ZEEHAN SILVER FIELDS.

Otago Witness, Issue 2051, 15 June 1893, Page 12

ZEEHAN SILVER FIELDS.

(Fhom Ooe Own Correspondent.)

The export of ore from this field is steadily increasing. The amount of ore sent away during the month of May was— Silver lead, 1946 tons, valued at £23,350 ; tin, six tons, £370 ; gold, about £1000. Each month shows an increase over the previous one, and the increase will ba more marked as the mines are opened up, as during the early stages there is an immense amount of dead work to be done. Several of the mines are nearly ready for the regular output of a large quantity of ore, when the total produc« tion will be largely increased. This is notably the case with the Western, Silver Queen, Urgent, and Adelaide Proprietary mines ; in fact, there is every likelihood of the export reaching 100,000 tons per month by the end of the year. Business is also steadily improving, but unfortunately there are too many business places of all kinds, as well as far too many working men, for the present requirements of the field. One result of the improvement is the constant changing hands of scrip. To facilitate the sale of scrip what is called the Open Call Exchange has reßumed operations. This is an institution that I do not think exists in New Zealand, as it is only of use where there are a number of no-liability companies, the scrip representing shares in these companies changing hands many times in the course of a week when the market is lively. No written transfers or registration is necessary, the tcrip itself being simply exchanged for the cash, all calls paid being guaranteed by the seller. The mode of conducting sales at the "open call" is very simple. The person conducting the business calls over a list of all companies there is the slightest chance of doing business in. He calls "Queens." Someone in the audience says, "Seller at 255." "Any buyer? Any buyer?" calls the conductor, when a buyer says, " Buyer at 235," when the conductor does his best to effect a sale, generally successfully ; and so on through the whole list. Sometimes a very large business is done in this way, although the individual sales are generally small. The conductor receives as commission Is each from sellers and buyers. As a rule, however, the large transactions are generally done through the regular sharebrokers.