STEWART ISLAND TIN.

Star (Christchurch), Issue 6482, 27 February 1889, Page 4

STEWART ISLAND TIN.

INVERCARGILL, Fbb. 26. The lode of tin at Pegasus was traced Beven miles by a party who came overland to Half-moon Bay. Good samples of gold were also found in one of the alluvial tin claims. Mr Ashcroft, who arrived in town to-uight, brings convincing proof as to the existence of metal in the shape of substantial smeltingß of ore from the lode. From a handful of stone the tin is as large as a crown piece, and half an inch thick in the centre, equal to 60 per cent of the weight of stuff treated. There are thousands of tons of loose blocks on the mountain containing tin. Some doubts have been expressed as to the field, because of the uncertainty whether the matrix was granite, with which successful tin mining is always associated. Granite is now believed to have been found. [from our own correspondent.] LONDON, Jan. 11. THE NEW ZEALAND COPPER COMPANY. It is understood that the Directors of the New Zealand Copper Company have decided not to go to allotment, and have returned the money to the subscribers. It is feared that Mr Williamson will be a considerable looser by the transaction, aB probably the main expenses of floatation will have to be borne by him. An effort has been made to arrange for the mine being carried on for the present by the syndicate, but some legal difficulties exist which occasion aa obstacle in the way of this arrangement. ANOTHER COPPER' VENTURE. this time for Auckland, has been brought under the notice of influential in the city. It is believed that a Melbourne syndicate has the matter in hand, they having secured the Great Barrier Land and Copper Syndicate's property near Auckland. They have not apparently made up their minds as to whether they will submit it to the public at .£300,000 or .£500,000, but from what I can hear it is not at all likely that any such speculation would be acceptable at the price at the present time. The confidence that has been given to investments in copper by the operations of the French, syndicate has been shaken of late. Ib is understood that the syndicate has already on their hands something like 130,000 tonß of copper, representing a cost of over nine millions sterling. Consequently, this new good thing for the Colonies is not likely to be snapped up at present. THE BEEFTON CALEDONIAN COMPANY. I hear that next week the New Zealand Caledonian Company, of Reefton, will be floated simultaneously in Paris, Brussels, and London. The capital will be £100,000, of which .£20,000 will be reserved for working the mine. The Directors will be Sir Walter Buller (Chairman), Sir A. Armstrong, Sir Frederick Young, Mr W. Turnbull, of Wellington, and Mons. J. Errington de la Croix. The terms will be 2s 6d on application, 7s 6d on allotment, and the balance in a month. Paris will probably take 30,000 shares, Brussels 10,000, and the remainder will be taken up in London. The West Tokatea Goldmine Company, to which reference has been made in previous letters, is understood to have been practically floated. At any rate, it is a fact that the Directors have received a quarter's honorarium, which looks as though success was assured. THE NEW ZEALAND ANTIMONY COMPANY. The annual report of the New Zealand Antimony Company will be submitted to a meeting of the shareholders, to be held at the Cannon street Hotel on Jan. 16. It is stated that owing to difficulties raised by the vendors, five months' work at the mine has been lost, and the Company has not been able to deliver to Messrs Cookson and . Co. the stipulated quantity of 2000 tons of ore for last year, and a penalty is due to that firm. The working account | shows an actual profit in hand on ; the year's operations up to Sept. ' SO, 1883, and ore at grass is j reported to the value of £14,000. But the Directors intend to carry the whole of this forward to next year's ! account, so that no dividend will be ! declared for this year. The negotiations i for the sale of the goldmine property at I Jackson's Head are stated to be proceeding j satisfactorily, and every hope is entertained that they may soon be brought to ! a successful conclusion. The retiring ' Directors are - Sir Walter Buller and i Lieutenant- General Sir John Stokes, who, . however, offer themselves for re-election. : But it is believed that an effort is to be j made to secure the return of two gentlemen representing the local shareholders in New Zealand, who are chiefly the vendors of the mine to the Antimony Company. These, it is said, have sent over a large block of proxies, which they hope will enable them to carry their nominees. These tactics : have compelled the retiring Directors to communicate direct, and at their own expense, with the English shareholders. The result has been that they have . received such an overwhelming number of | proxies that they wOl probably be able to 1 retain their seats.