NEW ZEALAND MINES IN LONDON.

Star (Christchurch), Issue 5763, 6 January 1897, Page 2

NEW ZEALAND MINES IN LONDON.

[From Our Correspondent.] LONDON, Nov. 6. The temporary boom in American securities, caused by the election of Major M'Kinley and the triumph of " sound j money " has monopolised the Stock Exchange to the exclusion of all other business these last few .days, and hardly any really fresh quotations are available." The Financial Times says : — " Prices in New Zealanders are almost unaltered, the only movements being small declines in Waihi, Haurafci, Kapaijga and Royal Oak." On "Wednesday tho prospectus was issued of the Collingwood Goldfield, Limited, a concern with a capital of £1 50,000 in £1 shares, formed to purchase leases of over 398 acres of auriferous properties situate in Collingwood, Golden Bay, and locally known as Golden Gully, Quartz Ranges and Appos Flat, and also to acquire all the water rights included in that tract of country embraced by Clark River, Slate River and the Greater Boulder Lake, covering an estimated area of 30,000 acres. Extracts of expert reports on the property state that alluvial gold exists beyond question in the leases acquired, that the acquisition of water-rights for hydraulic sluicing is a sine qxia non to success, that a working capital of .625,000 employed with reasonable prudence would suffice to carry the necessary water-power to the auriferous deposits. The vendors accept shares only in full payment for the properties, and .650,000 is for working capital, of which the present issue of .825,000 is part. The issue is made under the auspices of the Colonial Goldfields Limited, and the directorate includes Lord Douglas, of Hawick, Mr Roland Hall, the chairman of the Taitapu Estates, Mr George Beetham, and Mr J. Lletget Sarda, of the Anglo-French Exploration Company of West Australia. Mr AY. R. Foster is the secretary and the offices of the company are at Dashwood House. Hauraki Consolidated Limited. — Registered with a capital of .2150,000 in £1 shares. Objects : To adopt an agreement with W. Weir and to acquire, develop, turn to account, deal with and work mines, mining rights and metalliferous land, &c, and to carry on the business of a mining and metallurgical company in all or any of its branshes, to buy ores or metalliferous substances, and to crush and treat the same for a royalty, or a percentage of the metal extracted, or for a fixed sum per ton or otherwise. The number of Directors is not to be less than three nor more than seven. The first are the first five subscribers. Qualification .8200. Remuneration .6250 each per annum and .6300 for the chairman. Registered office, 6 and 7, Grocers 1 Hall Court. Amongst the signatories to the articles of association the name of Sir Somers Vine figures, so he will

probably be one of the directors. LONDON, Nov. 13. The "rag, tag and bobtail " of the financial Press have at length discovered that there are other things in New Zealand than sheep, rabbits, broken banks and bust commercial concerns ; they have, indeed, discovered that you have gold mines, and the learned fashion in which they discuss the prospects of the colony as a gold producing centre are i-eally funny. One .and all be it said Beem to have come to the conclusion that New Zealand is the .place, so, perhaps, it is ungenerous to cavil at the queer little blunders made, and the staleness of much of the informationsubmittedto English investors. After all, most of the latter are still densely ignorant or else woefully sceptical as to the Colony's great mineral wealth, or surely with such excellent newspaper puffing as has been given to the goldfields of the Colony, the long predicted boom would have set in ages ago. It is, indeed, difficult to say what is keeping it back. News from the Colony continues to be excellent, and the danger of European complications through the antics of Abdul the Infamous is, according to our statesmen, overpast. Trade is reviving, and the weather for November is splendid. Circumstances, indeed, could not be more favourable for a " boom " in New Zealand mines than they are now. Yet I cannot honestly say I perceive tangible signs of one.

