WAIHI NEWS.

Otago Witness, 1 June 1910, Page 28

WAIHI NEWS.

GRAND JUNCTION COMPANY. (Fbom Our Own Correspondent.)

AUCKLAND, May 27

During the four-weekly period ended May 14 last the Waihi Gold Mining Company crushed and treated 35,293 tons of or© for a return of bullion of an estimated value of £74,327. This shows an increase compared with the return for the previous month, w:hen 30,490 tons yielded bullion estimated to be worth £66,501.

The present return shows a slight docrease compared with that of the corresponding period of last year, when 32,649 tons yielded bullion which * realised £74,803, though the estimated value was £73,412. On the latter basis, therefore, the return now recorded represents an increase. The total amount won from the mine to date is £8,516,798. WAIHI. May 30. At a point rather over 400 ft out from 1 the.' south-east crosscut at No. 5 lev ' the i Royal reef going east was somewh disj turbed by an intrusion, and for several I feet the quart/, exposed was of lower grade | than previously in evidence. The fact 1 now appears to be passing out of the disturbed area, and a more compact body of quartz of improved appearance is again showing, amounting to the likelihood of the pay chute extending still further east. On the west section of the. Empire reef at No. 5 level a crosscut in close-- proximity to I the Waihi Company's boundary has proved I the lode here to be 37ft wide, of which ! about 17ft is good average milling ore. MAORILAND. The manager of the Maoriland mine j (Waitt'kauri) reports by telegram that he has cut the reef in the low level, and adds : that it has the appearance of being a ; large body of stone. It will take a few days to determine the' value of the lode, from the face of which a large volume of water is coming. H'oics from Cromwell. (From Our Own Correspondent.) CROMWELL, May 27. The weather is very mild, but the river is falling steadily, and is now at a low level. The Electric No. 2 dredge made a start, but so far has not struck anything good. The Hartley and Riley dredge is likely to get a start next week. The Cromwell Syndicate dredge is working just below where the Junction Electric dredge sank, and should get some payable ground there. Both the Rise and Shines are now on better wash, and the No. 1 is likely to pick up the fine returns again. The Lowburn dredge has had to stop through being unable to stack the tailings without an elevator. It is on good payable ground. There is some excitement locally over the rumoured phenomenal "gold struck on the 909 dredge, late Fourteen Mile, as the bulk of the interests are held here. _ There are only seven shareholders, of which Mr Charles Weaver, of Alexandra, is one. The dredge is "at present working on the Sixteen Mile claim on maiden ground, and there is no doubt about rich gold being struck, but the return is not likely to be over 200 oz for about four days to Saturday. The company has a big stretch of maiden ground to work yet. CROMWELL, May 30. " The weather is unsettled, but the river is down at a low level. The Hartley and Riley dredge started work to-day, and if it can bottom _where it is it is expected that something rich will be struck, as it is maiden ground. The 909 dredge washed up for 3030 z 9dwt, and as there is a lot of maiden ground about -where the dredge is working there is every likelihood of some more large returns.

