MINING NEWS.

New Zealand Graphic, Volume XXII, Issue VI, 11 February 1899, Page 175

MINING NEWS.

SHARKMARKET. There was an upward tendency on the Exchange during the past week, several stocks having good advances. The most satisfactory feature is that it was shares in English companies that were most in demand, an evidence that the satisfactory increase in the gold output last year has not been without effect in London. N. Z. Crown shares, which latterly were asked for at 12/, with sellers at 14/6, subsequently had demand at 15/, with no quoted sellers under 18/. Woodstock shares changed hands early in the week at 6/9, but later on 8/ was offered without sales resulting. Talismans further advanced in price, being sold at 15/, with buyers left at 14/10. Mahara Royal shares were also a little tinner, being asked for at 1/11; and buyers of Koraata Reefs advanced to ;;/.’ The declaration of a dividend by the Waitekauri Company caused those shares to advance, buyers offering 32/, and holders asking 40/ as against sellers at 35/ earlier in the week. Thames stocks had fair demand. May Queens advanced to buyers 5/8, with no sellers under 6/. There has also been steady inquiry for Tararu Creek shares at 1/10; and buyers came in for Alburnias, Kurunui-Caledonians, but at rates which were not accepted. Bunker’s Hill shares had regular buyers throughout the week at 2/6, with occasional sales up to 2/8. Four, in Hand shares firmed a little in price, buyers offering 1/6, as against 1/2 formerly. In lower priced shares there were buyers of City of Auckland, Victoria. Imperial, Kurunui, Royal Oak, and Hauraki Associated shares, but in the face of a rising market holders did not accept the rates offered. PROGRESS CASTLE ROCK. The reef in the face is about 2ft wide, showing a well defined body' of highly mineralised quartz, and appears to be improving in size and appearance as driven on. A rich deposit of gold may be met with here now at any time, as the drive is getting closer to the golden channel of country. COMSTOCK. The annual meeting of shareholders in this company took place this week. when Mr John Colbeck presided. The statement of accounts showed total receipts £344 9/3, and the expenditure left a credit balance of £3 17/3. On wages £2OB 13/6 was expended and general charges, etc., £l3l 18/6. The report and balance sheet were then adopted. An extraordinary general meeting of shareholders in the Company was then held to consider the position of the Company, when a resolution to wind up was adopted. SHERIDAN GOLD MINING COMPANY. MEETING OF SHAREHOLDERS. A meeting of the paid up shareholders in the above company was held this week in the Chamber of Mines, being called by Mr C. Gray, who was voted to the chair. He explained that the Napier directors of the company intended holding a meeting of shareholders on the 6th of February for the purpose of winding up the Sheridan Company. The question was whether the paid-up shareholders would agree to such a course, seeing that there was still £4OOO capital to be called up. The Napier people had spent £6OOO on the mine and were getting tired of the expense. Ultimately, on the motion of Dr. King, it was resolved to protest against winding up the company, and that steps be taken for Auckland shareholders to be represented at the Napier meeting. BUNKER’S HILL. The northern drive has been extended ten feet since last report, and the leader looks remarkably well, showing colours and dabs of gold all through the breaking down. It was from here the islbs of picked stone were obtained. The surface tunnel is in 65 feet through good sandstone. NONPAREIL. The Wade reef still produces quartz of a payable nature. Gold continues to be seen in the general dirt, and a little picked stone has been selected.

