MINING NOTES.

New Zealand Graphic, Volume XV, Issue XVI, 19 October 1895, Page 492

MINING NOTES.

AUCKLAND MINES ON LONDON MARKETS. SATISFACTORY NEGOTIATIONS. Mr A. D. Douglas, Victoria Arcade, received the following cable from Mr I. B. Smellie: * Tokatea : Money and shares paid over in London, Star of Waihi will sign agreement for sale next week. Grace Darling : This transaction should be closed very quickly. Alburnia Extended : If New Alburnia won’t accept terms with firm offer, 1 am certain to put all of the others through. The mines referred to are the New Whau, Mountain Flower, Coliban, Clune’s and Freedom. Telegraph at once definite answer.—(Signed) J. B. Smellie ’ Our London correspondent writes under date of September 7(h : —‘ Amongst the New Zealand mines at present on oiler in London are the Hazelbank, Alburnia, Irene, Londonderry. And this by no means exhausts my list. My informant tells me there is a prejudice (which may presently wear oil) against the Thames proper mines, a notion being prevalent that many have been worked out. Mr Witheford has on behalf of himself and others sold to an African syndicate a block of land at Coromandel adjoining the New Hauraki Company’s property and known as Otomoho. This will be turned forthwith into a company, and Witheford is down for £l,OOO worth of shares. Another promotion in which he is largely interested is the Kathleen Company formed to work a block adjoining the original Hauraki Company. The Hauraki returns have given an impetus to New Zealand promotions. THE WAITEKAURI COMPANY. ‘ Mr Tom Russell has no superior in England as chairman of a mining company’s meeting, for he has the capacity of making even dry figures interesting, and communicates his cast-iron optimism to the most pessimistic shareholders. Last Wednesday he bad the Waitekauri proprietors under his spell at Cannon-street, and I venture to say that the uppermost thought in each shareholders mind when he left the little room was, * This is the best mining spec I ever made.’ The ‘Hon. Tom’ certainly made Wairekauri shares appear dirt cheap at their present figure. He opened proceedings with an exhaustive description of the property and the work done upon it since the Company was formed. The work accomplished had, he said, opened their eyes to its true value. It was one of the most valuable in New Zealand, rivalling in worth and importance the Waihi mine itself. Besides having their £35,000 cash working capital practically intact they had 14,000 shares unissued, which in a few days could be sold for £70,000. Mr Russell urged his hearers to stick last to their shares tor twelve months, and he felt sure those who did so would thank him for the advice. Their property should yield £BO.OOO per annum profit for many years to come. The vote of thanks winding up the meeting was, you may be sure, a particularly cordial one.’