BUSINESS DONE TO-DAY. Auckland, March 23.

Te Aroha News, Volume VI, Issue 354, 27 March 1889, Page 5

BUSINESS DONE TO-DAY. Auckland, March 23.

The sharemarkefc was again a centre of interest for numerous speculators to-day, and the Exchange bore an unusually animated appearance. Saxons appeared to be of tirst importance. The market opened with selle s at 9s 9d, and by noon shares had shot up to 10s 9d. Several large lots weie wanted for buyers at and under that figure, but seller? were so onndent that they e'ected to hold for 11s. The cause of this. marked improvement in Saxons was due to u telegram received from T. A. Dunlop, the mine manager, during the forenoon stating that: "ln breakingdown2lt. reef 101 b picked stone saved." Cambria-} were firm at 4? when the market closed, and there were no sellers at that piioe. Moanatairi shares were also in demand. Buyers oHered 2s 9d and business was done at that figure, but sellers appeared inclined to hold back foi more. There were buyers of Trenton at 3s 9.1 and sellers at 4s, but very little business was done. A telegram was received by Mr F. A. White from the manager of the New Moanatairi about noon to-day as follows : — " Leader in winze No. 3 level still showing gold Selected a few pounds of stone containing nice st eaks and dabs of gold. (Signed) G. S. Clark." Saxon. — Breaking down in the two-foot reef in the crosscut at No. 5 level took place to-day when 101b of picked stone were obtained. New Moanatatri. — The leader in the winze at the Cambria No. 3 level is looking well. It shows colours of gold and to-day a few pounds of stone containing streaks and dabs of gold w^re saved. Castle Rock. — Ateiegrara received from Mr James Vizzaid, one of the principal owners of 'ho Castle Rock Claim, Coromandel, states that he has cut the shot of gold in the lower level, on which the winze had been punk from the uoper level of the mine. The drive is in 600 feefc. Cambria. — The mine manager reports : Cleaning up and retorting took place yesterday v ith the following result* :—37: — 37 loads of quartz crushed for 41oz ; 61bs picked stone, 6oz lOdwts; retorted gold, 47*10: melted gold, 472. The leader cut in the crosscut at No. 4 level is running in a 1 southerly direction, and dipping westerly. Ifc is abuut three inches in thickness. D ibs and colours of gold were seen through the quartz when breaking it down. ' There is also good mineral in the quartz. Champion Mine. — An important find is reported on the Champion Company's proerfcy at Tui Creek, Te Aroha, where mm

ing operations ..have been prosecuted vigorously during- the last six months. Six contracts were let for driving and sinking in different- parts of the mine. The first two contracts were ,upon the No. 1 level, which forms the working of the upper portions of the mine. A total distance of 73 feet has been driven on the line of reef, from which rich ore is being obtained, and during the week a rich find has been made on the northeast portion of the reef, which is some 18 inches in thickness on the footwall oi the main reef. The winze sunk 30 feet by the old syndicate, from which some 30c wt of ore was mined and sold to the La Monte Smelting Company for £22 10s per ton, is now connected with the level, and proves undoubtedly that the new find is a portion of the old lead. A winze 60 feet has also been sunk on the main reef, upon good ore. This connects the upper workings with the No. 2 level, which is driven 96 feet on the main reef, and will be continued 154 feet by the present contractor*. At the mouth of this drive a winze 105 feet is being sunk to connect with No. 4 level, which is being driven also on the main reef, bub some 200 feet lower than the upper workings. This winze is now sunk N 30 feet, rich ore being obtained, and dining the week the reef has furthei improved, yielding the richest ore yet obtained from the mine. Light. -The Sason G.M. Co. have decided to light their battery by electricity. A plant capable of supplying twenty powerful lights has been procured by the Company, and will be erected in the battery at an oarly date, the vendor undertaking to put up the plant, and run it at his own risk for one month when, should the result be satisfactory, the bargain will be concluded and electric light used for the future instead of ga?. The expenditure for gas is an item of some importance for the Saxon Company, and it is thought that by the introduction of electricity a considerable saving would be effected

Thames, March 25. Saxon. — There is no change to report at No. 5 level since my last. A fair start has been made with the drive to meet the winze now being sunk ttrotm t No. 4 level, and good colours of golH continue to be ?een in the 2 feet reef. The country is an excellent class of sandstone.

