MINING NEWS.

New Zealand Graphic, Volume XIX, Issue XXII, 20 November 1897, Page 684

MINING NEWS.

SHAREMARKET. DURING the past week very little business was transacted on the Exchange owing to there l>eing three race meetings, one public holiday, and tvfo half days devoted to the Agricultural Show. The gold returns for the week are satisfactory, totalling close on £B,oo<>. The return from the New Zealand Crown mines shows improvement. as does also that from the Waihi-Silverton Company. The Hauraki return is not so large as the previous one, but this is due merely to the fact that a less quantity of ore was treated during the past month by this company. Amongst the returns this week are several trial crushings for small companies, all of which were very satisfactory, and should encourage the shareholders to get to work and erect small batteries to treat the ore now being won from these mines. The Hauraki Associated Company continues to get frequent and rich hauls of picked stone, and as the new battery commenced operations this week regular returns may now be looked for. The Welcome Find mine at Coromandel produced 3Otb of picked stone this week, which it is to be hoped is the forerunner of good things for this company. Talisman shares have had steady business during the week at 12/6 and 12/9. Generally speaking, the most attention has been paid to shares in Upper Thames Companies. HAURAKI RETURN. £1,646 FOR THE MONTH. During the past four weeks, the Hauraki Gold Mining Coy. crushed 280 tons general ore and 1751 b of picked stone for a return of 5500 z melted bullion, of the value of £ 1,646 16s. Last month 350 tons general quartz and 354 Tb of picked stone yielded 6120 z 18dwt, the approximate value of which was £ 1,800. WAIHI - SILVERTON RETURN. £1,688 FOR THE MONTH. The return for the past month from this mine was the largest since July, 1896. In all, 1.250 tons of ore were treated for a yield of bullion valued at £ 1.688. Last month 1.104 tons Were treated for 820 oz, valued at £1.615. The previous month 1,024 tons yielded £ 1,220. PROGRESS CASTLE ROCK. A parcel of 12ewt of ore from the No. 1 reef in this mine was sent to town for treatment and yielded 31oz 7dwt Sgrs of gold, value £7B 18s 2d. NEW ZEALAND CROWN MINES. £4232 FOR THE MONTH. The return for the past month from this Karangahake mine is larger than those obtained for the previous months. In all 1964 tons of ore were treated for a return of bullion valued at £4232, the average value per ton being £2 3s Id. Last month the output was worth £4069 and the one before £ 4163. HAURAKI ASSOCIATED. NEW BATTERY STARTED. This English company's new tenstamper battery, which has been in course of erection for some time back and recently was completed, formally started on Friday on the first crushing from the mine. At present some low grade ore is being put through in order to prepare the plates, but in a few days crushing on the general ore should be in full swing. The battery is situated at the junction of the Kopurukaitaha and Harataunga streams, in Kennedy Bay, and is distant from the mine about one and three-quarter miles. The buildings are built of corrugated iron, and every attention has been given towards securing plenty of fall for the ore from the rock-breaker to the settling pits. There are ten stamps of 8501bs weight each running with a six inch drop at the rate of about eighty drops per minute. These are capable of crushing from ten to fifteen tons per day. The tables measure Bft x sft. and are fitted with copper plates. There are four berdans in position, which are ample for all present requirements. The engine, which will act as an auxiliary when required, is

