MINING NEWS.

Dominion, Volume 2, Issue 583, 11 August 1909, Page 10

MINING NEWS.

, A CHECK ON WILD FLOTATION. .■ . RESOLUTION BY/AUCKLAND STOCK EXCHANGE. • (By TeleeraDh.—Spccial Correspondent.) . Auckland, August 10. There is to be a cessation of liiild flotation in mining ventures if' the Auckland Stock Exchange can bring- it about. At the noon call to-day the Exchange passed the following resolution, on tho motion of tho'chairman:—" That in future, when quoting new mining companies, it be a stipulation that vendors' shares be pooled for not less than, six months, and bo not transferable during that term." The chairman, referring to. tho motion, said that a number of applications had been received lor the quotation of new companies. In the case of .four the. committee had no recommendation to 'make. New. companies Were being formed 'to again test old ground that had. been tried for years without" any discoveries being made. The committee, therefore, desired to try and check the wild flotation .of new companies. Iu the case of grounti that had been floated time after tiiho he thought that if a company of gcntle•nien took it up again tlic least they could do was to work it for a time, and try auil discover something. to ,warrant. them asking (ho public 'Co take-shares'in a ..company to, develop such property. By stipulating that 'the yendors' shares ■ be pooled for six months they would be doing something that would -at least give tho general. public a fair ruri'fcr their money when they went'into'such concerns, (Applause.) It appeared'to him that too .many of those' concerns . were promoted at a time like the present,'when' they were busy on the Exchange, anil, hp .felt that tho main' object of many of /them '.was simply to ..traffic in the shares. It v;as their duty as far as possible to check such practices. He was prepared to' be very lenient to;men, who.came-.forward. with a .new piece of ground, and had evidenco to show' that it was well worth being .prospected.' Such men it was fair to assist, but in -cases .when old gronml .was taken np mid-floated by tho. process of' taking people around .tho corner' and tolling themv to put the'ir name'down for shares, at once,' as thoro Would be a; rush for them, and they must go to a premium, it was as well for the. Exchange to discourage that-' system as ; much" as possible.- The Exchange could not prevent ncw' ( companies'being floated, because people were free'.to-do what they chose in that respect. When, however, -tlicy' Syantcd tho stock quoted, then tho Exchange had a. right to,'a big say in •tho,niattar..-;|Th<i motion was carried: >■'v? .

'';. _ . STOCif , r> ; 'y r ,_' IDj Telegraph.—Press association.) - Dunedin, August 10. Stock Exchange sales:—Waihi Grand Junction, £2 13s. Gil., £2 13s. 3d.-(two 1 parcels); Talisman Consolidated, <£2 17s. 3d.; Waihi Exfended, Bs. Sales reported.—Wailii Grand Junction, £2 U5.,.J!2-13s; 6t1.; Mav-.Queeri, fis. id.; Wailii Consolidated,-ss. Tid.;:tTnion Steaiir Slup Company, iSI lis. lid. Auckland, August 10.-: Share market business"dohc'. at -tiie mdi-ninV call included:—Sylvia, 4s. 3d.,- Albumia. 35.; Haiotahi, 7s. 6d.; Ro.val.Oak,-2s. lid.; W.atchTairna Broken'sHills,! ,3s.:.'ld.t to'3s. 3d.; Waihi, 1905.'; Grand Junction,'sts. 3d. ■ GEAND'JUNCTION.:' '' (By TeleEi-apb.—Specl.il, qorrcsßondeiit.)

-Pi.'- » T - ;; ; A " Ckla " tl 10.' J. no iierald s - special commissioner, reporting on the Waihi Grand Junction Mine, says:—lo any.- who might be inclined to question whether or not the Waihi lodes are running out into the flat, a visit to tho Waihi 1 trrand Junction underground workings' would I :prove instructive. As in tho case.of tho Waihi ' ? lne I was more concerned with the i deep levels of the Grand Junction than the upper levels, whence. , the ; present output of ore is coming I was shown'through by the superintendent (Mr. Brown) and the mine manager (Mr. Maconochie). At the bottom level (No.-5), which is about 20 feet or 30 feet above • the deepest level in tho Waihi, I was mainly .interested,in the Martha lode'.-that had< conic to hand in the northern crosscut. An examination of the reef, which had been then penetrated for about 40 feet (country rock,'which may or may not prove■■ to be the footwall country came in the .day after), showed that |m characteristics. it was, precisely tho same as in. the Waihi area. The values varied iii just •' ?the ; Biirae -w.ay/.'and. in;-the face the ore 'in? w&s white and of'low grade, though in the bottom .a better quality of mineral ore was makiDg. Realising tho variable quantity of this reef in the inine of origin tho same arguments I have used as to the true test of value apply.' It is absolutely nothing'to go •upon that th© Martha reef is poor in one portion and rich in another. Tho main thing is. - that in bulk it is ore that pays handsomely, and the fact that tho, Grand Junction has got this body, or possibly a parallel lode, in their deepest level, and that its width where cut is so great, is.sufficient warranty, for gratification, apart altogether from o'cca-. .sional' assays. I'am very much mistaken if this discovery .of .the Martha lode, or whatever lode it is,'in the Junction does not turn put to be exceedingly important. Should it keep on its present course and maintain anything like its present size, this reef alone will give oro reserves that will considerably assist the company to keep their mill supplied pending the opening-up of the levels' below. At the same (No. 5) level in the south-east crosscut, the company has in hand another of the Waihi main reefs, the Empire, which from, wall to wall measures 70 feet in width. Of this only 30 feet, however, is being taken at No; i level above. Both the Empire and the Koyal were opening up well here. In the case of tho latter lode, I was afforded a striking esamplo of the fallacy of judging the I. valne of a. mine-or lode on occasional assays. Going east from tlfe Waihi to the Junction' area, so I had been informed, the reefs show a tendency to bo poor, yet I found that tho drive on the Koyal had brought up right on the Waihi boundary with a width across the faco of 23 feet, of which 10 feet was worth' £7 per ton. No clearer demonstration of the fact that these lodes improve just as surely as ft times they grow poorer could be wished for. Another feature 1 noticed in connection "with tho Royal lode at this No: 4,level was that it was flipping into the Junction, a fact that migiirs well for it a?-the level ; below where it is being crosscutted for. Stoping on tho-'Royal back from the boundary will shortly bo in hand at' No. 4, and a good block should ! be opened up on it. The otjier .lodes producing ore'iucluded the Martha and No; 2. 1 Watchman.—A decided improvement is tak- 1 ing place in quality of the reef, - and this I inino gives promise of coming, to the front ' shorty as a bullion producer. * May Queen.—ln this mine developments at ' tho lower depths aro resulting satisfactorily, ! ahd are giving every promiso that before long anticipations as, to tho value of tho lodo'at ( the: will bo realised. . I