New Moanataiari. — The leader in the winze being pub down at the Cambria No. 3 level is looking very well, and colours and dabs of gold are frequently sei-n in the quartz. During trie past week about 20ft. more of the Moanataiari main tunnel has been picked up and repaired, so that satisfactory headway is being made with the \\ ork.

Waiorongomai Mine. — Mr Peter Ferguson loiuined to che Thames last Friday evening alter an absence of nearly two years in the Old Country. A syndicate in Glasgow, entitled Ftrguson's Syndicate Company, has subscribed £6,000 for the purpose of developing and testing reefs in the New Era special claim at Waiorongomai, which embraces atotalaiea of 166 acres. The result ot the expenditure of this capital will be a matter ot some importance to the district generally, as upon the success met with by this outlay will depend whether or not there will be a further influx of japital to assist in developing the mineral wtalth of this peninsula. .Mr Ferguson will personally superintend operations tor the present, but in the course ■f about two months an expert will irrive to take over the property. Mr Ferguson has proeeedod to Te Aroha, and he will at once invite tenders for various drive?, repairing water race and tramway, and •naking excavations for the reception of machinery which it is intended to erect for the treatmant of ores, and which was shipped from Glasgow on the 7th ultimo. Experiments are to be made of diHorent Jiades of ore, and upon this will depend ohe process to be adopted for the treatment of the ores.

New Feaknotjght. — Mr R. M. Scott has received a report fro.n the mine manager lated M *rch 23, stating that another bieak has been met with in extending the main lirive. The stringer on the footwall of the drst break has been driven on Bft., and traces )f what seems to be the reef have beer. found. It is several veins, intermixed with clay eeams, and about 4 inches in width, carrying a we.l-defined footwall, having the aiime course of the slip as the reef. In the o\ en b of this not proving to be the leef in the next 8 or 10ft. of driving the manager proposes sinking on the reet from the surface.

Kew Moanatairi. — The following report, dated March 23, has been received by Mr F. A. White from the mining manager : — The drive going through the hanging wall of the reef ao No. 4 level of the Cambria Company's shaft has now been exceuded 2Cft. As yet there is no sign of the Hanging wall. The quartz is of a rubbly nature and pretty easily worked, but there are occasionally some hard ribs through ib It is impossible to say what thickness the reef is here, but there is now fully 40ft. of quartz exposed. I don't thin k there is any likelihood of meeting with any favourable indications until the hangings all is reached, as the reef, being so large and lyi q so flat, will carry all the *ma>l stringers and leads likely to make gold away on the back of ib. Ab No. 3 level the winze on the hangingwall load U now down 6 feet. The lead although smaller than when last reported on, still continues bo show gold freely well though the mineralised quartz, and bo-day, in breaking down some of the lead, a few pounds of stone were selected. They can hardly be clas.-ed as picked stone, bub were too good to let go amongst the general dirt. The point at which the winze would reach No. 4 level would be a little to the right, or eastward of the main crosscut. By extending the latter crosscut about 33ffc it should intersect the lead we are now sinking on. The men have not been employed in the main tunnel all the week, consequently there has nob been much headway made. A few days more should complete bhe connection between the tunnel and the surface, when I shall wtart a trial crushing from the old mullock tips.

Saxom. — The mine manager of the Saxon f<rwaids tho following report to Mr D. G. WaeDonnell, under datP March 23rd : — As per wire to day, in breaking down 2 feet reef, 101b picked stone was saved. I broke this down through the night shifts, with the object of getting into the sandstone country, and then to carry the drive in this up to the point where tho winze will be connected with this (No. 5) level. It will be impossible to attempt to breakout quartz at the le\el until ventilation is obtained. Too much ponder and dynam teia required, and the reef being wet, makes a great deal more smoke then when it is dry. This will make but little difference when the winze is connected, but until that is completed thereof will only be stoped. There is fair mineral in what is known as the 2it reef, and ix horse of mullock between that and the other reef, but I think it will nip out soon, and all become one body of stone. There is no change to report from the etopes and the general stuff is shaping about the same as in the previous week. • Amalgam from berdans, 90ozs. j