MINING NEWS.

New Zealand Graphic, Volume XXI, Issue XII, 17 September 1898, Page 366

MINING NEWS.

SHAREMARKET. BETTER business was done on the Exchange during the past week in mining stocks and good advances took place in several lines. Woodstocks apparently touched bottom when 7/6 was reached and now buyers are offering as high as 9/, with no sellers below 12/6. This is no doubt the result of the additional goldsaving plant having arrived at the battery. Barrier Reefs sold as high as 5/3 and then, as holders declined to quote, buyers ceased to offer: but it is understood that those anxious to secure these shares are prepared to pay still higher rates. Low-priced Barrier stocks such as Aoteas and lonas also had attention, and it would seem as if an all-round revival of interest in this section of our goldfields was not improbable. At the Thames May Queens sold up to 5/ and were in steady demand at a slight concession upon that figure. Tararu Creeks and Alburnia shares also had steady enquiry. Coromandel stocks are still neglected, but at Karangahake there have been steady buyers of Talismans at 9/6, with sales at 10/, Crowns at 16/6 and Woodstocks as already indicated up to 9/. The Stanley mine, which adjoins the Woodstock, was sold this week for £l,OOO cash. Beyond steady buyers of Alphas, Waitekauri stocks had little attention during the week. Low-priced shares in mines near the Waihi Company had regular enquiry daily, and WaihiSilvertons had buyers up to 5/3. The gold returns this week are limited to the Thames, the Waiotahi Company obtaining £442 from 95 tons and the Cardigan £l9O from 20 tons. The official gold returns for August for the colony show an increase of £ 72,228 as compared with the output at the same date last year. Of a total yield during August of £ 133,522 Auckland contributed £53,964 and Dunedin £ 35,896. Under the head of silver, Auckland produced 30,5160 z, valued at £3.456, an increase of 11,3670 z, valued at £ 1.274, over the corresponding month of 1897. The gold exported for the first eight months of 1898 was 188,3680 z, valued at £729,751, an increase of 12,7600 z. valued at £43,370, over the corresponding period of 1897. It will thus be seen that the output from the Northern goldfields is steadily increasing.

NONPAREIL. Colours of gold are seen in the quartz broken down from the leading stope. BUNKER’S HILL. The 301bs of picked stone from the crossleader treated at the HauraKi Associated battery returned £59 ss. CARDIGAN. A crushing of 20 loads of quartz treated as a trial parcel from the Cardigan mine yielded 71ozs sdwts of gold, value £l9O 6s. IMPERIAL. The low level is still penetrating line reefing country. Several quartz veins have lieen met with, which leads to the lielief that the ore body sought for is not far distant. QUEEN <>F BEAUTY. At an extraordinary general meeting of shareholders in the Queen of Beauty Goldmining Company held this week, a resolution was passed authorising the liquidation of the Company.

WELCOME FIND. The lode at No. 3 level averages aliout 2ft in thickness. Colours of gold were seen in the stone taken down. The indications are still most favourable for the production of rich ore. IVANHOE. An extraordinary meeting of shareholders in this company was held this week to consider the position of the company. On the motion of Mr J. Reed, seconded by Mr T. Allen, it was resolved to leave the matter in the hands of the directors to try and obtain absolute protection for six months. WAVERLEY. At an extraordinary meeting of shareholders held this week, on the motion of Mr Gorrie it was resolved to ask the directors to make further calls for the development of the ground. NEW ZEALAND CROWN MINES. The office of the New Zealand Crown Mines Company (Limited) has been removed to that of the New Zealand Mines Trust Company (Limited), Shortland-street, Auckland. Under this re-arrangement Mr R. R. Hunt ceases to be attorney, and Mr Robert Rose takes up that position. KAPANGA TRIBUTERS. ANOTHER RICH PATCH. Messrs Horne and Johnston, the lucky tributers in the Kapanga mine, struck gold this week, obtaining 351bs specimens, of the estimated value of £l5O. It will be remembered that these two tributers also hail several large crashings earlier in the year. TE PUKE GOLD REEFS. No. 3 level is in a total distance of 213 ft. The country rock has improved, it being of a firmer nature than when last reporting. The drive passed through a small reef 4ft in diameter ; 2 feet on the footwall is solid stone, which showed a trace of gold in the dish. NEW FOUR-IN-HAND. A notice posted on the Exchange this week stated that this company had completed the purchase of the Four-in-Hand and Cuirassier properties, and had allotted to the shareholders in the vendor companies the shares they are entitled to, and placed them on the share register. HAURAKI ASSOCIATED. The stopes on the footwall lead continue to yield ore of payable quality, which promises to continue right through to No. 1 level. No. 3 level is now in a total distance of 366 feet. There is no change to report on the lead which is being driven upon in this level. The battery commenced crushing on Tuesday morning. GREAT BARRIER. In order to afford the Rev. Mr Joseph Campbell an opportunity of testing the Company’s ore by the hyperphoria process, forty tons have been bagged and a large portion ot that is now awaiting on the beach ; and with this good weather the remainder should in the course of a few days be ready for the scow for transhipment to Te Aroha for treatment. Mr Campbell has experimented with ore samples repeatedly, anil he is pretty con fident that by the new process he will be able to effect a net saving of 85 to 90 per cent, of the value of the ore. STANLEY. The directors of the Stanley mine, Karangahake, have decided to accept an offer made to purchase the property for £ 1,000, less 24 per cent, commission. On August 30th no less than 75,247 shares in this company forfeited for a. halfpenny call were sold by auction at 1/ per thousand. The purchaser subsequently wrote offering to buy the Stanley mine and plant for £720. The directors declined to accept less than £ 1000 and this week the property was sold for that sum, less 2J per cent, coinmission allowed. MARATOTO. At a meeting of the shareholders in the Walker's Maratoto Special Claim, held yesterday in Mr R. McDonald Scott's office, it was decided to form a company to work the claim, to be called the Maratoto G.M. Company (Limited). It was resolved that the capital of the company shall be £25,000 in 100,000 shares of 5/ each.

4/ to be considered paid up. Of the shares, 50,000 will be allotted to the owners of the special claim, 10,000 will be sold at fid each to provide a working capital of £250, and 40,000 will be held for the company to be dealt with by the directors as they deem fit in the interests of the company. The Bank of New Zealand was appointed bankers to the company. Mr R. McDonald Scott was appointed legal manager, Mr D. B. McDonald auditor, and Messrs Jaekson and Russell solicitors. The following directors were elected:—Messrs J. McCombie, H. H. Adams, J. Endean, C. McLean, and J. Kneebone.

MONOWAI GOLD MINES. In the Monowai section north of No. 1 rise, for 70 feet the reef has kept its usual course and quality, which is most encouraging. The manager expects very shortly to be crushing from this section of the mine. Tests of this ore have l>een taken, and are most satisfactory. This confirms the process adopted re its treatment at the mine; as no other method can be found so effectual as concentration, amalgamation, and roasting the concentrates, which can then be treated by cyanide most effectually. In the Gem mine the work done has been opening up the old level connecting with the Crown workings. The reef is improving in quality northwards.