Notes from Alexandra. (From Oub Own Correspondent.) ALEXANDRA, May 30. The work of dismantling the machinery from the Karaunui Company's new purchase is about finished. The pontoons will be cut in two a,nd widened in order to place a large driving wheel in position. The Manuherikia dredge struck good wash during last week, and as the river is receding slowly, some large returns this season are anticipated. The Sailors' Bend dredge will start work this week, whilst the Good Chance has again resumed operatione. The Fourteen Mile dredge return of 300 oz 9dwt for three days' dredging was obtained in a small area of ground, about 12ft being the width of the good wash. Unfortunately the dredge ran off the rich ground on Friday, and since then has been working on hard bottom. There are great hopes that the run may be again picked up, as a fine stretch of river lies ahead of the dredge. The siiction gas plant to be installed on Fink and party's dredge is expected to arrive in Dunedin this week. Nothing further has eventuated in connection with the sale of the Earnsclough Company's property to a foreign company, although the representatives are still here' receiving full particulars. Prospecting on the reef et Serpentine still continues, but the party is awaiting word from the Mines Department regarding the subsidy applied for. Notes from Greymouth. (From Our Own Correspondent.} GREYMOUTH, May 24. At yesterday's meeting of the Westland County Council, Cr Clifton moved'—"That, in view of the general stagnation in the mining industry throughout Westland, the Government be asked to modify their water power regulations with the view of encouraging the expenditure of outside capital in the district." This was carried. • Although little has so far been heard of the recent discovery of an unusually rich reef in the Poerua district, Mr Sidney Fry r , in whose hands the reef now is, being anxious to thoroughly test it before placing it before the public, is continuing exploration and prospecting work with highly satisfactory results. In one place where the reef was thought to be only 2ft 6in in width, it proved to be 4ft on being opened up, and carrying rich stone. _ The find promises to be one of great importance to Greymouth, and! it is confidently expeoted by those comipetent to judge that it is simply tine initial opening of a valuable and extensive reefing district, and another important asset in the industrial and commercial life of Greymouth.

COMPANIES' RETURNS. AUCKLAND, MAY 27,

Twenty-three mining secretaries appeaix before Mr E. C. Cutten, S.M., "to-day charged with breaches of section 368 of the Companies Act. The section requires the secretary of every company to prepare a true statement of the company's affairs for publication in the Gazette during the month of January. Mr Mays, who appeared for the prosecution, stated thaK; there was hardly a section, of the act which had not been neglected by several the mining companies, and the seer-eta,.... were fortunate in being prosecuted under the section which provided a minimum line of only £5 per day of default. All but one of the defendants, whose case- was adjourned, pleaded " Guilty," and were each lined £5, with £1 8s costs, on the first infornnation, and Is, with £1 8s costs, on the .second, and Is, and 7s costs, on each of the other charges. The amount of the fines totalled over £IOO. MINING IN FIJI. AUCKLAND, May 24. Mr N. D. Cochrane, the mining engineer selected by the New Zetland Government io fulfil a year's engagement with the Government of Fiji as their mining adviser, returned to the Dominion by the N&vua yesterday, having completed his term. Mr Cochrane speaks not unfavourably of the mining- prospects of Fiji, where favourable andesite country rock occurs over extensive areas, and in some cases the outcrops having prospects of considerable promise. Mr Cochrane will remain in New Zealand for about 2 months, after which he will return to Fiji for another term, when it is expected that the mining industry, which at present is seeking capital for further developments, will be in a more advanced stage. WATER POWER REGULATIONS. (From Our Own Correspondent.) GREYMOUTH, May 26. In movng the vote of confidence in the Government at last night's meeting of Hokitika, Mr J. A. Murdoch (Mayor of Kumara) strongly urged the Prime Minister to revise the water power regulations so that it would be possible to get cheap water for mining purposes, in regard to the licenses, he strongly held that the dealing with these -should be left to the Wardens, so that there should at least be some appeal if the parties felt agrieved. Under the present conditions no appeal could possibly lie. WATER POWER REGULATIONS. <From Our Own Correspondent.) GREYMOUTH, May 27. Speaking at Rimu yesterday, the Prime Minister said that the miners of Rimu must remember that when the water regulations and charges were framed they applied to the whole of the colony on a basis of such proportion that, in comparison with other countries —America, for instance —they were the cheapest charges in the world. The Government had found that the water-powers of New Zealand would some day be an invaluable asset. The West Coast railways may some day be worked by energy generated by waterpower. He would like to see the auriferous deposits of the Rimu Flat brought to the surface. The present Government of New Zealand had no particular spot in their hearts for any one industry. " Anyhow, sir," added Sir Joseph, "we shall start afresh on Monday morning after my return to Wellington. After a conference with my colleagues, I shall wire the miners of Rimu something that shall be definite, that shall interest us all.—(Loud applause.) And, sir, and gentlemen, you will agree with me I cannot say more than that."—(Prolonged applause.) MOUNT LYELL RETURNS. MEI BOURNE, May 27. The Mount I.yell returns from April 21 to May 18 (inclusive) show that 32,192 tons of ore were treated, as well as 50 tons of purchased ore. The converters produced 622 tons of blister copper, containing:— Copper, 614 tons; silver, 52,0390 z; and gold, 9440 z. LADY ROXBURGH GOLD DREDGING COMPANY. The following is the directors' report to be submitted to the adjourned annual meeting of the Lady Roxburgh Gold Dredging Company:— "The year under review has been a very unsatisfactory one from a dredging point of view. Owing to the unsettled state of the river the dredge has been idle the greater part of the year, there being only 16 wash-ups. The total gold won during this period was 3530 z sdwt, of a value of £1267 4s 9d—an average return of 220 z per week. When it is born© in mind that over and over again operations had to be suspended just when the dredge got opened out, the average return is fairly satisfactory. The directors hope, given a low river this winter, to work out the ground where the dredge now lies, and move her on to a new claim recently applied for at M'Kenzie's Beach, below Long Valley. The dredge has been kept in the usual high tertate of efficiency. The directors recently 'purchased the Gold King Company's buckets, links, etc., which will materially reduce the cost of maintenance and repairs in the future. The directors to retire this year arc Messrs T. K. Harty anjd' J. N. Lawson. Both being eligible, offer themselves for re-elec-tion. Mr James Brown, the auditor, also retires, and offers iuntfself for re-election." The balance sheet shows that the gold won during the year was valued at £1267 4s 9d, while the expenditure amounted to £1627 16s. The amount in the bank stands at £llß lis, and sundry creditors amount to £167 7s 2d. Another item in the liabilities is bills payable, £l6l 19s.

