold, Sd; Old Hauraki, Is 9d; Waihi, £3 Us, £3 14s 3d ; New Waitin, 10d: Talisman Consolidated, £2 7s 6d; Golden Belt (paid), 3£d; Northern Coal, 9s 3d; Kauri Timber (con.), 16s.

WELLINGTON STOCK EXCHANGE. (Per United Press Association.) WELLINGTON, February 9. The following woro to-day's mining sales:-Waihi, £3 13a 6d. The following sales were reported; — Waihi, £3 16s, £3 15s 6d, £3 14s 6d. CANTERBURY STOCK EXCHANGE. G.*xb United fKEss Association.) CHRISTCHURCIL February 9. A sale of Canterbury Frozen Meat at £8 5s was reported on tho Stock Exchange today.

WAIHI GOLD MINING COMPANY.

MEETING OF DUNEDIN SHARE-

HOLDERS. ,

MANAGEMENT CRITICISED.

For some time past strong criticism has been levelled against the directors und management of the Waihi Gold Mining Company, and several meetings have 'been held in the north and resolutions passed bearing on the unsatisfactory state of affairs from the point of view of shareholders in New Zealand. A moe-thig of lecal shareholders in tho company was called for yestorday afternoon at the Stock Exchange call-room to oonsider tho resolutions passed in the north and with a view to supporting them. There were about 17 shareholders present, including , one lady. Mr J. Newburgh Lawson (chairman of the Dunedin Stock Exchange) presided. The Chairman staied that members of the Dunediri Stock Exchange had considered it advisable that local sliareholdors should bo given an opportunity oi supporting shareholders in tlie north in any action taken to investigate the etate- of the company's affairs. Wjth that end in view, Clio present meeting was called. To facilitate matters copies of several passed at a meeting of shareholders held in Wellington had been printed, ami tlioso might form something to work on. He (the speaker) was not a shareholder of the Waihi Company, and it would perhaps be better if they appointed a chairman of their own.

Mr A. Li. Fen wick agreed that Mr Lawson should continue to hold the chair, and to this the meeting assented. The Chairman read the resolutions passed by the Wellington shareholders, which wero as follow:—

1. "That the directors of the Waihi Gold Milling Company bo requested to obtain a report by personal investigation from a first-class mining engineer not resident in Now Zealand upon—(a) The tonnage and value of tlie ore already developed in the mine; (b) to report on the methods of mining; (e) to report on the various reduction mills and their situation, particularly with respect to tho course prevailing of having three mills widely separated; (d) as to the processes followed in the extraction of the precious -metals and as to their suitability 2nd economy; (e) upon the machinery as a whole, and as to whether the inoney has been well spent or otherwise; (i) to advise us to the system to be followed in developing the mine in tho future." 2. ■" That this mooting views with alarm the statement by the directors on January 28, seeing that it is in conflict with statements published within the l«6t few months by the company's directors in' Auckland."

. 3. " That the management; of the mine bo placed undor the personal supervision of a first-class mining engineer."

4. "That, ail reports, cabled or othorwi»3, bo published simultaneously in New Zonland and London."

5. " That effective stops bo taken by tho directors to prevent the giving of information relative to the developments of the mine to tho detriment of the great body of shareholders and to the great advantage of the person so informed."

6. "That all shareholders bo asked to sign proxies in favour of some shareholder (to be named subsequently) to bo used in London at tho annual meeting for the purpose of _ ensuring tho foregoing'resolutions being given effect to."

Mr Rogon said ho had much pleasure in, supporting the resolutions placed before trem. They could not do' .better than strengthen the hands of the Wellington shareholders. There was no use in acting on their own behalf. '

Mr W. F. Sligo raised the; point as to whether they should deal with the resolutions seriatim or in globo, and it was decided to adopt the former course: The only clause on which there was any discussion wae tho first.

Mr Tapper asked if the Wellington shareholders had a purpose in asking chat a first-class mining engineer who was not resident in New Zealand bo appointed to report on the mine,

The Chairman said ho was not in a position to answer tho inquiry.

Mr Rogen said;if they obtained an engineer from outside they would bo in tho position of not knowing who ho was. If they treated with Now Zealand engineers alone they woultl know with whom they were dealing.

It was decided that the clause bo adopted as it stood.

Tho remaining five clauses wcro then adopted without discufidon.

Mr Sligo said the meeting might also ask that tho register showing tho transfer of shares bo nm<h available to shnrelioklcrs. Mr Ehodcs had stateJ that if a request was. forthcoming to open the register ho would do so. The Stock Exchange, representing the shareholders, requested him to do so, but he refused to accede to the request, after having promised to do eo.

Mr Rogon said according to what had been stated the Auckland share register would not give any indication of how matters stood eren if it were opened. Ho understood that the shares held in tho company were credited to members representing tho shareholders, the names of tho shareholders not being mentioned. If that was so it was a rotton tsfratc of affairs, and the sooner the Government stepped in tho bettor.

Mr Sligo then moved—" That the daily register of 'transactions in shares bo opeii tor examination by shareholders."

Mr Rogen seconded, and the motion was oarriod.

It was then resolved that a committee, consisting of Messrs J. N. Lawson (chairman of the Stock Exchange), A. G. Fenwick, W. F. Sjigo, and E. A. Tapper, bo sot up to sec that the rceolutioiK wore sent forward, and to attend to the collection of proxies.

Mr Sligo .said it appeared to him a ridiculous thing to proceed with the Horahora hydro-electric scheme when it was considered that on present indications there was not a very lengthy life ahead of tho company. That scheme was to cost £150,000, and it would be from 18 months to two years before it was completed, while they had been informed that the ore reserves in sight would last for only another • live years. It would bo much better if they continued willi the present plant, as by the time the Hora-hora plant was completed the mine would bo very nearly worked out.

Mr Fenwick said Mr 'Williams sjemod to think there was every prospect of further oro bodies baing discovered. In any ease, the hydro-electric scheme would represent a good ufljet. Mr Sligo said ho had tried to think so himself, but was unable to come to the conclusion that it was in the. best interests of the company to continuo with the Hora-hora scheme under present conditionfi.

Mr Fenwick said thifi matter woujd bo embraced by the report which would be furnished by the mining engineer whoso services it was proposed to obtain.

In answer to a question it wias stated that proxies of New Zealand shareholders would certainly be available at tho mooting in London. It was to bo a general meeting of shareholders, and not of shareholders on (ho London share register onlv.

MINE MANAGER'S REPORT. (Pep. United Pukss Association.)

AUCKLAND, February 9.

Tho following cable Ims been despatched by the representative of the Wnihi Compjiny to the London office: —"No. 9 level Edward lode, north from porch cross-cut-Forty feet driven (220 ft to 260 ft); value 2s per ton; Edward lode south from pi'rch cross-cut—3oft driven (176 ft to 206 ft), value £3 10s 6d per ton; Martha lode, south section west, of No. 4 shaft— cross-cut 60ft driven (830 ft to 860 ft), value 4s per ton; No. 8 level, Scorpion, south crora<mt. at, 75ft—have cut a vein 2ft 6in in width, average value £3 &j 10d per ten."