MINING NEWS.

New Zealand Graphic, Volume XVII, Issue III, 18 July 1896, Page 79

MINING NEWS.

SHAREMARKET. BUSINESS has been good on the Exchange this week, more especially with regard to higherpriced stocks. New companies continue to be floated almost daily, and the demand for syndicate shares remains as brisk as ever, owing to the fact that in many instances premiums have been obtained by the first purchasers. At the same time the effect of the floating of so many companies is being noticed on the Exchange by the lessening of the demand for cheaper-priced stocks. The gold returns for the month are also satisfactory, the Waihi, Hauraki, and Waitekauri all showing an increase over the previous crushing yields. Prospecting is now going on so vigourously that the bounds of the goldfields are being steadily extended, and pegging out is proceeding actively, especially in the Puhipuhi district. The old Waiotahi Company this week paid another dividend of 2s 6d per share. As this Company has now been paying dividends for about a quarter of a century, it shows the advisability of working systematically as an investment instead of merely picking out the eyes in order to work the market rather than the mine. During the week Comstocks advanced from nd to is id ; May Queen, 10s 6d to 10s gd ; Moanataiari, 14s 6d to 15s ; Monowai, 5s 6d to yd 6d ; Moanataiari North, yd to lod ; Puru Consolidated, 5s 8d to 6s ; Royal, is 2d to is yd; Golden Horn, nd to is 2d ; Central, is nd to 2s id; Day Dawn, lod to is ; Ivanhoe, is 6d to is 8d ; St. Patrick, 8d to lod ; Bay View, 2s 2d ; Hauraki North, 5s 2d to 5s 6d ; Contributing, 4s to 4s 8d ; Star of Wynyardton, is gd to 2s 3d ; Kapai-Vermont, 10s to 10s 6d ; Midas, is 8d to is lod ; and Try Fluke, 13s 3d to 13s 6d. Waitekauri shares sold as high as /'s 10s ; Woodstocks up to 44s ; and Waihi-Silvertons at 60s, with no sellers under 655. CROWN-EARL OF GLASGOW. The amalgamation of the Earl of Glasgow and Crown Companies’ mines at Karangahake has been agreed to in London. Mr R. R. Hunt, the local manager of the New Zealand Exploration Company, has now taken over the combined properties. Under the terms of the amalgamation, the Company practically underwrites for the Earl of Glasgow Company /'ioo.ooo of the capital put into the Crown Company. Local shareholders in the Earl of Glasgow Company have the privilege, under the underwriting scheme, of subscribing for two shares in the new Crown Mines Amalgamated Company for every three shares held in the Earl of Glasgow Company, at the price of £1 os per share. As the New Zealand Exploration Company guaranteed, when underwriting, that these shares should not be sold at less that 30s during the ensuing six months, it consequently put a value on the shares to that amount, and a profit being left to the Earl of Glasgow shareholders of 9s 2j£d per share. Under the terms originally proposed, the capital of the amalgamated company will be /'200,000, and the Crown shareholders get 86,000 fully paid-up shares and / 50,000 cash. It was also provided that 30,000 shares should be subscribed for by the New Zealand Exploration Company to provide working capital, the same Company to also have the option to take up 20,000 shares at par within six months and apply the proceeds as working capital. The Earl of Glasgow shareholders were to receive 14,000 fully paidup shares and /'i4,000, the balance in hand of the Crown Company to be divided amongst shareholders. At the time of the issue of the circular, this balance was /■y,500. It is rumoured that further amalgamation is likely to follow, so that a very extensive area will be held by a powerful company. WAIOTAHI. This veteran dividend-paying Thames Company is once more to the fore, setting an excellent example to more recently formed ones. The directors this week declared a dividend of 2s 6d per share, and there is still enough left in hand to almost pay a similar amount. MONOWAI COMPANY. SHARES ALLOTTED IN GLASGOW. The following cable was received from Glasgow with regard to the Monowai mine at Waiomo :—* The Company has gone to allotment. The paid-up shares, the property of the vendors, will be allotted to you.’ This caused quite a brisk demand for shares, and prices advanced from 5s 6d to 7s 6d. MIDAS. DEPOSIT OF ZSOO PAID. The directors of the Midas Goldmining Company met yesterday afternoon and accepted the following offer made by Mr Nathan, on behalf of the Dual Syndicate,

