PARACALE GOLD DREDGING COMPANY.

Otago Witness, Issue 3030, 10 April 1912, Page 28

PARACALE GOLD DREDGING COMPANY.

A mooting called by Mr Joseph Pearson was hcl<l in the Caledonian Private Hotel on the 2m! to discuss the actions of the directors of the Paracalo Gold Dredging Company. There were present Messrs J. Pearson, Thomas Bearjr, H 6. Siedebery. A. Chiaroni, Jas. Walker, J. Peterson, and C. Begg, and apologies, verbal and otherwise, were received for the absence r.f Messrs J. TClair Mason, T. J. M'Kerrow, A. M'Millan, and T. Steele. The Chairman (Mr T. Bogg) said that they had met to discuss the unsatisfactory position in which they found the business of the Paracale Company. Permission had been given to sell the property for £16,000 in cash and TICO fullv paid un shares. Tt had been sold for £IO,OOO in cash and £6OOO worth of guaranteed debentures and 7100 fully paidnip shares in the new company which had been formed in Melbourne. The new company had been in possession since Sept-em-ber 27, and shareholders now wanted to

know when a settlement would be made. He had heard that Mr Showers, the secretary of the new company, had come over to New Zealand and made arrangements with the old directors that part of the money should be tied up until such time as an arrangement; could be made with Ingersoll and party in regard to a dispute about £3OOO. An agreement had been drawn up by the directors of the company advancing that money to Ingersoll and party, who were to repay it without interest before they got any proceeds at all from the claim. Mr Showers said that that money was only on paper, but an agreement had since been signed admitting that it was owing to the company. It had been lying in the bank in the name of the purchasing company, but as no settlement could bo arrived at Mr Binnie had gone to the other side to demand an immediate diatc settlement. Shareholders wanted an explanation of the whole business right up to date. Gold to the value of between £30,000 and £40,000 had been won from the claim, and shareholders had paid in £6233, while £IO,OOO in cash and £6OOO in debentures had been paid in from Melbourne. They wanted to know where all that money was. Certainly some explanation should be given to shareholders. Mr Siedeberg: Between £50,000 and £60.000 in cash has come into the hands of the directors, and at the present time there is only about £3OOO for distribution. Mr Pearson: We have never had a report since 1906. The Chairman : It is due to the shareholders that that agreement should bo explained to every member of the company. The balance sheet gave no explanation whatever. He had been the originator of the Pearson Syndicate, and he had moved at the first meeting of the directors in 1907 that Mr Payne should not be a director of the company, and Mr John Wilkinson, who had supported Mr Payne's candidature, had beaten him by one vote. The directors had taken over a claim called) the Delihiby, and had sent several men over to it, charging the expenses to tho Paracalo Company. Mr Siedeberg then moved—" That Messrs Pearson, Hancock, and Walker be appointed a sub-committee to take legal advice with a view to getting the matter brought before the court for examination." Mr Peterson seconded the motion. Mr Siedeberg: All we want is a true, plain, stna.ightforward statement of the affairs of tho oompany. Mr Pearson said they wanted to get possession of the books and itimised bills right from the commencement. If they did not get possession of those they would have nothing to work on and might as well let the matter drop. Continuing, he said he would like to know who authorised a certain individual named by him, and described as a relative of one of the directors, to go over to Parade and fill his pockets with nuggets of orold off the Parade dredge. " I was standing alongside him," said Mr Pearson, "and he showed them to me. There is no dispute about it. He won't deny it." The speaker also said that be would like to know who authorised another individual to send a box of nuggets Homo " to float a reef." Mr Chiaroni : I have been in many comEanies, but this beats the lot. They never ad a regular annual meeting like other companies, but have done as they liked. The motion was then put to the meeting and carried. Mr Pearson said their only way was to bring those people before the court and question then). Further, after some reference to the auditing of the company's books, Mr Pearson said that Mr Ingersoll had secured a. mortgage over the dredge in 1906. and he was now claiming £3OOO from the directors of the company. If he was rigid the directors were wrong, but one of (he parties must be wrong. Mr Walker asked if Mr Wilkinson had been in Manila. Mr Pearson assented, and said thiat Mr Wilkinson had also gone from Manila to China in connection with the China Inland Mission.—(Laughter.) A desultory discussion then ensued, in the course of which several statements were made which wore of a nature that, in view of the law of libel, we cannot undertake to publish. Amongst other tilings a charge was made against an individual in connection with the purchase by tho company of its dredge, which it was said had been purchased second-hand for £250 and then subsequently resold for £1250 and for £3OOO, at which latter figure it. was purchased by the Parade Company. It was further said that a second-hand ladder and an old boiler which had been used on a dredge on the Molynoux had been purchased by tho company for a generous figure, and sent to 1 aracle. as also had a sawmill " that would not cut butter." WAIIII GRAND JUNCTION MINE. (Fitoii Oun Own Cojut^sroNfFNT.) WAIIII. April 2. Since passing through (he first band of quartz, which showed a width of 12ft (of which 10ft assayed £3 12s per ton) the south-east crosscut to intercept the Roval reef at the sixth level in the Grand June tion mine has been in country rock with country rock showing in the "face. THE WEST COAST. (Pkb United Phess Association.) GREYMOUTH, April 2. A good find of highly-payable quartz is reported from the winze workings in No. 3 level of tho Croesus mine, Paparoa. Samples have been brought to Greymouth, and great interest is being taken" and satisfaction expressed at the success of tho company's operations. It is the intention of the directors to make a special issue of shares and proceed with the intermediate tunnel between the Nos. 3 and 4 levels, the present prospects warranting this necessary work buing now no longer delayed. MOUNT MORGAN RETURNS. BRISBANE, April 8. During the month the Mount Morgan gold reduction works treated 7233 tons of ore for 33990 z of gold. At the copper reduction works 22,263 tons produced 613 tons of blister copper, containing 609 tons of copper, and approximately 8000 oz of gold. The total value of the metal produced is £78,317 CORONATION GOLD AND SCHEELITE MINE. Mr S. O. Thompson, representing a Christchureh syndicate, which has secured an option over the Coronation gold and scheelito claim at Macraes Plat, arrived in Dunedin op. the 2nd inst. In tho course of an interview Mr Thompson stated that the syndicate is pushing on with all necessary work for the opening of

