MINING NEWS.

New Zealand Graphic, Volume XVIII, Issue XII, 20 March 1897, Page 347

MINING NEWS.

SHAREMARKET. QUIETNESS still rules on the Exchange, what demand there is being mostly’ for shares in Companies carrying on operations in the Lower Thames. May Queens have been in steady demand during the week, 9s 4d being offered without tempting holders to sell at that price. Sheridans and Kurunui Caledonians have met with regular enquiry, as well as a number of the low-priced Thames stocks. Upper Thames stocks have been almost entirely neglected with the exceptions of transactions in WaihiSilvertons up to 245, an advance of 4s for the week. New Zealand Talisman shares have been held for 18s, a steady offer of 15s being declined. Kuaotunu stocks have been without noteworthy alteration in value, and Coromandel shares on the average show a decline in price. There are, however, one or two exceptions. Welcome Find and Progress Castle Rocks being a shade firmer. Turning from the Exchange to the goldfields themselves, the picture is much more pleasant. The Waihi return, although less than the previous one. is still over /'io.ooo, which is very satisfactory when the fact is taken into consideration that the quantity of ore treated this time was over 1.000 tons less than the amount put through the mill during the previous month. The Waihi-Silverton return was also more satisfactory this month, and rumour hath it that the next one will also show further improvement. The return from the Victoria mine also shows an increase upon theprevious one, although a less quantity of ore was treated this month. Several fresh options have been taken up by representatives of English syndicates, and in two cases deposits have been paid, and there is still a fair enquiry for suitable properties, so that the outlook is still very satisfactory, although at the moment the local market is undeniablyquiet. The cause of the dullness is undoubtedly due to the large number of companies that have been floated during the past eighteen month. In most cases the actual subscribed capital was under £ 1,000, and now that this has been expended the calls

press heavily on those persons who tried to hold too much scrip. As the bulk of the new companies were formed under the no-liability section of the Act, manyshares are being forfeited, and as these have to be sold at auction, the prices paid are often ridiculously small. This matter was considered by the Chamber oMines during the week, and it was resolved to recommend to the Government that another clause should be added to the Act as follows :—* Should there be no purchasers for the forfeited share or shares offered for sale by public auction at a price equal to the amount of the call due and expenses on such shares, then such share or shares, shall be forthwith registered in the name of the Company and shall be the property of the Company, but no liability shall attach to the Company in respect to any such shares which shall be deemed shares held in trust for the Company, and shall be subject to the provision 41.’ The object of this is to protect shareholders who duly pay their calls, as there is a growing tendency to forfeit shares, and then buy them back for less money than the call amounted to. Of course this can only be done with low-priced stocks for which there are no buyers at any price, and does not affect shares in proved mines. Another important matter was dealt with by the Chamber, and it was resolved to recommend : ‘ That in cases where companies are paying calls the rent should be reduced from tos to 5s per acre per year for the first three years after a company had been started to work the mine. The question of getting railway communication to Waihi and Waitekauri has been brought before the Hon. MrCadman duringthe past week, but should the Government not be inclined to do the work, the New Zealand Exploration Company has notified willingness to construct a steam tramway. The fact that an English Company is prepared to make a steam tramway from Paeroa to Waihi, with a branch line to Waitekauri, without asking aid from the Government shows clearly that the British capitalists have come to stay. Already a survey has been made of the proposed route and plans prepared at the expense of the abovenamed Company which has undertaken this work, mainly on account of the great interest held by that body in the Crown and other mining properties. Although called a steam tramway the proposed line will be really a light railway similar to those constructed in Prussia, Erance, Switzerland, India, and also more recently in Tasmania. The distance will be about twenty miles. An offer like this is surely indicative that English capitalists have full faith in the future of the Auckland goldfields.

WAIHI RETURN. TOTAL OUTPUT Z 516.085. 2.10,585 FOR THE MONTH. During the past mouth the quantity of ore treated at the Waihi Company’s battery was 3,120 tons, or 1,020 tons less than the amount put through for the February return. The yield was, however, none the less a satisfactory one, bullion worth 2 10,585 being obtained. This gives an average value per ton of about 23 Bs. The total output of gold from the Waihi mine now tots up to 2'5’6,085. KAPAI-VERMONT RETURN. 2426 FOR THE MONTH. The quantity of ore treated during the past month at this Kuaotunu Company’s mill was 246 tons, which yielded 1580 ZS of retorted gold, valued at about 2'426. HAURAKI RETURN. 2,3,990 FOR THE MONTH. The Hauraki Goldmining Company at Coromandel within the past four weeks treated 300 tons of ore for a yield of 1,33002 4dwt of retorted gold valued at 2399° 1 2S. WAIHI-SILVERTON RETURN. 2.i,56i FOR THE MONTH. The return for the month of February from the Waihi Silverton mine was more satisfactory, the 600 tons of ore treated having yielded buillion worth VICTORIA RETURN. 2 490 HOR THE MONTH. During the past month 140 loads of quartz from this Thames mine were treated for the satisfactory yield of 17S0ZS of gold valued at 2489. The return is better than that of the previous month. ALBURNIA RETURN. 2377 6s FOR THE MONTH. The return for tbemonthof February from the Alhurnia

mine shows that 215 tons of low grade ore was got in development work. This was treated for 1070 ZS bullion, valued at 2 2 77 6s. Hitherto this stone has been considered as not worth milling. CADMAN. 23°° DEPOSIT. A working option has been granted to the London New Zealand Finance Corporation over the Cadman special claim at Waiorongomai for six months. A deposit of 2"30o was paid, and at the expiration of the time in the event of a flotation the vendors are to receive 23-°°° cash and 20,000 shares paid up to 2 1 - Vigorous operations are to be commenced at once. TALISMAN EXTENDED. Negotiations have been completed by Mr M. A. Philips whereby the property of this Company will be taken in hand for a period of six months, during which time it will be developed by the English option holders, who have agreed to spend the sum of £l,OOO in further opening up the mine prior to flotation on the Home market. The works will be started at once under the immediate supervision of a firm of London mining engineers. GREAT BARRIER. Stone from the 2ft bin reef worked in this mine when assayed has yielded highly satisfactory results. No. 1 sample was at the rate of 2.83 12s 4d per ton, No. 2 at the rate of 2'66 17s 3d, and No. 3 at the rate of £56 6s 2d. Ten tons of ore from the same reef have been placed on board the s.s. *Te Koa ’ for shipment to London in order that the Otago Syndicate, which holds an option over the property, may get it tested at Home. PREECES POINT. This English Company is working an area of laud situated at Coromandel on the Point from which the mine is named. A promising find was made on the property during the week. A reef one foot in width was discovered on the surface, and really good prospects of gold were obtained in the stone and also by loose washings. This is the most important discovery made since the present company began working the ground. The reef will be immediately followed down with a winze. YOUNG NEW ZEALAND. In order to test the value of a four foot reef in this mine a crushing of one ton of ore was taken from the winze below No. 2 level and treated at Messrs G. Fraser and Son’s plant. The return was very- satisfactory, 707. i6dwt bullion, valued at 218 14s, being obtained. This stone was a fair sample of the reef.