THE WAIHI MINE

Taranaki Daily News, Volume LIII, Issue 230, 3 February 1911, Page 3

THE WAIHI MINE

AX AUCKLAXD DISCUSSION. ON THE STOCK EXCIIAXC.E. An interesting discussion took place after the noon call of the Auckland Stock Exchange on Tuesday, upon a motion of Mr. Masfen that the directors of the Waihi Cold .Mining Company be written to pointing out that the reports from officials of the company here have not been borne out by the report of the managers. Mr. Masfen said that after reading the reports sent out by the directors from London and comparing them from time to time with those received at this end, anil also with what had appeared from press representatives at AVaihi to the effect that there was nothing at all wrong in the mine to cause the shares to drop, he considered it was the business of the Exchange to inform the directors that other opinions were held at this end. As to the report of Mr. Williams, published on Saturday, he understood that that had come by mail from London and had been sent by post to the directors there, which would mean a loss of some two or three months, during which time the shareholders of the Dominion were not informed Of what was evidently known to some few. AVhat they wanted was to create such a feeling that wealthy shareholders would take the matter up and have the ease enquir- j ed into before a competent judge, with a clever eross-cxaminer. The steady selling of shares had been going on for months. It was evident from Mr. Williams' report that some eight or nine months ago something was wrong. Mr. F. Whittaker, in second the motion, said he had been watching tne trend of events hi connection with the mine very closely >or montlis past, and had arrived at the conclusion—a conclusion which he felt certain was entertained by hundreds of others —that there had been transactions which deserved the severest condemnation. He felt sure that a day ol reckoning would come. When they saw shares drop from £0 10s to the figure they had before Mr. Williams' report was published, it was imposswlt not to feel that certain information wa . known at Home which was not available to the bulk of shareholders at this end. He considered that an important report like that of .Mr. Williams' should not have been sent by post, but should have been cabled, no matter what the cost, in order that shareholders should have the information as soon as possible.

The chairman said that the date of ilr. Williams' report was a very important matter, and in that connection it must not be lost sight of that when the Exchange closed for the Christmas vacation lucre were buyers of Waihi shares at £5 Ifi.s; yet within a day or two afterwards the price in London was £4 1.2s fid, which would seem as if certain information had then reached London. Mr. D. ITay said he had been carefully considering the reports for the last eighteen months, and they did not indicate that everything was going on all right, lie felt sure that there was a good deal to be said on the other side, if they only knew »U the facts, and if they considered Mr. itnodes' statement about eight ov nine months ago. 1 He told them clearly enough that practically half the development' of the Martha lode had been done, and that it wws. disappointing. Had the Edward lode come in as good as it did before in the level above there would have been no sudden drop in shares like this. Ultimately the discussion was adjourned.

AN INVESTIGATION URGED. Christclmrch, Wednesday. Commenting on the position of "the Waihi mine, the Press says: "At the last annual meeting the Hon. Seymour Thome George saw that there were in the Dominion some 2000 shareholders, and nearly half these shareholders were ladies. The Waihi Gold Mining Company had become an investment of stock over there. The ladies who were able to save a few pounds bought a fw shares in the company because they received at the present market price about nine per cent, interest on their investment. In such circumstances it seems to us all the more incumbent that information as to the progress of the mine should be stated promptly and in a manner clearly to he understood by persons not versed in the technicalities of mining. The information given in the mine manager's report is celar and precise enough. It is the right of the shareholders to enquire whether this information could not have been given .earlier, in view of the fact that, notwithstanding the generally reassuring character of the official statements made, there had been a steady unloading of sh'ares by persons who, 'as it turned out, had a pretty intelligent anticipation of what was coming. Possibly an inspection of the share registers here and in London might throw some light on the situation. It is also open to the shareholders to consider seriously at the next meeting whether there should not be an independent inspection of the mine by a competent expert, so that they may have outside advice regarding the future policy to be pursued. If the reduced output is unavoidable, then increased attention should be given to further economy in working. The proposed curtailment of the returns will be a serious matter to numbers of per- ! sous who can ill afford the loss, and is certainly the right, if not the duty, oi | shareholders to institute a rigid investigation into the circumstances which have arisen."

ANOTHER AICKLAXD MESSAGE. The Auckland correspondent of the Wellington Times telegraphed on Tuesday night:—Mr. Barry, superintendent of the Waihi mine. said, in an interview today, that in consequence of (lie decision to reduce the output of the mine, the Union mill (better known as the Silverton battery) would close down by the end of the wcck, when the present quartz on hand had been put through. The mill in question at no time put through a large quantity of ore, the output being approximately only 100 tons a day,! Questioned as to whether the new policy of working the mine would mean a reduction in the number of miners employed, Mr. Barry replied that he could not say there would be any such reduction. "I understand that on account of the proposed vigorous development policy as regards the exploitation of the mine practically flic same number of men will be employed a.s hitherto." Local feeling regarding the mine is not at all pessimistic. It is also considered that the Grand Junction mine will develop into a most important concern.