MINING NEWS.

New Zealand Graphic, Volume XVIII, Issue XXIV, 12 June 1897, Page 761

MINING NEWS.

SHAREMARKET. FAIRLY steady business has been transacted on the Stock Exchange during the past week. Buyers of high-priced stocks have seemed more willing to operate; nor is this to be wondered at when the improved returns from the leading companies this month are taken into consideration. The Waihi yield for the past four weeks shows an increase of nearly /2,000 upon the previous month’s return, and the Waitekauri Company’s yield is much larger than the two previous ones. Working options are being quietly secured by representatives of English capitalists over suitable properties. The time required is longer than that formerly asked, but as the option holders pay all development expenses during the period, local shareholders get their properties opened up free of cost to themselves, while the holders of the option are in the position of being ready to place the mines on the London market whenever a favourable opportunity occurs. At the present time quite a number of mines are being developed on this system, and any revival on the London market would soon result in many properties being taken up. Meanwhile, shareholders at this end escape having to pay calls. In the case of the Victoria mine the option held for floatation has been extended for one month, a deposit of /i.ooo having been paid some time ago. There has been quite a run on Great Barrier stocks during the

past week, an all-round advance having taken place. Contributing shares in the Barrier Reefs, the Company that was floated last week, have changed hands at double the price they were floated. Great Barrier shares sold as high as 12s, and now none are offered under 15s. Three weeks ago these shares could have been got for half the money, lonas sold in large lines at is 6d and is yd, while steady business was done at better rates in Aoteas and Kaitokes. Hauraki North shares advanced during the week, also Four-in-Hands, the latter again reaching 2s, it being understood that there is now every chance of the property being successfully floated by the option-holders. Upper Thames stocks have had fair demand during the week, Crowns being steadily asked for at 245. Woodstocks at 365, and Waihi-Silvertons at 19s. Talismans changed hands freely during the week. In three weeks these shares rose from 14s 6d to 19s. This is, no doubt, due to the fact that the battery has now commenced operations. Grace Darlings had a run from is 8d to 2S 6d this week, but subsequently fell back to the former figure. Stanleys have had steady buyers at is, while regular transactions were reported in Waihi Souths and Extendeds. In Kuaotunu stocks the only ones in demand were Kapai-Vermonts and Jupiters. The former advanced considerably in price, being sold as high as 7s 6d, while Jupiters changed hands at is and is 2d. On the average the advance in prices of a fortnight ago had been well maintained, while in the interim many hitherto neglected stocks have been enquired for, particularly in Wbarekeraupunga mines.

WAITAIa. Shareholders in this company are to be called together shortly to consider a proposal made to raise further working capital. Mr Shaw, the Chairman of the Home company, is at present in Auckland, and is so impressed with the prospects of the mine that he considers ample working capital should be provided to thoroughly develop the property. As the remaining 10,000 reserve shares would be quite inadequate for the purpose of raising the amount of capital necessary, Mr Shaw suggests (1) That local shareholders should furnish a proportion of the capital required—say, one-third in cash, or (2) That the Scotch purchasers provide the total amount if local shareholders forego 10,000 of the 30,000 shares coming to them under the terms of the sale, which would still give the vendors one fully paid-up share for every three now held. WAIOTAHI RETURNS. Z’554 FROM 150 TONS. The return for the past month from this old Thames mine shows considerable improvement as compared with the previous one, which only amounted to ss. This time nearly double the quantity of ore was treated, the yield being 198025. of gold, value Z’554, from 150 tons of stone treated. WAIHI COMPANY. /11,297 FOR THE MONTH. INCREASE OF Z’i.993-

The return for the past four weeks from this mine shows an increase of nearly /'2,000 upon the yield for May. During the four weeks just ended 3,294 tons of ore were treated for a yield of bullion worth /’11,297. The previous return was Z'9,304 from 3,060 tons, so that for the 234 tons extra treated an increased return of bullion was got to the extent of ZX993. This yield is the largest since February last, and brings up the total output from this mine since 1890 to Z-547>549- The returns per year are as follows :—

/ WAITEKAURI COMPANY. AN INCREASED RETURN. Z 4.031 FOR THE MONTH. The return from this Company’s crushing for the past mouth was a very satisfactory one, being /’s2s ahead of the May yield, although 136 tons less of ore were treated. This is in consequence of the better percentage of extraction obtained in cyaniding, and it is expected further improvement will take place in the coming month. During the four weeks ending May 28th, 1.665 tons of ore were treated and returned /'4 031 worth ot bullion, being the largest yield for the past three mouths from this mine. For the previous return of/ 3,503 the amount of ore treated was 1,801 tons.

