Notes from Auckland. (From Our Own Correspondent.) June 3.

Otago Witness, Issue 2207, 18 June 1896, Page 19

Notes from Auckland. (From Our Own Correspondent.) June 3.

Mining matters are becoming brisker, and the transactions on the share market last week were the heaviest yet known. The recent purchase! of mines by English capitalists, and the inflow of money thereby occasioned, has given » fresh impetus to scrip gambling, which in a number of oases will lead to disaster to some investors, who cannot afford to wait for a return from the mines. Justice Oonolly, in dealing with a bankrupt, Bounded a note of warning as to what is going on ia the Mining Exchange, and a section of the press has reechoed it. The particular form of mining gambling which has labterly get in, ia the picking out of miues, -and investing therein, of those likely to be floated on the London market;, the working or developing of the mines being the last consideration in the mind of tbe investor, who is only concerned in their flotation at Home.- The bilter experience of the past shows what must be the inevitable remit iv many cases, loss and .disappointment. In the midst of all this feverish exoifcemsufc and speculation there is a good deal of legitimate mining and prospecting going on. Some of the standard mines are still pouring out their golden treasures, but the lesson hem yet to be fully learnt that the future of the goldflelds ■ depends more upon the miners' pick and the battery than up~bn the exettiens of the sharebrokers. - • i There is evidently a very strong feeling being aroused over the action of the Government ia regard to the Tairua mining leases, and miners being jeopardised as to holdings which they have occupied, as one miner said at Mr M'Keczie'a meeting, for a period as long as 23' years. So far the lesnees have refused to surrender their leases for cancellation. Mr M'Kenzta assured the miners that Mr Oadman was endeavouring to carry out the law, and that no one would lose a legal right they had before. The whole question was to be dealt with by Cabinet in such a manner as he hoped would bs satisfactory to all parties. They were trying to bring about an amicable arrangement.

Auckland, June 9.

The following notice was postod on the Exchange to-day :— " A cable message from London is to the effect that the Raugataiara negotiations for the purohate of the property are practically closed." ' One of the largest and most important sales of mining properties has just been effected in London. • For some time past Mr A. Philips, representing Sydney W, Philips, of Philip 3 and Pik», ' Wellington, has -beau conducting negotiations with Abbot Bros, for the purchase of their mining properties at Whangamata, comprising the Luck at Last, Luck at Last Extended, andr'Wharekawa, making a combined area of 194 acres. The" -jJropbrties have •been inspected by two independent experts ,on behalf of the Gold Trust ' of New Zealand (Limited). The sate has been effected by S. W. Philips to the Gold Trust (Limited). The new company, which mil be issued in London as the Whangamata Proprietary (Limited), will have for its capital £250,000, and a working capital of £50,000 is to- be provided. The vendors receive £100,003 in cash and shares as purchase money for the properties. The first instalment of the cash was to-day received by the vendors from the Bank of New Zealand, and all documents, titles, transfers, Ac. have been lodged by Messrs Devore. and Cooper, solicitors to the vendors, with the Bank of New Zealand, to be held in reserve until the completion of ■ the purchase, which will be on an early date. A deposit of £500 has been paid for three months option to purchase the Central property, with the Pilot special claims, on the following terms :— Capital of the company, £175,000, in £1 shares; working capital, £35,000; the Central shareholders to receive one share for every two now held ; net, £3500 ; the cash deposit paid in any svent to go towards the working capital. Auckland, June 10. A cablegram was received from London this afternoon stating that the All Nations special claim had been disposed of on the following terms :— The company to have £100,000 capital, and vendors to receive 35,000 shares in the new company and £1750 cash. A working I capital of £20,000 is also provided. The All j ipecial claim is situated at Walrongouiaij | and comprises 100 acres. - !- A cablegram has been received by J. H. Harrii son sUting that a deposit of £400 was puid in London on the Britannia property. The terms of the sale are as follow :— A company with £100,000 i capital, with a working capital of £15 000, tho j vendors to receive 20,005 paid-up shares and £1200 cash, and a refund- of the whole of the ! expenditure since 6th February last, the whole' of the arrangements to be completed before 24th July. -

. Auckland. June 11. A London cablegram states that the Tokatea Extended Company has gone to allotment. A crashing of 506 tons quartz from the Moanatftlftri nine yielded 1690 a gold.

AtrcfttAND. June m The demand for properties for the London market still keeps up, and' to-day a deposit was< paid for the option of floating the Dixon's Lead and Grand Union mines on the London market. The Dixon's Le*da No. 1, 2, 8. 4, and 5, the -Ballance licensed holdings, and Mitres speoial claim are included in the area of 240 acres that has been taken over under the name of Dixon's Load. The Grand Union properties .are situated at Owharoa. The terms are : That a company be formed with a capital of £160,000 in £1 shares, with a working oupital of £60,000 ; payment to b« made half in cash and half in reserve shares. The holders of the option undertake to expend £3000 in exploration works during the term of the option, C. J. Hutchinson being appointed to supervise the carrying out of the work on behalf of the 1 syndicate, which is a wealthy and powerful- one. Local vendors are to receive for their interest 26.000 fully paid up shares and also £3000 cash.It has also beon arranged that shares shall be " pooled "in London for l2 months. There are now 148 companies registered with the Chamber of Mines, the membership of which is now £81. Tha directors of ths Walhl Gold Mining Company have declared a dividend of 2s per share. Auckiand, June 16. Tho directors of the Imperial Company" met today to consider an offer mado by Mr Duncan Clark for an option to the property. ' It was decided to accept the following terms :— That a company be formed with a capital of £150,000 in £1 snares, the vendors to receive 60,000 fully paidup shares, equal to one share for two in present company, also £6000 cash. The working capital to be provided is £25,000. A free option is granted for one month, and at the expiration of that date £1000 to be paid for a further option for three months. In the event of the property not being floated the deposit to be absolutely forfeited. The following cablegram was received from London :— " May Quaen Extended registered forthwith." -The directors at this have purchased Bull's battery at the Thames. Messrs Robson and Inglis cabled today : " Golden- Lead Company registered forthwith." -.- ' A" week ago the shareholders in tha Aorere Company agreed to empower the directors to vary the terms upon which the property was placed under offer in London. This was done because the Home negotiators asked what amount in cash would be accepted to buy the mine outright. The director* subsequently met and agreed upon a sura, which was, however, not accepted, as the following cablegram was received from London to-day : — " Purchasers have elected to proceed under the agreement of April 16. Making good progress with arrangements to bring the company out." The terms of tho agreement referred to are that a company rhall be form-.d with a capital of £100,000 in £1 shares ; local vendors to receive 30,000 fully paid-up shares, and ths purchasers to provide a working capital of £20,000. The return for the pa*t month's crushing at the Tararu Creek Oompn.ny's mine (Norfolk and City of Dunedin) gave lOooz 17dwt, of the total value £347. The result of . the past month's operations is a return of llOoz of gold. The Monowai Company, Waiotahi, is underwritten at Glasgow with a capital of £160,000. The -vendors get 76,000 fully-paid shares. The working capital is £26,000. The Waihi-Silverton crushed 900 tons for a return of 16220z. It was mostly low-grade surface ore that was treated.