COROMANDEL.

Thames Guardian and Mining Record, Volume I, Issue 239, 15 July 1872, Page 3

COROMANDEL.

(From Saturday’s Mail.') The directors of the Tokatea Company, at a meeting held yesterday, declared a dividend of 2s per scrip on 20,000 shares, amounting to £2,000. We believe the directors also determined to push on w nks vigorously, so that in addition to keeping two batteries going on the Coromandel side of the ranges, they*may he in a position to send stone to Bennett’s Battery by the time it is completed. They also determined to ask from the Bismarck Company permission to use one of the drives in the Bismarck ground. Tenders were authorised to he issued for the working of a portion of the Tokatea mine, to the north of the Excelsior on tribute. The ground is a portion of the former All Nations and D.iy Dawn. It will be sc n from an advertisement in another column that the new directors of the Green Harp claim have boldly faced their position, and have made a call of five shillings per share to pay off outstanding lianilities.

The Tokatea have resumed crushing at their own battery. The stuff which is being put through comes from the upper levels, and is expected to turn out as good as usual. The laying of the iron rails for Ihe tramway which is to connect the new level with the Government line was started a few days ago, and should the weather continue favourable, it is expected to be completed in three or four weeks. The melting of the Bismarck gold was completed yesterday at the New Zealand Bank, and resulted in a yield of 9540 z. 13d wt. sgr. of gold. The amalgam was very clean, and the loss in melting was only one per cent. This is pretty failproof of the care which* Mr John Fraser, the manager of the Wluikaroa Battery, exercis -s on the stuff sent to the battery for crushing. The Golden Standard, a claim just above the Whakaroa Battery, crushed 10 tons at that machine yesterday. The result was about retorted guld, which may be considered a highly payable result. I believe a shout will be made to the battery to convoy the stuff if arrangements can be made with the proprietors. The Pride of Tokatea are crushing a lot at the Nil Desperandum Battery, from a new leader. There was a fair show on the plates yesterday, and I believe there will be a payable yield.— Herald. The European Hail gives the following particulars of the Kapanga Company : The New Zealand Kapanga Gold Mining Company is announced, with a capital of £IOO,OOO, in 20,000 shares of £5 each, of which 16,000 are offered for subscription. The object of the company is stated to be to purchase and work a valuable piece of auriferous ground iu the Coromandel district, Auckland, New Zealand, upon which the Kapanga mine is situated. The Thames and Coromandel districts are stated to be the richest in New Zealand, and some of the neighbouring mines have made enormous returns to the shareholders. The mine now to be purchased was, we are informed by the prospectus, worked to a comparatively small extent some years since, when ore to the value of £40,00(1 was raised ; but the machinery breaking, the mine became filled with water, and the proprietors removing to the Thames goldfields, the Crown resumed possession of the property. The present vendors have obtained a Crown lease for fifteen years, the longest period allowed by the colonial laws, the property containing about 16 acres 3 roods ; all the surrounding lands have been taken up by the local mining men. The property, which has been very favourably reported upon by a large number of mining autho rities, is staled to be most compact, close to a shipping port, and lias au abundant supply of water running through it, with limner, firewood, coni, <&c., at command at cln ap rates. From the reports to which we have referred, the directors believe that, so soon as the mine is pumped out and the levels cleared, large qu mttties of rich quartz m -y be untamed to keep at work ilie crushing machinery annul to tie erected without intending with the gem ral working of the mine. Arrangements have be< n made for erecting tne necessary machinery, and the directors say they “ no not desire to make promises of fabulous dividends, but, looking to what dividends the New Zealand m nes have already paid, and arc now paying, th-y* have reason to anticipate results of a highly satisfactory character.” The purchase money for the. lease of the mine, with all its rights, appurtenances, &c., is fixed at £55,0(J0 in cash, and-£20,U00 in shares, leaving £25,000 for working capital, all the expenses of forming the company being paid by the vendor.