OTAGO GOLD DREDGING CO. (LTD.). The fifteenth annual general meeting of shareholders of the above-named companv was held in the Stock Exchange, on Friday. The Chairman (Dr Martin), in moving the adoption of the report and balance sheet, commented on the operations for the year, and mentioned that the directors had some ground under offer which would be thoroughly prospected, and, if results warranted, its purchase would add materially to the life of the company. He also stated that since the end of the financial year the company's position had improved by over £400.* The retiring directors, Messrs B. Hart

and J. C. Short, were re-elected, as also was the auditor, Mr E. It. Smith. Votes of thanks to the directors and secretary, tlic manager, the dredgemasters and the crews were unanimously carried. A vote of thanks to tho chairman concluded the meeting.

DUNEDIN STOCK EXCHANGE. Business has been fairly active during the week, and there has beon a steady demand for investment stocks on a bare market. Prices may be considered fairly high all round. National Banks have had buyera during the wee"k at £5 15s, with no hetter selling quotation' than £5 17s. The closest quotation for Bank of New ZeaJands was a buyer at £9 16s and a seller at £lO Is. National Insurances were in demand at £1 8s 6d, ex div., without a selling quotation. A sale of Standard Insurances took place during the week at £1 3s 9d, with further buyers at £1 3s 6d, but no sellers. Union Steams hardened, and shares closed with buyers £1 13s, without selling offers. Westport Coals were wanted at but none were offered. There was a demand for Perpetual Trustees at 18s. Milburn Limes are in demand at £1 12s 3d, without sellers. New Zealand Drugs have firmed considerably, there being buyers at £2 7s 6d, with none offering under £2 9s 6d. In New Zealand Paper Mills sales were recorded at £1 2s 3d, ex div. These shares have also seen a considerable advance sine© the issue of the last balance sheet. Otago Daily Times were in demand at £2l 12s' 6d, without sellers. Donaghy's Ropes were responsible for several sales at £1 6s during the week, and they closed with a seller at £1 ss, ex div, without buyers.