NEW ZEALAND TALISMAN. Excellent ore is still being despatched to the mill from the various parts of the mine. It is rumoured that an additional forty head of stampers are to be erected, and that this new plant is to be operated by the wet crushing process. Wet crushing experiments are in progress, and it appears likely that these will be successful. Should the additional plant above specified be erected, the output of the mill will be increased by about 109 tons per day. and consequently the profits will be greatly enhanced. WHANGAMATA PROPRIETARY. The developments at No. 3 level are proving very satisfactory, the reef having widened to 6ft, while the ore is of good value. It has been decided to add another Krupp mill to the plant, and to increase the number of vats by six, making twelve in all. The work of battery erection is proceeding at a satisfactory speed, the internal ore hoppers having been completed, while the vats are well in hand. A tramway is now in course of construction between No. 3 adit and the mill, to which ore will be conveyed by horse traction. Good progress is also being made with the construction of the water race, and it is expected that this and all the other works will be completed early in April, by which date several large blocks of payable ore will have been developed’in the mine. ZEALANDIA. The half-yearly meeting of shareholders in this Company was held this week in Mr D. G. Mac Donnell’s office and was well attended. Mr G. S. Kissling presided. The statement of accounts showed total receipts £426 17/8 The expenditure left a credir balance of £2 0/2. On wages and none requisites £2OO was expended. The balance-sheet, was adopted. The directors’ report stated there was a debt of £54 10/3 and that protection expired on the 9th of May. The report was adopted. BROKEN HILL. The half-yearly meeting of shareholders lapsed. The accounts showed receipts £377 6s lid and the expenditure left a credit balance of 1/9, apart from the proceeds of call since made. BARRIER REEFS. The east end drive is in 217 feet. The reef is eighteen inches wide. More water is making. The west drive is in 190 feet. The quartz is at present 2 feet 6 inches wide, and promises to widen out. A little water is making. Favourable progress is being made on the road constructions to Whangaparapara. ENTERPRISE CLAIM. S. Cohen brought several pounds of stone from this claim to Coromandel showing fine gold throughout. This reef has only been lately discovered on this claim at Gumtown. MAY QUEEN TRIBUTERS. Messrs Comer and party, who are working a tribute on the Cardigan No. 2 reef in the May Queen Company’s mine at the Thames, have crushed 42 tons of quartz which returned bullion worth £232 2/. TARARU CREEK RETURN. During the past month 1,200 tons of ore treated by this Company yielded btdlion worth £1,670, an increase of £350 upon the previous month’s output. WAITEKAURI. A dividend nt the rate of 1/ per share has been declared by the directors of this Company, payable on February 9. This means the distribution of £ 8,500. WAIOTAHI RETURN. The Waiotahi Company completed a erushing of 75 tons of ore which resulted in a yield of 120 ozs. 16 dwts. of melted gold, value £339 1/2. HARBOUR VIEW. Cope and Edgar, tributers in the Harbour View Mine, got nineteen pounds of fnir picked stone this week. REPORTED NEW GOLD FIND. Severn! samples of quartz have been shown in Stratford during the week, which are alleged to have been found

near Wangamomona in the creek by men in Sladden’s survey party. The quartz shows gold freely. Several leading men in Stratford have subscribed to send out a party for prospecting purposes. Wangamomona (’reek is about fifty miles from Stratford, and is on the line of the proposed Auckland-Strat-ford railway. The discovery of a payable goldfield there would settle the question of the rival routes. GREAT BARRIER. Mr Barney, the recently appointed manager of the Great Barrier Mine, left this week for the island to take up his duties. It is understood the option holders purpose pushing forward development works vigorously. TALISMAN EXTENDED. THE SALE OF THE PROPERTY. An extraordinary general meeting of shareholders of the Talisman Extended G.M. Co. (Limited) was held this week to confirm a special resolution that the Company be wound up voluntarily under the provisions of the Companies Act. 1882. After some explanation this was agreed to. WEEK’S GOLD RETURNS. The following crushing returns came to hand since last report:— Picked

Surely the craze for the ‘lady’ servant reaches its height in the following* advertisement:—‘Two gentlewomen wanted, as cook and houseparlourmaid.’ Why not say peeresses at once and have done with it?

Companies. Tons. stone. £ 8. d. Waiotahi 75 — 339 1 2 May Queen (tributers) 42 2 0 Tararu Creek .. 1,200 — 1,670 0 0 Total £2,241 3 2