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Menzies, February 10.
At the monthly clean-up on Friday of 260 tons from the Gold Reefs Proprietary a return of 544oz. of gold was obtained.
The Menzies Crusoe has crushed 553 tons for l,115oz. The tailings assay highly, and will increase) the average yield con- siderably. The tailings assay 25dwt. and the slimes 37dwt. per ton. The high per- centage of losses is accounted for by the density of the water. Both mines are look- ing extremely well.
Coolgabdie, February 10.
The Premier has cleaned up a crushing of 150 tons, yielding 198oz. of smelted gold. The manager states half the return was net profit; for the fortnight the crushing continued without cessation.
Cosgrove's Bayley's to-day struck a
much better make of stone in the north
drive along the reef. The drive is in ¡ 60ft. from the main shaft at the 116ft.
level. The stone is highly mineralised, and although not payable the manager hopes it will improve. This mine since October last has been more than paying
The Great Dyke and Orizaba claims and Kintore expect to crush in a few days. The manager estimates the yield at about 2oz. per ton. About 300 tons will be
A 20-head battery is being erected at the Callion mine, sufficient water being avail- able for crushing purposes.
The rumours that the General Gordon machinery is being dismantled, ior .re
erection 'on another site are without foundation.
A large parcel of stone from the Empres9 of Coolgardie is going through the United
Ores Reduction Works.
A 16oz. nugget has been discovered at the alluvial diggings near Lake Lefroy. Many of the men are doing well.
Kalgoorlie, February 10.
Tile Great Boulder is crosscutting both east and west, at the 300ft. level. The crosscut is in about 9ft. from the shaft on either side. It is almost certain that a drive willhave to be put in south about SOffc. before meeting with the rich ore, as waa the case in the hundred, hundred and fifty and two hundred levels, before meeting with the rich chute. As soon as the lode has been struck, a start will be made to drive south on it. Two winzes have been started below the 200f fe. level to follow the lode down to the 300ft. level. Sinking in the lode is difficult, owing to water being heavy in the ore bodies.
A start was made yesterday (Tuesday) to cut a plat and crosscut for the lode at the 300ft. level in the Ivanhoe mine. The lode is west of the shaft. The west cross- cut only is being driven, the east body being too far east to be tapped from this shaft, and it will be some days before the
lode can be met with.
The importance of the work now in hand at the 300ft. levels of the Ivanhoe and Boulder are fully recognised. The whole attention of the field is for the moment centred in these two mines, and the fact is regarded with satisfaction that two such capable men as Mr. Hamilton and Mr. newitson are in charge of mines on which so much depends. Both managers are con- fident as to results of the crosscutting. Both
are unable to test the value of the mines at the 300ft. levels without crosscutting, coving to the prosence of water in the lodes below 200ft. level. The Ivanhoe is well supplied with water, having filled an im- mense vat holding 23,000 gaU*ns as a stand- by in case of the stoppage of pumping from their water area or the Golden Pike. A shaft to test the value of the stuff from the eastern lode is now being made. A shaft started to prospect for the lode struck it after a few feet had been sunk. It is now 30f fc. in good ore, and the stone is now being sent to battery.
The Great Boulder is still waiting patiently for some of the other missing parts of the additional 10-head of stamps. No trace of them has yet been found by the Railway Department, and indignation prevails hero at the apparent lack of in- terest in the matter by the Railway De- partment. Water is plentiful, but is being absolutely wasted, owing to the delay in forwarding the machinery. The manager is dispirited at having for months to report that the missing parts are not to hand, but it seems to be impossible to secure the delivery of any plant without the.loss of essential parts.
The Lake View Consob is straining every nerve with a view to the speedy erection of a new battery and cyanide plant, but it is feared that the railway arrangements will prevent delivery of the goods in time to secure the speedy erection of the plants.
The ore-bags for the Australia, one of the Associated mines, are not yet to hand They were despatched from Sydney some time ago, and it is feared that this is another case of goods going astray on the railways.
MINE MANAGERS' REPORTS.
The Lady Shenton, February 5.-Maia Shaft, No. 2 Level-The No. 3 winze at this level has been sunk 8ft. 6in., total lift. 6in., in lode about 2ft. thick ; country soft and easy for working. The drive north has boen driven 5ft., total I19ft. from shaft; lode 3ft. thick and carrying food gold. The south face has not been
riven ; men engaged timbering the level. The winzo is now down 8ft., earring vein on hanging and foot wall, showing good gold. The stopes at both levels are look- ing well, and good stone Í3 being broken and sent to the mill. Battery-The con- centrating tables have been fixed and are now in working order, and concentrates of a good quality are being obtained from them, Batter? runnin» as mra»l
Golden Prince, February 2 :-During the past fortnight we have sunk the water shaft 7ft., making it 108ft. from the sur- face. The ground, in this shaft is very hard, and the water not so strong as it was last week. It is now coming in at the rate of 400 gallons every 24 hours. I have stopped the sinking of this shaft and put the men to crosscut for the lode, opening out at 95ft. from the surface, leaving 13ft. for a wall. By doing this I think the ground near the lode will be of a milder nature. The lode itself being porous we will get a better supply of water and will be testing the lode at a deeper level. No other change hero to report. No. 2 shaft : Here I am still driving in order to get through to the 40ft. shaft. This drive is now in 15ft, making lift, for the fort- night. I am hoping to knock through here by the end of this'.week or the begin- ning of next. The lode keeps about the same, and every time we break it down we see gold.
