MOT MINING COMPANIES.

Dominion, Volume 2, Issue 610, 13 September 1909, Page 10

MOT MINING COMPANIES.

THE STOOK. EXCHANGE ALERT. ' (to Telegraph— Special GorrosDOodent.l "i ■»r • « . • Auckland, September 12.' ait S" , A " ohairman of tho. Auckland otooK exchange,.m an interview with a reporter, .6ays:— ... n do not think;that-the present condition of tno gold-mining industry at all warrants bo many now ventures; boinff offered to the pubno. t a.glanco at tho number of mining com-panies-already upon the Stock Exchange ust will show that there is a vory large area of country upon which'mining development is supposed to bo in progress, and I havo no hesitation in giving expression to my':opinion that we cannot hope to find 'sufficient,' capital to properly develop .all the properties that are offered. .It would be preferablo -to expend the capital:■ in properly; developing • the properties already floated,' rather than to spread the money over a-largoi.numbor of'jproperties.' Naturally, tho committee' is desirous of furthor-ing tho interests of genuine mining., as much as .possible, but-wo find, a . matter of-.the greatest difficulty ,-to deal with this question so as not to injure mining, and,, at the same time, to protcct the public.''' i ,

As you ;know, the: Exchange has. already taken some action in passing a-regulation that all-vendors shares'must be posted for' six months. .The object of , that is to protect the publio from v tbe shares allotted to the • vendors boing at once thrown, on the market. It is quite oridont now that that regulation is not a suffl« cienfc broak upon tho flotation of new'properties, and it is porhaps just as well to warn the promoters of new mining .ventures that-it is probable that in the end the committee will recommend the Exchange to insist upon a large reduction in • the number of shares allotted to vendors, and, also not to agree to the payment of any cash consideration, unless the vouchers can be ; produced to show that'.the money has. actually been expended upon : the- development of the property prior to it being offered to the public.; ..

;■ It has.also been suggested that before a now company is quoted,!it must have been in.opera* tion at least : six months, and that the application to-bo'quoted'.must'be in the'hands of the Exchango for fully one month before the matter >is submitted to the vote of the members. ,Wew flotations will probably only bo quoted sub-ject-to something liko the above conditions, which may be, adonted when submitted by the •committee to tho Exchange at a' meeting thrt will be held in the near future. Another sug-' gpstion of tho' committee is that, the prnsoectus of any mining company shall be submitted to •the Exchnnpo before issuing tile same to the publio. -~-This- is suggested." in order that the terms can be.considered.beforehand." v ; 1 ' DREDGING (By Telegraph—Press Association! «. Vi , , « ou nedln, September li; -'Additional <*< dredginff . returfts:~Blackwater, .UtaV 3dwt.}?Waikaka Uriitfld No. 14*4C6z,.I 4 *4C6z,. 6dwt.; •No. ,U, '25dz. : Cdv/t.; Olrig, lOoz. sdwt.; Alexandra Eureka,. 9oz. :19dwt.; -Holyneaux Hvdraulin,7l9oz. 6dwt.; Golden 80d,'240z. Bdwt.; Rising Sun, : 51oz. 17dwt.

. y.': - MINING NOTES. Saxon;—A trial, crushing of-,10 tons of -ore fvora - the reef in.-tho Saxon- ; niine is now-being .madcv _ •: -/

