MINING NEWS.

Dominion, Volume 2, Issue 556, 10 July 1909, Page 6

MINING NEWS.

' THAMES DEEP LEVELS WORK MAY F,ALL.THROUGH. SUBSIDY XSOOA INSTEAD .OP X 8333. (By Telegr'apii.-Prcas AesoolationJ Auckland, July 9. Tho Thamee deop levels sclicmc, vhioh soomed to bo on tho verge of , being brought to >a hiead, has. rcoeived ,a further Bet-back owing to the action of tho Government in. connection " ' with tho subsidy upon which. so much de. ' ponded. It will bo remembered that tho representatives of tho oompanies oonoerned mot at tho Thames on Juno 2i last, ia conference with Mr.. E. Eeed (inspcctiiig ©ngi- ' • noer of tho Minos Department), and agreed upon a scheme which was submitted to tho Government This ■ "provided for o crosscut at tho 1000 ft. level from the Queen of .Beauty shaft to that of tho Kjaranui-Caledonian, and subsidiary crosscuts, to the Saxon, May Queen, and Victoria areas. The estimated cost of the' wholo Echemo was .£16,795, and tho Government was asked to five towards the undertalc.' ing a J! for £ subsidy to tho extent of- w£BS3B, the oompanies intimating, that they wore pro. par©dtoj>ajMho' 6um of \£lo,ooo, and to start tho'work immediately'if the Government's as- . sistance as asked was forthcoming. The Minister for Minos , has, however, detadod to limit \ tho 6ubsidy to JBSOOO, and this may wrick the wholo, sphome, according to Mr. C. Hudson, : chairman of the Waiotahi,Gold-Mining Cwa- ; panv. 1 ... ... The representatives of,the companies to-day reeoivod the following telegram from the Minister, the Hon./ E. MTCenzio:—, • ' "I have to inform, you, that subject ta . ratification by Parliament, and also to conditions now being drafted, tl»t Government, has dccided. to. grant' a subsidy of £ for £ un to,. ,£SOOO on the crosscut from the Thames-Han- " raki shaft at tho 1000 ft. level to: the KuranuTCaledonian, shaft Tho subsidy will only bo payablo -.on . the actual crosscut - between tho two shafts, and not on'the. subsidiary drives / to connect the different claims' with the cross- ■ • v cut: Tho principal condition that will be at. v tached to the grant will be tho right of futura oompanies, and, of companies other than those who have now entered into tho agreement to contribute towards, the cost, to utiliso tho '. crosscut on'payment of .an adeguato contribn. : tion; and, gonerally, the intention is to make* it clear, that the crosscut is-to be regarded" as a work for tho publio benefit in return for tho subsidy from the. State. The form of " agreement containing the conditions, otc« will ■ bo submitted to the companies shortly.

A meeting of the representatives of .tho com.;panies' is to be' held early next week. . '. STOCK EXCHANGE—THAMES • STOCKS , ACTIVE. ' : ' . (By Telcgranh.—Presj Asaoctfttloa.) - , Auckland, July 9. , Another exceptionally large volume' of bua. ' ness was done on . tho ejiare market to-day, mainly .in mining stocks.' ■ ' Waiotahis were again the chief centre of interest. Although there was, no further news from; the mine, there were heavy, sales at from 7b. 9<L to 7s. lid. to 7s. 9d. to ,7s. lid. to , 7s; 9d. to 7s. 10d., up to the end of the second call; after which there waa a firmer tendency, l ; parcels 1 changing' hands at the last call at' from 7e,10d. to Bs. sd. Sellers closed at Bs. ' and'. buyers at Bs. 4d." *> ■ - • ■ , Other . Thames stocks were freely- dealt ia. ( DEEDQINd. , t ■ (By Telegraph.—Prew Association.) ' , > ' : Dunedin, July 9. ' i Dredging flat, Booz. 6dwt| Koputai, 30oz. Bdwti Masterton, 270z. Sdwtj Elootrio No. 1. 2ioz. • Sdwt; .Waikaia, 21ex. lOdwt.; Central Charlton, lOdz. 13dwt; South Waikaia,'Uez. 19dwt. ; New Boxburgh lloi. lldwt; Chicago, 6oz. 6dwt ' ' 1