Mt. Alexander Syndicate, February 6. I have continued west cross-cut in No. 2 shaft at 125ft. level a further distance of 12ft., total from shaft, 14ft., the formation being ironstone and schist carrying fine gold, and I expect to strike some very rich gold when the hanging wall is reached. During the fortnight, I have also had some of the men doing some repairs on the sur- face. During the general exemption a con- siderable quantity of alluvial gold was got on this and the adjoining lease, and there are a few men still dry-blowing it with fair sucess getting pieces from few grains up to 7 and 8 dwt. pieces ; there were also some quartz specimens picked up underneath the large outcrop where No. 2 shaft is sunk.
The Central Gold Mine has crushed 400 tons of stone, yielding 122oz. of gold.
DEVON CONSOLS G.M. COMPANY.
Perhaps in the near future the share- holders of the Devon Consols Goldmining Company will (remarks the South Aus- tralian Register) come to some definite conclusion regarding the future of their property, situated at Black Flag, Western Australia. The company originated with the All Nations Gold Prospecting Syndi- cate, and startled the public with the wonderful und of a nugget, known as the "Little Joker," which still ranks as the largest found in the Golden West. Since theu, several other nugget? have been found, but we hear now talk of recon- struction. At the close of the adjourned ordinary general meeting, held on January 4, the position of the company was con- sidered, and after long discussion a com- mittee wasappointed to confer with thedirec tors to formulate a scheme of reconstruc tiomand report to a meeting on January 19. On that evening an extraordinary meeting was held, and the scheme of reconstruction was presented, but in the meantime some of the shareholders had changed their mind, and by 1,033 to G06 the directors were authorised to call a special meeting on Febrnary 2 to consider a special resolu-
tion to the effect that the directors could sell
the property. On that date the meeting, which was of a very "special character," was held. Rivalry between two parties was early manifested. One side argued for re- construction and the other for disposing of the property. However, after discuss- ing, as one shareholder tersely put it, "nothing" for over an hour, the necessary resolution to authorise the sale of the property was moved. But again
the variable minds of the shareholders had undergone a change, aaid the motion was negatived by a large majority. An in- formal discussion on the original proposal for reconstruction ensued, and at last it was decided to call a special meeting to pass a resolution with that object, and it will be interesting to notice whether the shareholders once morechange their minds
in the meantime.
BLAIR ATHOL GOLD MINING CO.
The first ordinary meeting of the Blair Athol Gold Mining Company was held at the office of Mr. W. D. Reed, Pirie Chambers, Adelaide, on January 29, when Mr. H. Giles presided over a good attendance of shareholders. The directors reported that the company was formed for the purpose of taking ever the assets and liabilities of the Moore Prospecting Company. The assets were a cash balance in the Bank of Adelaide, two claims contain- ing 24 acres, known as the Portsea and Blair Athol, and a half interest in two other claims close by, known as the Golden Ridge and Reward. It was understood that .2500 and 4,000 fully paid up shares would make the company the sole owner of the other half interest in the Golden Ridge and Reward, but the manager in West Austra- lia had only been successful in inducing one of the parties concerned to carry out the agreement, and the company now had a three-quarter interest in the claims. The other quarter interest could be pur- chased by the company at ¿21,000 in or before April next. Since the formation of the company another block, the Golden Ridge West, containing 12 acres, had been taken up, and Mr. Murray had purchased for 2,000 fully paid-up shares the Gol- den Ridge East, immediately adjoining the Golden Ridge claim, and the directors were assured that the property held by the com- pany was a most valuable one, rich gold having been met with in almost every claim. The directors had purchased battery power from the Saunders Rapid Ore Stamp Battery Company, and the stampers, with all necessary engines, boilers, pumps, fixings, and tools, had arrived at Kalgoorlie, and most of the plant has arrived at the mine. . The direc- tors have purchased two batteries instead of one as they felt it would be more eco- nomical to do so, and the step was a right one, as the recent reports from the mine were reassuring and encouraging. Mr. A. E. B. Murray, one of the prospectors, was acting as mine manager, and had done good work for the (company during the past few months. The directors were assured
that crushing would be begun about the end of February. . The balance-sheet showed that the expenses had been ¿1,598 9s. 6d. There was nearly ¿300 in hand. The chairman, in moving the adoption of the report and balance-sheet, stated that the manager was sending 10 tons of bagged stone to the Leviathan battery. Dr. Phillips seconded the motion, which was carried.
