THAMES.

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

THAMES.

HAZELBANK. Thie property, which included the old Caledonian mine, has been under offer on the Landon market since last March. Unfortunately for the shareholders, no deposit was paid by the probable purchasers, so that for all these months the property has been practically hung up. The terms asked for by tho directors were more favourable than those required in the majority of properties sent to London, and this no doubt caused difficulty in negotiating the sale. Apparently, however, the efforts of Mr Thos. Melville to dispose of the property have failed, as the following telegram was received from Glasgow on Wednesday : —* The market is not inclined to accept the property at present. 1 will, however, keep the matter before me, and will advise you when I think it propitious. — Thos. Melville.’ The immediate result of this news was to cause shares to fall in price. As the secretary of the Company, Mr F. A. White, is, however, at present in London, it is not unlikely that he will take the property in hand and float it on that market, as the low levels of tho famous Cale, donian mine should surely be well worth a trial on the part of English capitalists. As the areas of the Hazelbank mine is only about 16 acres, this, no doubt, contributed towards the failure to float it. Combined with one or two adjacent mines a really valuable property might be found which would offer a fair investment for foreign capital, as the low levels are practically untouched. The annual general meeting of shareholders of the Hazelbank company was held on Thursday, when Mr C. B. Stone presided. The directors' report for the year ending 30th September was read. This stated that no payable run of gold had been discovered. A good deal of prospecting work had been carried on, and the directors hoped that satisfactory results would follow the development of the several leaders. The mine manager’s report stated that during the year he had crushed 271 loads of quartz foi a return of 419uz4iwt gold, and the tributers had put through the battery 1,803 loads, chiefly mullock, for 245az 7dwt cf gold, an average of 2dwl 17gr to the load. The statement of accounts was as follows : —To cash in hand 30ih September. 1894, £4 Ils 101 ; gold, 4160 z GJwt from 257 loads, £1,114 12s 31; tributers, £44 13s lOd ; calls, £1,056 10s ; balance, £BO5 3s Id. Total, £3.025 Ils. By balance 30th September 1894, £223 8s 10J ; creditors at 30tb September, 1894, £66 8s 7d ; wages, £1,666 7s 6d ; mine expenses and drainage, £1,053 2s 5d : cash in hand, £l6 3s 81. Total. £3,025 Ils. The reports were adopted, and the retiring directors re elected. CARDIGAN. Tho directors of this Company decided at a meeting held this week to commence operations by driving at No. 4 level from the Saxon shaft, which is within 50 or 60 feet of the Cirdigan boundary. Mr Burch, manager of the May Queen, has been appointed supervisor at the mine.

The United mine, which has been amalgamated with the Imperial, contains three known reefs running parallel. Thia ground has also numerous surface workings, and has had a lot of gold taken out of it in former days, when it was known as the Diamond. Tho Diamond lode was a famous one, and picked ore from it yielded 16oz to the ton by the old battery process, when not one half the gold was saved, whilst the remaining ore was afterwards crushed and returned Boz to the ton. GOLDEN POINT. No time is being lost in getting to work on the Golden Point mine at Tapu. The

machinery for the new pumping and winding plant, together with the boiler, has been landed safely at the mine, and its erection over the new shaft now in progress is to be proceeded with at once. CAPTAIN COOK-SUCCESS. At a meeting of the owners of the Captain Cook and Success special claims at Puriri, it was decided to amalgamate the properties with a view to thorough development of the rich reef recently unearthed on the middle boundary of the two claims. ARGOSY. Rich ore showing coarse particles of gold is being obtained from the Argosy mine at Taraiu. The leader from which the ore was broken is 9in in thickness, but as it will junction with a large lode a few feet further ahead, it is anticipated something belter will be got. Important developments have taken p'ace in the holdings at Tararu recently floated into a company called the Argosy. This mine was originally pegged out by Messrs Lowrie Brothers, the well known prospectors, and consists of 200 acres, situated at Tararu, on the way to Paru. Daring the earlier part of the present week one of the directors, Mr G. VV. Binuey, paid a visit to the mine and broke out a quantity of ore. One reef is described as being from 16 to 12 feet thick, while the other is fully 40 feet in width. Mr Binney brought back some of the stone to town with him, and placed it on view at his office. The sample showed gold very freely, the precious metal being in flakes and coarse particles. The stone attracted considerable attention, and the immediate result was to cause shares in the new company to rise in a short while from 9i to 3s, but later on there were sellers at lower rates. Judging from the appearance of the stone and the large size of the lodes this property should pay well for developing. MAY QUEEN. A largely attended meeting of shareholders in the May Queen Company was held this week when the Chairman, Mr W. S. Wilson expla ned that the meeting was called for the purpose of confirming the action of the directors in regard to the sale of the Company's property to an English Syndicate. The terms were that a new Company was to be formed, to be called the British, with a capital of £250,000 in 250,000 shares at £1 each. May Queen holders would get 86,900 shares, being share for share with 10 per cent added. Another 3,170 shares would go to the Lone Hand Company, £34,000 working capital was to be provided, and 50,000 shares would be reserved to raise further capital if required. He thought the terms were good and that credit was due to Colonel Burton wi.n negotiated the sale. He proposed the adoption of the resolution, empowering the directors to dispse of the property. Mr R. C. Carr seconded the motion. Colonel Burton said there were only 200,000 shares, as 50,000 shares would be reserved, and that capital might never be wanted. The resolution was adopted. LONE HAND. An extraordinary meeting of shareholders ot the Lone Hand Go dmining Company was also held for the purpose of confirming the action of the directors in selling the Company’s property to an English Conij any, to be called the ‘Biitish Company.’ Mr W. S Wilson presidtd, and said the sale was a very good transac tion tor the Lane Hand shareholders, who got one British share for every ten they held in the Lone Hand. A lot of money had been spent in driving a tunnel in the expectation of getting gold which showed on the surface; but they could not go on longer without further capital. He moved a proposition authorising the directors to dispose of the Lone Hand property. This was seconded by Mr Leighton and unanimously agreed to.