• Bonanza.—During tbe; past'.week,- sayß'' tho managor' of the /Bonanza mine,' Thames, ihu : lovel has been advanced 12 feet, making 46. feet :in all.: -.The country:continues to bo of a' favohrablo description. . v Watchmuni-r-The drivejn the Watchman rniqe Thames, is now.i* 39-; feet east from theistfcrt-'in?-'point. l . The reef. iri.tlic face is l 'much harder to bore and .break than formerly, though there is no. other, change.'/.' ( . Waihi Beach;— The manager .of the jWaihi Bcach mine' states that the/water is n'ow..down to within 3 feet of. tho. floor of the low'level, and ho' expects to have the' level clear of water within a..day or two. . , . - Mouutain.>Kins.—The manager of the Moan- • :tam :ICing • states that' the leading • stope • been: carried/alone for- a distance of about?.3o } feet from ...its _ starting point. Driving horth at ' the - intermediate level: has been advanbefd a further distance of ; 6 feet» The country, is still <a nice -class of andeaite, and there- is-., i a good - flow-of. water issuin* from the rcef, .*' Dixon's Oonsolidated.-The drive on tho ,'reof formation in • the: low level, of, Dixon'a Consoli* dated now. been advanced 12 'feet./ The .quartz, which,.is.'enoascd , in. a good clas? >7. of' country,, hajj "opened out,' aad there is/now about''4 feet .of. atone in .the face. It is v-ofVa friable nature, is carrying good looks well for .gold. The face in No. 2 crossout has . been : advanced a further ,distancd'\of 10, feet, and is".now through .the'reef. 'It'* bo a large lode. _ Tairua Monarch.-Tho low level of the -Tairna Monaroh Consolidated r mine has been extended a totalMistanco .of 641 Jeet. . The hard ground 'has'vboen -ctit oUt, and .'the "country v now.-being penetrated is of a' much milder nature. • Driving north on tho.'reef has: been continued.-Tho reefUsi .'or"the drive, and-.'is' A : nicej.compAct 'stone/.; No. 1 rbeen{.^xteiided/cf';H6t,al l .distanco , .'bf- 193 feot;„- A .splendid. clobs "of. brown . sandstone country-' is beuic; penetrated: • > • .. ••0v... i », Occidontal.—Tlio.: crosgcut from the main'Ctun. <flel.in'the-Ocwdcntal mine, Thames, is now-in . . country is still * very hard, 'arid; isinterlaced with , quartz veins, varying in*-size from', shreds -• to ' 2 inches thick. • These •'•-veins ;9^?yC:Bome).Dice: 'but:no' gold :iias'-ye.t. v been seen.'v In .the upper lovel^tho;,mon., hopeß tovhave.ithe; work of vrepairing • the drive completed; in i day 'or 'r"' 5 -Halcyon.—The...tunnel in the, Halcyon mine Thames, is now in 254 feet,'and in driving tho last fdw. feet a break was passed through. Tho .country; is mild, L but close, ahd in' thb-last shot -'i Jity e water -livasj.brought s from the. back of tho face. This," says the manager, w9homd Mdicate/thatt the north and south,lodes are, coming in'as I fully expected."' ■ ;' iJomimsn;^lit' the'.Dominion 'min'6;' : Karahgahake,\ a- has. been, made with .the .new. adit level;on.ihq..western side of.-thov-snmv.the- level { being ;n°w-.in v3o., feet., - This' levef With w of dnviiie,- should,-says the manager intersect. tb« main reef on which tho w&ze wasi Bunk, and will: give about 120 feet of backs to the outcrop on-the surface, and-from this P Oll dnying i hillwards , the backs will increase* rapidly,'" - 1 .'••• • *. . New.Watoia.-Xn the rise above No. 5 level in tne New waitaia mine, tho reef -is from 9 ; inches:..to',l2 . iriol\es wide,, and,: although, -no picked stone, came to ;hftnd last 'break-down, the general'ore' shffwod nice blotches of coarse gold distributed .throughout: In the 6topo north °*-.WovrtßO: above .the intermediate level, the re ij 13 mches wide.' showing good colours of gold.; ,The jeef'is, pinched at present N in tho stope - south. Jof,;this rise/i Tho-/reef in tho south drive ..atyNo.'' o 'level looks :well.;.and ; may-make gold at;any; time,,boing now clear of the flinty formation.'- ■ • : •

: .Bendigo.—During the past week, says the man-ager-or the Bendigo mine, the drive has been continued on the Silvor/King reef, "and I am pleased to state that the rich band of ore men* tioned T in my last report ib still, increasing' iii size.. It is now fully 2 feet wido, and, judging •)lrb^;the 4 -lft's|tife\v.;feetvof -be the : whole of tho drive: in another 10-feet of 15 1 hopo the directors will lose no time in getting the battery erected/ as wo have such a largo tonnage of ore awaiting, treatment." . Shotover.—Tho, contractors in the Sliotover mine, Karanjanake.' have extended the drive 23 feot, -making 381" feet from the rise. A little water is issuing face, but. otherwise there-.has been no chrinKo. Owing to the lieavy' rain of late tho surface drive fell in, and aa it was • only lin .30 \ feet _the 'manager started another drive-200 feet further down the hill; and *,8-' now..'-in 10 feet -in excellent country, which ; does not require . timbering. Tho man' ager expects to cut the Dominion reef in another 50 feet of 100 feet of driving, and by driving (iouth on- tho'lodo 400 feet of. backs will bo obtained.

_Taligman.—According to the "New Zealand Hernia, dnrine'the month of August, the Talisman ■ Consolidated : Gold Mining Company crushed and treated 3740 "tons of ore,* for a yield of irallion valued at £18,720 3s. 3d, This, when compared, with the .'return lor.' the prbvioua .month, shows'a decrease of £636 16s, 3d., but in July-4200 tons were crushed, as against 3740 tons during the past month.: ,Tho. smaller tonnago crushed is. due to. the fact'that during August' the mill was. stopped for 56 hours. The return also snows-a deweaso as compared with the return for. the-corresponding- period of last ? ea5 jUF)2S n Z £P tons were crushed for a return 'tnlfoH U co3t3 , for th ° past month .totailed £1 19a. Ud..per ton, made up aa follow— •Mine development; -9a.; mining, 155., 4d.; mill, ing, 13s. 5d.; generar expenses, 2s. 2d. i Tho costs for July amounted to £1 19a. fid. This return brings the total amount won from the mine to ' ' M ShOWD in tho

To Dcccnibcr,':lE9a 39 n7l To' December,; 1899; ' 35317 I Z .To D:ccombcr,.;.i9!o.'..v. .-Sal | i -To ■ December, -1901 . JM3J i| ii To December, > 1902 »""}» «• To December,. 1903 .:■ - 3 To December, 1901 "" . ' ? ? To December, 1905 - ......... _ ,K - , To December, 1906 _ ".'{Mr 17 To -Doco.mber, 1907 „„j; I To December, 1908 218)992 4 4 .Total 1,002,326 7 2 Period onding— £ .-"■■ January. 31, 3500 tons , Febrnary 28,. 3856 tons- 17 ms in 0 March 31; 4140 tons :: 10473 b "? April 30, 3960 - tons 17'? m ifi I May 31,- 3866 tons : ij'oS 5 June.3o, 4100. tons "... i®.,, ,? ■ July 31, 4200 tons .......i"; ,19357 'i . August 31, 3740 tons J } Total to date £i.idi 2fi7 n' 7 Total dividends paid (slnco rc- ' • construction) ......£333,750, 0 0