for the option of floating this Kuaotunu property :— That a new Company be formed with a capital of in £1 shares, vendors to receive 40,000 fully paid-up shares for their interest, purchasers to provide working capital. As there are 60,000 shares in the local Company, they should be cheap at the present market price of 2s on these terms. WHANGAREI MINING. No less than ten claims were pegged out at Puhipuhi last week, and many others are likely to be applied for within the next few days. Some excitement has also been caused by a new find between the British Gold and Silver Mining Company’s ground and the Tamatahinua Block. Already 200 acres have been pegged out and applied for. It is also reported that a large reef of cinnabar has been found near Poroti. Rich stone was also obtained from the Waimarie claim at Puhipuhi. Gold is visible to the naked eye. A large number of miners have arrived at Whangarei, and have gone through to Puhipuhi with the object of peging out claims. NEW FIND AT THAMES. A new discovery has been made on the banks of the Omahu River about midway between Puriri and Ilikutaia by Mr Alfred Cornes. The ore brought in by the prospector is of a highly argentiferous character, carrying heavy blue sulphides, in which colours of gold can be very plainly seen. The lode is stated to be fully six feet in diameter, with the blue sulphides freely distributed through its whole width. WELCOME FIND. The manager secured another 2olb of picked stone this week, and still left gold showing in the face. A good deal of excitement resulted from the discovery of gold on this property, owing to its proximity to the Hauraki and Bunker’s Hill mines. This leader was first intersected in the western crosscut from the low level, and the stone bearing a promising appearance the manager decided to drive upon it with a view to testing its value with very satisfactory results. The find is all the more important owing to the fact that some 200 feet remain to be driven before the southern boundary is reached, all of which is through virgin country and giving between 170 feet and 180 feet of backs, is sufficient to justify a strong belief that even better results may yet be expected. Some of the pieces of stone obtained would go considerably over one ounce to the pound, the gold, moreover, being worth about £3 per ounce. LA MASCOTTE. Messrs Stone and Horne received a cable this week from their London agents as follows :—• I can sell La Mascotte on your terms, subject to receipt of power of attorney.’ The terms referred to are that a company be formed with a capital of /150,000 ; working capital, / 25,000 ; vendors to receive £I, OOO cash and 50,000 paidup shares for their interest. RETREAT. COMPANY REGISTERED IN LONDON. Advice was received by cable from London this week that the Retreat mine at Maratoto had been taken over by an English Company which has already been registered. The capital of the new Company is /Tso.ooo and the working capital provided is Z'35,000. Vendors receive Z'35,000 in cash and paid-up shares for their interest in the property. SHERIDAN. Messrs Griffiths and Curtis acting ou behalf of an influential firm, inspected the Sheridan mine at Taupo this week, and secured assay samples from the main winze sunk below No. 3 level. Shares in this Company, after having been neglected for some months, suddenly became popular, and prices advanced from is to is gd. HAURAKISOUTH. A cablegram was received this week from Mr S. W. Philips, London, stating that the Hauraki South Company had been very successfully floated, and that he expected to have everything arranged by the end of the month. This property adjoins the famous Hauraki mine at Coromandel. EDWIN NORMAN. Cable news was received this week from London stating that the prospectus of the Norman Proprietary at Waitekauri had been announced with a capital of £75,000, of which /20,000 was issued. The Norman Proprietary is the name under which the Edwin Norman property has evidently been floated. PREMIER. A special meeting of shareholders in the above Company was held this week, at which resolutions were passed authorising the directors to dispose of the Company’s property. It was further resolved that the action of the directors in acquiring the Northern Lead special claim

for the consideration of the whole of the reserved shares in this Company be confirmed and approved. ANCHOR. Mr Adolph Kohn received a cablegram from London stating that a company had been formed to take over the Anchor property of 100 acres at Hape Creek, Thames. There are over ten known reefs on the mine. One of these, called the Jupiter, is 40 feet in width, and although low grade ore, is still payable, and at times improves in value. The working capital to be provided by the new company is /35,000.