MINING NEWS. (From the " Coromandel Mail.")

Te Aroha News, Volume I, Issue 48, 3 May 1884, Page 3

MINING NEWS. (From the " Coromandel Mail.")

Nothing very startling has occurred in the mines during the past week, but work is going on very steadily, and before long we hope to hear of many new discoveries. The Tiki district especially is taking a rapid advance, half-a-dozen new claims having been pegged out within the past week, and it is the intention of the parties to work the gimxnd and prove their richness themselves. The days when ground could be pegged out, formed into companies, and sold, the promoters pocketing a good round sum, are gone we hope for ever, for in the long run everything which is not legitimate will always end disastrously. The Matawai still improves the further it is developed, and we expect the next crushing will tell a tale which will rather open the eyes of those who have been sceptical as to the value of the Matawai. The adjoining claim, the Argonaut, has been very satisfactorily started ; only a few shares have been sold, sufficient to pay for the lease, the balance being held over for a higher price. It is understood that the whole of the proceeds is to go to work the ground; consequently, it is only another way of making a call. It is confidently expected this will be sufficient to place the company on payable gold. Maeiebel.— The manager has succeeded

in obtaining what appears to be good payable stone. At any rate- he has every confidence that it will do well, Everything is being made ship-shape, aud a start in earnest will be made before long.

TJniON Beach. — The manager continues to get very good stone in making winze on the new reef, still averaging about 9 inches thich, which is expected will crush well. The little leader off the Green Harp is also turning out good stone.

Tokatea. — The main low level still continues very hard. There is nothing of any importance in the rest of the mine.

Royal Oak. — The reef in the van level continues first-class in appearance; every stone is expected to carry gold. The country is very hard and progress slow.

Queen or England is laying down rails, and it is intended to open up the mine systematically. From the appearance of the reef and the late crushing there is everything to warrant the outlay.

Success. — The usual stoping operations, are going on in the mine, but gold is rather scarce. They have great quantities of mineral j in fact, the indications are excellent.

At the annual meeting of the Onehunga Perpetual Land, Building and Investment Society held on Thursday evening last, the following report was read : At the close of the tentn year of the Society's operations, your directors have to report a steady increase of business. There are now 152 in- . vestors, holding 1,445 shares, which have been credited with interest at the rate of 8 per cent., amounting to £1,623 4s lid. The reserve fund has still further increased by , £158 2s Id, and now stands at £765 9s 3d. After making provision for these amounts in accordance with the rules, there remains a balance of profifc of £413 6s 9d, out of which your directors recommend a bonus ' of five per cent, on all shares entitled. There, are now 246 mortgages current, and no claim! has yet been made on the reserve fund. The statement of receipts and expenditure was as follows 4 — Receipts : Fees, £55 Is 6dj fines,- amount received, £24 4s; subscription on investing shares, £6,117 4s j- repayments on mortgages, £5,928 19s 2d ; of loans on shares, £579 j deposits, debentures issued, £3,900 10s; industrial branch, 1 £1,611 11s Sd; insurance premiums repaid;" £3 ;„ interest on loans, £505 ,15s: 3d,;*«bobktf, pass-'-books sold, £4 Is; sundries^ £9HOs 6d:> total, £18,738 17s Id/ . : < Fees, survey expenjies,- £15si6$i6d •', loans on mortgage, £8,615$ 10s; 63 j||)n< inventing I shares, £566 ; deposits, debe^uresrpaidl)ff,^ £2,744; interest on debenturejg^l3(S4pli? Id ; industrial branch, withdrfi|gg(£^9oga 19s 9d ; interest on paid-up ana|^thdrjiwli| shares, £1,327 9s 6d ; bonus oh^i^o^^^ Is ; withdrawals under rule 72, £BJo^o|ppi insurance, progress payments for*ra»Jf|ip||| ing, £577 14s 7d > premium^ advancMJ|gp 7»; sundries, £19 5s 6d Se^^W^ audit; -books;; direptors^iadvertisiim^^i^^ ing, -i and : currra^xperiles.^lSS^^^lM baW r pVerdraft,: 28th'J'eb>fa|^^^^K paid; £226 t l2s ;" balance.at'/crelife^^^g 18s Id: total, £18,738 [ 17svld^p^gQ9 mendations in the report^werelassiß^^^^ aiid the" retiring directots,iMessi^|Bampl^ Brierly, x and Hill, were. re;elwted.<;; 4 :W^^^ J.WaymouthandP, wk^n^PMpJlii