SPLENDID RETURNS FROM WHANGAMATA. Auckland, July 7.

Te Aroha News, Volume VI, Issue 280, 11 July 1888, Page 4

SPLENDID RETURNS FROM WHANGAMATA. Auckland, July 7.

Tiii^BE is now on view at the offices of Messrs Frater Brothers 450 ounces of bullion in bars, the result of the treatment of five tons of stone from the Goldwater Company's mine, Whangamata, at Messrs Eraser and Son's plant, Stanleystreet. This is equivalent to 90oz of bullion per ton, the metal portion being gold, loz ldwt 12gr, worth £4 6s ; silver, 87055 2dwt 12gr, value £15 5s per ton, giving a net value per ton of £19 11s. The assay showed a value per ton of £24 17s, bo that the yield is 75 per cent, on the assay value,and considering the refractory natuie of the oro, the method of treatnemt adopted must be considered highly satisfactory. It is likely that treatment by the ordinary battery process of this ore would not have given more than 40 or, at the outside, 50 per cent, of tire assay value. New Fearnought G.M. Company. — The annual general meeting of the shareholders of the New Fearnought G.M. Company was held yesterday afternoon at the Company's office, New Zealand Insurance Buildings,

Mr G. W. Binney being in the chair. The report, balance-sheet, and the mine manager's report as read by the Secretary, Mr K. McDonald Scott, were adopted. Messrs G. Callwell and J. Buckland were elected to fill two vacancies on the -Board of Directors, and Mr T.. A. Menzies was re-appointed auditorTho following is a summary of the balance, sheet :— Receipts : Calls received, £290 4s 2d ; proceeds irom sale of Company's shares, £57 5s lOd ; balance from last year, £4 6b 3d : total, £351 16s pd. Disbursements : Wages paid, £156 12s 7d j general charges, £119 8s lOd ; cash in hand, £8 6s 8d ; cash balance in Bank, £67 8s 2d : total, £351 16s 3d. The manager's report on work for the past year was very favourable.

AMALGAMATION OF COMPANIES. After a long series of negotiation the goldmining companies known as the Diamond, Rose, Adeline, Dubbo, and Josephine, have decided to amalgamate. Steps will at once be taken to have the respective companies wound up and a new company formed with 50,000 shares. These will have a value of 10s each and will bo distributed as follows : — Adeline shareholders to receive 13,000 shares ; Diamond, 12,000 shares ; Rose, 30,000 shares ; Dubbo, 8,000 shares ; Josephine, 3,000 shares, and 4,000 shares to be the property of the new company which will be called the Adeline Amalgamated G.M. Co. limited). The board of directors will be formed by each company having a representative on it. All the mines are at Karangahake and lie in a line of proved auriferous country. When amalgamated they will form a block equal to none in value and importance.