LATEST MINING NEWS.

Thames Star, Volume XXVII, Issue 8330, 22 April 1896, Page 3

LATEST MINING NEWS.

. « (By Telegraph—Own Correspondent.)

Auckland, April 22,

THE MAY QUEEN,

In pursuance of the agreement made for the sale of the May Queen Company's property Mr Moss Davis yesterday deposited the sum of £2000 upon the terms that this sum is to be forfeited absolutely to the company unless he succeeds in the flotation of the property within 6 weeks.

PUHIPUHI

Mr Andrew French, after spending a week at Puhipuhi, has returned, and reports having made a thorough investigation of the reel's on the property, several samples of which he assayed all," giving high percentages. As to cost of treatment he states this should not exceed 17s 6d to 20s per ton, and when 20 tons per day are being put through 15s per ton would treat the ore, and when a condenser for saving the volatilized part of the bullion is in operation the total extraction should not bo less than 90 per cent, of the gross value of the ore.; SOVEEEIGN (Waitekattbi). [

At an extraordinary general meeting of the Sovereign Gold Mining Company (Waitokauri) held yesterday afternoon, Mr John Abbott, who presided, said the business was to pass certain resolutions empowering the directors to dispose of the company's property in such manner and on such terms as they thought fit. Matters here became v-ery lively, Messrs C. Comes, McLellan, and other shareholders objected to such unlimited power being given to the directors. Mr Yon Stunner, the mover of the resolution, read the offer received, of j the existence of which the Chairman j said he was ignorant. It asked on behalf of a client who had been most successful in floating companies in England for permission to place the company's property for sale on terms something like the following:—£sooo cash, £25,000 working capital, and 75,000 shares paid up to £1 in a com pany of 200,000 shares. Mr Comes insisted that before placing a valuable property like the Sovereign in anyone's hands for sale there ought to be a substantial deposit. An animated discussion, relative to the disclosure of terms, took place and the Chairman intimated that no offer would be closed •with before the directors took the shareholders into their confidence.