GREAT YIELD OF GOLD.

Globe, Volume II, Issue 127, 27 October 1874, Page 3

GREAT YIELD OF GOLD.

{From the Otago Daily Times.) We were informed yesterday by telegram from Cromwell, that the Cromwell Company’s manager brought down from Bendigo to Cromwell, on the previous night, a cake of gold weighing 1200 oz. Another telegram described it as a “ pudding.” This 1200 oz. is the yield from the crushing done during three weeks or so, and there was another cake of HOOoz brought to Cromwell not long since, the result of the crushing for the previous three weeks. There are now about 3000 tons of quartz at grass, the average yield has hitherto been soz. to the ton, and it is expected that all the stone that has been brought to the surface will give at least the same average. The mine is held in sixteen shares. The fortunate proprietors are Messrs Logan, Goodyear, and Baird, of Cromwell, each of whom holds a fivesixteenths interest, and Messrs Black and Thomson (the predecessors of Messrs Black, Thompson, and Co.), who held a onesixteenth part. On the adjoining claims vigorous steps are, we believe, being taken to strike the gold-bearing stone. The claims near the Cromwell Company’s are the Reliance and the Lucknow. On the latter claim nearly £6OOO has been spent rrp to the present in tunnelling and other works, and the shareholders .are confident when the stone is reached that they will reap a rich return for their money. This really magnificent return from the Cromwell claim, will, no doubt, give an impetus to quartz-mining, not only in the Cromwell district, but in other parts of Otago. With the exception of the Caledonian mine at the Thames, we do not know of any reef in the colony from which so large an amount of rich stone has been taken, From the quartz now at grass it is expected

£60,000 worth of gold will be got. Much energy was expended in developing this mine, and considerable capital was laid out prior to the gold-bearing stone being struck. A fact like this goes to show the great mineral wealth of the province, as these returns would not now be made had there not been a large preliminary expenditure of capital and labor, and that the quartz reefs of the province have to the present been merely scratched; also what may be expected when quartz-ming is pursued with the same vigor with which it is entered upon in other places. Those who refuse “on principle” to invest their money in mining speculations, no matter how legitimate they may be, would do well to consider such a fact as this. We may apply to Otago what our Auckland correspondent, in our issue of yesterday, wrote regarding Auckland, namely—that mining speculation within due bounds is highly desirable, as it supports a large number of miners, and can get on with comparatively small capital. Of course every mine cannot be expected to prove a Cromwell — but, on the other hand, the day will sooner or later surely come here as elsewhere, when even poor stone will be made to pay, and pay handsomely. 2300 oz. from the six weeks’ crushing of one reef is a thing that will be noticed far beyond the borders of this province. In the meantime we commend the fact to the croakers.