Our mining prophet

New Zealand Illustrated Sporting & Dramatic Review, Volume VII, Issue 348, 25 March 1897, Page 11

Our mining prophet

Nothing of any note has occurred during the past week on’Change, and business still remains in a stagnant condition. The fact is, every day mekes it more evident that we have far too many mine* on the local market, and until the list of companies has been greatly reduced, matters are not likely to become settled. Rather than be bled to death by calls, investors prefer to forego the shares, and consequently the market is glutted with scrip which is sold at a ridiculous figure, a few shillings a thousand being in a great many cases accepted. In the true interest of the market it would be better for all these companies to go into liquidation. Legal managers, of course, will hold on to the last, and keep the companies in existence so long as sufficient funds come in to pay their own salaries, and in many instances that is what is being done. A call is made, the whole of which goes towards office expenses, little or no money being spent on the mine. For all the work the said officers are doing> 10s or 15s per week would be sufficient remuneration for them, and it is time shareholders sought some kind of reform in regard to these matters. Great Barrier stocks are still as popular as ever, and prices have considerably improved since last week. There have been free sales of lonas at Is 2d and Is 3d, Aoteas at 7»d and Bd, whilst 5s lOd is offered for Great Barrier Gold and Silver shares. A fair amount of business has been done in Thames and Coromandel stocks at current rates. There is little demand for Upper Thames investments, whilst Kuaotunu mines can be said to be entirely neglected. Bunker’s Hill.—Same as last week. A considerable amount of developing work is going on, and something encouraging should shortly be met with. Britannia. —These shares have been enquired after at Is 2d and Is 3d, but holders seem loath to part. The property is being taken overby the English Company during the present week, when shares will be allotted to colonial holders. Princess May.—From thirty to forty thousand shares were on Tuesday last sold by auction. This property is situated at the Manaia, and negotiations are at present proceeding at Home for the sale of the mine. The sale of forfeit shares realised 3s per thousand. Aotea. —Of the Great Barrier stocks Aotea are the best to buy for a market rise. Stanley.—At present prices Stanleys are well worth holding- The prospects of the mine never looked brighter than they do to-day. Talisman Extended. —At anything under Is you are quite safe in buying. This property is well situated. Hit-or-Miss. — There are strong buyers for Hit-or-Miss at Is 4d, and no declared sellers. The shares are well held, and should certainly see more money. Welcome Find. —Buy at 2s or thereabouts. . Kuranui- Caledonian. —Sales at ss, at which figure they are a safe investment. Cardigan. — The position of this Thames property should warrant a better price being paid for the shares than that which now prevails. Waihi Extended. —Sales at 3|d and 4d, at which figure they should be a fair speculation. The same can also be said for Waihi Welcome and Waihi Consols, which are not likely to be offered much below the present prices. Prospect. — Buyers at 2d. How have the mighty fallen I Great Mercury.—This company has issued another 30,000 shares at ninepence per share. The property is a good one, and only requires developing to insure payable returns. Tabarua Creek. —These shares are well worth securing at present prices. The last sales were at 4s 9d and 4s lOd, and I do not think you will get them at a lower figure. Zealandia. —At ninepence a few hundred of these shares should be as good a shot as anything in Coromandel. Alburnia East.—From a good source I hear that there will shortly be an improvement in this stock. At sixpence or sevenpence 1 would advise my readers to buy