In mining stocks there has been a fairly Large amount of business done in Auckland scrip, during the week. There have been considerable fluctuations in values. Waihis opened on Monday at buyers £8 10s 6s, sellers £3 14e; on Tuesday they stood" at buyers £8 17s and sellers £8 19s; on Wednesday they closed at buyers £8 14s 3d, sellers £8 16s; on Thursday they stood' at buyers £8 9s, sellers £8 i2s 6d; and finally closed on Friday at buyers £8 9s, sellers £8 lis 6d, with reported sales at £8 10s 6d and. £8 ICs 6d. From the fluctuation in the sha,res and ih& present downward tendency it is evident that confidence in the future of the big .nine has not been fully restored, for it must be borne in mind that the shares are still oum div. of Cs per share. Waihi Grand Junctions firmed considerably during- the week, and reached their highest price on Wednesday, when sales were made, at £1 13s. The ma.rket started to. ease, however, on Thursday, and on Friday sales were made at £1 lis. the stoois closing with a buyer at £1 lis, and a seller at £1 lis 6d. Talismans have also shown some fluctuation during the week. Prices fii-med considerably when it became known that a further increase of 45,000 shares was being made to shareholders at a nremium of 5s per share, and. in addition, the directors have decided to remove the liability of 2s per share on the full capital of the company. The shares were cum div. of 1« fid tier share un to the 25th. but on and pfthr that date they were emoted ex div. Onot.ntiors stood at buyers £2 14s, sellers P.?. 15s. The market eased slishtlv on Fri%v. when t:he closing quotation was—biv«M" £2 l?-s. seller £2 13s. The market was fairly quiet on Monday, though some business was done in one or two stocks. Golden Beds were ouoted at buyers £1 Os 3d. sellers £1 0s 6d, and a sale took place at £1 0s 6d. As compared with Saturday values were easy. A parcel of Old Haurakis also changed hands at 4s s£d, and values were firm, closing at buyers 4s 4d. sellers 4s 6d. Blackwaters were quoted at buyers Is 3d, sellers 4s 3d, at which margin of course ho business _ was done. A sale was reported in Waihis at £8 9s 6d, and quotations stood at about the same level as on Saturday. Waihi Grand Junctions, which were even, had) a reonrted sale at £1 lis 9d. The following are Monday's latest quotations, subject to the usual brokerage: Dredging Stocks. Blackwater—Buyers Is 3d, sellers 4s 3d. Electric —Sellers 3s 6d. Golden Bed—Buyers £1 0s 3d, sellers £1 0s 6d. Island Block—Buyers 2s l 6d. Manuberikia—.Sellers 15s. New Roxburgh Jubilee —Sellers 4s. Pactolus—Sellers 6s. Rise and Shine—Sellers £2 2s. Mining Stocks. Ross Goldfields —Buvers 14s. Muddv Terrace—Buvers £1 ss, sellers £1 7s 9d. Consolidated Goldfields—Sellers £1 Is. May Queen —Buyers 4s 3d, sellers 4s 6d. New Slyvia—Buyers 3s 6d, sellers 4s. N.Z. Crowns—. Sellers 4s 9d. Old Hauraki—Buyers 4s 4d, sellers 4s 6d. Talisman Consolidated—Buyers £2 12s, sellers £2 12s 9d. Waihi—Buyers £8 8s 6d, sellers £B 10s. Waihi Grand Junction —Buyers £1 lis 3d, sellers £1 12s. May 24.—Waihi Grand Junction, £1 12s 6d, £1 13s, £1 13s, £1 12s 9d, £1 13s, £1 13s 6d; Old Hau'raki, 4s 6£d (noon); Waihi, £8 18s (afternoon); Island Block, 2s 6d. Mav 25.—Waihi Grand Junction, £1 13s, £1 13s, £1 13s, £1 12s 9d, £1 13s.

