MINING NEWS.

Dominion, Volume 4, Issue 1053, 16 February 1911, Page 8

MINING NEWS.

•WELLINGTON SHAKE MARKET. Tho dullness of tho raining market is very proDorinccd, and scarcely any busin»'3 is doing. Tho public is'standfc; off. only a few'.'o' 'thbt* who bought forward andwho are unablo to pay for tho share? are forced fellers on tho mirkct. Forward selling in ffc-angling. legitimate business,.and unless this ii curbed, tho brokers will have tho market all to themsclvw. Most of the rales recorded now aro stated to be moro flctions-tho punting operations of - tho brokers, nr.d not.genuine sales to clients. The sales Tecorded yesterday W Jfew Sylvia. 33. sd. (third call). . Talisman.. 475. 6rt. (third call). Waihi Grand Junction, '295., 295.. 295.. 2»5. (first ml!): .295. 3d.. 293. <d. (second call): 295. 3d. (third call). . Ths buying and celling Quotations were as under:— ■ . . Buyers. Sellers ■ £a. d. £a J. Con. Goldfields ■ — 019 0 Kuranni Caledonian -0 12 014 May Quesn .'. 0 2'3 . 0 2'6 N.Z. Crown Options 0-14 0 19 New Sylvia ....:.... 0 5-4 -0 3,6 Old Hauralii ~ — , Or I 9 Raxon , * 0 2 0 0 2 2 Talisman v. - 2 7 0 27 9. Victoria, 0.1 1 — Waihl .„....•..,..:,......;...■..; 3 13 0 5140 Waihi E'oef?:,.'. , 0' 2'3 ■ ' - v Waihi Grand- 1 -Junction;;;• I'9'o I' 9 6 Waitangi"-;:.:'./.".'.....^:. - ...;'.-;;..: 0 2 1•' 0-2 3 Watchman- ;... 0 2 8 — STOCK EXCHANGES. [' (By Telccraph.—Press Ansoclatlcn.l Auckland, February 15. Business done on 'OhanKO thtg' mornins: -May Queon, 2b. 4d.;.Now Sylvia. 3a. 5d.: Saxon, 2s. Id.; Kapanga (con.l, <id.; Talisman. 475.-;6d., 475. 3d.:: Waihi, 7<s. 3d.: Waihi Ecefs, Za. 2d.; Waihi Extended, 2s. M ; Grand Junction, 29a. id., 295. 3d.: Mountain King, 5d.; New Zealand Insurance, Ms:; Auckland Trams (ord.), 245. 6d. Tho followinß business was done at ths 3.15 p.m. call to-day:—May Queen. 2s.- '.ft.; Watehman, ta. lOd.; Golden Bc'.t. <W;; Talisman Consolidated, <7e. 9d.; Talisman. Con(new), .«i. 6d. j ■ Waihi. ' 74a.; Waihi B«fs To. 3d;. 3s. 3d.; Taupiri Coal, 21s. 3d.i Cisborso Gas, 63s'. Dunedin, February li Rt?ck Fxchange" salce:— ' ■ Union Steam,- £1 17s. *6d., £1 17s. 6d. • Sales reported:—' '-o- .•■■■•..-;....0..■■•... :.;-. Saxon, -23j Id. ••'i , -'! "• ■' ~•:..:...- ■■■■■ Monowai,.-25.. Ed.' .' -~",' ■>•; >, K.Z. Paper. Mills.-fI3E. M.',,.... .. .' National Bank, £5 19s. ;6d." " HOW TO ENCOURAGE PBOSPECTING.' liy Tclesraph.—SreciEl Corrcspondent.) Auckland, rcbruary 15. A writer in tho "Star" &a'ys the doprcwid slatoi of tho mining market is such thirt a. nov/ find of gold'is'tho only hops. To Bet Kold' it is rsqulsit? there should bo plenty of prospcctlc, , ;. and to Bet men to so out proqiecting ii i 3 equally necessary that they should have, some encouragement. TJnder tho present sys. lem it would cecm. aa if tho prospector is to bo penalised tho lonßor ho. is kept working. There arc' some KO.COO acres of auriferous country in tUo Aucldacd district, -oort of it lying idle, and in many cares not oven prospected. . Yet if a niao pegs out a, claim anywhere on this 500,000 acres ho has to pay 2b. 6d. per p.cro for tho flri't year. If Uas tufllcicnt pluck to bo on for a socor.d year he is penalised by ; having his rent doubled, and ehould'bo go on for a third year,- ho has to :ray an oxlrn: 2s. 6d. per acre for land, t&at would, probably -cot, brine in lCc. Ncr acrofoi , tho freehold if submitted j jo-,,ano.t}qu,. ' .„_ , A gontlcti-'ia'' who' has beenr'connectedwith nulling for the .Inst thirty ■ years. iDcaking to a reprcjcstativo of tho "Star," mado some vahinblo nigirostions. "I do not wonder," ho said, "that men will not co out prcspcctlng. Tho chargo of "s. Cd. per aero boforo a niaa hap found gold is ijulto unreasonable. Why not malio tho figure sixnenco per acre, and never ralco-tho-rest? AThat wo want is to encourase' BeuulnQi.-tproepccitinftUQyer that' 6Co,oGajfA<3rc3.- of I auriferous' country.' If it 'was let on graiini; leases sixpence P«ti acra would bo euito enough rent. Then, too. tho .mining provisions aro. Brvirc. I woa!d give tho prospector tUo 'olnim at- sixpence p«r acre, with tho .prcvijion that ho . must work continuously. If ho sets gold, the.-.' let. thp ground bo m.annca in thi warden's discretion. TV.ro h anther matter whorein a saving might bo cifectod. During tho boom o£. nearly, twenty years-ago. .over 10C0 clairao were surveyed. Now,- if a prospector wants to ial:o up ono of tfiote, he has to have H rssurvcyed. Wny should ho not bo allowed to take up tho claim ur.dar tho namo ard n:cnsurc3 of tho irigin.il survey, supposing it is Jrir.? idle? Of courts, if-a< raau gets payablo cold, I sco no harm in, o- uortiou' of Ktho , proAtS' going \to tha local bt/rjvmlßi.iitfj lho-,JUndSj D.erartm'jnt in lion o.Oth»;nvfiEßnt : gnld duty. -The, mrxit Important matter is, however, ,to reduce the ront. .At tho' 'precont- rato for-ICO neres p rean hat t« fliid £12 10". tho .first year. £25 tho second, and then £17 IDs. for overy y<*ir afterwards. When a. company is or. po!d, that d<ws not matter much, hut it. is n, sorious thing.- for n.- prospect. ins syndic.tto to faco when it may ho years before they got any voturn for their money and labour." ~