MINING NEWS.

New Zealand Graphic, Volume XVI, Issue XIII, 28 March 1896, Page 354

MINING NEWS.

THE past week has seen smart business in shares in companies either sold or under offer in England. The most transactions have undoubtedly been in Talisman shares, and what looked very like a ‘ bear ’ failed, owing to ready buyers being found for the several thousand shares that were suddenly thrown on the market. The climax came on Friday, when at the evening call shares advanced from sales at xos 4d to ns 2d, with firm buyers left at ns, a finish that no doubt surprised the steady sellers of the past few days. From the firm attitude shown by buyers it is safe to assume that the sale of this property in London is practically assured. Waitekauri shares have also met with steady demand during the week, and buyers now freely offer /4 12s, while holders ask /5. A short time ago these shares were 80s, and no one seemed in a hurry to buy. For Waihi-Silvertons there has been steady sale during the week at from 70s to 725, and these shares are not now likely to sell at lower rates for the long-expected crushing should soon be commenced, though most of the mine managers are just now as eager for water as the average Prohibitionist, but for a different purpose. The reports from the various sections of the field point to a large amount of work being done which must ultimately result in important discoveries. The Pride of Tokatea mine at Coromandel continues to get regular hauls of specimens, and some samples sent to town this week were very rich, and had the effect of causing shares to advance a little. A most encouraging cable was also received from Liverpool pointing to the immediate floating of the property on that market on satisfactory terms ; a deposit having been paid.

An offer was also received from London this week for the Victoria mine at the Thames, but the directors did not consider the terms sufficiently good, and at a meeting of shareholders held later on it was agreed to offer the property on a basis that would be better for local shareholders, not increase the number of shares too

much, and provide for the placing of cash to the credit of the Company as a working capital. The shareholders have, I think, acted wisely in stipulating for the placing of the working capital to the credit of the Company, because then no matter what the condition of the London market is that money will be there to work with, whereas these large working capitals promised to be raised as required in the future may,in the event of a collapse in the London mining market, vanish into thin air. Just at present, however, the Loudon market seems very firm, and, as the option for a number of properties now under offer at Home must be closed by about the middle of next month, there should be a good prospect of reliable ventures being successfully floated, though of course there is an almost certainty that some must be rejected. The German expert has finished his flying visit to our goldfields, and it is to be hoped good results will follow, as he is an authority in London. News by cable this week was to the effect that Mr Ziman, the South African mining expert, was now on his way back again with several other experts in order to commence operations in this colony. So far Mr Ziman has confined his attention principally to Reefton, but it is now an open secret that upon his return the Auckland goldfields are to be the next scene of his negotiations.

The Favona-Brilliant property at Waihi, which adjoins the Waihi-Silverton and Grand Junction mines, is now evidently floated in London, as news was received bycable this week that shares were being allotted. Hazelbank shares have also advanced in a way that points to some buyers having a prophetic knowledge that this property will be successfully floated in London shortly. The returns from the various mines from mail to mail totalled close on /'25,00a worth of gold, despite the fact that shortness of water was seriously felt by several companies and in the case of the Waihi in particular reduced the return this month by fully half. This monthly return may be fairly calculated to show a decided increase later on when the several large crushing plants now approaching completion are in full operation, and I think that the end of the year will show such

a decided advance in the gold export from Auckland that foreign speculation will be prepared to pay good prices for shares in really gold-producing companies. Already this demand is setting in, for large parcels of high-priced stocks have been sent to London during the past week or two, and this simply means having more cash at this end to be invested in cheap priced stocks now, that in a month or two must sell at much higher rates. ANGLO CONTINENTAL SYNDICATE. HERR WICHMANN’S OPERATIONS. MESSRS GORDON AND PARK UNDER ENGAGEMENT. That the outlook of our mining industry is very promising is further demonstrated by the action of Herr Wichmann, the Chairman of directors of the Anglo-Conti-nental Gold-mining Syndicate, and also of the United New Zealand Exploitation Company. This gentleman, it will be remembered, arrived here a few weeks ago in company with Dr. C. Schmeisser and Dr. Vogelsang, the two German scientists who occupy the position of Royal Mining Commissioners in their own country. The visit of these last mentioned experts has been principally in connection with the West Australian gold measures, the German Government having sent them out to get information with a view to reporting on West Australia as a field for the investment of German capital. They spent about five months in that colony, and then decided to run and visit New Zealand goldfields. Dr. Schmeisser and Dr. Vogelsang, after spending a fortnight on our goldfields started on the return trip to Germany. Herr Wichmann, however, is still in Auckland, and has evidently not been idle, for he has secured the services of Mr H. A. Gordon and also of Mr Park.F.G.S. These appointments are significant, as showing that Herr Wichmann’s syndicate mean business, otherwise the services of two of our head ming experts would not have been obtained, and as both these gentlemen are giving up lucrative Gover-

