Shares and Mining

Observer, Volume XVI, Issue 921, 5 September 1896, Page 9

Shares and Mining

By Obadiah, the Younger.

TO COUNTRY SUBSCRIBERS. I can recommend the following sharebrokers to tho3e of my subscribers and readers in the country and at a distance who are investing in shares and who wish to have their commissions executed by reliable and trustworthy men :— V. J. Lamer, 35, N.Z. Insurance Buildings. James Reid, Insurance Buildings Joshua Jackson, Stock Exchange, Auckland W. H. Shakespear & Co., Queen-street. Ryan and Smith, 109, Queen-st., Auckland Aitken Carrick, Bhortland-streel. D. E. Clerk, 37, Insurance Buildings. Markham & South, Mining Exhange. Walter Gaudin, Victoria Arcade. J. M. Shera, Seldon Chambers, 97, Queen-st AUen&Co., Mercantile Chambers, Auckland. Woodhouse & Black, 87 and 89. Queen-st. J. Stewart Browne, 89, Queen-street. J. Aleck Walker, 27, Shortland-street J. H. Fleming, Paeroa. Pollock& Johnston, Colonial Bankßuildings Younghusband & Burton, Marine Chambers Lennox & Hull, 16, N.Z. Insurance Buildings. John Churton, 106 and 107, Victoria Arcade John Phillips, Paeroa. C. P. Mark & Co., Colonial Bank Buildings. Job. Smales, 7, Govt. Insurance Buildings. Osmond & Ellyett, No. 1, Cook & Son's Buildings. Harrison Bros., 76, Victoria Arcade. J. Croom Webster & Co., Central Chambers. Miss J. Hunt, B.N.Z. Buildings, Auckland. J. McCrea Brigham, 76, Qaeen-street. Clarke & Clay, 97, Queen-street, Anckiand. T. D. O'Toole & Co., Central Chambers, Rainger & Furness, 18, Victoria Arcade. Mrs S. Walker, 20a, Coombes' Arcade. Miss Bacon, Queen-street, Auckland. G. F. Brimblecombe, Exchange, Auckland. R. G. Macky, No. 6, Stock Exchange.

They Bay that most of the mining is done on tbe scrip market, and if this is really so> the situation this week must be regarded as gratifying. The tone of the market is firm, with a decidedly upward tendency. There are now, as there were towards the close of the last slump, numerous buyers at prices rather in favour of the purchasers. Between seller and buyer the difference is very slight indeed, but the seller holds strongly for his own price, thus showing that there is no want of confidence in the future. Sheridans, Waihi Souths and one or two other stocks have had a decided advance in value daring the week, which also goes to show that the buoyancy is being restored to the market. This is a good buying time, so long as the investor is careful to keep to good stocks and to avoid low-priced wild cats, which are always dear at any price. At the same time, it does not follow that all low priced stocks are cheap. Sometimes, the most worthless command high figures, while tbe much-despised are sale for an eventual good rise. It was just as well that the flotation of new properties a few weeks ago was checked. Besides some good properties, it is now placed beyond doubt that some rank duffers were worked off' upon a too-con-fiding public, and others of the same kidney were coming forward. The pity of it is that there is not some process of selection by which the wild-cats would be turned back from the market and the good properties allowed to proceed to flotation. This is a mission which the Chamber of Mines was expected to fill, but who is there on the council of that professedly immaculate body of promoters who can place his hand on the place where his heart ought to be and say that he has not assisted to work off some palpable wild-catß? There are very few. It is an old story now that all the money j in the town was being locked up in mining companies. But what is tbe fact? Let us assume, for the sake of argument, that 200 companies have been floated, with an average working capital of £1000 each. This makes a total of £200,000 locked up. Now, how about the release of money ? The Try Fluke has been sold for £59,000 cash, the Kapai Vermont is being sold for £35,000, and £10,000 cash was released last week from the Tairua Broken Hills. Here is about £100,000, returned to us already, being one-half of the total capital locked up in the local mines, and this from the sale of two properties and the partial sale of another. And the calculation makes no count of the money released from the sale of the Hauraki South, Alburnia, Hazelbank, Pride of Tokatea, Grafton and numerous others, to say nothing of the many others that have been aold and not yet paid for. Capital locked up, eh? Before we are many months older, we shall have foreign gold showered upon ns a hundred-fold more than we have invested

in mining, to say nothing at all of the millions of working capital that will be spent in wages in our midst. Verily, the mining boom is something for which Auckland ought to go down oh its knees and thank a bountiful Providence.

