MINING INVESTMENTS.

Otago Witness, Issue 2258, 10 June 1897, Page 23

MINING INVESTMENTS.

TO THE EDITOR. Sir, — The Government having suppressed betting on racecourses, considering what has come out of late about mining investments, I think it is quite a? necessary that before any mining property is put ou the market there should be a report from a Government mining engineer on the prospects and condition of the mine. I hr.va been lately reading a prospectus, published in London, cf an old Waipori reef, I named the 0.P.Q., which has been worked at j intervals by various parties for 34- years, and I 1 never heard of any of them making anything i out of ifc ; but I know there has been a considerable amount of money lost on it. Nov? here is a prospectus with the names of Professor Black, Mr Beal, and Mr Neil Kennedy, who report dividends to come that would look fabulous from the richest of the Coolgardie or old Bendigo mines. There is to be a profit of considerably over £3,000,000 out of the old O P.Q How they arrive at this calculation shows how little they know of the uncertainty of quartz reefs, but the English public, to whom

the prospectus is addressed, know nothing at all. The only thing that may happily prevent them from putting their money iuto it is the fabulous-like nature of tho prospectus. I am glad to s°e that the press has taken it up, as it is calculated to do an immense amount of barm. Since what is called a boom in gold mining has taken place in England there are persons, who should be better employed, travelling over the old mining districts taking up ground for speculative purposes only, and I think it is time the Government look cognisance of it. — I am, &c , Dunedin, June <-. Miner. DUNEDIN BROKERS' ASSOCIATION. Saturday's Quotations. Members : Barr, Leary, & Co. Wilfrid Vjvian J. A. Chapman J. & W. Gage Jours' Logan Quick & Smith. From To Banks : £n. d. £a. d. National 1 18 6 1 19 '6 New South Wales 34 15 0 35 5 0 Union of Australia ... 25 0 0 25 15 0 Insurance : National 0 17 4 017 8 New Zealand 3 11 6 313 0 j South British 2 6 0 2 8 0 Standard 0 15 0 0 15 6 Loan and Agency— I National Mortgage ... 011 9 012 3 I Perpetual Trustees (cum div.) 0 11 0 011 6 Trustees and Executors... 19 0 110 0 Shipping : New Zealand Shipping ... 415 0 417 6 Union Steam S 15 0 9 0 0 Coal : Kaitangata (old) 19 7 6 19 15 0 330 (new) 1 9 G 1 10 6 Weslport 2 16 3 2 17 0 Miscellaneous : ICaiopoi Woollen... ... 517 6 6 0 0 Milburn Cemfint 0 19 9 10 3 Motgiel Woollen ... 4 1 6 4 2 (3 Mornington Tramway ... 015 0 015 3 N. Z. Refrigerating ... 011 6 012 3 New Zealand Drug (£2 paid) 2 6 9 2 7 3 New Zealand Drug (30s paid) ] 13 0 1 14 0 Otago Daily Times ... 10 12 (i 10 15 0 Roslyn Tramway 1 14 6 A 15 0 Mining Companies : RKEFTON. Alpine 0-4 6 0 5 6 Big Paver 0 12 0 0 13 0 Cumberland 0 19 0 2 0 Hercules 0 10 0 14 Keep-it-Dark 140 150 Keep-it-Dark No. 2 ... 0 10 0 13 Lord Edward 0 10 0 1 3 Lyell Creek 0 13 0 1 (i Welcome (English Co.) ... 0 6 6 0 7 0 AUCKLAND. Cardigan - 0 0 11 0 11 May Queen 0 8 0 0 9 0 New Alburnia 0 5 0 0 5 3 Kuranui Caledonia ... 0 5 3 0 5 9 Puru Consolidated ... 0 210 0 3 2 Crown 17 0 18 0 Talisman 0 17 6 0 18 6 Talisman Extended ... 0 16 0 19 Waihi Silverton 0 19 0 10 0 Woodstock 1 14 6 1 16 6 Grace Darling 0 2 4 0 2 8 Imperial 0 16 0 2 0 Kapai- Vermont 0 8 0 0 8 6 Zealandia 0 fl 8 0 0 10 Bunker's Hill 0 2 4 0 210 I Four-in-Cland 0 2 0 0 2 4 1 North Hauraki (coutrib.) 0 2 4 02 S j Dredging Cosipaniks : ! Buller 0 5 0 0 5 6 Clyde 50 (10 55 0 0 Dunedin 0 9 G 0 10 0 Enterprise ... 115 0 2 0 0 Ettrick (vendors) 18 0 1 10 0 Do (contributing) ... 1 7 « 18 0 Golden Gate 1 11 6 1 13 0 Golden Run (vendors) ... 0 7 6 0 8 6 Golden Treasure (veudors) 2 4 0 2 8 0 Jutland Mat (vendors) ... 0 7 6 0 8 0 Do (contributing) ... 0 7 0 0 7 6 Otago 13 0 13 6 Sew Hoy Big Beach ... 0 1 0 0 13 ■Upper Waipori (vendors) 0 4 3 0 4 9 Do (contributing) 0 3 9 0 4 3 Sluicing Companies: Roxburgh Amalgamated (paid up) 0 12 0 0 12 3 Roxburgh Amalgamated (contri bating) 0 11 6 » 12 0 Waipori Deep Lead ... 