TE AROHA MINING NEWS.

Waikato Argus, Volume I, Issue 45, 22 October 1896, Page 2

TE AROHA MINING NEWS.

LnYALTY. —A meeting of the Loyalty United shareholders was held at Mr Smardon's Palace Hotel on Tuesday evening, to consider an oiler for the option submitted by Messrs Singleton and Thorpe, of Paeroa, for the floating of the Loyalty-United Claim, compiis--ing the Loyalty, Palace and Loyalty Extended claims, of an aggregate area of 100 acres. The offer submitted by Messrs Singleton and Thorpe was, after a few minor amendments, accepted by the shareholders, and is as follows : The proposed company to be floated with a capital of £IOO,OOO ; the shareholders to receive 2."),000 paid-up shares and £IOOO in cash ; the promoters to pay a sum of t'2">o for a lour months' option, said amount to be paid by November Ist ; the promoters to expend £250 during the first three months of the option in developing the property with the light of a further extension of option for another two months upon paying another £'2so. Upon the agreement bc : ng notified, Mr Thorpe, who was present, expressed himself as being sanguine that the Company would be successfully floated and that the shares would be at par immediately upon this being accomplished. Tnis property is looked upon by ninny competent authorities as being one of, if not, the. veiy choicest in the locality. TARANWKi.SfEOiAJi Claim.—Yesterday the Taranaki Spee'al Cl-iim was repegged by a .syndicate, the plea being that the ground Ins not been worked in accordance with the Act. A good deal of excitement has been manifested over the affair amongst the local people, but there is little doubt that tin fresh pegging out will hold good, as the owners have not in any way complied with the Mining Act. The pegging out was done under Sect : on (i 0 of the Mining Act of 1801.