of 25 h.p., of the Corliss type. At the mine, besides general ore, there are now about 4001bs of picked stone on hand awaiting treatment. GREAT BARRIER. The directors of this company sent a small parcel of ore to Professor Black, of the Otago University, for treatment by his permanganate process, in order to ascertain whether the new method was suited to that class of stone. Professor Black reported that the ore. after being roasted, was treated by his system, the silver being subsequently extracted by a cheap process. The ore gave an assay value of £l3 8s per ton, gold £ll and silver £2 Bs, and according to the Professor’s report, 84 per cent, of gold and 80 per cent, of silver was extracted. A higher percentage would have been obtained had the time occupied in treatment been extended from 24 to 48 hours. BAY VIEW. Shares in this Kennedy Bay company were inquired for this week, owing to the manager bringing to town sixty pounds of good stone, taken from the reef in the low level. It was not what may be termed a ‘show stone,’ because unless closely examined the gold is apt to be hidden by the mineral. The stone is, however, very heavy and should show more at the battery than would be expected from a casual examination. It. carries both coarse and fine gold freely distributed all over it as well as blue seams, which should also yield an amount of the precious metal when treated. As the gold is showing under foot the reef may be expected in a lower level. FLEMING’S FREEHOLD. A company has been formed to work this property under the title of Te Puke Gold Reefs. The capital has been fixed at £20,000 in 160,000 shares at 2s each. Of this number 100,000 are to be. allotted to the vendors paid up to 2s, they agreeing to take upon themselves a call of 6d on the whole of their shares, which will give £2500. Another 20.000 shares are to be reserved for issue on a co-operative basis to miners as half payment of wages or contract earnings, the other half to be paid in eash. This should produce another £2500, making £5OOO in all for the development of the mine, subscribed by the vendors and the men who work the. property. In addition 40,000 shares are to be reserved at 2s 6d each for future sale, to provide working capital or machinery when the time comes. GOLDFIELDS REPORT. The Departmental Report on the mining industry, as submitted to Parliament this week, contained some very interesting details. Referring to companies outside the colony, Mr Wilson. Mining Inspector, states these total 113, with a share capital of £ 12,840,375 —two at Te Aroha, twentyfour at Coromandel, eight at Thames, six at Ohinemuri, two at Kuaotunu, one at Tairua, forty general, eight at Waitekauri. three at Karangahake and five at Waihi. In dealing with the Hauraki mine, Coromandel, the report states:—The dividend paid to 27th September amounted to £ 112.000 and expenditure in the colony to the 31st December £ 22,987. The total expenditure since registration was £42,714. In the Ohinemuri district the quantity of quartz treated last year was 64,463 tons for a yield of 148,6260z5. Tailings totalling 2522 tons were also treated, the whole producing gold and bullion to the value of £218,067. The. crushings in the Auckland district during the year ending 31st March, 1897. were as follows:—Quartz and mulloek crushed: Coromandel. 18,848 tons; Thames, 27,061 tons; Ohinemuri, 66,985 tons; Te Aroha. 934 tons; Great Barrier, 3 tons. The yield of gold or bullion was as follows:—Coromandel, 35,8860z5; Thames, 13,4400z5; Ohinemuri, 148.626 ozs; Te Aroha, 3760z5; Great Barrier, 2190z5. The value of the gold or bullion won for 1897 was as follows: — Coromandel, £100,911; Thames, £34,253; Ohinemuri, £218,067; Piako, £986; Great Barrier, £36; total (including shillings and pence), £354,255 19s Id. The statement of affairs of companies published in accordance with the Mining Companies Acts, 1891 and U>94, show that in the Auckland district there are 424 mining companies with a subscriber! capital totalling £5,377,225, of which capital actually

paid up amounts to £836,336. The number of present shareholders is 41,511, and the men employed 4360. • The quantity and value of Rold produced since registration is 284,42050z5, valueci at £1,824,862. The total expenditure since registration is £ 1,584,713, and the total amount of dividends paid £371,626. Referring to the recent mining boom, the inspector states:—The decrease in the yield of gold is not owing to the scarcity of the metals or to the mines being exhausted, but chiefly to the fact that on English companies becoming owners a change in the policy of working was adopted, and dead work and improvements in machinery carried on in the place of the continuance of production. An immediate increase in the return cannot be looked for, inasmuch as in addition to preliminary work the new appliances adopted and the construction of the water races will take a considerable time to complete, during which the actual recovery of gold in many of the mines will be almost totally suspended. In the near future, however, the number of gold-produc-ing mines will be materially increased and a steady yield maintained.