NEW ZEALAND MINES IN LONDON.

Otago Witness, Issue 2250, 15 April 1897, Page 18

NEW ZEALAND MINES IN LONDON.

(I?jjom Ooh Own Cokkkspondbnt. > London, Febroary 20. No more cheery accouut cm be given by this mail of tho postion of the New Zealand mining market in London, from all quaiters in the city I receive the same dispiriting information. *' Everything is utterly flat and deadly dull," they write. " There is cobbing doing, and at present there seems little prosp"cl; of any definite improvement." Nobody can aay exactly why matters are so stagnant. New Zealand mines do not stand by any means alone iv this respect. But the South African slump, no donor, influence! everything to a large extent, aud entcrptife iv Now Z-aland mines undoubtedly needs the stimulus of a few good dividends, or at any rate substantial and satisfactory proofs of there being gold in tho numerous properties which hava been exploited during tha uaat two years by meani of Loudon capiUl This is really the central point round which everything now revolves. N>>iv Zealand mines munfc givo their proof either iv dividends or in actual production of gold. Thut is what everybody here is saying, and no other key will now be eflinacioua in unlocking the London money chests. At tho same time, many of those persons who have already committed themselves definitely to.these New Zealand enterprises are as sanguine as ever, even in cases where the original prospectus stitemetits have been proved and indeed admitted to have been overcoloured. Take, for instance, the notorious ca r e of the Waihi-Silverton Extended Company. Shareholders were absolutely eager to furnish the additional capital required, and were more indignant at tha possibility of outsiders being admitted to share than they were at having becc themselves somewhat misled in tbo liret instance. The resolutions paised on the 21st ult., for raising the capital to £100,000 by the creatiou of 40,000 new £1 shares, were duly confirmed at a special meeting held on the 6bh hist., and the company is now believed to be in a fair way to prosperity. I Oao prominent financier remarked to me to-day that some of the largest firms mnd promoters are heavily hacdicsppsd by the labour condition?, and by the terms of deposit required in connection with New Zealand opbionf, and th's disinclines them to take aDy fresh enterprises in hand. A movement is being quietly organized for arranging if possible that New Zealand and Australian mines shall have a market of their owo, instead of being lamped together with the mines of South Africa, America, &c. It is I considered that neither New Zealand nor Australia could stand quite alone in this respect, but by working in combination, all the colonies i co-operating — New Zealand, Victoria, New j South Wales, West Australia, and Tasmania. — j satisfactory arrangements might be made for the establishment of a ssparate market, with substantial benefit to everybody concerned. February 26. It is almost needless to say in view of tbe concurrent facts that it is fortnightly settlement time on the Stock Exchange that the Cretan crisis is largely upsetting the money market, and that South African matters seem in a? much disrepute as ever, that the New Zealand mining market in London is sbill lhe reverse of lively. At the same time there are many manifestations of the growth and progress of a more sanguine spirit than has prevailed of late. Evidences of this kind crop up from time to time in the financial papers, and may be regarded as the straws which show the way the wind is blowing. For example, the Bullionisb in the latest issus points. out that the prices oi New Zealand mines remain generally steady. In explanation it puts forward two reasons : one being that the market has not been flooded lately with this kind of stock, And secondly that a general feeling prevails that "there is « good time coming." Indeed, it does not hesitate to point the moral in very plain terms that the holders of New Zealand mining shares may well be oontenfc to awaib ultimate results, notwithstanding any temporary fluctuations' of prices and of apparent values. Further, it predicts that very important news may be expected by cable within tha next two or three weeks, when Captain Argall shall have arrived in the colony, and be abla to report on the outlook and actual yields of the various mines with which he is connected. '■ The Scandinavian Gold Mines CompMjj

(Limited) has been registered with a capital of £110,000, in 10s shares. The objects are : To pur chat c, take on lease, or otherwise acquire, explore, work, deve'op, and turn to account any mines, metalliferous lands, mining rights, prospectors' or other claims, and diggers' licenses or grants in New Zealand, Tasmania, or elsewhere, and to raise, get, win, crush, refine, amalgamate, and prepare for the market the produce of any mines, &s. The signatories are:— W. Jordan, G. C. Hayward, G. J. "Webb, H. W. Jordan, H. O. Newman, F. Shields, W. C. Gurney. There shall not be less than three nor more than seven directors ; the subscriber* are to appoint the first. Qualification, £250. Remuneration, £150 each pur annum ; £200 for chairman. Registered office, 3 Newman's court, Cornhil), E.C. With a capital of E25.000 i?i £1 shares the registration of the Hauraki Development Syndicate is announced. The objects are : — To acquire, develop, turn to account, work, and deal with any mining claims, rnices, mining rights, metalliferous land, &c, and to enter into an agreement with Me H. R-ynolds. According to my Stock Exchange quotations the following are the latest prices ruling for New Zealand mining shares : — Achilles, 2/3 — 2/9 ; Aroha, £— % ; Blagrove, 1/6— /2 ; Consolidated Goldfieids of New Zealand, 2-\— l ; East Hauiaki, -/9— l/3; Glenrock, -/6-1/- ; Gloucester, 1/6—2/-; Hauraki, 10/6—ll/6; Hauraki Associated. 1/3 — 1/9; K<»panga, 8/ — ' 8/6; Kathleen, 2/6—3/-; Kathleen Crtwn, 1/6—2/- ; Kauri, 1 11-16—13-16 ; Ko-nata Reefs, 12/ — 13/-; Komafca Queen, 2/3—2/9 ; LoDdon and N.Z. Exploration, £ — 1^ ; Maoriland, 1/ — 1/6 ; Mount Lyell, B£— | ; Moauataiari, f—l;f — 1 ; New Hauraki, 1/3—l/9 ; N Z. Crown, 1 316 — 51G; N.Z Joint Stock and General Corporation, 1-g- — § prem. ;do Founders 11 — 13; N.Z. Minerals, 6-10 ; NZ. Consolidated, -£— J ; Preece's Point. 1/6—2/- ; Royal Oalr. 1/6—2/- ; Taitapu Gold Estates, 1 13-16— 15-16 ; Thames Hauraki, J— l ; Triumph Hauraki, -/9— l/3 ; Tokatea, 1/9—2/- ; Union Waihi, £— £ prem ; United NZ. Exploration, 1£— g; Wahi, 6£— 6} ; Waihi-Silverton, 13-16—15-16 ; Waitekauri, 3^ — 3f; Waitekauri Extended, 6/ — 7/-; Waiteksnri United, -£— jj prem. ; Waitekauri Cross, § — | ; Waibekaun Centra], 7/ — 8/- ; Woodstock, 2— 2-| ; Irene, 3/ — 3/6 ; Kapai- Vermont-, I— l| ;N Z Finance, I— l 3 ; N.Z. Crown, 1£— j} ; Success, 1/ — 1/6; N.Z. talisman, J— } ; N.Z. Deferred, 13—15. I have just; returned from a long ramble among the mining luminaries in the City. 1 cannob say that my numerous conversations ■were at all prolific in the way of fresh information. On all sides I met with a persistent reiteration of the tiresome old story in its tripartite form — namely, first, that the market is too dull for anything freih to stand a chance of flotation ; secondly, that nevertheless there are people to be found who will look at a New 2 sal and mine if it is thoroughly good and has already been definitely tested and conclusively proved; and thirdly, thit this same "looking at " »uch a mine is conditional upon the terms asked by the vendors being of a character that it regarded as reasonable by the light of modern opinion ton the subject. That is is how matters stand, and I do not think any good end is to be ■served by enlarging further upon the point.