the mine and has already engaged men to work it. The reports already to hand by Professor Waters and Messrs W. Donaldson and Lr, O. Beal show that the assays taken from the quartz are highly satisfactory, and the syndicate, acting on the advice of these qualified mining engineers, | has decided to develop the mine and test ' a further quantity of the quartz and scheelito available. In all probability the syndicate will shortly be enlarging on its capital i and erecting up-to-date machinery. The . claim is one of the largest mining rights ! in the Macraes district, and is close to the : well-known mine lately owned by Messrs • Donaldson Bros.—namely, the Golden Point. Mr Thompson states that scheelite shares are largely sought after by Christchurch investors, and that the scheelite industry has .apparently come to stay. TALISMAN CONSOLIDATED RETURN. The following is the return from the Talisman Consolidated mine for the month of March :—Crushed 4000 tons, value £20,691 15s 6d; costs £2 2s 7d, made up of, de- ! velopment 14s sd, mining 13s lOd, milling 12s 3d, general 2s Id. Tho following cablegram has been sent to London:—"No. 13 level south drive, progress 13ft; reef 21in wide, values low; j started No. 16 winze at a point 1488 ft I south sunk 24ft, reef wider than winze, i assay' value £2 0s 7d; No. 14 level north j drive, progress 19ft, reef I2in wide, values l low; driving north from No. 12 winze, i progress 12ft, reef 24in wide, values low; j driving south from No. 12 winze, progress 25ft, reef 60in wide, assay value £5 18s 3d ; Woodstock shaft simk 12ft." DREDGING RETURNS. Returns from 13 dredges at work throughout Otago and Southland have come to hand during the past week, showing the '■ total gold yield to have been 3760 z 18dwt. or an average of 290 z per dredge. Two West Coast dredges obtained a total re- ; turn of 58oz 9d\vt. The following are the | details : —■ Oz. dwt. gr.

