FLOATING SEW COMPANIES.

Otago Witness, Issue 2892, 18 August 1909, Page 28

FLOATING SEW COMPANIES.

f panics. In the case of four tbe committee had no recommendation ,ix> make. New eonii paies were being formed to again test oid 1 ground that had been tried for years without any discoveries being made. The committee therefore desired to try and check tbe wild flotation of new companies in ' the~ oase of ground that had been floated time after time. He thought that if a ; company of gentlemen took it .up again the least they could do was to work it for a time and try and discover eomething\to warrant them asking the public to take shares in a company to develop such pro- ' perty. By stipulating that the vendors' shares b© pooled for six months they would be doing something that would at least give the general public a fair run for their money when they went into such concerns. — (Applause.) It appeared to him that too many of these concerns were promoted at a time like the present when they were busy on the Exchange, and he felt that the main object of many of them was simply to traffic in the shares.- It was their duty, as far as possible, to check such practices. He was prepared to be very lenient to men who came forward with* a new piece of ground and evidence to show that it was well worth being prospected. Such men it was fair to assist, but in ca&es when old ground was taken up. and floated by the process of taking people around the corner and telling them to' put their name down for shares at once, as there would be a rush for them, and they must go to a premium, it was as well for the Exchange to discourage that system as much as possible. The Exchange could not prevent new companies from being floated, because people were free to do what they cliose in that respect. When, however, they wanted the stock auoted, then the Exchange had a right" to a bigr say in the matter. The motion was carried.

Votes from Croimvell. (Fbom Oub Own CoBRnsrowDEKT.) . CROMWELL, August 11. ""Despite th® mild weather early in the week, the rivers maintain a favourable level, and all the Gorge dredges have resumed work. Whan the Rising Sun dredge starts the. whole fleet in this district will be in commission. Judging by present appearances, the river will continue to falL as th« weatiher has been very cold. Mu?h interest has been centred in the work of the Keystone borer in the Kawarau Gorge, but the results so far are disappointing At the beginning of the week two bo :-s had been put down in supposed • deep ground at rear of the schoolhouse. but bottom was reached at 22ft and 42ft. Another bore was sunk about 300 yards further down the river in the flat, and bottomed this 'morning at 32ft without any ] r prospects. A good deal more prospecting will tw done in this locality before the machine is shifted to the Bannockburn side

Notes from Alexandra. (Fbom Oub Own Cobbespondent.) ALEXANDRA, August 12. The Clyde dredge ia. being removed up to Alexandra, and is now in the Bendigo basin. An attempt was made to induce the party to give the Bendigo clajm another trial, but owing to inability to confer with the contractors it was .decided to bring the dredge right up. The alterations to the Golden Beach No. 2 dredge are well forward, but' a lot of necessary work has yet to be done before the dredge will be ready •to commence operations. The Molypeux Hydraulic dredge is on improved ground, and ' the returns should be better from this onward. At this week's sitting of the local War-/ den's Court an application by the Last ' Chance Company for a certificate for abandonment in respect of a water-race on 96a, held by Dr Hyde and others, was granted. Several attacks have previously been made on this right. An application has also been made for a certificate of abandonment in respect of a water right held by the Manorburn Sluicing Company at Galloway. This application will come on for hearing at the September sitting of the court. The Fourteen-mile dredge, which met with a mishap when being taken down the river, is having the ladder straightened, but the work is rendered difficult in the gorge.

Wotes from Greymontii. (Feom Ottb Own Cobbespondent.) GREYMOUTH, August 12. A start has been made with the big tunnel on the rope road to the No. 2 mine, Point Elizabeth. The rock-borets are now at work- in Garvey's Creek driving a cross-cut, from which a face will be worked, as also one from the railway back shunt. The sawmill m. nearing completion, and other works are well ' forward. Mr David -Ziman has exercised his option over the lease adjoining' the Consolidated 'Company's Blackwater mine. The purchase price, it is said, runs . into five figures.

Notes from Reetton. REEFTON, August 16. The following returns are reported for last week : — Paetolus No. 1, lloz 7dwt for 138 hours; Pactolus No. 2, 320z sdwt for 130 hours. There was a rush on Saturday for some auriferous ground at Boatmans for a claim adjoining the Welcome and Fiery Cross mines, owing to - a rumour that the reef was likely to be struck in the Welcome mine

A SALUTARY CHECK • <Fbou Otjb Own Correspondent.) AUCKLAND, August 10. There is to be a cessation of wild flota1 tions in mining ventures if the Auckland ■ Stock Exchange can brintr it about. At 1 the noon call to-day the Exchange passed the following resolution on the motion ot ' the chairman:— "That in future when > quoting new mining companies it be a ' stipulation that the vendors' shares be • pooled for not less than six months and h-* no}: transferable during that term. : The Chairman, referring to the motion. ■ said that a number of applications had been received for the flotation of new com-