MINING.

Star (Christchurch), Volume LXVI, Issue 20479, 4 December 1934, Page 9

MINING.

Maerewhenua Annual Meeting. DIFFICULTIES OVERCOME. The first annual meeting of shareholders of the Maerewhenua Goldfield* development Co., Ltd., was held in Christchurch to-day. The chairman of ! directors (Mr W. S. Mac Gibbon) prej i-ided over an attendance of about 25 , shareholders. The chairman, in commenting on the j report and balance-sheet (already published), stated that many and great | difficulties had been encountered. He | was not in a position yet to predict the j possibility of the payment of any dividend in the near future. A great deal ! of work had had to he done in sluicing j away the tailings, which had proved a much more difficult task than had been ! anticipated. The estimates of the company* mining experts had not been j borne out by actual facts, and the | weather conditions had had an adverse effect. The furnishing of additional capital had been brought about bv an overdraft at the hank, the issue of debentures. and the disposal of surplus I plant. The directors, along with the ; shareholders, had shouldered the buri den in guaranteeing the bank overdraft j and in not asking for any remuneration I until the mine- was working profitably, j The ground had been cleared to the* virgin face, which presented an upright j open wall at a height of 160 ft. SluicI ing was proceeding at the bottom of the face, which was below a layer of j green sand, in and above which the values were known to be good. The i cold recovery devices, which were not perfect, were being improved, and it , was expected that at least 50 per cent of the gold would be saved immodiatelv. Tlie tailings were being got rid of by means of a timber fluming, and it was expected that work would be proceeding on a profitable basis by the end of February. The seven or eight men and the mine manager were working three shifts a day, and running costs should niore th »n so t or 6oz a week. The next steps to be considered, continued the chairman, were a possible increase j n output through use of the big monitors, extra boxes and pulsators. a hotter water supply through repairs to the siphon, and the preparation of I°. r , s i ui ? ,n *- Th * directors felt confident that the mine would ultimately be a nayable proposition. The se?iou A «f r difficu,ti * K had been very Tn answer to questions, the chairman >-aid that 3200 debentures had been taken up by shareholders. A wash-up was expected for that meeting, but unmenced in time. Inquiries regarding the buying out of the companv had been made from England, and if a good price could be obtained the offer would be submitted to shareholders. About sft per cent of the gold won could be taken tlle rest - or a lar proportion of raught b y various methods in the tail-race, at the bottom end of which no colours were showing. From eight lo ten heads of water were coming in I bow, and there should at no stage he ! anv shortage of water. The 1 6«f t face referred to was in Duffer’s Gully, hut work in Golden Gully was about to commence also, and no trouble from the tailings was expected there. The annual report was adopted. Mr T. W. Perry, the retiring director. | was declared re-elected, and Mr A. I iKiTtor Was rGar>polnted *h« company's | On the motion of Mr T. N. Gibbs, the ] directors were accorded a vote of • thanks “for their work during a verv trying period.” Mcanatalari Golconda. The Moanatoiari Golconda supervisor advises that for the week ending November 3a. 193 4. the crosscut has advanced 1 3ft. Three small leader* were passed through. The country rock is well mineralised. seining in Bailor. (Special to the “ Star.”) WESTPORT. December 3 Owing to shortage of water sluicing operations at the Addison’* Flat Goldmining Company’s claim at Addison’s ceased over the week-end and it will not he possible to resume until there has been some rain. An experienced miner is of the opinion that the creeks around Charleston and Addisons were lower than he had ever known them to be previously. Charleston Sluicing. The Charleston Sluicing Company’s return for the fortnight ending December 1 was 19oz 16dwt 14grs for seventeen shifts. During the last week there was a shortage of water which accounted for the small number of shifts. There is enough water for one shift a day continuously until a rainfall enables full time to again he worked. For the past few months an area of poor ground has been worked, but a better class of wash is now being broken into and increased returns may, therefore, be anticipated. Gillespie's Beach. DUNEDIN, December 3. Gillespie’s Beach wash-up for the wcek-endev December 1 totalled 220* 14dwt for 138 hours’ dredging. Matakl Dredge. AUCKLAND, December 3. The Mataki return for the week ended December 2 was 220 z for 137 hours' work.

DOMINION PRODUCE.

High Commissioner’s Cable From London. The Department of Agriculture has received the following cablegram, dated December 1. from the High Commissioner for New Zealand. London:— Tallow.— Auctions will be held on December 5. Market continues dull with values about unchanged. Hemp.—Manila: Market steady. Demand is good in “ low ’’ grade. Value ■'K ” grade for Noveinber-.Tanuary shipment. £l2 15s. Sisal: Market steady. Fair business has been done. No. 1 grade for January-Marcli shipment sold at from £l4 to £l4 2s 6d. New Zealand: Market quiet but steady: nominally unchanged. Peas.—Maples: Market quiet. Tasmania: Prices lower. “ A ” grade afloat sold at 4 4s; new crop, Fehruary-Maroh shipment. 435. New Zealand: Afloat sold at 445. Blues: Market slow. Slight improvement last week. Nominal value Tasmanian £9 10s. Eggs.—Market firm. Demand is good. English, national pack. 17s 6d to 255; ordinary pack, 20s to 22s 6d; Danish. 13s to 20s; Australian. 11* 3d to 12* 9d; New Zealand, 141 bto 181 h per long hundred. 11s 3d to 13s 6d. TIN SUPPLIES. (Received December 4, 11.30 a.m.) LONDON. December 3. World Visible tin supplies n i*» 14.453 plies', 6725 tons; deliveries’, 8507 tonf' P