NEW ZEALAND CROWN MINES.

Otago Witness, Issue 3017, 10 January 1912, Page 28

NEW ZEALAND CROWN MINES.

LAST YEAR’S DEVELOPMENTS. MORE OPTIMISTIC FEELING. (From Ocb Own Correspondent.) LONDON, November 24. The first general meeting of the New Zealand Crown- Mines Company since its incorporation on May 19, 1910, was held this week at 20 Coptnall avenue. The accounts, which cover a period of 13 months, show a loss of £l7lO on the working of the mine during that period, but Sir Westby Perceval, who presided, explained that this was not a matter of moment, because more attention had been paid to development work than to milling returns. Out of the authorised capital of the com" pany—soo,ooo four-shilling shares —300,000 had been issued. The remaining 200,000 shares are under option at par to the subscribers and guarantors of the working capital until June next- If these options are ' exercised £40,000 additional working capital will be produced. Sir Westby expressed the opinion that the options would be exercised, especially after the genera! manager’s report had been read by shareholders, and then no less than £60,000 would have been subscribed in cash for working capital out of a capital of £IOO,OOO. The plant taken over from the old company had been overhauled and put into sound working order, and the directors did not anticipate any further outlay in this direction in the near future. Mr M‘Combi© (who was formerly underground manager to the Talisman) wm now manager of their mine, and he had carried out a great deal of work on the Welcome and Crown reefs, with the result that good payable ore had been developed. Sir Westby described the work on these two reefs as of a very character. It also appeared beyond question that two wedges of Talisman reef in their ground were a certain source of profit, and the board had authorised the necessary work to open out the body of ore comprised in No. 1 block, which was estimated on a conservative basis to contain 23,000 tons, worth £3 lls per ton. The board cordially thanked the manager of the Talisman Company for allowing Mr M'Combio access to the old workings of the Talisman mine to examine the reef where it entered the Crown property. , Sir Westby said that was an evidence of good feeling existing •between them and their neighbours, which they noted with pleasure. The possibilities on the Dubbo reef, Adeline reef, and Ravonawood • reef, which formed the unexplored part of the Crown, were also very considerable. These parts would receive more attention in future, and he hoped the exorcise of the options -would provid/e tlie working capital to prosecute .the exploratory Branch of their work more vigorously. The motion to adopt the report was seconded by Mr John Cutclifite and carried. Mr A. L. Foster was re-elected a director. Notes from ('ronnvel'. (From Our Own Correspondent.) CROMWELL, January 5. That dredging in tho Cromwell district is on tho wane was never more pronounced than at the present time. Twelve months ago there was, despite the unfortunate loss of the Rise and Shine No. 2 dredge, evidence of a revival in dredging cm the Clutha, especially above Lowburn, but the present year opened unfavourably. The Rise and Shin© No. 2 hae not so far been replaced, and it will be difficult for the company to entertain any big scheme in view of the No. J small returns at present. Three of last year’s fleet are now idle—namely, the Golden Sun, tho Lowburn, and the Prince Albert,—and there are in active operation on the Clutha only the Punt, tho Rise and Shine No. 1, and tho Rising Sun. Reefing may, perhaps, take a turn for ! the better, although work at Bendigo is suspended; but. speaking in a general sens", dredging is at low ebb. The rivers arc still high, as the result of tho recent rains, tho Kawarau is fairly low, but the Clutha remains high. Both Electrics aro still idle, but No. 1 will likely commence to start repairs cn Monday. It is reported that the Garrick Reefing Company will bo again in full swing in a few days with a big staff. Evans and party, also on the Garrick, aro on encouraging prospects, and the general opinion is that tho venture will be successful. Tho Hartley and Rilcv is on a fair run of gold on tho beach at the lower boundary, and, with a little gold through tho top

layers, will b© likely, to have a run of returns leaving a fair margin of profit. The contractor is still salvaging machinciry from the sunken Rise and Shine No. 2. The Cromwell Syndicate dredge is being shifted up the stream, and will work a piece of ground above the Bannockburn bridge. Tho 909 dredge is repairing, but if the river fall is f-rufficient work will be resumed in a fortnight. THE YEAR’S RETURNS. CFhom Our Own Correspondent.) GREYMOUTH, January 5. Tho gross value of the returns from tho Consolidated mines during the year has been as follows : Progress: January, no work: February, £4123; March, £4504; April. £3376; May, £6978; June, £6314; July, £6707; August, £4823; September, £3227; October, £3922; November, £3077; December, £1924; —total, £49,475.

