THE Inangahua Times. PUBLISHED TRI-WEEKLY. MONDAY, JULY 9, 1877.

Inangahua Times, Volume IV, Issue 39, 9 July 1877, Page 2

THE Inangahua Times. PUBLISHED TR I-WEEKLY. MONDAY, JULY 9, 1877.

Botii. the Hokitika papers have of late 'drawn special attention to tjie rising prospects of. this field. As we. a few • days ago fendered, some perfectly well meant advice in relation, to the mance,iuyres of a few volatile spirits here, in connection with the local share market, 'aod, for which w.e did, not receive the •nnanimous bljessing, of. the, 'ring, we now adduce few. facta, garnered, from outside sources, which wjll at least go to show, that the views we then expressed; haye gained impartial endorse* 'ment. The Hokitika Stay, in a recent article upon, the. Inangahua, says:. — '•.Without for, one moment wishing to underrate the. real and, genuine resources of the inangahua district,, in auriferous reefs, we wi'bi to point out that great extreme 'either. of apathy or excitement invariably characterise the dealings of the public in. minipg stocks. Inangahun, like, most other new fields, suffered from neglect for years, now that its riches fire undeniable something like a '! quartg manifi ".seems to become . probable. " The Reefton journal' does not favour such spasmodic aud generally 'blind and reckless speculation wbiqh may bring on a repetition ' of, the disasters described in the case of tlje California.n mines, of which we quote from the Auckland Star— " The unexpected fall in Californian mining stock,, has awakened, thousands to the blind folly that tempted, tbem into a gambling speculation of the wildest kind. We have seen something of. the infahiation which drives' shrewd men into mad investments when laboring under gold fever, but beyond our lowest depth there is a lower still. ' The current prjee of Coinatock shares bad reached, in tbe aggregate a sum ( equal ( to the entire circulating currency ofJtbe Suited States. The yield of the mine was so extraordinary as to turn the head of a whole community,

The prevailing mania was tradec} upon I by every species of human leech. "But j th,e day of reckoning," although delayed I for years, could nob 'be postponed for ever, and a marked decrease in Bonanza produce has sent stocks tuinbljng headlong to something nearer. th.cir T Jegifei* mate level. The' fall " hasj course, carried ruin and. dis'nay everywhere. that the catastrophe has come — now that the mania for stock gambling has spent its spree, and men are beginning to exhibit indications of returning reasons-there is hope of the commence- , ment of a new era of prosperity in the history of San Erancisc'o.' Mining',' one of the leading industries of the Pacific slope, will now, beyond doubt, receive a fresh' impulse, being relieved to a great extent' of the incubus of the gsimbler and the dishonest; official, who have so long sat like, a nightmare upon its vitals." •