Kapai- Vermont. — Tbe lode in the main level, now two feet thick, is improving its appearance. This onght to be gratifying, because it has been nothing to boast about lately. City of Auckland. — Thirty assays from varioaa parts of the mine are claimed to have given an average value of £39 17/-. That's all right. -If the crushing stuff will only go £3 19/- the City of Auckland may move up to a high seat. TJisino Sun. — Expert who is to report on this property is nearly due. Strong inquiries for shares at low values. They are ■worth more than present prices. Waihi. — The month's return is equal to £9,Boo from 2,900 tons of ore. Good, steady old bullion-producer. Kurunui-Caledonian. — Fifty - five loads of quartz crushed for £510 worth of gold. No flies on this. j Golden Anchok.— Drive in H7t> feet, [ and no sign of the reef yet. If they get it, and it turns out good, the Golden Anchoritt s will reap a big reward for their pluck. Four-in-Hai> d —The main reef is be-' tween six and seven feet wide and still shows gold Picked stone valued at £1000 has already been taken from the property. The Four in- Hand has a future before it. Golden " Giant.— The monster has an appetite. A call already. Maori Dream.— No 1 lode "is seven feefc wide, of which six feet is payable, and they have arrived at this conclusion after driving four feet. Four feet, eh? Matarangi. — Shareholders have authorised the directors to sell the property. I should rather think they would. Pexde of Tokatea.— Stock firming a little again. Not a bad investment by any means Harbour View.— Mr Disseldorff has paid £1,000 for the option of floating this property and the North and Pigmy. Terms include £5,000 cash and one-quarter share, and are good. Waihi Silverton.— Crushing for the month more than payable. But we shall see better things when they get the shaft down on the £9 reef. Talisman.— They have cut the Maria reef in tbe No. 5 level, where it is two inches in width, and said to be worth £5 5s per ton Good enough. Queen Annie. — The whole of the documents for this flotation go Home to Sir Julius Yogel by the out-going mail. The property is brilliantly reported upon. Haukaki Anchor.— This is the latest company formed in London. Its purpose is to take over the Anchor special claim at Hape Creek, Thames. The working capital is £30,000. Ki:aotuni: No. :-s.— Warden Kenny has held that the block is open for pegging. Nasty knock to the Kauri Timber Company". Banker's Hill.— The manager admits that the crosscut is in 160 feet. Is this all ? It looks as though they will have to sink again. Princess May. — If the reports of the recent gold discovery on this property at Rotokohu are to be relied upon it will be a good thing for that side of Karangahake. I have not seen the ground lately myself. May Queen Extended. — They have taken over Bull's small battery, and purpose testing the new reef. It is a good sign to see companies facing the battery test. "Waitekauri Prince. — The assay of £24 per ton from the footwall portion of the big twenty foot reef just cut through is a splendid one. A good offer has, I hear, been made for the property. Heitman's Freehold.— The water difficulty has been finally settled. What will the harvest be now ? Golden Point. — The reef in the drive going north has widened out to three feet. But where is the golden point ? Puru Consolidated. — The latest is that the mine manager is not to furnish any information about this property to the shareholdei sor anybody else. Most sensi ble thing they could have done. The shareholders will know all about it soon enough. Sheridan. — This has been one of my strong tips for the last twelve months. Splendid ore is being won from the winze below No. 3 level, and a parcel of this is about to be treated. Britannia. — Sale arangements about completed. Shareholders get about 3d or 4d per scrip, and 20,000 shares. Gbace Darling. — They are expecting to get something good in the Portsea section. They ought to get something better shortly from Leo Myers. Hauraki North. — Still the best of good things at Coromandel. An upward move ■ is imminent.