COROMANDEL.

New Zealand Graphic, Volume XV, Issue XVII, 26 October 1895, Page 524

COROMANDEL.

WYNYARDTOWN. Arrangements have been completed on behalf of a syndicate for the purchase of a piece of private property, 420 acres in extent, known as Wynyardtown. and lying somewhat to the east of Coromandel township. It is supposed to be goldbearing. PIGMY G M. COMPANY. A very largely attended meeting of subscribers for shares in the Ruby licensed holding (Coromandel) was held on Friday at the office of Mr William Elliot, Bank of New Zealand Buildings, Queen-street. Colonel Burton was voted to tho chair, and explained that tho Registrar would not register the company as the Ruby, there being another of the same name. It was then agreed to style the company the Pigmy G.M. Company, and be formed under the no liability section of the Act. The capital of the company was fixed at £l3 500. divided into 90.000 shares of 3b each, 20.000 being reserved for the benefit of the company. Mr William Elliot was appointed manager. The Bank of New Zealand was appointed bank to the company, nnd Mr F. E. Buume solicitor.

NEW GOLCONDA. There ha. been a steady demand for share, in this mine during the week, nwing lo the improved prospects of the mine. This property adjoins the Welcome Find, and stone now being taken from the mine looks well, and is stated to be similar to that obtained in the Hauraki Special. WELCOME FIND. Important developments have taken place in the mine during the week, the manager having wired on Saturday that he had struck a lode supposed to be the Just in Time No. 1. As this mine adjoins the Bunker’s Hill, which is next the Hauraki, the shares have been well held, and in consequence the price advanced immediately the news of the find was made public. GOLDEN TOKATEA. A meeting of shareholders in the Golden Tokatea syndicate was held on Monday at the office of Mr W. Waters, Victoria Arcade. Mr W. Ledingham was voted to the chair. He explained that a large number of theshareholders resided at Napier It was agreed to form a no liability company with a capital of £IO,OOO divided into 100,000 shares at 2s each, nil paid up. Mr W. R. Waters was appointed manager. Messrs W. Ledingham, Jas. Wingate. W. I’rebble (Napier), G. South (Napier). A. E. Argell (Coromandel), A. Eccles (Napier), directors, the National Bank bankers, Mr C. J. Parr solicitor, and Mr A. H. Taylor auditor. Mr Parr explained that the company had a clear and valid title to the property and the operations could be commenced at once. BUNKER’S HILL. This stock is very sensitive, rising and falling in a remarkable manner in a short space of time. On Monday 10s Cd was the highest price offered, then at two o'clock a call of threepence per share was made. Within half an-hour there were half adozen buyers, and offers advanced to 13s. By three o’clock shares sold as high as 15s, and there were further buyers at 14s 6d with no sellers under 15s. Before four o’clock a telegram was posted stating that an accidental breaking down of the leader cut last week resulted in about 15lbs of good picked stone being obtained, and that there was a splendid show left. Later in the evening shares, as usual, declined a little after the rapid advance. THE SUCCESS MINE. Some time ago an English Company purchased certain property at Coromandel which included the Try Again, formerly the Success mine. It is pleasing to note that the work of further developing this property is likely to prove remunerative to the English investors, as Captain Hodge has now splendid gold in a reef ranging from one to five feet in thickness in the Success section. PROSPECTOR’S MINE. THE NEW FIND KENNEDY’S BAY. Satisfactory news continues to be received regarding the future prospects of the Kennedy Bay district, where a new find was made some time ago by a miner named Cleaver, who showed such rich -stone when be same into Coromandel that a small rush resulted. Mr Cleaver secured what is known as the Prospector’s claim, and news received by telegram this week was to the effect that he has two new reefs in his ground, one ot which is 6 feet wide showing gold. ’ TOKATEA OF HAURAKI. Our London correspondent writes under date September 7th :—The statutory meeting of this company took place yesterday afternoon at Winchester House Mr Cecil Hartridge explained the Company's financial position as most satisfactory. They had £25,000 working capital subscribed ; they had cabled to their consulting engineer (Captain Hodge) to know what amount of money was required for the proper development of the Company’s property. He had rep ied £15,000. The Companv consequently had £IO,OOO in excess of the estimated sum required for the development and equipment of the mines. He had considerable experience with the mining interests of New Zealand, and he should not have touched mining at all but he felt assured that there was promise of abundant returns to those who invested. They had already received from the Hauraki mine £40,000 in dividends. The Chairman then read a cablegram receive! from Captain Hodge as follows :— ‘ln order to develop property £15.000 will be required. Appointed Mr Reid underground manager. Myself take full responsibility. Deve'opments started ; as a preliminary step preparing to sink winze in No. 7 levels. Reported gold goes down north part of mine. Four prominent reefs, only developed 80ft below surface. Two patches produced 900 ounces of gold from one reef. We are preparing to develop them Suggest removing stumps for water power. Be assured property is underrated. I consider

it i» a most valuable property, only requires funds in order to develop and re-open.’ The Chairman explained further that the Tokatea of Hauraki started in May with a working capital of £25,000. The area is 73 acres, and the purchase included a 14 stamp battery and a machine site, water rights, several buildings for the accommodation of managers and miners, as well as other equipments. The property had already been developed to a considerable extent by its former owners, and under their management 67,0000ze of gold have been won, of the estimated value of about £200,000 Owing to the amount of capital which has been introduced into this district lately, nearly all the mines of any value have gone ahead at a rate which is practically unprecedented. PROGRESS-CASTLE ROCK. At a meeting of directors in this Company held on Thursday tenders were accepted for putting in a drive 300 feet.