MINING NEWS.

New Zealand Graphic, Volume XIX, Issue VII, 7 August 1897, Page 202

MINING NEWS.

SHAREMARKET.

BUSINESS showed some improvement on the Exchange during the past week, there being more disposition evinced for buyers and sellers to meet. Very free sales were made of Alburnias, prices advancing from 4s 8d to 5s lod, then receding to 5s 4d, and again reaching 5s Bd. This was due to the improved prospects of the mine, as really good ore is being obtained. A good return has been obtained from a small parcel of ore taken from the reef in the Tokatea-Consols mine at Coromandel, and the result should encourage shareholders to vigorously develop the property. One important feature of the week has been the commencement on the part of speculators to again buy shares in the Waihi-Silverton Company. The first offer was ns 6d, but subsequently the price was raised to 13s, at which figure there are still buyers. A rush of water in the drive in the Waihi Grand Junction mine leads to the belief that the Martha lode has been tapped, but this cannot be definitely ascertained until the water has been sufficiently got under to allow the men to resume work. Should the reef have been cut, it means a big thing not only for that particular Company, but also for the Waihi district generally. At Kuaotunu important developments have taken place in the Waitara mine, gold having been struck in the reef cut at the low level put in by the English purchasers of this property. This may lead to a revival of confidence in this somewhat neglected portion of our goldfields. The return from the Waitekauri mine this month was the best obtained for some time past, and it is pleasing to be able to chronicle the fact that the average value of the ore treated showed a decided improvement. Karangahake stock have not had much attention during the week with the exception of Talisman and Talisman Extendeds, shares in both those Companies having steady business daily. Thames stocks have still the best all round demand, and most business and price of low-priced shares appear to have an upward tendency. The Cardigan mine was sold outright this week to the Anglo-Continental Syndicate, and may probably be merged into the May Queen Company’s area. The half-yearly statements of accounts of many of the mining Companies were submitted to shareholders this week, and it is quite evident that a number of mines in which no discoveries have been made during the past six months will soon be abandoned. This is not an unmixed evil, as the sooner properties that have shown nothing to justify further expenditure are thrown up the better for investors. The small companies were virtually only prospecting associations, and it was evident from the first that a certain proportion must prove failures. When the sifting process is finished matters will be on a

sounder footing, and investors will know there is something to justify expenditures on the properties held by the Companies that remain in existence. For the last few days there has been a better tone pervading business on the Exchange, which would seem to point that the market is once more on the up grade. GRAND JUNCTION. The English Company that has so steadily expended capital on this property in the hope of discovering the famous Waihi lode have now a good prospect of being rewarded for their perseverance. On Thursday morning the face of the Grand Junction drive at a distance of 400 feet suddenly burst, letting out a big gush of water. The workmen were obliged to make for the shaft immediately, as the water rose rapidly. Fortunately the new big pump has practically got the water under. The supposition is that the reef is close at hand. WAITAIA. IMPORTANT DEVELOPMENTS. This Kuaotunu property, which is held by an English Company, has struck gold in the low level. The mine manager reports that colours of gold were seen freely in stone coming from No. 3 reef in the drive north at the low level when breaking down. This discovery at the lowest point yet mined on the property is of great importance, at once proving the gold-bearing character of the reefs at this depth and stimulating faith in the future successful developments at low levels. HAURAKINORTH. At the No. 2 level very gratifying developments are taking place. For the last 25 to 30 feet, with the exception of a small blank, gold has been seen in the stone, more especially in that portion of the reef composing the footwall. At the present time gold is showing in the face, and from all appearances even better results may be anticipated. Too much importance cannot be attached to the discovery of gold in this quarter, as it opens up great possibilities, the whole country at this point being entirely virgin. The ordinary general meeting of shareholders in this Company was held at the office of Mr D. G. McDonnell. The directors* report was read. This stated that the future prospects of the Company were very gratify’ng. Of 150 tons of ore won dnring the past six months, 105 tons on treatment produced 1740 Z i6dwt bullion, realising /493 16s 2d, and the remaining five tons were estimated in the assets to yield 300 Z, valued at 15s, making a total of 2040 Z i6dwt, which at £2 16s 6d came to Z 578 ns 2d. WAITEKAURI RETURN. FOR THE MONTH. The return for the past month’s crashing operations at the Waitekauri Company’s battery was very satisfactory, 1,841 tons of ore having yielded bullion worth Z 5.463. The most important feature is, however, that the average value of the ore was £2 19s 4d per ton, an improvement of about 5s per ton upon previous averages. Last month 1,931 tons yielded bullion worth .<5,279. NEW ZEALAND CROWN MINES. The transfer books and share register of the New Zealand Crown Mines Company (Limited) have been closed until the third of August, when an interim dividend of one shilling per share will be paid on all shares on the colonial register at the office of the New Zealand Exploration Company. GREAT MERCURY. The Sydney Company that owns this mine has sent across Mr R. J. Rigand to supervise development operations. This gentleman has had considerable experience in mining in Australia, and it is to be hoped that the result of his appointment will be the vigorous development of this old Kuaotunu mine, which is well situated, being next the Try Fluke, for which property Xso.ooocash was paid by an English syndicate last year. KAPAI-VERMONT COMPANY. News was received by cable this week from Sydney that the Supreme Court in Equity had made an order by consent for the winding up of the Kapai-Vermont Goldmining Company, and also appointed the Official Liquidator. It was explained that the order was to be without prejudice to the question whether the claim of H. F. Helder, the petitioning creditor, be ultimately allowed against the Company, that being a matter to be adjudicated upon hereafter. These legal proceedings are the outcome of the action taken by local shareholders here to upset the sale of this Kuaotunu property upon terms other than those originally offered. The offer made for the property was cash and 40,000 shares fully paid up to £l, leas ten per cent., the capital of the new company to be 150,000. and working capital of /’zs.ooo. The commission claimed was ,<6,500 cash and 6,500 shares, thus leaving ,<34,000 cash and 34,000 fully paid

