THE THAMES AND COROMANDEL REEFS.

Grey River Argus, Volume XII, Issue 1404, 30 January 1873, Page 2

THE THAMES AND COROMANDEL REEFS.

A find of gold that must have the effect of stimulating the prospecting of the untested parts of the Long Drive Company's ground was made on Saturday night, in a new leader lying nearly parallel with, and about 65ft. from the old main lode. stopes on the f ootwall side. This leader has been some time in hand, bat nothing worth noticing was found in it until Saturday, when gold showed up in the face, and about 141 b. of specimens were taken out, and half as much more this morning. The stone and gold are of good* quality, the vein carries about one foot of crushing stuff. The Thames Advertiser says :— " There are eighteen licensed brokers in Grahamstown, each paying to the Government L 25 per annum for the privilege of exercising his profession, but if the business does not soon improve, the revenue from this source, next year, must show a lamentable falling off. We are informed that the whole business effected by the licensed sharebrokers of Grahamstown, one day, was the transfer of five scrip in the Black Angel Gold Mining Company. The same journal of a later date says : — " Within the last few days there has been a little activity in the share market, which shows that ;i lively interest is still felt in mining speculation. This was particularly noticeable yesterday in regard, to the Caledonian stocks, for the forenoon there i was an eager demand for scrip at.Ll4," which is an advance of L 4 upon recent prices. A friend of ours, knowing that operations in the mine had been suspended, asked one of the most eager, purchasers why he was just then so anxious to buy shares? His reply was, " I don't know, I'm sure, but everyone is buying, and there must be something up." Thus it is with mining speculations. A. perfect panic occurred with reference to Cure stocks, which dropped rapidly, and, last evening, could have been purchased in any quantity for less than LI each. This was in consequence of a rumor that the gold had run out, and we believe that tho3d who visited the mine yesterday were rather inclined to corroborate the rumor, and they allege that there is a very decided change for the worse in the reef. However that may be, there is no doubb but that a most uneasy feeliug prevailed last evening. In other leading stocks, such as Black Angels, there was a firm feeliug but few transactions." The discovery of gold in the Aurora mine, Upper Tararu, is regarded by the Thames Advertiser as an event of considerable importance to the whole Upper Tararu district. A reporter was despatched to the mine, aud the result of his visit is published in the Advertiser, from which we make the following extract : — " We are glad to find that the report which readied us, after making some allowance for slight exaggeration, is substantially correct. That gold, in what appears to be rich payable quantities is to hand from a large reef is an undoubted fact, and we think we may congratulate the shareholders on the promising prospect before them. The Aurora claim was formerly the Scottish Chief. It comprises an area of 13 J acres, to work which a company in 2200 shares ha 3 been formed. We might state that the mine is almost, if not entirely, owned by Auckland shareholders, and to their enterprise and perseverance is due the development of the reef which has now been opened with such fair prospects. With the single exception of the Vulcan mine, the Aurora 13 the only one at present being worked in the whole of the Upper Tararu district. The Goromandel Mail reports a small rush from that district to the Whangamata block. Our contemporary says : — " The incorrectly reported immediate opening of a block of land adjacent to the present Thames gold field and on the Ohinemuri side of it has already had the effect, we see, of taking away some portion of our working population. About five aud twenty working miners left here on Thursday by the Lalla ftookh to try their fortune on the WhaUgamata block. Onr correspondent T.G.S., who is well acquainted with the matter on which he I writes, points out the difference between the block in question and the Ohinemuri country, and not, we think, without reason, as many might be misled into the belief that some portion of the Ohinemuri district was likely to be opened. The opening of the Whangamata block would simply be extension of the field beyond the Hikutaia, and the lands so thrown open might be worth the attention of the miners or they might not — the question is at the present moment entirely a speculative and ah open one. We need no Whangamata blocks. We have auriferous land and to spare in Coromandel to support five times our present population if selfishness and apathy were not permitted, like the dog in the manger, to monopolise that which they themselves either cannot or will not utilise, but which many are so anxious to do."