0 1 0 0 13 Tasmania : Mount Lyell 914 0 918 0 Silver Queen 0 9 3 0 9 9 Hercules 1 14 6 1 15 6 Oonah 0 7 3 0 7 9 Curtin-Davis 0 9 3 0 9 9 South-west Curtin-Davis 0 2 3 6 2 9 Barlen Hercules 0 3 9 0 4 0 South Hercules 0 4 6 0 4 9 ] MINERS' RIGHTS AND MINING TITLES. TO THE EDITOR. Sir,— -I think that the writer upon the subject of mining titles has not succeeded in making ' matters any clearer by the way he has expounded his views. He has evidently not studied the provisions of the Mining Act. For instance, when he says that " It is not clear whether a person needs a miner's right for to taku up a licensed holding or a water race," section 69. " Alining Act, 1591." settles this mattsr very conclusively as re- { gards licensed holdings. It sa5 r s : "Any holder I of a miner's right desiiing to oblain a license for occupation of laud as a licensed holding shall mark out his land," Ac. ; and also in regard to watei race license, sse section 124: "Any person desiring to obtain a license for or registered right or. a certificate of registration for a water race (or any other mining privilege enumerated in schedule) shall give notice to the warden and to allp?rso< swhose interest mavbeafltectediu theprescribed form or to the like effect " The prescribed form is found in the fourth schedule to the act. It must contain number and date of applicant miner's right. Thus we find that a miner's right is a necessary condition for acquirement of auy mining privilege. Whether it is necessary to hold a miner's right after receiving the deeds for a licensed holding or special chum that a person rents from the Crown is another thing upon which a little more light should 'bo thrown by high legal authority. \ The writer goes on :—": — " Recently an imperfect [ system of registration has been provided as evidence of title, which is of little value, as it can be cancelled if conditions imposed by the act are | not fulfilled." Surely no fault can be found with such provision. What would be the result if a person, for instance, that had acquired a number of petty mining rights, tail races, branch races, claims, &c, during some 30 years' residence upon the different goldfields in the island could hold them ail good, even if iibandoned for years? It would simply block all mining progress. The mining law always has been, and it is to be hoped it always will be, that if one per3on cannot or will not make use of his opuortunitv, then it should ba thrown open for others to do &o. He further «ays i — "A miner may perhaps mark out and again abandon several holdings in the couroe of a day. Were a miner's right an evidence of title he would leqnire a new miner's right for every holding." Not at all. He can only lawfully mark out one ordinary claim so as to become au immediate possessor if he ouly possesses one miner's right, and he must pull down hi.s pegs for such claim before he can lawfully work another, and so on, whether the interval constitutes one hour or one month. For extended claims, of course, forms have to be sent to the warden's office with the numbers of the applicant miners' rights, as provided in section 124. The writer states what he evidently considers a case of hardship. A person holds an acre claim, covered by his miner's right. He sells half to ! another man. This person must also take out a miner's right to give him light to appropriate to. himself the gold that otherwise would belong to tho Crown ! He need not take out a miner's right' i unless a transfer is made of the half share thiouKh theminins tegifetrar, aud the taking out of

the extra miner's right entitles the partners to enlarge their claim to two acres instead of one. I think that a miner's right must be looked unon I as a collateral condition in holding a c;old-ininipg j title, if not a title in itself, the other essential ; condition beiDg hona fide occupation ; and I may here point out that whatever alterations in titles of mining property may be decided upon, no such title shall have validity unless operations in con- j nection with such property have been carried on in j a reasonable and bona fide manner. — I am, etc., John Werner, Secretary Confederated Miners' Association. Lowburn Fen-y, May 30. DREDGING RETURNS. Mr Thomas Callender report* 161oz 12dwt 12gr gold from the Moonlight Sluicing Company (Limited) ; claim looking splendid. The Dunediu Slock Exchange reports the following return for last week : — Golden Treasure Dredging Company, 14oz 18dwt. Dunedin Dredge return, lSoz The Upper Waipovi Alluvial Gold Dredging | Company (Limited) obtained from No. 1 dredge , 2Sos 9dwt of gold for 130 hours' dredging, and . from No. 2 dredge 13oz Sclwt of gold for 137 hours' dredging. The Golden Run pipes washed up 17oz Bdwt of gold for two days' lifting. The elevator broke • down, and it will take about three days to reflx • before lifting will be continued. |