SALE OF NEW FIND MINE.

Te Aroha News, Volume V, Issue 233, 17 December 1887, Page 2

SALE OF NEW FIND MINE.

An extraordinary general meeting of. shareholders in the above Company wm held ut the Company's office, Auckland, on Monday Wt. Tl'oro was a large attendance of shareholders, Mr Ad.un Porter occupying the chair. The chairman, stated the business, which vns to consider the compimj'fi position, fmanvial and otherwise, as n\>o an oilier foi 1 tlu* purchase oC its propei ty, and to pass such resolution or resolutions in reference th a reto tn might be approver! of. The legal manager (Mi* D. G. McDonnell) read the mine m magor a ropoit, and after considerable discussion it was r-iolved that tho offer made by the Battery O'>. ot£2ooo net, and payment of all the pay company's liabilities be accepted jor the property. This means tli.it tlie shareholders -will receive 2s por scrip, Thia end 3 so far the p.ibliu c.ireer of this grand mining property. About the time it waa fiiaf; proposevl to lo isc the tramwaj-, in view of >\ company being floated on tho Fvnuli-h market it* was stated 5000 would b; given foi thi^ mine. The mine would b(i che^p in our opinion at £10,000. Its recor I is good. The Litest official statistics issued, -4'ito the number of tons <n\ lu'd fnnvt \\\U iumic us 13,121, which yielded 13,1 1G ounces retmted and what about tho tiiliugs? Only about 8) i\;et fuithor ronuins to be driven in tha new low level bui"oio intersecting the reef, whith will give about 100 ft addition d backy. It wo ild be usole-s to comment on tin action of"' tho directors in disposing of tho mine for £2000, or rh to the manner in which the mm? lms been worked, a-} regards th" intjM.j-.ts of «h irjhoider-*. Tho Litter r>ulijsct has been lioquotuly commented on .it length in the^e columns. Wo have no doubt tho Battery Company having obtained sole possession ot* the mine and being well awuie of its value, u'ill at an early date proceed in a systematic manner its rcHOiirce^. With to dovolopo the very complete appliances now at comm md oUhe Battery Company for the treatment of not only tho quirlz but of tho tailings also this mine cannot fail but pay nio^t bandsninoly for opening up in a thorough and systematic manner.

TUI. Come* find party are steadily employed in driving a low love! into (Jh.unpion L)do No. 3' claim, adjacent to the boundary oL ! No. 2. The level is now about 80 feet and is a very large main tunnel to cut tho reef, which should give about 500 ft. of back". This tunnel is intended to be one of the main out lots fnrn the inino. Several tons of ore fr^tn these mines were recently shipped for Auckland per s.s. Kotukn, to be tinnshipped to the Clansman en route for Adelaide for treatment by some of the most approved processes The class of co iK» try now bein? met with as work progresses, is all that con id be desired.

WAITOA. Mr J. B. Smith is busily engaged arranging for practically testing 1 on a largo scale the value of the auriferous deposit no tlie unsold portion of his land.