MINING NEWS.

New Zealand Graphic, Volume XV, Issue XX, 16 November 1895, Page 620

MINING NEWS.

FIIHE Stock Exchange has presented I peculiar features during the past week owing to speculators suddenly ceasing to display eagerness to acquire interests in properties adjacent to the Hauraki mine at Coromandel. The exhibition of the excellent stone obtained from the Bunker’s Hill mine caused some excitement for a day or two, but when the novelty had worn off, and no further hauls of a similar nature were reported, values of most Coromandel stocks adjacent began to decline. This caused a general weakness in the market all round for a day or two, which w as also partly due nodoubt to arrival of the 4th of the month. On Thursday when the news became known that the Hazelbank mine had not been sold in London there was a decided lull on the market, during which most stocks receded in value owing to nervous holders being eager to sell at a c incession. It appeared, for one date at all events, as if the failure to dispose of one property had knocked the bottom clean out of the market, notwithstanding the fact that within the last week or two several mines had been taken up by London syndicates. It would be a strange state of affairs if every property sent to London was accepted, no matter what terms wcie asked, but apparently this is what some speculators expect, and one failure seems to make them forget a dozen successful sales of mines. No property should be offered either locally or in London unless it is a really genuine venture, and if a sale is not effected in anyone c ise, the mine still remains as good as it was before being offered, and should be just as well worth developing locally as ever it was. In the case of the Hazelbank, the property is good enough offering, as it does,the possibility of perhaps picking up the famous Caledonian lode at lower levels yet untried, but as the present area of the mine is small, no doubt the English capitalists considered that there was not sufficient ground to warrant the erection of the plant requisite for getting to the lower levels. The immediate result was to cause shares to be offered at a considerable reduction upon late rates, but the next day sellers were not so eager, and the market firmed again. The peculiar feature of the week was that notwithstanding the prevailing dulneas, yet immediately some gold-bearing stone was shown from a new mine cilled the Argosy, there was a sudden rush to get shares in the property, and the price advanced in a few hours from 9.1 to 3s. Of course such a sharp rise was followed by a decline, as all the shares were held at very low figures. Still the sharp advance goes to ptove the buoyancy of the market provided gold can be shown to exist. No matter how large may be a lode of low grade ore, or how well it would pay to work, the average speculator has a weakness for stone which shows the gold plainly without the aid of a glass, and that is the reason why Coromandel stocks have been so much in favour la’ely. Shares in the Queen of Waihi mine have been in demand throughout the week at treble the price they were floated a couple of months ago. This is due to the fact that the mine adjoins the Waihi Silverton, and it is stated there is every probability of the Silverton lode being picked up in the shaft now being sunk on the new mine The new find at Cabbage Hay continues to attract the attention of prospectors. Several parlies have gone there during the last fortnight to try their luck. It is stated that some prospectors are so afraid of pegging out too little that they enclose from 100 to 300 acres in their pegs. This ensures their getting the 30 acres they are entitled to, and has the advantage (from their point, of view) of locking up the adjacent ground for the benefit of their particular friends who can apply for the surplus. This system of * grid ironing ’ a country is objectionable as being calcu’ated to hamper real prospecting. It is stated that in one instance an applicant pegged off about a mile square, so his 30 acres should be very sure. At all events this system does away with any danger of claims overlapping. Six special claims have also been applied for at Boat llarb>ur. where, though the country is rough, the lodes nre large. Professor Black, of Otago University, who lately paid a visit to the district, has taken with him to Auckland sample stones from this locality for assay. At the sitting of the Warden's Court at Paoroa this w eek no le*s than 800 applications were sent in for holdings, residences, and machine sites and water rights, an evidence of the energy with which the

mining is being carried on. Naturally surveyors are kept very busy, and complaints are still numerous about delay in getting plans. The taking up of new mining areas in all the different centres seems to be going on as steadily as ever, although perhaps the Waihi district is claiming most attention just at present. Two more claims have been applied for north of V aihi, on a line with the Fifty-foot Reef claim and Dixon N->. 1, so that there are now about 8 special claims in that locality adjoining and all supposed to contain the one reef. This is no doubt a tremendous reef, and if it proves payable will open up a large area of country hitherto neglected. An application has also been made for the Komata West Extended, which consists of 100 acres in a very good locality, and in which there are said to be three reefs, one 30 feet wide, and all gold bearing. Applications have also been lodged for the surplus ground of the Grafton licensed folding at Waitekauri. It is proposed to amalgamate three claims here, giving an area of 230 acres, and a well known Wellington firm have undertaken the flotage of the united properties on the London market. The ground is a splendid one in its position, and contains several reefs showing first-class samples of stone. Prospecting is proceeding vigorously in the Tauranga district, and hardly a day passes without some miners going to hunt for gold, and the general opinion expressed is that the prospects are sufficiently good to warrant work being done. In an article in a London journal, Mr L. Wellstood, who was out hero some months ago in connection with the Grand Junction mine, has given some interesting facts regarding our goldfields which should tend to still further direct the attention of English capitalists in this direction. This gentleman writes: ‘The reefs attain immense width, as at Waihi and Waitekauri, and owing to the nature of the country they can be opened up at a low co-t by a system of adit levels. Timber is plentiful for all purposes, and water power is generally obtainable. A gold producing district, with so many facilities for mining, premises to be an important source of revenue to the colony of New Zealand. This can be attained by the introduction of capital, for which the Government of the colony should give every possible facility, and thus assist the opening up of a large field for the employment of labour.' Regarding the Waihi mine the writer states : ‘ The Martha reef is of immense width, averaging about 25 feet of milting ore, which increases in richness in the lower levels. The Welcome reef, which runs parallel to the Martha, is of richer quality, and is opening out to an extraordinary extent. The latest reports give most important evidence of the increasing value and sze of these reefs. The property contains other valuable reefs, which it is intended to work, and the future of this company appears to be one of the greatest in mining history.’ After referring to the Waitekauri mine as a most valuable property, and the Woodstock as the ‘most valuable £t Karangahake, Mr Wellstood concludes : ‘ With capital to work these mines on a large scale good profits will be made. I went from Coromandel toKuaotunu across the main range. On the eastern side of this range is a country ottering great facilities for mining, with many reefs already known, and from which gold has been obtained. This district will be opened up in due course, and from appearances should prove of great value.’ With such opinions written by one who has personally visited the Northern gold fields, it is fair to assume that there is no immediate danger of E iglish capitalists hesitating about investing in New Zealand mines.