New Zealand Times. (PUBLISHED DAILY.) THURSDAY, JULY 26, 1877.

New Zealand Times, Volume XXXII, Issue 5098, 26 July 1877, Page 2

New Zealand Times. (PUBLISHED DAILY.) THURSDAY, JULY 26, 1877.

Yesterday’s parliamentary proceedings were chiefly noticeable for a very fair amount of that “nagging” at Government which at times takes the place of organised opposition. Mr. De Lautour having proposed something in reference to the appointment of executive officers for transacting the business of the defunct provinces, an opportunity for exhibiting apparent disingenuousness presented itself to Mr. Gisborne, of which that gentleman was not slow to avail himself. He read an extract from a speech of Sir Dillon Bell’s which seemed to prove his (Mr. Gisborne’s) argument; but omitted to give a further portion of the speech, which quite did away with the effect of what he read. The Hon. the Premier very speedily settled this matter. The returns of various kinds and the production of different papers were moved for, it being hinted more or less In each case that the returns and papers would show some very nasty things for the Government indeed. But Government cheerfully agreed to give all the information required, from which it may be assumed that they have nothing to dread. Mr. De Lautour again, by getting himself into a muddle as to the proposed constitution of the Waste Lands Committee, succeeded in making the House sit at half-past 7 o’clock, when as a matter of fact all the business might have been disposed of before half-past 5. Mr. De Lautour has, however, a happy temperament, which makes him comfortably oblivious of the convenience of others, and therefore he was blandly negligent of the consequences of his own mistake. No regular Opposition has as yet been formed. An effort to get up a caucus tb-day was not crowned with success; but much is hoped for from a meeting which will be called on Friday.

The annual report of the Golden Fleece Extended Quartz Mining Company, Limited, whose mine is at Reef ton, contains, facts that have an interest for persons other than those who live at Eeefton, and those who are fortunate enough to be non-resident shareholders. The recent history of the company has been that of a brilliant success, though at one time the holders of the ground were at very low : water indeed as regards funds, and there came a deadlock. A bank became master of the situation in; a great degree, but, fortunately for the claimholders, liberal arrangements were made, and the mine was properly developed.' The result has been this : that from July, 1876, to 19th June last the value of gold obtained was £42,597 Bs. 2d., and after discharging heavy liabilities, the large sum of £24,600 has been paid in dividends. This, to use a phrase often heard, is a piece of intelligence of colonial importance, and should make the name of the Golden Fleece, Keefton, more widely known than it has yet been. The report, which is a model of brevity, says : “ Crushing was commenced in July, 1876, and carried on continuously until 19th June last, during which time 5920 tons of quartz were reduced, yielding 11,0640z5. 6dwts. of gold, value £42,597 Bs. 6d., being an average of loz. 17dwta. 9grs. per ton; this has enabled your directors to declare dividends aggregating £24,600, being 10§d. per 48,000 th share.” These few figures tell a very profitable tale, and had any Thames company shown such results for so short a period, it would have caused yet another mining revival there. Fortunately for Reefton, in one respect, it is rather out of the way of bubble-blowers, and mining matters progress more steadily than they would were they subject to the eccentric movements of a violently excited share market. After giving some details as to the reef, the report says :—“ A marked feature in connection with the mine is that as lower levels are reached the lode becomes stronger and richer, a most hopeful sign of future prosperity.” This must be welcome news to holders of Golden Fleece’s, and also to other mine owners, for it too often happens that as the lode is followed down it gets poorer, though this is to some extent frequently compensated for by the reef becoming stronger and larger. Such an announcement as to future prospects will be acceptable to people who do not live in the same province, or late province, as the Beeftonians ; and now that the old artificial divisions have been abolished, colonists generally will be at liberty to feel glad at the success of a mine, even though it should not be in the same defunct province. As a matter of fact, Wellington will get an important share of the increased business caused by the prosperity of the Reefton mines, for a good deal of the West Coast trade comes to Wellington, and a great deal more will soon be done from here. Selfishly speaking, Wellingtonians should hope for many mines on the West Coast as good as the Golden Fleece. One paragraph in the report shows that the company has another string to its bow besides the gold : —“ The company’s coalmine has been further developed by a new tunnel, which now commands the seam, at a lower level, the face of which shows a thickness of 14ft. of excellent coal for steam purposes.” This is an important addition to the resources of the company, as it gives them cheap steam, and no doubt some day the coal will have, if it has not now, a public market.