GOLDEN WEST AUSTRALIA.
The year (remarks London Truth) opens favourably in the West Australian market. It is evident that the public are beginning to realise that while criticisms of certain companies that have been started by un- scrupulous promoters are justified, the West Australian goldfields generally do
not deserve the biassed and interested attacks to which they have been subjected on the part of certain writers in the Press, whose ignorance is only exceeded by their wish to harm the mining industry in Western Australia. That these gentry will
have to take a back seat in the near future
is a foregone conclusion. Yet they cannot undo the damage which they have done to the limited circle of readers their papers may possess. Their responsibility is great in having caused holders of shares to get out at bottom prices, while if the latter had held for the recovery which was certain to come they wonld not only have reade no loss, but realised a profit. The general improvement which has come about l» the high-class West Australian gold mine« is best illustrated by the advances of Ivanhoe to 13}, Lake View Consols to 75d, ¿treat Boulder to 8J, Hannan's BrownhiH to 61, and Western Australian Goldfield? to C, after having touched considerably lower figures. With reference to Lake View Consols, I learn on the best authority that a rise to at least 10 may be looked for in the near future. I cannot to-day tell you more, but you may safely take my tip, Ben ! As usual the Heavy stocks give the lead, but the im- provement is also extending to the lower priced mining shares, many of which are an excellent purchase at the present level. It is quite true that too many West Aus- tralian companies have been formed, and that properties which were not sufficiently developed have been formed into com- panies, but this is no reason why this great coming goldfield should be condemed by ignorant critics. I see that my West Aus- tralian contemporary, the West Austea -UAH. does mo the honour of. discussing
some recent criticisms which I expressed, and strongly approves of my view that investors should confine their attention to the stronger groups and to the developed properties. My colonial contemporary also agrees with my remark that no new com- panies should be floated at present, which, although not palatable to those whose chief interest lies in this direction, is yet an un- questionably sound doctrine. The West Australian also argues that the most satis- factory feature is that, as far as is known, there is nothing whatever to justify toe breakdown in the marke!. The good mines are still there, and are certainly not worse than they were six months ago ; the yield of gold is increasing; development is going on in all directions, batteries are still being hurried to the fields or are being placed in position, vigorous efforts are being made to conquer the wator puzzle, both by pri- vate enterprise and by the interposition of the State, and railways are being laid down as fast as can us done. In the improve- ment which Î3 now at hand it is pro- bable that many of the shares which have recently been neglected, and are still obtainable at moderate prices, will participate. Amongst these may be specially mentioned White Feather Reward at 1|, Great Boulder Main Reef at If, Mawson's Reward at f, Robinson at -J, East Murchison United at 1, Mount Mar- garet at 1, Gladiators at -j;, Burbank's North at par, and Burbank's Consols also at par. Those of my readers who have recently bought Great Boulder Main Reef and East Murchison United have already a nice little profit. Hampton Plains have at last taken a step forward, and are quoted at 3. This, I feel sure, is only the commencement of a very important re- covery, and the " Bears " who have made so desperate a raid on this property will apparently no longer have it all their own way. At the. Londonderry meeting Lord Fingall and Mr. Myring referred to the steps which they had taken for the invest- ment of their share of the profits in the promotion for the benefit of the share- holders. The chief point, however, is the return to the shareholders of the profit of the late Colonel North of ¿£76,000,"and the decision of the courts will shortly be given on thi3 subject. There seems, moreover, to be some prospect of the develop- ment work on the mine being crowned with some success. London and Globe Finance and Western Australian Explor- ing and Finance shares have been very strong, and have advanced to 4 9-16, in anticipation of the very favourable report which is about to be issued. In fact the whole of the shares of this group have braced up, and, as I have already ex- plained, nearly all the mines will be crush- ing in a month or two. General Gordon gold-mining shares have been firm at If-. The mine is now under the management of Professor Krause, who formerly occu- pied the Chair of Mineralogy at Melbourne. It is stated that the developments on the property continue in a most satisfactory manner, the lode at the 84ft. level being 46ft. wide, and patches of extraordinarily rich stone are constantly met with. The machinery is now erected, and it is expected that crushing will commence in a few days. Mr. Frank Nicolas, M.I.M.E., whose return from Wes- tern Australia I mentioned last week, appears to have brought valuable informa- tion with reference to the various proper- ties in which the We3t Australian Develop- ment Corporation is interested. These shares, by the way, have been sold down to below par by " Bears," but this is a very dangerous proceeding, and any day we may hear of an important rally. The shares in the Armadale, one of the snb-companies, are quoted about 1 to 1}. This mine will crush at about the commencement of March, and the ore is expected to go about loz. per ton. The battery consists of 23 stamps, by Hornsby, but there is sufficient water for a much larger battery, and a cyanide plant is also being erected. The shares of the McKenzie, another sub company, stand at J- to 1, and crashings will shortly commence on the Glenloth, and First Try mines are expscted to com- mence in the middle of March with five stamps. Large trial crushings have given over 2oz. to the ton, and now that the class of machinery suitable for the mines has been determined upon, a larger battery will be put up, there being sufficient water for all purposes. These properties are on
the same line of reef as the Burbank's
Birthday Gift. The Dorothy, another mine belonging to the same group, is ex- pected to yield lioz. per ton, and the Coolgardie Goldfields (a small company also connected with thie group), which has achieved considerable success, is likely to be converted into a larger company in the
THE LONDON MARKET
INTERVIEW WITH MR. P. HARGAN.
