MINING NEWS.

New Zealand Graphic, Volume XIX, Issue I, 26 June 1897, Page 10

MINING NEWS.

SHAREMARKET.

PREPARATIONS for the celebration of Her Majesty's Record Reign seemed to cast a shadow over business some days before the Exchange actually closed. Speculators, no doabt, felt less inclined to operate in the face o f the fact that brokers’ offices would be closed for several .days. Still, the average of business has been considerably better than it was a month ago, and no donbt as soon as the effects of the present holiday season have passed away transactions will be more numerous and higher prices may be expected. For the past two years from July to September has proved to be the best time for all-round business. It is also to be expected that the London mining market will show considerable improvement as soon as the holidays are over, unless the death of Mr Birney Barnr.to has a depressing effect and even in that case South African stocks would suffer most. That a revival of the English market is to be expected within the next few months is shown by the way in which representatives of London syndicates are securing options over mines situated in the Hauraki Peninsula. Apparently English expertshave high opinion of the probabilities before the Great Barrier section of our goldfields, for several options have been secured over properties situated on that Island. This week /"1.000 was deposited on account of an option obtained over the original Great Barrier mine and negotia-

tions are nowgoing on for several otheradjacent properties. In the Upper Thames district the most important matter thia week was the opening of the Talisman battery, so this Company should in future give regular monthly additions to the gold output from the Karangahake district. The new plant is eapable of treating about 25 tons of ore per day, and is replete with all modern improvements. There has been a steady demand during the week tor shares in the Woodstock mine, buyers now offering 35s 6d, but few shares have changed hands. Talismans have, however, sold freely from 18s to 18s 6d, and are still wanted at 17s pd. These shares should be a sale investment at that figure. Crown shares, after selling at 28s, were subsequently offered for 27s 6d, but no sales resulted. In the Waihi district the only transactions have been in Waihi Consuls and Waihi Extendeds at slightly better rates than those ruling a week ago. Coromandel stocks have not had much business since last report, but Hauraki Norths now seem to have an upward tendency. Four-in-Hands had steady business at is yd and is Bd, and as specimens are being got from the low level in this mine, these prices should be certainly in the buyers* favour. Kuaotunu shares are still neglected, the only ones in steady demand being Kapai-Vermonts. Great Barrier stocks have maintained pretty well the advance of a fortnight ago, although values have, of course, receded a little, the inevitable result of too quick a rise. Thames stocks show little alteration in value, the only upward tendency at present noticeable being in Alburnias, which shares have been very low considering tne fact that they are paid up to £l, that vigorous development works are being carried on by an English company, and that there is a battery attached to the mine. The gold returns from mail to mail, which are appended, show that the output of bullion is steadily increasing each month, which is the most satisfactory guarantee of the permanence of our mining industry. WOODSTOCK RETURN. Z 3.675 FOR THE MONTH. The output of bullion from this Karaugahalre mine was again a very satisfactory one this month, being a slight increase on the May return. In all 1.080 tons of ore were treated for a yield of Z3.&75- This makes the total output of bullion for the three months since the new battery started come up to

GOLD OUTPUT. The returns of the gold got from the various mines with batteries working on the Hanraki Peninsula from mail to mail are very satisfactory this month, showing an increase of upon the previous one, which in its turn was £2,807 ahead of the former yield. It will be seen that the Upper Thames mines show an increase in their output which more than compensates for a falling off in the return from the lower Thames, where several batteries are being renewed.

TARARU CREEK RETURN. Z 47» FOR THE MONTH. During the past month 545 loads of quartz, calculated to weigh 326 tons, were treated at this Company’s battery for a return of 990 Z I3dwt of melted gold. Another 235 tons of tailings were also treated by the cyanide process and yielded i6Boz tzdwt of gold, the total value of the gold won during the month being £472. The mine continues to look well. In the drive westward the City of Dunedin reef is now a quartz body 4 feet in width, in which colours of gold can be seen. Over the

intermediate level the lode measures 9 feet, and all the ore is being sent to the mill. MAY QUEEN. A small crushing of 51 loads of ore won from this mine in the course of development works has yielded 7oozs jdwt of gold, value 2’ l 9° 5s 3d. At No. 6, the lowest workable level in the mine at the present time, No. 2 reef is a most promising and productive body of ore. A length of 135 ft has been driven and a good payable class of ore is being met with. BRITISH MINE SOLD. News has been received that the British Gold and Silver Mining Company’s property at Puhipuhi has been purchased by Messrs E. H. Hardy, manager of an Edinburgh syndicate, and Mr D. A. Shaw, managing director of the Central Finance Company Corporation of Glasgow. COROMANDEL FREEHOLD PROPRIETARY. In response to a request received the time for the completion of the purchase of this Coromandel Company’s property of 550 acres has been extended for ten months if necessary ; 2*1,500 to be found, under guarantee by purchasers to develop the ground until completion of the purchase. HUANUI. Negotiations are proceeding for the side of this Waitekauri mine in London. Power of attorney was sent Home by the ’Frisco mail to Mr A. Spencer Ellam. The terms are that a deposit must be paid by the 15th of August for the right of flotation for three months on the following terms : That a company be formed with a capital of £150,000, vendors to receive 40,000 fully paid up shares and £I ,OOO cash ; working capital of £20,000 to be provided.

CROWN MINES RETURN. £3,570 FOR THE MONTH. INCREASE OVER £4OO. The return from this mine for the past month shows an increase upon the previous yield of over 2400. During the month’s run of the battery 23,57° worth of bullion was obtained from 1,300 tons of ore. This is the largest return from this mine since last December. Shares advanced 4s during the past fortnight. ORIGINAL GREAT BARRIER. Representatives of Home capitalists appear to have high opinions as to the future possibilities of the mines at the Great Barrier. Already options have been secured over several properties, and this week the following notice was posted on the Exchange with regard to the Original Great Barrier Company :—‘ An option has been granted to the Johannesburg and New Zealand Exploration Company (Limited; for nine months. The vendors are to receive on flotation, 2’s>° O ° cash and 40,000 shares paid up to £1 each, while £30,000 will be appropriated for working capital. The purchasers have already lodged a deposit of £l,OOO with the National Bank, and they further undertake to spend at least £lOO per month on the property.’ TALISMAN. The new battery erected by this English Company commenced operations this week. The capacity of the mill is estimated to be equal to treating 25 tons of ore per day. All the works at the mill, and also in the mine are lighted by electricity. The ore is dried by a new patent revolving ore-drier. The Talisman mine should now add its monthly quota to the gold returns.

THAMES. Companies. Tons Treated. Bullion. £ B. d. Alburnia 310 413 0 0 Tararu Creek 180 255 0 o K uranui-Caledonian 232 602 2 3 Victoria 57 437 10 0 Adelaide 75 139 0 0 vt aiotahi 150 554 0 0 Alburnia East 13 37 5 2 1,017 2.437 17 5 COROMANDEL. Hanraki Special 350 3136 0 0 Success . 20 139 0 0 Hanraki-Associated .. 1 and 801ba 74 0 0 Great Barrier Company 1 15 3 8 (1 trial! 372 3.364 3 8 Kvrorrxu. Kapai-Vermont Upper Thames. 264 6’4 0 0 Waihi 3.294 11.297 0 0 Woodstock .. 1.020 3 590 0 0 Waihi-Sil verton 780 1.505 0 0 Waite kauri . 1.665 4.031 0 0 Crown Mines . 1,300 3,570 0 0 Total 8.059 23,993 0 0 Total tonnage Total yield .. 9.712 30 409 I 1 Return last month .. 28.841 1 5 Increase present month 1.567 19 8