MINING NEWS.

New Zealand Graphic, Volume XVII, Issue II, 11 July 1896, Page 47

MINING NEWS.

SHAREMARKET. BUSINESS has been very good on the Exchange during the week, and the market closed much stronger than it was a week ago. Investors are now fully aware of the fact that the mining industry has now reached a stage of progression that must convince the most sceptical the revival has come to stay. That such is the general opinion is shown by the activity on the Stock Exchange, which is crowded each day with speculators, while new companies are floated at the rate of seven or eight a week. The demand for properties for the Home market continues good, as will be seen by the favourable terms offered for various mines. The most important mining matters this week were the payment of /'io.ooo towards the purchase of the Try Fluke mine at Kuaotunu, the receipt of the balance of the /"io.ooo for the purchase of the Alburnia mine at the Thames, and the striking of gold in the low levels of the Welcome Find mine at Coromandel. The crushing returns to hand this week are also very encouraging, as will be seen in another column. During the past week Crowns advanced from 50s to 53s ; Aorere, is yd to is gd ; Byron'Bay, is 3d to is sd ; Comstock, to is; Central, is gd to is nd; Day Dawn, lod to is ; Golden Point, 3s yd to 3s gd ; Golden Crown, yd to nd ; Golden Link, lod to is 4d ; Hauraki North, 5s to 5s 2d ; Hercules, is gd to is nd ; Hit or Miss, 2d to 8d ; Kuaotunu, 2s id to 2S 3d : Maritana, nd to is 4d; Norfolk, 4s lod to ss; New Golconda, is 6d to 2s ; Castle Rock, is lod to 2s ; Puru Consolidated, 5s 3d to 5s 8d ; Portsea, is gd to is nd ; Welcome Find, 4s to 5s 6d ; and Bunker’s Hill, 8s 6d to gs 3d. Moanataiaris, Hazelbanks, Alburnias, Woodstocks, Victors, and most other leading stocks maintained last week’s values, and now that the fourth of the month has passed, even better business may be expected.

WAIHI RETURN.

/ ii,221 FOR THE MONTH

Th? yield for the past month from the famous Waihi mine is an excellent one, the average value per ton being 2"3 17s ij£d, an improvement upon that of the previous return, which was 23 gs During the four weeks ending June 20th 2.gio tons of ore were treated for a yield of bullion valued at /"n,221. The number of stamps working during the month was 82 head, as against 84 in May.

WAITEKAURI RETURN.

2'664 FOR THREE WEEKS.

In order to equalise the previous crushing of five weeks, the Waitekauri Company cleaned up this time at the end of three weeks. The return is once more satisfactory, the average value per ton being 25 13s 6d, which is slightly in excess of the previous one. In all, 117 tons of ore were treated at the Golden Cross battery for worth of bullion. The full battery of 50 stamps will, it is expected, commence operations this week.

WAIOTAHI RETURN.

The yield for the past month from this veteran Thames mine was 2260 ZS 4dwts of melted gold from igi tons of quartz treated. This should give enough cash in hand to pay a 2S 6d dividend to the lucky shareholders. KAPAI-VERMONT CRUSHING. The return for the past month from this Kuaotunu mine was 2540 ZS melted gold from 308 tons of ore. Last month the yield was 2410 Z from 286 tons, value Z 578 Bs.

MAY QUEEN COMPANY.

/7,500 WORKING CAPITAL DEPOSITED

The floatation of this Thames property has approached one stage nearer completion, the following cable having been received from London this week:—‘ Contract is signed. £7 500 deposited in the Bank of New Zealand to-day (July 2nd).’ As this is on account of working capital the mine will, no doubt, shortly be taken over by the new Company.

PLUTUS MINE.

2'1,000 DEPOSIT PAID

A cablegram was received this week from Mr Markham who is in London, stating that the Plutus mine had been placed on that market. The total capital of the Company has not transpired, but local vendors are to receive £6, ooocash for their interest, and also one-third of the shares fully paid up. A working capital of 2 30,000 is to be provided, and a substantial deposit of 21,000 has been paid. The negotiations for the sale have been carried out by Mr W. T. J. Bell and Messrs Markham and South conjointly. The property consists of 100 acres, situated next the Champion mine at Te Aroha. The option is for four months.

TUI GOLDMINING COMPANY.

FLOUTED IN LONDON. This property, which consists of some go acres, and in cludesthe Champion, the Champion No. 4, the Mikado, the Earl of Aberdeen, and the Glasgow mines at Te Aroha, has been successfully floated on the London market on the following terms :—Capital with a working capital of £20,000 already banked ; an additional £lO,OOO has been reserved for a like purpose, and an instalment of 25°° bas been received in Auckland for further development of the mine. GLOUCESTER GOLDMINING COMPANY. A cable was received from London this week stating that the prospectus has been announced of the Gloucester Company with a capital of 2 i 20,000. Twenty thousand shares to be issued. This Company will take over a large area of ground at the Thames near the head of the Karaka Creek. It comprises the Lucky Hit, Enterprise, Auckland, Last Chance, and Hong Kong claims. PURCHASE OF TAPU DISTRICTS. Mr J. A. Wauchope, M.F.I.M.E , and F.R.G.S., this week visited the Tapu district and purchased through Mr A. D. Douglas the Bennett and Campbell freeholds on behalf of an influential English Syndicate. The area is 340 acres. Operations are to be commenced at once to develop a reef 14 feet wide, which has given satisfactory results by assay. SCANDINAVIAN. Mr C. J. Hutchinson, on behalf of the London capitalists, this week received the following cablegram with regard to the above Tairua property : —‘ Subject to the buyers’ engineer’s report we propose to float on the following terms:—Capital, / r 10,000; working capital, £30,000 ; vendors to receive 25 000 fully paid-up shares, and £3,000 cash.’ These terms were agreed to by the directors of the Scandinavian Company subject to slight alterations and the payment of a deposit. MARITANA. The directors of this Owharoa company accepted the following option to float this property on the London market:—Capital of company, in £1 shares ; vendors to receive 50,000 shares ; working capital of 2'30,000 to be provided by purchasers, who guarantee floatation of company in London within one month, ora forfeiture of £5OO to take place. ARGOSY. At a meeting of directors of the above company held this week it was resolved to accept the following terms offered for the Argosy property at Tairua : —Capital, 2175 000 ; vendors to receive £1,500 cash and 50,000 fully paid-up shares ; working capital, 24°,000 ; and immediate working capital of 2 10,000 be<ng guaranteed, £20,000 being guaranteed before issue.

