WAITEKAURI.

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

WAITEKAURI.

ALPHA. The process of floating properties on the London market appears somewhat slow. The plan of the A'pha mine at Waitekauri was sent Home early in the year, and judging by a cablegram received this week, the negotiations are only now about completed. A meeting of directors was held to consider the cable which contained a proposal that £15,000 cash for working capital shall be provided in the flotation of the Company, and a further £15,000 to be provided for by calls in two amounts, as operations may require, the capital of the Company to be £200,000; Alpha shareholders to got one and one-third share now held paid up to £l, and Rainbow shareholders to get share for share. The Alpha directors agreed to the terms proposed, provided that the floating of the Company is completed this year. KOMATA REEF. Reports from this mine are of an encouraging nature. Already four reefs have been discovered, the Black reef 8 feet, Komata reef 6 to 14 feet, the Argali reef 18 feet, and Lavington 14 feet wide.