LATER PARTICULARS. To Aroha, Friday, 6 a.m. BATTERY COMPANY RECEIVE £25,000 FOR THEIR PROPERTY, AND RETAIN ONE FIFTH INTEREST. £-1000 PAID FOR SILVER KING.

Te Aroha News, Volume V, Issue 249, 24 March 1888, Page 2

LATER PARTICULARS. To Aroha, Friday, 6 a.m. BATTERY COMPANY RECEIVE £25,000 FOR THEIR PROPERTY, AND RETAIN ONE FIFTH INTEREST. £-1000 PAID FOR SILVER KING.

The following additional particulars telegraphed last night will bo read with interest :--- "On Wednesday Mr W. R.Wilson, a large shareholder and director in the Broken Hill mine (who returned to Auckland from Te A roh a on Saturday lost), tnado an offer of £25,000 for four fifths of the Company's mines, battery, nnd other .-mining plant at Waioron^omai. The offer was, however, declined, and all negotiations apparently broken oil". Negotiations were, however, renewed on Thursday morning, when the Company ottered to sell For £00,000 which Mr Wilson declined to give. Mr ' Wilson was about to sfciirfc for Australia, ami only a short time before the advertised hour of the vessel's departure nn agreement was arrived at ; and a memorandum of agreement signed rii>ht oil! ; by which the Bittery Company are to receive £25,000 cash for four fifths of . their property, the remaining one fifth to be retained by them, and to bo represented by fully paid up shares in any Company that may be formed by the purchaser. In addition to this Mr Wilson pays £4000 for the Silver King mine which adjoins the Cattery Company's propertj." We havegood grounds for stating, wo believe, that Mr H. 11. Adams has been largely instrumental in bringing negotiations to such a successful issue, and is deserving of great credit for so doing. Wo hope the necessary steps will be taken at once, conjointly by the people of Waiorongomai and Te Aroha, to accord Mr Adams a public welcome in the form of a banquet, in recognition of his efforts to introduce capital to this district. Wo arc sure friends from Ohinemuii and Thames would abo attend if invited. In order that the affair might be well and widely known, it should not tako place say till about the middle of next week.

LATEST. Mr Wilson lias, beyond the shadow of a doubt, obtained an exceedingly valuable property ; one that with the capital and enterprise, and scientific knowledge and appliances that will now be brought to bear upon ifc, will, we firmly believe, prove a handsome dividend paying concern, a good thing for the purchasers, ami a good thing for the Batteiy Company. The cash to be paid the Battery Company is decidedly small, considering the large sums expended on tho various mines, and plant — but no doubt they fully recognised the importance of having very large capital expended, and the mines thoroughly opened up, and the value that will attach to one fifth of the whole interest still retained by them in fully paid up shares in any company formed ; and that a company will be formed, and that speedily, and with a very large capital, there can be no question. We consider no more bona fide mining property has ever been floated in the Colony. Apart from tho Silver King, the following mines were owned by tho Battery Company, viz :—: — That grand property the New Find ; also tho Diamond Cully, Galena, May Queen, say about thirty acres ; and included in tho Company's special claim of about 150 acres were the following mines : Lord Stanley, Three Brothers, Emily, Kohinoor, Frazer No. 3, Panmure, Star of tho South, Ajax, Fiery Cross, Army, Diamond Gully No 2, Lady Ferguson, Navy, and part of Argyle. In addition to which the purchaser has obtained tho Silver King direct from the shareholders. Then the Company's battery of 40 stamps, extensive tailings plant, White- Howell wasting furnace, hundreds if not thousands of tons tailings, magnifioienfc water rights and races, and the Idase of the County tramway (extending right through the hills for a distance of over three miles;, for a period of ten years, at a rental of

XI OO per annum. The property is a magnificent one, which in every way warrants tho expenditure af very large capital for its devclopement, and in the introduction of scientific knowledge and appliances — a property which will, we believe, yield largo profits to the shareholders. We understand it is the intention oE the purchaser to at once expend several thousand pounds in thoroughly prospecting the property purchased, and in putting in several low level tunnels. The new low level in the New Find mine (which befere the property was disposed of to the Battery Company only required to be driven a distance of about 80 feet to complete), will probably be completed forthwith, anil piobably another put in from tho May Queen. No doubt a smelter will also be erected at an early date. We heartily congratulate Mr Wilson on obtaining such a splendid property, and the Battery Company on findinr such a desirable purchaser. The owners of the {Silver King claim, although possessing a grand property, are also to bo commended for disposing of it on such reasonable terms, and not sticking out for an unreasonable price as so many have done in somewhat similar circumstances, most frequently to find that in grasping at the shadow they had lost the substance Tho shares in tho Silver King were hell, wo believe by the following : Mesers T. Gavin, J. Goldsworthy, H. McLiver (principal owners), H. H. Adams, J, M. Clarke, D. G. McDonnell, G. and It. Mitchelson, W. Burton- Clarke, W. T. arid Mvq Firth.