WEST COAST GOLDFIELDS.

Greymouth Evening Star, Volume XXXI, 22 August 1901, Page 4

WEST COAST GOLDFIELDS.

(OUR OWN CORRESPONDENT.) London, July 5. This week the reports were issued o' the group of New Zealand mines having their London headquarters at 11 Cornhil), E. C. The meeting will be hold on the morning of the 10th inst. Consolidated Company. In their report for the year 1900 the directors of the Consolidated Goldfields of New Zealand (the parent company) state that a net profit of £31,146 has been earned, making with the sum of £10,943 brought forward, a balance of £42,090 at credit of profit and loss account. A. dividend of 2s per share was paid on the 15 th October last absorbing £22,500, and there now remains the sum of £19,590 to be carried forward. The developement of the properties which are owned by the company ‘ has made further satisfactory progress since the publication of the last annual report, both the Wea'th of Nations and Golden Fleece mines having entered on the. productive stage. As to the Wealth of Nations, the report says that crushing was begun in January last, and the profits have averaged about £IOOO per month. In view of the satisfactory developments and the large tonnage of ora exposed, the old 20-stamp mill now in operation is considered inadequate, and tha directors have under consideration the sinking of a new shaft and the erection of a larger mill. In regard to the Golden Fleece, the new mill of 20 stamps has been completed and a new cyanide planinstalled. In laying down the plant provision has been made for extending it when further development justifies such a course. Crushing was started in the middle of November last, has result ’d for the six months during:.whioh the mill has been in regular operation in ah average monthly profit of over £2OOO. . 5 The Progress Mins. As to the Progress Mines of New Zealand, the directors state that after debiting profit' and loss account with £l3,293—being £1873 for income tax, £2726 on account of depreciation of machinery, plant, buildings, etc,, and £B6BB, the whole; coat of development and shaft-sinking during'.the period under review—a credit balance of £28,027, which;,'added to the sum of £21,318 carried' forward, gives an available surplus of £49,525. Three dividends of is per sbiire each were paid on the Ist February,; the Ist June, and (he loth October, 1900, I respectively, absorbing £41,250, and leaving a balance of £8725 to be carried; forward. A sixth dividend of Is per share."was paid on the 15th May last, Developments in the mine during the year have been very satisfactory, the reserves of ore at the end of last January being some 11,000 tons more than at the corresponding period of 1900. In the ninth level, where, as stated in the last annual report, an interruption to the continuity of Jthe ore body had occurred, a considerable amount of sloping has since been done, showing a largo extent of ore of good quality. Since the date of the general manager’s report important development work has been started cn another portion of the property, and the ore reserves considerably increased. A new coal lease of about 48 acres has been applied for and granted, subject to the approval of the Minister of Mines, thus assuring the fuel supply. The monthly returns have been well maintained, and the cost of working was even lower than last year. The cyanide plant began working last September, and has been in continuous operation since. The Welcome Mine.

In their report of the Welcome Gold Mining Company it is stated by the directors that the operations have not yet resulted in any fresh developments pf a very favorable nature, but the opeu-

ing up of the ground in the neighborhood of Specimen Hill has been continued, and in two intermediate levels ore assaying 2oz per ton was encountered for a distance of about 90 feet. Mr. Spencer, the engineer, has recommended the purchase of a 10-stamp battery,- which will be equipped at a moderate cost and employed to crush the ore won in the course of development, the assays of which justify the expectation of a satisfactory profit. The Just-in-Time Mine. The operations at the Just-in-Time shaft have been discontinued, nothing of value having been disclosed there. A sum of about £3,400 expended in connection with this work has to be refunded by the Consolidated Goldfields of New Zealand in accordance with an arrangement previously made with that company, and the balance available for future operations will accordingly be increased to that extent. This will appear in the accounts for next year. Humphrey’s Sluicing Claim. For the year 1900 the directors of the Humphrey’s Gully Hydraulic Sluicing Company report that the extension of the water-race has been pushed ahead witli as much speed as possible. The work has been of a more protracted character, they say, than was originally anticipated, owing to the defective state of some of the tunnels and the difficulties of the country. The cost has so far been well within the estimates, and Mr. Spencer, the engineer, sees no reason why the whole race should not be completed for less than the estimated amount. When the water-race was nearly completed in April last, a flood destroyed part of the work and delayed completion. It is anticipated, however, that the race will be finished in a few weeks, and the full 40 heads (equal to 14,976 gallons of water per minute) will then be available, and sluicing carried on continuously. From the sluicing already done it has been demonstrated that the gravel is payable, and the new water supply will enable a very large quantity of gravel to be washed. A further area of ground composed of gold-bearing gravel has been acquired from the Consolidated Goldfields of New Zealand, and the ground no-v held by the company cannot be exhausted for many years to come.