THE Thames Guardian AND MINING RECORD. TUESDAY, APRIL 23, 1872.

Thames Guardian and Mining Record, Volume I, Issue 168, 23 April 1872, Page 2

THE Thames Guardian A ND MINING RECORD. TUESDAY, APRIL 23, 1872.

Coromandel is certainly going a-lieatl, if one may judge from the number of companies afloat, and the statements received from Auckland sharebrokers that mining stock in that district is principally inquired for. Whilst feeling fully assured that the Coromandel district is a very rich one, we feel at the same time a strong conviction that many of the companies now being formed are mere bubbles, and will burst, as many of such enterprises have burst, before. The character of the Coromandel country lias so been proved to be woi dcrfully rich in patches, and some of its mines, such as the Tokatca, have given evidence of lasting qualities. We have no fear as to the ultimate success of the field, but we are very much afraid that a collapse will take place ere long which will again throw the district back. Persons seeking investments at Coromandel will do well to be sure upon what ground they stand before they go too far. For the past 20 years the district has made periodical starts, and then stuck fast. The present start appears not to be a false one, and it will only be by bad management and reck 1 ess speculation that a crash will come. Reckless speculation, however, we fear has been commenced, notwithstanding the many warnings that have previously taken place. To be forewarned is to forearmed, and it is really astonishing to see how people are rushing into Coromandel scrip of the value of which in many instances they can know nothing until the ground has been proved. We hope none of our Coromandel readers will think we desire to prejudice any one against the place, for we feel sure that by a prudent and careful outlay of labor and capital a great gold field will be ultimately developed. Our fear is that people who know*nothing about the business or the locality will rush in blindfold, as they have done before, and will buy into worthless companies which will soon be wound-up by the Official Agent and leave the shareholders to pay their calls and lament their folly. Out of the large number of companies lately started we do not believe one quarter of them will ever pay dividends, and that the promoters in many cases are aware of this. The way to go to work at Coromandel is to do as the new English company has done, which is about to work the old Ivapanga ground. Get together a number of bona fide shareholders prepared to spend £20,000 in cash before they get a penny in return. Go into deep sinking and be ready to meet expenses for heavy pumping machinery, and the probabilities are the investment in a year or two will prove a very profitable one. To companies, however, whose capital exists only on paper it is impossible, except in a few isolated instances,that they can succeed. It takes both time and money to develop a quartz reef, and it is a lottery in which there are many blanks and a few great prizes. The records of the Warden’s and District Courts, and the returns of the Official Agent, will convince any one of the proportion of dividend paying claims to non-paying ones. The experience of the fact, however, does not appear to be the wisdom of the present in this matter, for we see day by day advertisements of new companies under all sorts of names, and a list of proprietors, of whom many are men of straw and can lose nothing, as they start on the great principle of having nothing to lose, and if it stopped there all would be well and good ; but the worst of it is that these knowing ones, when the bubble bursts, draw with them in very many cases a number of confiding persons who have perhaps spent their hard earnings in the speculation. Those who know the locality and the names of the promoters of the different schemes now afloat can judge for themselves what arc. likely to be genuine things and what arc just the reverse; but with people at a distance, and those who listen to the advice of “ sharedealers ” (the word “sharebroker” is now not so common as it was) it is not quite so easy to discriminate, and in such cases we should advise the greatest caution. What was done at the Thames a year or two ago is now being repeated at Coromandel, and the result will, we apprehend, be much the same, unless more prudence be exhibited. A. large number of people will be ruined in the midst of one of the richest quartzreeling districts in the world. The gold fever is certainly a most extraordinary disease. No previous amount of suffering caused by it seems to prevent the patients seeking to catch the disease again, and the old saying that a “ burnt child dreads fire,” has no application ti the children playing on Tom Tidler’s ground at Coromandel. We repeat our belief that the district is intrinsically a very rich one, and with an adequate outlay of labour and capital, will yield a rich return, but we feel equally sure it is no place for reckless speculation to succeed, and above all no one should go into any of the companies lately floated, unless he has substantial reasons for knowing that they arc built on a solid foundation,

At the AVor-dciAs Court yesterday the Pukohinau case was proceeded with. The plaintiff’s case was concluded, and the Court then adjourned until Wednesday next, today being St. George’s Day. At the Police Court yesterday two cases of drunkenness were dealt with in the usual mauner. Robert Bruce, charged with using obscene language in Brown-street on Saturday evening, and with assaulting Constables Brennan and Cogliliu in the execution of their duty, was fined in all £l2, or ten weeks’ imprisonment.