ment positions, it is evident they have every faith in the big future before our mining industry. As a matter of fact, Herr Wichniann has engaged both these gentlemen for a termr of years. Mr H. A. Gordon, F.G.S., who gives up the position of Chief Mining Inspector, has been in the Government service for twenty-four years. He is now to be the chief representative of the Anglo-Con-tinental Syndicate in the colony, not only as mining expert, but also in financial matters. The head office of the Syndicate will be in Auckland which shows that the main operations will be on the goldfields at this end of the colony. At the same time, such agencies will be started in the South. On Saturday Mr Gordon telegraphed his resignation to the Hon. Mr Cadman, Minister of Mines, and immediately received a reply expressing the regret of the Minister at losing his services. Mr Park, F.G.S., the well known director of the Thames School of Mines, has also accepted an appointment with the Syndicate, so that the Government will lose the services of two most valuable officers. At the same time it is just as well that thoroughly reliable gentlemen should have been secured by Herr Wichmann. It is not, however, proposed to prevent the services of these gentlemen being obtained to report upon mining properties, because Herr Wichman states that this can be done by arrangement with the office, provided, of course, that the demand upon their time is not so great as to interfere with the business of the syndicate. Herr Wichmann will stay here for at least another month to fix things up before he leaves for London. When asked as to his impression regarding the future prospects of the New Zealand goldfields, Herr Wichmann answered ‘ You can very easily get at our impressions by our action.’

MINING PICTURES. Our illustrations this week represent various scenes incidental to quartz mining in the Karangahake district. No. i is a view of the level put in at the Karangahake mine, with a couple of miners pushing a trolly of stuff to the tip. No. 7 is also a view from the same mine, one miner -working at the face, while the other is engaged wheeling out the dirt. No. 4 is also a view from the Karangahake mine with a miner breaking down the face to load the trolly. No. 3 shows the men taking a spell to enjoy a comfortable smoke, and is really a nice sample of the rough bush country in which the hardy gold miner has to hunt for payable reefs. Another picturesque view is No 5, in which is shown the smithy of the South British mine. At present it is only a whare, but as the mine is developed it will no doubt be replaced by a substantial wooden building. No. 2 shows the mouth of the No. 2 level now being put in for the same company, and the miner is just emerging with a wheelbarrow full of dirt. No. 6 shows a mine manager engaged writing his weekly report of the work done in the mine, a troublesome task unless he is able to announce the discovery of a run of gold. No. 8 shows the mouth of the level put in at the Christchurch Company’s mine, the Mariner, where a lot of dead work has been done which should lead to the ultimate discovery of a payable lode.

A general idea of the Karangahake settlement may be gathered by a glance at No. 4, which shows the suspension bridge over the Ohinemuri River, and in the distance the houses of the miners and other buildings. At the rate English capital is coming into Karangahake this scene should soon be a thing of the past when the present modest shanties are replaced by more pretentious structures. No. 1 picture shows the battery of the Woodstock mine at Karangahake—a very complete one—and when the additional stampers now in course of erection get to work, this Company should largely increase its output of bullion. Some idea of the work done may be gathered from the tramways and water race that are attached to the battery. No. 2is a fine view of the tramway through the Waitawheta Gorge. The ponderous mass of overhanging rock shows how the tram track had to be blasted out of the face of the cliff abutting on the river. No 5 is a view of a winze, where the hauling is done on the primitive principle of a windlass and bucket, and No. 6 shows a solitary miner resting on his shovel while he indulges in a few whiffs from his pipe. The most picturesque scene of all is undoubtedly N 0.3,.3, which shows the dam constructed by the Talisman Company in the Waitawheta Gorge for the purpose of securing ample water supply for the new battery, which is just about to commence the reduction of ore. Here also a tramway has had to be blasted out of the face of the cliff.