MINING NEWS.

New Zealand Graphic, Volume XV, Issue XXI, 23 November 1895, Page 653

MINING NEWS.

riXHE glorious uncertainty of law sinks I into insignificance beside the ups and downs of the Stock Exchange. Values of shares advance and recede in a manner most embarrassing to the average speculator, and moat enriching for brokers, as at each upward move there ia a rush of business which would not take place if values were steadily maintained. The past week showeddull business on the Exchange, with a general falling off in values all round. The disturbed state of the financial markets in London and the Continent no doubt contributed to the dullness, by giving the impression that the remaining companies now under offer at Home would not be taken up. The fact that the Kathleen and Peveril mines at Coromandel were floated in London during the week, and also that a very satisfactory oiler was made by cable for the New Alburnia mine at the Thames, should satisfy the timid ones that foreign investors have not lost faith in our goldfields. Added to this, the directors of the Waitaia Company received very favourable telegraphic advices this week from the Home agent with reference to the terms on which the Company’s property had been offered on the London market, and the offer for the Star of Waihi mine was confirmed by a second cable. Very satisfactory terms were also cabled from London with regard tc the workingcapital ofthe Alpha. With such proofs of continued confidence abroad, local shareholders woul I do well not to exhibit such nervousness regarding the safety of the comparatively small sums they have invested in the goldmining industry. The return from the Hauraki mine this month was again an excellent one, 210 tons of ore having yielded £7,10614s worth of gold, and accounts from the mine state that the gold is still being carried down in the winze below No. 7 level, where the ore shows rich blotches of the precious metal. Good accounts are also received from the Woodstock mine, as the ore now gives an average assay value of £7 per ton, which should pay handsomely when increased crushing power has been secured. The practical evidence of the value of our goldfields shown by the Hauraki return appeared to haves beneficial effect on thesharemarket, as a better tone prevailed, and buyers were more numerous, and prices oi mining stocks showed improvement. Waihi-Silvertons fell to 395. but when news was received by private cable that the London quotation was £2 15s, shares advanced locally, 42s fid being offered the same day that 39s had been accepted. The Waitekauri mine also showed an increased return this month, £775 17s Id of bullion being obtained from 158 tons of ore. Excellent accounts continue to come to hand regarding the prospects of the new finds at Port Char es, VVhangamata, and Te Puke, while prospecting is steadily going on at Whangarei, and special claims are being taken up at Puhipuhi, thus demonstrating the fact that the interest in mining is spreading to districts outside of what was formerly considered the goldfields area. At Tairua work is being pushed forward in the various mines taken up, and it is stated that Mr Dunn, who took over a property on behalf of a Home syndicate, is so well satisfied with the teste made that it is proposed to commence operations on a large scale. Great eagerness is manifested to secure claims on the Karaka No. 1 block at Coromandel. Already applicants have lodged £l,OlB as fees representing claims aggregating 2,000 acres. A sitting of the Validation Court under the Native Lands Validation of Title Act was also held this week by Judge Davey to go into the question of the Whau Whau or Kuaotunu No. 3 block. A number of claims have already been pegged out on this block, in consequence of a rush that took place about a month ago, but as the Kauri Timber Company held the land under lease from the natives, the question arose as to whether timber rights would be injuriously affected by the operations of miners. At the Validation Court an application was made on behalf of the Kauri Timber Company for the validation of a lease of the block above named alleged to have been made in 1885 by the native owners to William Meikle, and since trans ferred to the Company. The application was objected to by the Crown and opposed by the native owners, and their solicitor, Mr F. Earl, raised the point that the Court had no jurisdiction, which was upheld. Notice of appeal was given as the matter is an important one affecting other blocks of land held under similar leases. Unfortunately, tbi-entails considerable delay. In

order to aid in the thorough prospecting of land in the Upper Thames district, the Ohinemuri County Council at its last meeting considered the question of opening tracks through the bush from Waitekauri to Whangamata, and also another known as the Komata track, which when completed would mean a saving of about fourteen miles in conveying machinery to Komata—the distance being about six miles, whilst by Waitekauri it is twenty mi'es. The Komata district being one of the chief centres of the Upper Thames goldfields, this road would be of great benefit to the mines situated there, besides opening up a main prospecting track to the country back of Waitekauri that might lead to other important finds being made. Besides these several smaller tracks were authorised to be constructed, and others are to be repaired at once, so that a great improvement will shortly be effected in the most important bush tracks, which will be a great boon to prospectors and miners generally. It is satisfactory to note that though the sharemarket is at present quiet, the work of developing the mines is being steadily proceeded with. Another good sign which points to more economical working of the properties is the growing tendency to amalgamate small holdings into one strong company. This is undoubtedly a move in the right direction, and one which must ultimately lead to good results. The old method of small companies with 10 stamper batteries is fast passing away, it being now generally recognised that to work economically large crushing plants require to be kept constantly at work putting through great quantities of ore. While mines are being thus vigorously developed, occasional lulls on the market are of little consequence beyond the fact that they cause shareholders considerable uneasiness while they last. In a month or two many of the English Companies that have taken over properties will be getting tp work with ample capital to carry on operations, and the result must ultimately be a great increase in the output of gold.