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WAIHI MINING.

HOPES OF REVIVAL. THE TOWNSHIP’S FAITH. The movement launched by the Mayor of Waihi, Mr W. M. Wallnutt, for the formation of a prospecting and development company to further investigate the Waihi goldfield and probably other likely areas on the belt of “kindly” country referred to by Mr H. W. Hopkins in supporting the project, is one that may have a very important bearing on the future of the town and district. Small Initial Outlay. From the published reports of the meetings so far held it would appear that there is no intention on the part of the promoters to look for outside support- until such time as Dr. Henderson, .director of geological survey, and the experts who may be associated with him in the proposed conference and re-sumy of the field have submitted their recommendations to the committee set up to carry out the preliminaries, and presumably only if the expert report favours investigation. If such is the case, and the experts are of the opinion that the project should not be proceeded with—though this seems improbable in view of the information furnished by Mr Hopkins—the call on Waihi residents taking up shares would not be very heavy. For instance, assuming that 200 subscribed, 20 for 100 shares, 40 for 50, 20 for 20, 20 for 10, and 100 for 5 each, this would mean 3100 shares, involving a.maximum liability of £1550, spread over several months. Of this not one-tenth, and probably quite a good deal less, would be absorbed in bringing the company into being, so that the loss to those subscribing for 100 shares (£5O) would not be more than £5 each if the experts reported adversely on the scheme, and so on downwards according to the shares held, the subscriber for 50 losing £2 10s, for 20 £l, for 10 10s, and for five the small sum of ss. Surely a sacrifice such as this would not inflict any great hardship in the event of the abandonment of the project, and on the other hand it would convince outsiders that, though anything but a wealthy community, the people of Waihi are not without faith and are prepared to help themselves. Prospects of Success. The legitimacy of the venture and its possibilities do not on the geological data so far available appear open to question, and in the event of finds, of moment following any investigations that may be undertaken there is the chance that those interested will not only be helping to usher in a new era of prosperity, but will ultimately get their money back and some more with it. The opening up and development of a mine to the profitmaking point on a field like Waihi, where the payable ore may be covered by hundreds of feet of overburden, is admittedly a costly process, but if a company such as that now in course of formation cm.ld show that; gold and silver of commercial value existed at depth no difficulty w'ould be experienced in raising the capital to thoroughly investigate the find. The Waihi mine has so far produced bullion to the value of £16,000,000, and it certainly seems improbable that the Waihi Gold Mining Company, and the prospectors who brought the company into being, happened on the one isolated point where profitable ore exists on an auriferous belt of such magnitude. The evidence, supported by ths finds at Karangahake and other adjacent districts, is all the other way, and it now remains for the townspeople of Waihi to back up the company by taking up as many shares as their < , ricumst?.nees and pockets will permit.—Waihi Telegraph.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/HPGAZ19290823.2.13

Bibliographic details
Ngā taipitopito pukapuka

Hauraki Plains Gazette, Volume XXXX, Issue 5465, 23 August 1929, Page 2

Word count
Tapeke kupu
605

WAIHI MINING. Hauraki Plains Gazette, Volume XXXX, Issue 5465, 23 August 1929, Page 2

WAIHI MINING. Hauraki Plains Gazette, Volume XXXX, Issue 5465, 23 August 1929, Page 2

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