THE HAURAKI GOLD-FIELD.

Hawke's Bay Times, Volume 13, Issue 691, 14 June 1869, Page 4

THE HAURAKI GOLD-FIELD.

f FROM OTJR OWN CORRESPONDENT ] Shortda.ni>, May 29, 1869. The export ot gold does not, up to this time, oome up to the amount at which I have previously estimated it, but I yet expect it will reach that amount. It would appear that one of our banks is holding back, whether in anticipation of a reduc tion or abolition of the export duty, or for other reasons, I do not pretend to know. The actual export this year is about 60,000 ounces, and of that something like 17,000 ounces was on hand at the beginning of the year. So that it is much short of 20,000 ou-oes per month yet. Twelve, fifteen, or even eighteen months ago, we were going immediately to export much more than that, according to the Auckland press. There are now about thirty-five crushing maohines, up or building, on the Karaka block; two on the Tararu; two on the Puririri; besides others.in contemplation, so that we bid fair for grinding up a power of stuff. The rates charged vary from 15s to 25s per ton —probably average over £1 ; so that if the yield averaged 2£ ounces to the ton, each ounce would cost 8s in crushing alone, while cartage would average nearly 2s more. Perhaps the average sel ling price is £2 12s 6d per ounce. If we follow up these figures we shall come to a weekly average per man ot a trine over SI i but, as I have already stated, I expect the yield to be increased considerably are long. The local papers continue to puff the claims as heretofore ; if half what they state was correct, our export would be immensely greater than it really is. On this subject the be9t thing I have seen lately was in au Otago Daily Times, from their " own correspondent" here, to the effect •' that people at a distance might believe the reports of the Shortland press, but nobody here would." I have not the slightest idea who the gentleman is, but am bound to say he is not very far wrong in his esti mate'; only I take exception to one word, " nobody " ; for doubtless some people do believe the greater part, if not all, of these reports. Many thousands of Aueklanders' money has been invested in claims on the faith of the published reports, and while some of that money has undoubtedly been profitably invested, a large portion has been sunk, never to be recovered. I feel convinced that not one hundred claims on the field have paid for working, and am of opiuion that not even fifty have so paid ; and, notwithstanding all the reports, twenty is about the number that have really paid handsomely. The Shotover the Golden Crown, and the Long Drive may now be rated as the best j probably the Manukau ranks next, (a year ago perhaps I should have rated it second) ; and beyond that I will not try tooiassify them. The value to sell might perhaps be as fol lows for the three first-named :—The Shotover, £30,000, the Golden Crown, £12,000, the Long Drive, £7,000, for one full ori ginal share in each case. A aharebroker's list might give different figures, and might quote other shares as high or higher than the tiiird given above ; but ergo it is easy for a few capitalists to rig the market so as to get certain shares quoted at rates far above what any man would be justified in buying it. Only a short time ago a claim was abandoned, one share in which had been reported (and probably truly) as sold for £I,OOO eight months ago. It is further said that one of the original shareholders refused the same sum, aud after sticking to the claim, several months abandoned it.

Company forming is still going on, and people investing their savings in sums of ten pounds, five pounds, or even less. In lew of these cases, are they likely to reap any profit from their investments, but there is always a chance in the lattery But if anyone really wishes to invest a few pounds on such a transaction, he need not apply to the directors and pay to them the full nominal price of the shares j. for in nearly every case of the kind shares can be obtained from some of the original holders on much more favorable terms —sometimes at half the nominal value. Thus, while a company was placing its scrip on the mar ket in the other colonies at its full nominal amount, the same scrip could be bought in Auckland for less than a third of that price! What term is applicable to such transactions ?

In forming a Company (limited) you can put clown what figure you choose as the nominal capital, and do the same with the paid-up capital; you can, in fact, sav your shares are each £I,OOO paid up, when in reality not £ LOO has been paid up; il you can aiterwards induce another parry to give you £I,OOO for your interest, you simply pocket tue amount and book the amount of profit in your ledger, between actual paid up and sale price. Thus one private company have their quoted paid up capital about double the highest rate paid lor a share, or portion of a share; so that if any purchaser was to come forward and buy at par, he would still be giving double what the most venturesome man in the claim hitherto has given. Tramways are being formed up the main creeks and gullies by the Government, but the ordinary tracks are in a state that must be seen and felt to be realised. The Government have made a great fuss over the starting of these works, out in reality some of them ought to have been finished before 'his time. The first contracted for was to have been finished in April; it will probably not bo finished before the end of June. But what matter? the contractor is an old friend and political supporter of his Honor the (Superintendent. That tramway may be all right wheu finished, but so far a# 1 have seen yet, ihey do not appear to be the right thing. However, they will be an improvement (if workable) on the present

sludge tracks ; and meanwhile they employ part of the surplus labour, for surplus labour is unquestionably here. His Honor the-Superintendent generally is accompanied by a sort of bodyguard, whoso names figure as among the gentlemen pr.sent, &o. If he succeeds in being re-elected, he will probably organise a regular guard of honor to assist him in his official visits, at bridge opening; turning first sod of tramway?, and such like. Thatcher is here, and amuses the people, as of old, with hia local hits on officials, politicians, &c