J DUNEDIN STOCK EXCHANGE . Business on the Dunedin Stock Exchange showed a considerable brightening during the past week, and a fairly large number of sales were recorded on most days, particu- | larly in investment lines, most of which have exhibited a firming tendency. In the ; dredging stock section Blackwaters, with a dividend of Is, improved to that extent on Wednesday, and were inquired for that day at Bs, without a seller. Electrics have ' been even throughout the week at 3s 6d (buyers) and 4s 6d (sellers), but there has been little business in them. Golden Beds have been quiet, and quotations for this line have ranged in the vicinity of 9s 6d and 10s 6d. Hartley and Rileys, owing to j a likelihood that "the fresh ground on which the dredge has commenced operaj tions will prove profitable, hardened some- '. what on Thursday, and several sales took place at 10s, the market closing with a buyer at 9s, but no seller. Rise and Shines j have been easier than for some time, and : on several occasions there have been sellers at £1 3s, but no buyers. The reason for this weakness appears to be contained in the fact that the returns from the com- | pany's No. 1 dredge continue to be somej what poor, while considerable expense is j being incurred in fitting out a second dredge. : In the mining stock section business has I for the most part been confined to the larger Auckland lines, the majority of the other lines remaining quiet and steady. Muddy Terraces have been on offer on eeveral occasions at 19 s 6d, without a buyer; while Consolidated Goldfielde have had regular sellers at 15s, with an occasional buyer in the vicinity of 9s 9d. Nokomai Hydraulics have been firm, with a buyer at 13s and a seller at £l. Old Haurakis have been a trifle firmer than usual, a:u\ have been quoted in the vicinity of Is 8d (buyer) and 2s (seller). Kurunni Caledonians have been on offer at Is 6d, j May Queens at Is sd, New Sylvias at Is, | and New Zealand Crowns at 3s, without j any declared buyers or any recorded busij ness in any of the lines Waij tangis have remained even, and ! quotations have ranged in the vicinity of Is 3d and Is 6d, buyer and seller respectively. Talisman Consofidateds have been somewhat weak owing to the fact that poor values were met with in the No. 12 drive at the No. 13 level—a somewhat important part of the mine,—but it is hardly likely that the depression in this stock will be of long duration. A fair amount of business has been passing in this line, nostly in the neighbourhood of £2 5s 6d and £2 5s 9d, j although a parcel changed hands on Thursj day at £2 4s 7d. and the market closed \ with a buyer at £2 5s and a seller at £2 ■ 6s 6fl. Waihis have continued weak, but ' should also experience a recovery before ■ very long. A number of transactions took j place in thie line during the week at £1 19s, and Thursday's closing prices of £1 18s 6d and £1 19s 6d give a fair indication of the current level of prices. Waihi Grand Junctions were firm in the early part of the week, and were then quoted at £1 9s (buyer) and £1 9s 6(3 (seller). Owing, however, it is understood, to some rather faulty developments at the mine, an easing tendency became apparent on Tuesday, and the shares have receded slightly in price, clos- ! ing on Thursday with a buyer at £1 7s 3d, i and a seller at £1 7s 9<l. A moderate F amount of business has been passing in them during the week at prices varying i from £1 8s up to £1 8s 6d. There have ' been sellers of Waiotahis all the week at 3s Qd but no buyers. The investment stock market has been fairly active, arid a number of lines are I markedly firm. Early in tho week Nai tional Banks were in demand at £5 18s, ! without a seller, and Bank of New Zealand's were also inquired for at £ll 2s 6d,