Sales Reported :—Morning-—Old Hauraki, 4s sd, 4s 6d; May Queen, 4s 6£d; Waihi Grand Junction, £1 13s, £1 13s. Noon—Waihi Grand Junction, £1 13s 6d; Northern Steamship, 15s premium. May 26.—Blackwater mines, £1 lis 6d; May Queen, 4s sd; Talisman Consolidated, £2 13s; Waihi Grand Junction, £1 lie 3d; Standard Insurance, £1 3s 9d. Sales reported:—Morning-: Waihi Grand Junction, £1 13s, £1 12s 9d. Afternoon: £1 12s 6d, £1 12s 3d; M;\y Queen, 4s 6d. May 23.—01 d Hauraki, 4s sd: Waihi, £8 lis. Sales Reported. —Morning : Waihi Grand Junciron, £1 lis 3d, £1 lis 3d; Old Haurak'.. 4s sd; New Zealand Paper Mills (ex div.). £1 2s 3d, £1 2s 3d. Afternoon: Waihi GttFhcl Junction, £1 lis, £1 lis; Waihi, £8 10s 9d, £8 10s 6d. .y>, '<%.- Ross Goldfields, 15s 6d; Tali Consolidated, 's2s 6d; New Zealand .isurance, i6s; Waihi Grand Junction, 51s 6d May 30. Golden Bed, £1 0s 6d; Old Hauraki, 4s sgd. Sales reported :—Morning: Waihi, £8 9s 6d. Afternoon: Waihi Grand Junction, £l' lis 9d. AUCKLAND STOCK EXCHANGE. AUCKLAND, May 30. The following business was done at the afternoon call to-day:—May Queen, 4s 6d; Mount Zeyhan, 8d; Rcss Goldfields. 16s; Hauraki Reefs (paid up), Is 2d; Maoniand, B£d; Waihi Grand Junction, 31s 9d; Talisman- Consolidated, 53a WELLINGTON STOCK EXCHANGE. WELLINGTON, May 30. The following sales were effected today :—Ross Goldfields, 14s 6d, 15s, 14s 9d, 15s, 14s 9d, 16s. The following sales were reported : —Ross Goldfields. 14s 14s 3d, 15s. 16s; Old Hauraki, 4s 4d, 4s sd;-Waihi, £8 9s 6d. ONDON STOCK EXCHANGE. LONDON, May 29. Waihi: Buyers, £8 8s 9d; sellers, £8 lis 3d. Waihi Grand Junction: Buyers, 31s 6d; sellers, 33s 9d.

DREDGING RETURNS. Oz. dwt. gr. Ma.nu.Rerikia, Alexandra, 94hrs 103 0 0 Golden Bed, Miller's Flat 126hrs 58 11 0 Rise and Shine No. 2, ciutha River, 139hr« 43 10 o Rising Sun, Cromwell, 127hrs 48 1 0 Rise and Shine No, 1, Ciutha River, 139hrs 46 0 0 Waikria, Waikaia, 125hr<s ... 45 12 o Waikaia United No. 2, "Waikaia, 125hrs 26 0 1 Otago No. 2, Island Bk>ok, wk 24 0 a Masfccrton. Waikaia, 130h.rs... 22 9 o Mystery Flat, Waikaia, 128hrs 20 9 0 Electric No. 1, Cromwell. 137hrs '. 19 8 o Wailcaka United No. 1, Waikaka, 129hrs 19 o 0 Central Charlton, near Gore, 130hrs 16 18 o Golden Treasure, Miller's Flat, 127hrs 15 10 o Chicago. Alexandra, 127hrs... 14 14 o Punt, Upper Ciutha, 129hrs... 12 7 o Olrig, Manuherikia, week ... 11 10 o Koputai. Waikaia, 132hrs id 9 o South "Waikaia, Waikaia, wk Total ' 4 14 0 567 2 0 The "West Coast, New Trafalgar, 135hrs 30 9 0