The principal feature of the week's market in New Zealanders has been the slump in Waihi Silvertons. A few months ago these shares were in high esteem, and were quoted about 4d. From time to time, however, they slid gently backwards until they reached a general level of about 2d. With slight fluctuations they kept hereabout till about ten days ago, when rumours of a disquieting character began to leak out. The price dropped then to lgd to ]$d, and, as the quotations given last mail showed, a further fall to ljjd to If d was noted. The slump continued during the week current, and this morning the price is marked down to "d to Id. It is difficult to discover any particular reason for this great fall at this end. People who should be in a position to ' know hint this thing and that, but will not commit themselves to any definite statement. Their caution seems to be caused by the law of libel, and that same law prohibits my repeating such little bits of scandal as I've heard. Still, does not the fact that the fear of libel actions keeps men's mouths from opening too wide indicate that it is not the mine which is to blame for the fall in the price of the shares, but the people connected therewith? It may be, of course, that somebody is " banging " Waihi Silvertons for their own purposes; indeed, I am inclined to think that this is the case, and look • forward with some confidence to seeing a nice profit for those who step in at the present price. The prospectus of the Whangamata Proprietory, Limited, was issued on Saturday last. The capital is -.200,000.' in 200,000 shares of £1 each, one-fourth of which are appropriated to working capital, and 50,000 shares are offered for subscription at par. The company has been formed to acquire, work and develop gold-mining and other properties in New Zealand, and generally to carry on objects specified in the com* pany's articles, iv pursuance of whioh it is proposed, to acquire special mining licenses for twenty-one years in the Hauraki goldfields, viz.: — Luck at Last, 100 acres ; Luck a. J-ast Extended, 100 acres ; Wharekawa, 94 acieS situate about three miles southwest of Whangfli-iata harbour. The property has been favourably reported on by experts, and Professor Black l.pcrts Phat thi'eo reefs exist, the main central lode being about 17ft in width, about a mile in length,and aveiaginga value of £7 to_£Bper ton all through its wliole width. Some assays of high grade ore quoted in the prospectus .show an average of Over _823 per ton, and the directors consider that the properties should 'prove of exceptional value, both for working and for re-sales of portions to subsidiary companies, The purchase price is .6150, payable as to .810,000 in cash and the ,, >-l_ft!l9 c * n cash or shares, or partly in each Tl'-i-^ftYes 60,000 shares for providing worktfi. &-p_tal, subscriptions for 30,000 of which 'included in the present issue) have been and the vendor reserves the rl *J* to , subsCl^ for the remaining 20?°^ £ hare^: ., a t _■ -j ° • The dr.ee-> 5s per share premium. tt)\i ■ torate in London consists of _ * ™ . x " ander, Esq. (Messrs Alexander, .« letc ™; r and Co.), Eredk. H. M. Corbett, Esq., ' J * ' Greenlees, Esq. (Messrs Greenlees Brotht. v ' distillers), A. Pinto Leite, Esq. (Director ot the Miners Dream Gold Mines, Limited), I Ed. Loewenstein, Esq. (Managing Director !of Messrs Alsing and Company, Limited), | Hon Eeginald Parker (Chairman of the JTadcaster Tower Brewery Company, Limited). The Advisory Board in New Zealand is formed by the Hon William M'CullbTigh and Mr Sydney W. Phillips. Eegistration. — Kapai Vermont Goldmining Company, Limited. Capital -.150,000 in -81 shares. Objects : — To acquire certain mines, and mining properties situate in the Colony^of New Zealand, and with a view thereto to' adopt and carry into effect ' an agreement 'made Oct. 26, 1896, between : the Kapai Vermont Gold-mining Company of the first .pij.rt, S. H. Johnson of the second part, and J. Whittaker as trustee for and on bel-ql^of this company of the .other part and generally to search for and raise jn.^the colony of New Zealand or elsewhere gold or other ores, metals, minerals' or substances and to

carry on the business of minors, millers, smelters, __c., in all or any of its branches as suppliers of water, merchants, manufacturers, &c. The first directors —of whom there shall be not less than three nor more than eight — are to bo elected by the signatories. Qualification -£150. Remuneration — Chairmen £250 per annum each, with a percentage of the profits divisible.