PUHIPUHI SILVER FIELD.

Te Aroha News, Volume VII, Issue 455, 19 March 1890, Page 3

PUHIPUHI SILVER FIELD.

FITZSIMMONDS RESIGNS HIS COMMISSION. ASSAY OF 7810 Z. TO TON. CRUSHING PLANT WANTED. The long-expected letter from Mr J. Fitzsimmonds, who undertook some time ago to float the Puhipuhi Prospectors’ Claim in Sydney as a company with a capital of £75,000 in £1 shares, of which 45,000 were offered to the public, came to hand on Saturday. It was confidently anticipated that it would announce a favourable reception for the project and the early despatch of an expert to inspect and report upon the mine, more especially as the report was current among the shareholders here that one large capitalist had been so captivated by its prospects that he was himself prepared to furnish' all the capital required. These high hopes, however, were rudely dashed. The letter was depressing rather than exhilarating. It stated that the Sydney market was so full of Australian ventures and so much indifference was shown in respect of New Zealand mining ventures that the writer saw no fair chance of success before him, and therefore, rather than prejudice the concern by failure in an attempt to float it, he had determined to throw up the commission. His reward in the event of success was to be £I,OOO, but as all the expense of floating the company was to bo borne by himself, he felt the risk to be too great. The reception of this letter at once checked the rising market for shares, speculators drew in their horns, and shareholders were rudely awakened from dreams of rapidly accumulating fortunes. But, although disappointed, they were in no sense despondent. A meeting was held, and it was agreed, if possible, to arrange for the speedy erection of a small and inexpensive crushing plant to be procured from Auckland. Mr H. R. Cooke went up to Auckland on Monday and promised to make all necessary inquires with the view of arranging the matter. As a preliminary to this mission he proceeded out to the mine on Saturday afternoon in company with Mr Neil McLean, and spent Sunday there. He found that the new reef, discovered in the middle of:, last week, had been partly opened out and was displaying rich stone, which fully justified the origi- : nal expectation that it would prove to be the most valuable leader yet found on the company’s ground. He returned on Mon day with this cheerful news, and ere he departed by the train further intelligence of an inspiriting character had come to hand from Limestone Island in the form of an assav return of a parcel of stone recently despatched to the Messrsßutheri'urd Bros., the return from which was reported to be at the rate of 781 oz 6dwfc 6gr of silver to the ton.—“ Northern Advocate.”