with no better seller than one at £ll 7s 6d. National Insurances were even, and a large amount of business has been passing in them at £1 18s 3d and £1 18s 6d, while the market closed on Thursday with a buyer at £1 18s but no seller. Standard Insurances appear to have been slightly firm, and have been quoted in the neighbourhood of £1 9s 6d (buyer) and £1 10s 3d (seller). New Zealand 1 Shipping Co. shares have been distinctly firm, though, in view of the denial bj the Union S.S. Co. that amalgamation with it was contemplated, the reason is scarcely apparent. On several days this slock has been inquired for at £l4 16s and £l4 15e, but without result. Union Steams are still firm, and seem now to have become fairly steady. This would almost lead one to the belief that there may not have been any definite cause for the recent sudden hardening, but that, in the main, it was due to a recognition of the solidity of the company generally and to the certainty of an expansion of its trade in the future. A large amount of business has taken place in this lino during the week at prices ranging from £2 6s to £2 7s, and 1 later at £2 7s 6d, £2 Br, and £2 8s 6d. The closing quotations on Thursday afternoon wore £2 8s and £2 8s 6d. Westport Coals, though not firm, have been fairly active and have seen a fair amount of business at about £1 7s 3d, while sales have also been effected at Is 9d in Westport Stocktons during the week. National Mortgages have been showing an upward tendency during the past few days and there have been buyers of this line at £3 17s 6d, with no seller under £4. New Zealand Paper Mills are hardening slightly, and are quoted in the vicinity of £1 Is 6d and £1 2s 3d. Otago Daily Times shares have also been showing signs of firmness, and several transactions have been recorded' in them a.t £2 12s during the week. The following are Thursday's latest quotations, subject" to the usual brokerage:— Dredging Stocks. Blackwater —Buyers 7s. Electric— Buyer 3s 6d. seller 4s 6d. Golden Bed-—Buyers 9s, sellers 10s 6d. Hartley and Riley—Buyers 9s. Mining Stocks Muddy Terrace—Sellers 19s 6d. Consolidated Goldfields—Sellers 15s. Old Hauraki—Buyers Is Bd, sellers 2s. Kurunui Caledonian- —Sellers Is sd. May Queen—Sellers Is sd. New Sylvia—Sellers Is. New Zealand Crown—Sellers 3s. \Yaitangi--Sellcrs Is 6d. Talisman Consolidated—Buyers £2 O*, sellers £2 6s 6d. Waihi —Buyers £1 18s &d, sellers £1 19s 6d' Waihi Grand Junction—Buyers £1 7s 3d, sellers £1 7s 9d. Waiotahi —-Sellers 3s 9d. Investment Stocks. Bank of New Zealand—Buyers £ll 2s 6d, sellers £ll 7s 6d. National Insurance—Buyers ±,l IBs. South British Insurance—Buyers £3 14s. Standard Insurance —Sellers £1 10s 3d. Union Steam Ship Company—Buyers £2 7s 3d, sellers £2 Bs. Westport Coal Company—Buyers £1 7s 3d. New Zealand Paper Mills—Buyers £1 Is 9d. _ ~ National Insurance—Buyers £1 18s. Union S.S. Co—Buyers £2 Bs, sellers £2 8s 6d. National Mortgage—Buyers £3 17s 6d. April 2.—Waihi Grand Junction £1 8s 6d. Otago Daily Times £2 12s (two iwrcels). Union Steam £2 8s 6d (two parcels). Sales reported:—Union Steam £2 7s 6d. £2 Bs. D.I.C (nreU £1 3s 6d, Talisman Consolidated £2' 5s 9d, Westport Stockton Is 9d. , , April 3.—Waihi, £1 19s; National Insurance, £1 18s 3d (two parcels). Sales Reported.—Waihi Grand Junctions, £1 8s; Waihi, £1 19s. April 4. -Hartley and Riley, 10s; Union Steam, £2 7s 6d. Sales Reported : Talisman Consolidated, £2 4s 7d; Hartley and Riley, 10s. WUIII GRAND JUNCTION RETURN. AUCKLAND. April 3. The Waihi Grand Junction return for 33 stamps running 24 days was gold valued at £17,176 19s 4d from 9578 tons of ore.

' Hartley and Riley, Cromwell, • 130hrs ' 55 0 0 Electric No. 1, Cromwell, 125hrs 46 14 0 1 Golden' Bed, Cromwell, wk 42 0 0 1 1911 dredge, Alexandra, wk 40 0 0 ! Waikaka United No. 1, Waikaka, 134hrs 35 6 0 1 Rising Sun, Cromwell, 112hrs 27 7 0 i Rise and Shine, Cromwell, lllhrs 25 12 0 Electric No. 2, Cromwell 4dys 24 6 0 Sandy Point, Alexandra, 120hrs 22 18 0 Masterton, Waikaia, I37hrs ... 18 7 0 Koputai, Waikaia, 139hrs ... 17 12 0 Waikaka United No. 2, Waikaka 122hrs 11 7 0 Waikaia, Waikaia, 137hrs ... 10 9 0 Total 376 18 0 i The West Coast. Worksop, 126hrs 48 4 0 New Trafalgar, broken wk 10 5 0 Total 58 9 0