OHINEMURI.

Globe, Volume III, Issue 232, 8 March 1875, Page 4

OHINEMURI.

The Thames correspondent of the New Zealand Herald, of the 3rd, writes:—Monday morning presented rather an unwonted appearance, in the number of persons taking passage to the new diggings. For the past week the steamers Pearl, Effort, Lalla Rookh, Buona Ventura, Alert, and a number of tow boats have taken up a considerable number of passengers, but this morning, owing to the fact that proclamation had been made " by authority" that the field is to be opened on Wednesday next, and the arrival of the Takapuna steamer as a passenger boat to Paeroa, whose accommodation is in every way suited to the trade, a large number of diggers, professionals, (Sec, took their departure for the new El Dorado. The longcontinued demand on the patience of the digging community has been removed, causing quite a noticeable change in aspect and manners of our population. The variety of countenance, elasticity of step, intelligent twinkling of eye, and radiant hopefulness beaming from the features of all, as they trudged down the wharf with their swags, induces the belief that they are determined to give a good account of themselves. One thing is certain, that the majority of departures for Ohinemuri are composed of veteran gold-diggers, men who have had much experience, and who will not lightly be discouraged. About 400 left the Thames by the various boats this morning.

Mr Mackay, jun, proceeds up the river this morning in the Effort, accompanied by the necessary documents and officials, consequent upon the opening of the long-talked-of Ohinemuri.

The Thames Advertiser of the 2nd has the following :—When the Gold Mining Districtß Act came into force, it contained a provision that miners' rights under the Goldfields Act could be kept alive by renewal, and all rights under them were preserved. There are, we believe, over a hundred of them still in force, and the question was, were they good for Ohinemuri ? The officers of the General Government were of opinion that according to the agreement made with Ohinemuri natives, no man could be allowed to mine at Ohinemuri without a new miner's right, and to save any difficulty Mr Mackay is willing to give to any one holding a miner's right under the Act of 1866, now current, a new right for Ohinemuri. A change has been made again in the manner in which it is proposed to issue the miners' rights. It was proposed that previous to the reading of the proclamation, tickets should be issued certifying that the owner had applied for a miner's right, and that upon this any one could peg out, as at the time of the issue of the proclamation he would be the owner of a miner's right which would be in the hands of a clerk of the Warden's office as trustee for him. By the notice which appears in this day's paper, however, it would seem that this plan is not to be ca Tied out, and that every miner must be in actual posses-lion of a right when he pegs out. These, however, will be all filled in ready for issue at the Warden's office, at ten o'clock on Monday morning, and so manj clerks will be provided that all the rights applied for will be issued in a few minutes. On the vexed question of the applications for ground made by men who have been prospecting the district, the Government have come to a definite resolution. They have determined to reserve ten men's ground and to award it to Europeans and natives, whoever shall prove in the Warden's Court to be the discoverer. The difficulty here that first rises to the mind is how is the Government to know the ground. There are about fifteen applications, but we understand that the three or four which are regarded as the best are for the same piece of ground—that is to say, Thorpe, Hoera, and party, Logan and party, and Smith and Coleman, are all on the same ground. The Government have resolved, therefore, to gazette out of the goldfield of Karangahake, ten men's ground, and to let it be decided in the Warden's Court who shall have it. Between this date and the issue of the proclamation, the giound will be surveyed, and we understand that Mr Mackay has instructions as to who is to direct the the surveyors in marking off. Whether this course will give satisfaction we do not know; but at all events this is the course which the Government have resolved upon, and we have no doubt that they will carry it through. A telegram from Auckland states that the powers over the goldfield will probably be delegated to Mr Mackay on the arrival of Dr Pollen in Wellington. This statement is not correct. It is well known that Dr Pollen has not cared from the first, to have the exercise of these powers ; and we believe it is probable that, so far as this field and Coromandel are concerned, they will be delegated to Mr O'Rorke, till the election of another Superintendent. However, in consideration of the way in which questions connected with the native ownership at Ohinemuri are still remaining unsettled, or at least in a position requiring adjustment and constant oversight, Dr Pollen will continue to hold the delegated powers, so far as it is concerned, while Mr Mackay, who is intimately acquainted with the position of affairs, will act as General Government agent. In reference to this retention of the exclusive control at Ohinemuri, the General Government must feel that it assumes a great responsibility. The extent of the delegated powers on this field, under the Mining Districts Act, is very limited, but at Ohinemuri, under the Goldfields Act, they are extensive, and the mining community there will look for a liberal construction of them, tloads will be absolutely necessary, and these must be made before the winter sets in. At present traffic can go all over the Ohinemuri flat, but when winter sets in the traffic will cut the ground into unfathomable mud. By the administration of Ohinemuri, also, the eommunity will be inclined very much to judge whether the General Government would bean improvement over the Provincial in connection with the administration of the goldfields.