up shares for the vendors. Subsequently this offer was varied by placing the shares under offer to the purchasers at par value and also allowing a mortgage to be given over the property as security instead of paying the cash agreed upon.

The Auckland shareholders met and appointed a committee to look after their interests, the result being that at a meeting held subsequently in Sydney the directors were removed from office. Following upon this, Mr H. F. Helder petitioned the Hon. C. F. Manning, Chief Judge in Equity, that the Kapai-Vermont Goldmining Company (no liability) be wound up, the plea being that ,<12,000 claimed as commission had not been paid, and it was, therefore, further set forth that the Company was insolvent and unable to pay its debts. A meeting of shareholders was held in Auckland this week, at which Mr James Russell, to whom is due the chief credit of opposing the claim for ,<12,000 commission, advocated that shareholders should not try to upset the sale, and also that they should agree to the petition to wind up being granted, provided that Mr Giblin was appointed liquidator. This was agreed to, and, as stated by cable, the order has been made without prejudice. It is claimed by Mr Robson that the new Company has given proof of its bona fides by (1) remitting /1,000 as interest on the mortgage; (2) by sending to New Zealand for plant; (3) by sending .<1,500 for working expenses ; and (4) that five scow loads of new machinery, including engine, boiler, mill, etc., and <5,000 have been sent out from England for the mine, making a total of £S,yoo worth of payment by the new Company to the previous shareholders. As the order just made is without prejudice to the question of whether Mr Helder’s claim be ultimately allowed against the Company, it will still be open for the shareholders to fight that point through the newly-appointed liquidator. PROGRESS-CASTLE ROCK. At a meeting of directors in this Coromandel Company it was decided to at once take steps to procure and erect a crushing plant. About 2olbs of picked stone taken from the three-foot reef now being worked in this mine was on view this week. It was of a really good class, showing dabs of gold freely, while some of the pieces may be termed good specimens. About iBolbs of similar stone has been placed in the bank at Coromandel. TOKATEA CONSOLS. VERY SATISFACTORY RETURN. This English company appears to have secured a valuable property in the New Tokatea mine at Coromandel. The reef has been cut at the low level, and a parcel of 13 tons of ore broken out was sent for treatment to the Kapanga Company’s battery. The result was very satisfactory, as 480 Z of retorted gold was obtained, which should be worth about <l4O. TALISMAN. The crashing at this Company’s new battery should be completed in about three weeks. The second instalment of the bullion has been banked and so far the return promises to be a satisfactory one. Some delay has occurred through various stoppages incidental to the starting of the new battery, and to the fact that the cyanide vats were not all ready when the crashing commenced, but everything is now working smoothly and well.