MINING NEWS.

New Zealand Graphic, Volume XVI, Issue XII, 21 March 1896, Page 321

MINING NEWS.

A PECtLIAR feature of the Stock Exchange y-\ during the past week has been that, while the shares between is and 5 s price were somewhat neglected, there has been a steady demand for highpriced shares, and many stocks below a shilling have advanced in value. This may be looked upon as a very reassuring sign. The demand for higher-priced stocks shows that a enquiry from abroad has set in, while the quietly pickingupof very cheap shares proves that far-seeing men are purchasing either to average shares already held at higher figures, or else in faith that in a month or two there will be a steady advance all round. This week Waitekauri shares touched the highest price yet reached on this market, transactions being reported on more than one occasion at 90s, with steady buyers at half a crown under that figure, and no sellers under 955. This is not a bad price considering that about eighteen months ago the shares could have been obtained at about 14s. During the week there have also been regular sales of Woodstocks at from 24s to 255. These shares are the new register in the English Company, and as original holders get a share and a-half in the new Companv for each old share, the present price is a considerable advance upon the rates ruling before the allotment was made. The most transactions during the week have, however, been in Talisman shares at from 9s qd to 10s, some thousands having changed hands. The battery at this mine will be ready to commence crushing very shortly, and there is already plenty of ore at grass, which, should it crush as well as the bulk test some time ago, will pay handsome interest on present prices. Fresh negotiations are still going on for the sale of this mine in London, but once the battery gets to work the shareholders will perhaps not be so anxious to part with the property. At the Thames the most interest just at present centres in the Victoria mine, in which what appears to be a new run of gold has been discovered in the old Prince Imperial section. As the present find is in close proximity to where a rich haul was made years ago. from which about Z 56,000 was paid in dividends, shareholders are in hopes that another similarly rich patch will be unearthed. A stope was commenced this week, and in a few days solbs of picked stone were secured, which caused these shares to be firm at from 4s to 4s 3d. A start has now been made to sink on the gold, and I fancy these shares will shortly see higher prices, more especially as there seems every chance of the property being also floated on the London market on satisfactory terms. A meeting of shareholders has been convened to empower the directors to dispose of the mine. The famous Waihi Company cleaned up for the month during the week, but the return was not as large as usual. I am happy to be able to state, however, that this is not due to any decrease in the value of the ore treated. The fact is that the prolonged dry weather is somewhat hampering the mining industry at present, and in consequence of the shortage of water all the stampers at the Waihi batterv were not in operation this month. Added to this was the fact that the battery was stopped for several days to effect certain repairs to the machinery. On account of these two causes not quite two-thirds of the quantity of ore put through for the previous return was crushed this month. The result was, however, very satisfactory, Z 6,602 worth of bullion being obtained from 1,950 tons of ore. An additional Z 664 was also obtained from tailings by the cyanide process, thus making the total yield for the month, in spite of stoppages. For the previous crushing 3.060 tons were treated. At Coromandel the Pride of Tokatea Company (one of the new ones) got another 3S’.bs of specimens this week, making a total on hand of 2oSlbs. The Hauraki North Company which adjoins the famous Hauraki had also its first crushing return this week, 96025. of gold, worth per oz., being obtained from about 70 tons of ore. This will no doubt encourage the shareholders to erect the requisite pumping machinery and winding gear in order to work the mine systematically. Good accounts are received from the mine itself, a small leader showing rich gold having been cut running near the reef with which it should junction later on, when important developments may be expected. A Tairua property called the Maori Dream has practically been sold to an English syndicate, the first deposit of £5OO being distributed amongst shareholders during the past week. The German Mining Expert. Herr bchmeisser. is at present visiting our goldfields, and ha inspected the Central mine at Waitekauri,and other properties, on behalf of probable Home purchasers. The immediate result was to central those shares to advance from is 3d to 2S, but the market closed with sellers at is 6d. Shares in another Waitekauri company, the Sovereign, have sold freely this week, owing to a good reef, which is reported to be showing gold freely, being cut. A fortnight ago these shares went begging

at sd, but sales have since been made at is id. The long-looked-for clearing up at the Monowai mine is now expected to take place towards the close of the present month, and the result will be awaited with keen interest, as its success means a big thing for the Waioma district, where the ore has heretofore been neglected as too refractory to accommodate itself to the system of quartz reduction hitherto tried. An English expert, has. however, started a new process, and is very sanguine of its success. Professor Black, who has visited the mine and watched the process has, I understand, reported that from So to 92s per cent, of the assay value of the ore will be saved. Should this prove to be the case, and the cost of the process is not too high, Monowai shares will be worth much higher prices than those at present asked for them, and the whole of the surrounding country will at once be taken up by other companies, as the ore lodes are large, and there are plenty of them in the district. Accounts from Te Puke are also of a very satisfactory nature, and there seems every probability that another large stretch of goldfield will be opened up in the Tauranga district. Already reefs have been cut, the stone from which, it is stated, gives good prospects bv mortar tests, but the real value will not, of course, be known until a bulk parcel has been treated. The Sydney Trade Journal, in its last issue, publishes details of the gold exports of the Australasian colonies for the year 1595, which are of interest as showing that New Zealand heads the list as far as the increased output for the year is concerned, with 71 96802 s in excess of the yield of 1594. while Western Australia's increase is only 24,382025. These figures should convince the most sceptical that the New Zealand goldfields offer a fair investment for foreign capital.