PRICE OF WAIHI SHARES.

Dominion, Volume 4, Issue 936, 1 October 1910, Page 4

PRICE OF WAIHI SHARES.

A RUMOUR AND AN OFFICIAL STATEMENT. (By Telegraph-Press Association.) Auckland, September 30. The fact that shares in,the Waihi Gold Mining Company sold as low as £6 7s. yesterday, naturally caused a feet ; ing of uneasiness as" to- whether'- there was any fresh cause for the weakness of the .market. Amongst other ideas suggested was that bores had . beeil put down from the lowest level, and that • the: results explained ; the drop in the price of shares. It is almost-use-less to try and follow all the rumours that are circulated from time to-time : with respect to mines,' but in. this {par?'; ticular instance it may be worth while to give the statement of Mr. C. Rhodos (local director) that the company '■ possessed no plant with which to do anything ;of the sort; that'; the" company had no knowledge ofr'anything below No. 9"level; that the shaft. has been sunk "in country, and the chamber is being - opened out for ,10 . leveland that' the ■ next ■ will bo tho excavation of the cistern.-ft If any confirmation was-required for this-state-; ment, there is ;the fact that a boring plant was wanted by the Waihi .Company some while ago, the Government diamond drill was borrowed, which' would certainly not have been done had the company been possessed of. a- suitable boring plant of its own. The drill borrowed from the Government was,, returned long ago. As far as can bo i ascertained, nothing liais occurred!. in the 'mine . development"I,'1 ,' during the. past "month which warrants.: the further fall, in the price of .Waihi shares,tt is true that tho Martha reef in the No. 9 level has not shown improvement, but against that, Mr.; Rhodes says,: is the important; fact that, the first cut in tho Edward lode at the same level, shows an average value per. ton. of ore of f4 for the whole width, which. 'is "58ft. . In the No. 9 level, the Empire and tho Royal reefs do not appear: to- have depreciated as compared 'with - the values above; added ; to' which the ■ chute of payable ore in the Empire is much; longer. ■- Shares ir. the'Waihi Coin-; pany again sold this , morning at: £6 7s- '-While -a; largo number of Waihi shares were sold . to ,; London : some months ago, the tendency latterly, ap-: pears to have been to draw . shares' from that end to Auckland.