Wealth of Nations: January, £3432; February, £3435; March, £3372; April, £3303; 'May, £3407; June, £4087; July, £5223; August, £4466; September, £4708; October. £4612; November, £3979; December (including £2OOO from reserve), £5477; total, £50,701. Blackwater: January. £7001: February, £7999; March, £8000; April. £8000; May, £7740; June, £8406; July, £9133; September, £8712; October, £8417; November, £6506; December (including £2368 from reserve), £7748; —total, £97,325. Previous years’ returns: —Progress— 1903. £108,217 i 1904, £108.337 ; 1905, £96,851; 1906, £91,200; 1907. £87,805; 1908, £52.297; 1909. £52,032; 1910, £71,352; 1911, £49,475. Wealth of Nations: 1903, £20,422; 1904, £20.608; 1905. £19,053; 1906, £22,962; 1907, £24.535; 1908. £26.082; 1909, £28,353; 1910, £36.383; 1911, £50,701. Blackwnter; 1908, £17.647; 1909, £7328; 1910, £91,331; 1911, £97,325. EXPORT OF BULLION. WELLINGTON, January 3. During December last 33,0590 z of gold, valued at £129,922, were exported from New Zealand, compared with 57,5090 z, valued at £150,501 for the corresponding month in 1910. For December, 1911, 104,7780 z of silver, valued at £10,590, -were exported. against 196,7350 z, valued at £19,703, for December, 1910. The total gold exported for the year 1911 was 455,2690 z, valued at £1,817,316, and for tho previous year 478,2880 z, valued at £1,896,328. For 1911 tho silver exported amounted to 1,310,4050 z, valued .at £131,517, compared with 1.711,2350 z, valued at £171,562, for the previous year. CONSOLIDATED GOLDFIELDS. REEFTON, January 5. Tho crushing returns for December of the above company’s group of properties are as follows: — . Progress.—On, shed 2208 tons, yielding 2540 z 14dwt of bullion valued at £1047 9s Id; cyanided 1710 tons, yielding 1730 z 12dwt of bullion of the value of £542 10s; estimated value of sulphurets produced (24 tons) £334. Eleven crushing days. Wealth of Nations. —Crushed 1606 tons, yielding 6570 z 15d'wt of bullion, valued at £2676 8s Hd; declared from reserve gold, £2000; cyanided, 1104 tons, yielding 209qz Idwt of bullion, valued at £687 ss; estimated value of sulphurets produced (7 tons) £ll4. Twenty crushing days. Black water.—Crushed 1783 tons, yielding 10770 z 2dwt of bullion, valued at £4309 19s 7d; declared from reserve gold, £2358; cyanided 884 tons, yielding 2350 z sdwt of bullion, valued at £639 2s; estimated value of sulphurets produced (27 tons) £431. Nine crushing days. , MOUNT MORGAN MINE. BRISBANE, January 5. During December the Mount Morgan gold reduction works treated 6019 tons of ore, producing 36500 z of gold. The copper works produced 522 tons blister copper, containing 517 tons of copper and 63820 z of gold. The total value of tho output was £68,064. MOUNT LYELL RETURNS. • MELBOURNE, January 5 The Mount Lyell returns from Dccemuer 11 to 27 (inclusive) show that 5802 tons ofore wore treated, also 27 tons of purchased ore. Only one blast furnace wa sin operation owing to a shortage of men. More men have Been engaged, and the converters have resumed; running. During the half year tho company consigned 41 tons of blister copper. TALISMAN RETURN. AUCKLAND, January 8. Tho Talisman return is bullion to the value of £18,030 from 3150 tons. DUNEDIN STOCK EXCHANGE. As matters on tho Stock Exchange have not yet settled down seriously, it was hardly to be exiiected that on the first day a largo amount of business.should bo done. Dredging and mining lines were quiet. Jn the investment section Dominion Rubbers were firm, with a buyer at 8s 6d premium and a seller at 11s od premium. A sale was reported in Now Zealand Insurances at £4 Us, and there was a. further buyer at the same price, but no teller. Tho following are Monday’s latest quotations, subject to tho usual brokerage:— Dredging Stocks. Blackwater —Buyers 7s. Electric —Sellers ss. Golden Bed—Sellers 11s. Hartley and Riley—Sellers 14s. Island Block —Sellers 4s 6d. Koputai—Seilers 13s. Lady Roxburgh—Buyers Is. Rise and Shine—Buyers £1 ss. Rising Sun —Sellers £2. Sailor's Bend—Buyers ss. Mining Stocks. Consolidated Goldfields —Sellers 18s. Kurunui Caledonian —Sellers Is lOd. New Sylvia—Sellers Is Bd. Old Hauraki —Sellers 2s. Talisman Consolidated—Buyers £2 8s 2d, sellers £2 9s 6d. Waihi —Buyers £2 14s. sellers £2 16s. Waihi Grand Junction —Buyers £1 9s, sellers £1 9s 6d. Waiotahi —Buyers 5s 2d, sellers 5s 6d. January 8. —New Zealand Insurance, £4 11s. AUCKLAND STOCK EXCHANGE. AUCKLAND, January 8. The following business was done at tho 3.5 p.rri call! —Occidental Consolidated, Is sd; Waiotahi, 5s 4d; Waihi, £2 15s, £2 14e 6d j Waihi Grand Junction, £1 9s 3d.

£1 9s 3d; Constock, Id; Auckland Gas (old), £3 7s 9d; Tonsbn, Garlick (Ltd.), £l. WELLINGTON STOCK EXCHANGE. WELLINGTON, January 8. The Stock Exchange was reopened today after tho holidays. The only sales reported were of Talisman shares at £2 Ss bd. LONDON SHARE MARKET. LONDON, January 4. Waihi—Buyers £2 11s 3d, sellers £2 13s 9d. Waihi Grand Junction —Buyers £1 9s 4d, sellers £l 10s 7d. Talisman Consolidated —Buyers £2 6s 3d, sellers £2 8s 9d.