MINING NEWS.

Dominion, Volume 6, Issue 1839, 27 August 1913, Page 10

MINING NEWS.

WELLINGTON SHARE MARKET. Xo tra-iiJ-aouioiia wore recorded at tlie morning cadi. At tho afternoon call salea were reported of N.Z. Crown: at 1?. 2d., anud lios6 .Reconstructed, (two parcels) at 12;. 2d. Tho quotations were as under:— Jiuyera, ScLlore. £ s. d. £ s. d. Montezuma 10 0 — iS'ow Sylvia 0 U 11 0 12 'Progress — 0 8 4 Koss Reconstruote.d — 0 12 4 Talieman 2 1 6 2 2 3 Victoria 0 0 4 — Waihi 2 6 9 2 7 3 WViitlu Grand Junction ... 1 1 6 12 3 "Wa.ita.ngi 0 0 6£ — Worksop Dredgo 3 0 0 — TaranaKi Oil Wells -7 013 0 STOCK EXCHANGE. (By Telegraph.—Frees Aesociation.) • Auckland, August 26. Sales on 'Change:— -Itoes, liy. lOd. to 12s. sd. Wa.ihi. £2. N.Z. Portland Cement, 16e. 6d. Tho following tales wero made at the afternoon call:— Ross Goldfields. 123. 2d.. 12s. Auckland Gas (p.u.), £1 Bs. Tho following sales were repoi*ted:— Kurunui Caledonian, IOJd.; Hoes Goldfialds, 12s. 4(1., 12s. 3d-.; Auckland Gas (p.u.), £1 Bs. Christchurch, August 26. f-ales reported on 'Changet— West-port Coal, £1 Bs. 6d. T"n,iou £2 4s. 6d. Bowron'Bros., E. and T. Co., 10a. WAIIII GRAND JUNCTION. By Telegraph—Press Association—Copyright London, August 25. Waihi Grand Junction shares are quoted —Buyers 2W., sellers 22c?.

TAITAPU GOLD ESTATES. The Tcport of tho Taitapu Hold Kstatcs, Ltd., lor IMS, states that, as wns I'orenluutowed at, I,ne meeting Held in July, mi!, ilie jiolicy of the flarectorii hoe ueen mainly a wuatuis out. Tjie reasons for this were then stated ill tho ioliowiiig termsTlie policy of tho board is tho irue one; the land should not be t-xicrilicod, for the timo wi'iil come when it will realise irooit prices. The expenses of tho compaaiy huve been reduced to a minimum. Whiret commerco in general in flew Zealand -has been of a progressive nature, yot t'llo iinanoial conditions have been etrinscut, thereby causing great care to be exorcised by trading firm 3 in regard to tho outlay of money for buildins and other purposes for which tlie native timber as icquircd. 111 these circumftances the lessees working the sawmills on the estate found themselves in a position of great diliicultj' in keeping up and tii-iposiiig. of the minimum output stipulo,ted by agreement, and it was iiecestiury for the company, in order to avoid the total cessation of the sawmiliing industry, to meet their rouuirements by cranting them a moratorium for six months in regard to the royalties which they have to pay to tlie company under such agreement. The latest advices received from the Dominion. however, show that some improvement has taken place in regard to tho t-imber market, and the letcees have now resumed tho monthly payment of tho royalties. Although the timber industry had thin set-back, the board are pleased to state that Has, which id grown on tho estate, again became a marketable commodity, end those lcflscos who previously worked the mills approached the company and were again granted catting rights, ft is anticipated that a fair amaunt of royalty will be derived from Uuk coureo. Xo dehnite concession for coal lias been arranged during the yenr uuder review. There are, lioue\ei\ indications that capitalistic are being attracted to that, part of Xew Zealand where tho estate is situated for the acquisition of coal measures. A large proportion of tliej? measures are situated within the bouiwlarios of the rom-pa-uyV area, it if <1 matter for regret that a company that was 0.111 i<-ipate<l would by this time have been formed to develop tlio iron deposits iu the neiilibouroi Taitatju Me not yot eymuatcil.

There is however, every prospect that a company will soon be formed. The establishment of -important work? of this description will have n preat bearing upon the value of the property, endeavours have been made to of the surveyed sections of the estate. Advertisements have been inserted in various New Zealand paper?, owl liave called forth many inquiries. Unfortunately, however, those hft-vo not- fructified into sales, owing principally to the difilcultios in tlio means of communication with the main roads to the district- To furtlier develop the estate and to facilitate the isale of those sections already surveyed, t.he directors found it necessary to olfor to the shareholders the balance of the debentures still unissued. A circular was sent out on- May 20 Inst, jrivinp particulars of the dcbenturci-> and inviting applicationis for same. The- rcfpoii*c did not the whole of such balance. Tlio amount subscribed, however, will enobio the company to continue the wpkecp of the existing ready, the payment of rates end taxes, and tlio gen oral charges of the company for some time to come. The company has through its been nientaj in- inducing tlio local authorities to examine and survey the We-sthaven ITarhour, on which the township is situated, and from whesh tlie produce of the et-talo is retrula.rly shipped. For the irrcater part, o-f the year under review, the Golden Blocks (Taitapu). Ltd., was able to maintain regithr and recovered from its mine 17C0oz. of p-old of a. value of £6587. However, towards tho end of the year the of that comTany wore compelled to i9hut down the battery owins to strikes amons the minors.