HAURAKI (N.Z.) ASSOCIATED GOLD REEFS. The adjourned meeting of shareholders in this Company took place this week in the Chamber of Mines. There was again a very large attendance. The chairman (Mr J. M. Lennox) called upon the hon. secretary, Mr Pollock, to read the report of the Committee, which recommended that the shareholders take up their shares in the reconstructed company, that a new Advisory Board be appointed upon the recommendation of New Zealand shareholders who shall be responsible for the appointment of the local Secretary to the new company, and that the question of the causes of the present position of the company be referred to counsel for opinion as to whether any liability exists. Mr Pollock said he had received a letter from Mr Ogilvie stating that the Company bought the Rising Sun claim for Z5OO from Mr M. Niccol and himself. The Company also bought from Mr Ogilvie the Rising Sun Extended ground for £3OO. The Chairman then read the balance-sheet prepared by the auditor, Mr Friar Clark. This gave details of the expenditure of the new Company since its formation a year agoßemitted from London, £4, 100 (including £6OO since the Company was reconstructed) ; received for bullion, 293° 5s 4d ; loan on mortgage, £ 1,000. Expenditure : Battery account, 2’2,223 7s nd; shipping machinery, Z4B 14s ; Custom., duties and landing charges, £135 ns 3d ; office and change room, £92 7s ; water rights and battery site, £250 ; mine wages, 2'1.702 7S4d ; mine supplies, £337 19s tod ; legal expenses, rent, and mining fees, £249 18s 4d ; Government license fees, 275 J 3 S Sd; directors’ fees and travelling expenses, 2"2i8 ; office, £lOO ; cable messages, £lO3 is 6d ; advertising, etc., 29 2S > report on mine, £2O ; photograph of mine, £6 6s; sundries, £2l 9s 2d ; petty cash, £10; total, lBs 3d. Amount overpaid battery contractor, £l6 5s 2d ; credit balance Bank of New South Wales, £2lO is nd ; total, £6,030 5s 4d. Mr Lennox in moving the adoption of the Committee’s report commented upon the fact that £2lB had been paid the attorneys as fees and expenses for one year, and another £lOO was allowed for office expenses. He also referred to the fact that the London directors under article 38 were entitled to £ 1,000 per annum as honorarium and 10 per cent, of any surplus after payment of a dividend at the rate of 10 per cent. Considering that only 6,000 had been subscribed he thought such charges were ridiculous. Mr Lennox also referred to the fact that £2,223 7 s had been expended upon the battery although the plant was forwarded from England. Mr J. T. Johns seconded the motion pro forma and said he was prepared to lose every cent he had in the company and send more after it in order to show the London directors that they would not be fooled and duped. Mr M. Niccol said the properties bought by the company were sent Home to Mr Hampson to sell. He sold them to the company, but the vendors at this end had nothing to do with that transaction. The shareholders naturally felt sore about the present position of affairs. He felt the same. Regarding that loan of £l,OOO, he might explain that it was only after two banks had declined it, as well as other private persons, that they got the loan they did. Mr Abbott, however, was willing to take back his £l,OOO at once, and accept a very small sum for the use of it. Regarding the erection of the battery he might say the attorneys could not let the work by contract, as they had not the money in hand, therefore it bad to be done by day labour. As to directors’ fees and office expenses, that was the sum allowed them by the Home company. When the property was transferred he understood the £lO,OOO working capital was available. They were informed by Mr Hampson. After a lengthy discussion it was decided to adjourn the meeting until after receipt of further details by mail.

NESTOR. The annual meeting lapsed. The balance-sheet showed a balance of £3 5s to the credit of the Company. The sum of £lO6 5s was still due on calls made on November 1 ith last. Work in the mine had been suspended since March last. ROYAL SHIELD. The half-yearly meeting lapsed. The statement of accounts showed receipts £lO5, and the expenditure left a credit balance of £l2O 10s. IVANHOE. The ordinary general meeting was held in the New Zealand Insurance Buildings. Mr W. Gorrie presided. The balance-sheet showed cash in bank and on hand on April 30th, 1897, ns lod. The assets included calls unpaid £263 11s 2d. Messrs W. S. Wilson and John Owen were re-elected directors. CITY OF GISBORNE. The ordinary general meeting of shareholders in the above Company took place in Mr H. Gilfillan’s office, when Mr E. M. Coleman presided. The directors’ report stated that during the past year development work mostly of a prospecting nature had been carried out.

The balance-sheet for the past twelve months showed total receipts £1,403 5s yd, and the expenditure left a credit balance of £232 os id. Messrs Coleman and Withy were re-elected directors. OPAL PROPRIETARY. The first half-yearly meeting of the Opal Proprietary Mining Company's shareholders, which was to have been held at Mr A. Board’s office, Victoria Arcade, lapsed for want of a quorum. The mine manager reports that 23 feet have been driven in the mine during the past week, and that opal is showing in larger quantities than have yet been met with. MADGE. The meeting of shareholders in this Company lapsed. The accounts showed a credit of 2 22 103 3d. GOLDEN BUTTERFLY. The half-yearly meeting lapsed for want of a quorum. The statement of accounts showed receipts £307 10s, and expenditure £134 2s 9d, leaving a credit of £173 7s 3d. FIERY CROSS—ROYAL STANDARD EXTENDED. It has been decided to amalgamate these two properties at Wharekeraupunga under the name of the Fiery Cross G.M. Company. This will give an area of 200 acres. The capital of the Fiery Cross is to be increased to 150,000 shares at is each, the shareholders in the Royal Extended Standard to have 70,000 shares, Fiery Cross 70,000 shares, and 10,000 to be held in reserve by the new Company. A meeting of the Fiery Cross shareholders is convened for Saturday, the 26th, at 11 a.m., to sanction the scheme. CORONET. The half-yearly meeting lapsed. The balance-sheet showed receipts £5OO, and expenditure 2433 T S S 6d, leaving £66 4s 6d to credit on the 30th of April. HEITMAN FREEHOLD. The half-yearly meeting lapsed. The accounts showed receipts £243 3s yd and the expenditure £231 5s sd but against the credit balance there is £348 15s 7d due to sundry creditors. ESPERANZA. The ordinary half-yearly meeting lapsed. The statement of accounts showed a credit balance of £4 4s sd.

1890 £ 21.112 8. 13 d. 6 1891 23935 5 11 1892 .. 44 888 2 4 1893 61.900 10 11 1894 82 827 2 2 1895 120.334 2 2 1896 .. 137.321 8 2 1897 (up to date) .. 55.229 19 10 Grand total .. 547,549 5 0