We are very pleased to observe (says the Bruce Herald) that the railway bridge over theTaieri river, near Otakia, is being rapidly proceeded with, the main beams upon which the superstructure will rest being now laid over three-fourths of the entire length of the bridge The heavy beams of the bridge near the Taieri Ferry are on the ground waiting the completion of the heavy work on the Reliance bridge, when it, too, will be goue on with, and should they not be delayed for timber supplies, both bridges are expected to be completed within two months hence. Meanwhile, the permanent way is being laid between the two bridges, and it is very shortly expected that this portion of the work will be facilitated by the locomotive being enabled to cross the Reliance bridge for ballasting purposes. We understand that Messrs Brogden and Sons expect to be in a position to hand over the entire line between Mosgiel and the Glutha river to the Government in about two months hence, when, we trust, arrangements will be completed to work the line immediately thereafter to the best advantage. Two or three years ago (says the Sydney Morning Herald) people were beginning to think that the mining interest was about to overtake the pastoral, if not to exceed it in importance ; and some of the most sanguine amongst us were anticipating the time when the gold yield of New South Wales, which in the three years from 1870 to 1872 inclusive had doubled itself, should equal or surpass that of Victoria. Those anticipations have proved fallacious. The yield for 1873 showed a considerable dearease upon that for 1872, and the yield for 1874 a still larger decrease upon that of 1873. The returns for Victoria during the last nine years have shown somewhat less of fluctuation, and have indicated rather a steady though gradual decline ; but we are a very long way ' elow the Victorian level. Last year's fall-ing-off in Victoria amounted to about oneninth of the previous year's product. In New South Wales the decrease amounted to about one-fourth, and late accounts from New Zealand show that the yield in that colony has diminished in about the same ratio. The Queensland returns are not before us, but it may be said that, with a slackening supply from Victoria, New Zealand, and New South Wales, there is less ground than ever for the apprehension that the production of gold will exceed the demands of the world's expanding commerce.

The London Review mentions the following remarkable circumstance in connection with the subject of life insurance—" The Equitable Assurance Office have just paid a claim under a policy which mutt have been one of the oldest in the world. The policy was taken out in December, 1795, for £IOOO on a life then aged 13, at an annual premium of £lB 16s. It has now become a claim after existing for seventy-nine years, and the sum paid is £7905, being nearly eight times the sum originally assured." For many years after the outset of the policy, the Equitable Society stood to lose if death had happened. It would be interesting to be able to trace the progress of this policy, and to find out at what period of its endurance the recuperative process commenced, and how that kept pace with the growing amount of the policy. However this may be, this example affords an excellent opportunity of showing the (to the uninitiated) marvellous progress of money at compound interest. The Equitable based its operations on the assumption of investing at 3 per cent. Supposing, therefore, that it had invested each year's premium in full without deduction for expenses at 8 per cent, the amount would be about £5846, say .£2059 less than it paid; but supposing it had invested the premiums at 4 per cent, they would now amount to £9945/ or £2040 more than it paid; 1 per cent difference in interest, thus making in seventy-nine years the great difference of £4IOO in result. And, supposing the sum of £lB 16s per annum to be invested at 7 per cent for seventy-nine years, it would amount to the great sum of £56,015. Hence the main element of the greater profit of life assurance business in Australia than in the mother country, notwithstanding the much heavier expenses with which it is saddled here. One colonial office alone from this source is increasing its resources by nearly, if not quite, £30,000 per annum more than its British competitors of similar standing can do."