TRY FLUKE.

THE 2 io,ooo DEPOSIT PAID. Considerable promptitude has been shown by the English Company that made the offer to purchase the Try Fluke mine at Kuaotunu. The terms were only agreed to on June the 27th, and on the 30th Mr Seymour Thorne-George, on behalf of the purchasing Company, paid over 2 to.ooo of the 2 5°,000 to be paid for the property. Mr George has now taken over the property, which will in future be worked by the English Company.

ALBURNIA.

2 io,ooo PURCHASE MONEY PAID

The balance of the £lO,OOO cash for the purchase of this Thames property has been paid over by the English Company, together with £7OO for working expenses during the term of the option. Alburnia shareholders will also receive a fair proportion of paid-np shares for their interest in addition to the dividend of about 2s 3d per share.

WAITEKAURI CONSOLIDATED.

TERMS OF SALE

Advice was received by cable this week that the Burbank and Alpha Extended mines, which adjoin the Komata and Alpha properties at Waitekauri, had been sold. The new Company is called the Waitekauri Consolidated, and the capital has been fixed at £lOO,OOO in £1 shares. The working capital to be provided is 2’25.000, and local vendors receive £26,000 in cash and paid-up shares for their iuterest.

GOLDEN LINK.

DEPOSIT FOR PURCHASE PAID

News was cabled from London this week that the contract had been arranged for floating this Kuaotunu property, which is situated between the Maori Dreaui and Kuaotunu mines, already held by English companies. The terms are that the new company shall have a capital of 2 100 , 000 > working capital £25,000 half issued, balance reserved. Local vendors receive £3,000 cash and 30,000 shares. Deposit £5OO.

GRACE DARLING - PORTSEA.

SALE CONTRACT SIGNED. The contract for the purchase of this Waitekauri property has been signed by Mr Leo Myers on behalf of the Central-African Company, and a deposit of £5OO has Deen paid.

WELCOME FIND.

What may prove an important development has taken place in this Coromandel mine. For some months systematic work has been done on this property, with but little to encourage the shareholders in the shape of gold. On Tuesday, however, the manager telegraphed that he had broken down the lode in the southern drive at the bottom level and obtained 41bs of specimens and picked stone, with gold left still showing. As this mine is close to the Hauraki, and peg to peg with the Bunker’s Hill, there was an immediate rush for shares, and prices advanced from 3s 8d to 5s 6d the same day. A second telegram was received two days later stating that another 61bs of good picked stone had been obtained. The stone first got is estimated to be worth an ounce to the pound. The leader is small, but as it is in entirely new ground, a good patch might be obtained. BROKEN HILLS (TAIRUA). A peculiar dispute has arisen regarding the option for the floatation of this property. Mr Jonathan Seaver held the option which Mr E. W. Alison claims to have agreed to purchase. The sale is denied by Mr Seaver, and a law suit is impending to settle the question. Meanwhile an injunction has been granted by Mr Justice Connelly to restrain any dealing with the option pending settlement of law suit. That such eagerness should be displayed to hold the option speaks volumes for the value of the Broken Hills property. MAORI DREAM (KUAOTUNU).

At the meeting of shareholders held this week the chairman of the above Company explained that the terms upon which the Company had been floated in London were as follows : —Capital £l lO,OOO in £t shares ; working capital £25,000, of which £15.000 would be paid down and 2 10,000 at the discretion of the directors. Local vendors receive 25,000 fully paid up shares. As the working expenses of the Company for some time past have been defrayed by the English syndicate, the penny call made some time ago will be refunded to local shareholders, and no call will be required to wind up the present company. PUHIPUHI. Sensational assay results continue to be reported from Whangarei. The latest is from the North Star mine. Puhipuhi, which yielded at the rate of 1,000 ozs of silver and Sozs of gold per ton. Surrounding ground has been pegged out. It will be interesting to learn the result of the treatment of a bulk parcel. • GOLDEN LEAD. A cable was received from London this week stating that the allotment of shares in the new company will be made next month.

HAURAKI SOUTH. Cable advice was received this week that shares in the above Company were being allotted to subscribers in London. The annual meeting of the local Company was held during the week, and the statement of accounts showed a credit balance of £,690. It was explained that under the terms of sale local shareholders will receive is9'id per share, as well as paid-up shares in the new Company. SCOTTY’S HAURAKI. A crushing of 40 tons of ore from this Coromandel mine returned 39OZS. of retorted gold worth £3 per oz. NEW ZEALAND EXPLORATION COMPANY. Operations have been commenced in this Company’s recently acquired property at Te Aroha, about 90 men being now employed. The various existing drives and winzes have been pushed further on, and a new low level has been driven a distance of 50 feet at the old Colonist workings. In the meantime an immense quantity of payable ore has been got out ready for treatment, all the passes and hoppers being completely filled up. The battery has been started, and is now going night and day. The ore is being treated by the old wet process, and all tailings are being saved with a view to further treatment.