THE LAMONTE FURNACE. [From the Thames Star, June 26th.]

Te Aroha News, Volume III, Issue 109, 4 July 1885, Page 7

THE LAMONTE FURNACE. [From th e Thames Star, June 26th.]

As it may iuterest our readers to know something of tiir* first operations of Mr La Monte hi the Australian colonies, we liare obtained the following particulars regarding the revolution the introduction of the patent has caused in mining circles :— lt is known that when the now celebrated Sunny Corner mine, in New South Wales, was originally taken Up and worked for gold ; about £70,000 to £80,000 worth of gold was taken out of the upper workings, and afterwards the mine, not proving payable, passed into other hands, and about twelve months ago the whole property was offered for sale for £3,000. A large parcel of tailings hail been saved, and samples wore forwarded to Mr La Monte, in San Francisco, who was no satisfied with the experiments made, that he at once took passage for Sydney, and after explaining the results of his essay, endea Vored to get some of the leading citizens tltere to take the matter up, but unsuccessfully. He then obtained permission to erect a furnace at his own cost, and after great difficulties — having to make and burn his own bricks — the furnace was erected, and without any check he was able to telegraph to Sydney that the smelting was an accomplished fact. After this minor difficulties cropped op, and for a time the success of the smelting process was considered doubtful and Mr La Monte having to return to 'Frisco to settle up his private business, all deficiencies were charged to his Furnace account, and the shareholders were dissatisfied at not receiving the expected dividends. On his return, Mr La Monte soon put the matters straight, and the result was a 4 vidend of 5s on 64,000 s ar 8, p iy»ble this month, which means a distribution of £16,000 to shareholders, in consequence of which shares have considerably increased in value, and were quoted ta the Sydney lists, " cotrse of sales, from 73s to 955," which makes the property saleable at nearly £300,000. Whilst we very strongly deprecate anything like a scrip mana, it is not to be woudered at that with these lesults, widen are solid facts, there should be a disposit.on to buy and hold Ktrangahake stocks, for it is well known that Mr La Monte was particularly pleased with t at lo a ity, and the cable vt hich he has quite lately sent to Mr Saunders to ship to Melbourne 100 tons* of Ivanhoe ore, » id offering to pay fire assay for it, less £3 per ton freight and expenses, is a v ry conclusive proof of his belief in the c nciency of his plant. We understand t lat the ti st furnace will be erected at

th.« T i 'in.-. Ti< A«i i .»lml Syndicate lias aiuady m.i le a call to meet preliminary expenses, ami tlie erection of a furnace will be proceeded with all possible expedition. The business arrangement made with Mr La Monte is of such a nature that payment is contingent on the patentee running the furnace successfully for 60 days, all de-* tails being provided for in a proper le^al dnennrmt between the two contt acting parties.