Mr. Philip Hargan, who lately returned te Coolgardie after an absence of nine months in the old country, has been inter- viewed by the Coolgardie Miner.
" Things were in a very bad state when I arrived in London," he remarked. " The slump had just set in, and continued the whole of the time I was in London. As you know, it was brought about by a variety of causes. First, there was the Jameson raid in South Africa, then the Armenian question, and the Presi- dential election in the United States.
The last-named cause had a very serious affect on the whole American share market. Although the American market has revived, the Western Australian and South African market continue to suffer owing to the disturbsd state of affairs. One of the great points which is now occupying the minds of the London people is that of the labour laws in the colony. I am one of the members of the London Chamber of Commerce and attended an influential meeting of that body, the out- come of which was that a cable was sent to Sir John Forrest asking him to amend the labour laws in such a manner as would give more secure tenure -to the leases. There is no doubt that the labour laws as they are at present are tending to check the flow of British capital to this colony, owing to the opinion that the security of the lease is not what it ought to be, an opinion which was heightened by the report of the Hainault jumping case. People owing to this contingency are afraid to invest money here. At one time the Hainault shares went up to £&, but when a cable went home saying that the lease had been jumped they fell to 10s. Now, the people at home say that there must be some fixity of tenure and better security for the people investing their money in the colony, and consequently there must be avery dras- tic alteration of the labour laws. They advo- cate the adoption of the Californian or South African system in this colony. If such sys- tems were adopted here it would be more to the advantage of the miners, and, any- way, until the labour laws are altered, men are not likely to get many English capital- ists to take up the leases.
" Another change that has been brought about since the slump is, that the capitalists are sticking out against the payment of deposits. They are willing to comply with the labour conditions pending the com- pletion of a bargain, but will not pay a deposit as well. This is the idea which is universally entertained.
' There is no doubt that the over-capital- isation of such mines as the Londonderry and others has induced a change of ideas in regard to West Australian pproperties. Bayley^, I believo, is re-constructed, and I also believe that the Londonderry is going to re-construct. Then again the English capitalists won't take up any pot holes now, but insist upon developed and proved shows. They won't buy by mere surface shows, but insist upon a certain amount of work being done with good results. They don't ask for lOoz. shows, but are quite content to take up those which are esti- mated to go L}oz., provided that they have, say, a couple of shafts to 50ft., and the claims look fairly well. They also will only deal directly with the holders of the claims on the recommendation of their own engineers.
"No, the days of the runners are not over, but the solid firms will not deal with them. The companies that represent the British Termination and Australian Gold and Finance Companies have been got up for the purpose of exploiting companies and not developing them. They will give an option for, say, three months before taking over a property.
"There is a good deal of talk at home about thia -water scheme oí the Goyern.
ment, upon which they propose to expend 2i millions of money. The people at home argue that as the first experts coming to the colony pronounced that there was no gold, it is possible that the geologists may also be wrong as to artesian water, and that before the Government spend so larga a sum as 2£ millions, they might spend a smaller sum, say ¿100,000, in fully testing the ceuntry by means of artesian bores."
Your remarks do.not seem to point to an immediate revival in Westialian stocks ?
"Well, I think that in March or April we should experience slight rises, and possibly in May there may be a slight revival, but I don't think there will be any solid improvement in the market until next September. As you know the summer is a bad time for flotations and other share
transactions in England. A great amount of satisfaction has been expressed at the increased representation which has been given to the goldfields, bseause the idea which previously prevailed was that the fields had been badly treated.
" Yes, I met many West Australians in London, which after all is a very small place, the centre of operations being con- fined to a small circle in the big city. In my own case, I had no sooner arrived from Australia than I was interviewed, the en- terprising pressmen coming up to my bed- room to sea me. I am sorry to say that some of the West Australians have suffeied heavily through the slump. However, with the improvements that have been suggested we all look forward to better times, and I think things should be on a sounder basis