At the Resident Magistrate’s Court yesterday, on the long pending case of Warren v. Mann being called on, the R.M. said he would give judgment next Friday, by which time lie expected to have an opportunity of consulting with Mr Warden Fraser, who had had the case before him.

Amongst the passengers by the Nevada on Sunday morning were Dr Trosse.au, who proceeds to Honolulu, where, we are informed, lie intends to settle ; and Mr De Hirscli, who is on his way to Europe, but will probably return in a few months.

We are glad to observe that a good footpath has at last been formed in front of St. George's Church by the Kauaerangn Highway Board. An elevated walk is also being formed across Marv-strect and another riming parallel with Mary-street. which will be of great service during the winter mouths. The Fire Brigade held its fortnightly practice last evening. The men went to work in a style which is creditable to themselves and the Superintendent ; and in the event of a lire unhappily occurring we feel sure they will do all that so small a force can do to prevent the spread of the flames. We regret to hear that Mrs James Mac.kay was thrown from her horse, in Shortlaud, yesterday, and sustained a very severe shock, from which we trust she may soon recover. We would call the attention of the performers in “ Rob Roy ” to the fact that a rehearsal will take place this evening, at 8 p.m., at the Mechanics’ Institute, when all are absolutely required to be present, in order to be ready for the stage rehearsals, which will commence on Mouday next, at the Theatre Royal.

Messrs Craig and Thomas will sell by auction to-day, under warrant of distress from the Resident Magistrate’s Court, the right, title, and interest of the ground of the Cambria Goldmining Company and the Star of the Thames Goldmiuiug Company. Mr E. Iloniss, Secretary to the Thames Goldfield’s Hospital, begs to acknowledge the following subscriptions and donations : W. Burton, os ; J. Allaway, Ll ; M. H. Aircy, Ll Is ; D. Stewart, Ll Is ; Laro Nilson, Ll; James Duke, 5s ; W. Pkillipsand Son, Ll Is ; W. Pierce, Ll Is ; Taribu, os ; A Friend, os ; Tarns, 5s ; Young Men’s Mutual Improvement Association. L2 11s Gd; Balance of Caledonian Sports, Ll 10s 8d; W. B. Henderson, Ll Is : Workmen, Moanataiari Gold Mining Company, L 5 ; Tributcrs, Californian Gold Mining Company, Ll ; W. M‘Naughton, 5s ; H. Cordes, 5s ; P. Gilfoill, 11s Gd A Friend, Is Gd ; J. Auld, Ll ; Workmen, Una Gold Mining Company, Ll 10s Gd ; T. Rowdeu, Ll ; T. and S. Morriu, Ll Is ; H. Jcvans, Ll ; W. Wilkinson, 10s Gd ; R. Ferris, 2s Gd ; Central Italy Gold Mining Company. Lil ; J. Keruich, LI Is; j. Taylor, Ll Is; William Buckland, Ll ; AV. Dowdcn, Ll Is ; Osborne Bros., 5 ; J. Devin, Ll ; AVaymoutli and Co., 10s; AA r orkmcu Coliban Gold Mining Company, Ll 9s. AVc have to thank Mr Samuels, of the Varieties, for the latest copies of the To wit, and Country. The p.s. Nevada took her departure for Honolulu on Sunday morning with a full cargo and a large number of passengers—indeed the largest number that has hitherto left this port in any of the boats of this line,. The following are the names of the passengers—From Auckland : Messrs AV. K. Graham. J. De Ilirsch, son, and servant, M. Talbot. John Carfrae, 11. \A r citemnauer, W. Randall, Thos. Allen, AVilliam Adams, G. AVylcs, Mrs AVvlcs, Captain Whitehead, Dr Trosseau. From Wellington : Mr and Mrs Keon and two children, Mr and Mrs Adlington and three children, Mr and Mrs R.Eagle, Messrs George Eagle, Edward Reading, Karl Liustcd. From Lyttelton : It. McLeod, 11. De La Pasture, AV. Bedell, Adolph Pragge, 11. Dettmau, wife, and infant, P. Horan and wife, A. J. Raphael, Adair. From Port Chalmers : Messrs P. M'Kellar, John Candler, George AVilsou, Thomas Mills, Jas. Croskery, AY, Hall, H, Christie, Mr and Mrs R. Linckc, M. Dam. M. Key, Charles Nichols, From Sydney: Dr. A. DeNegri,Rev. P. F. O. Farrell, Messrs E. Thompson, C. H. Moore, J. Dowliu, J. Spclton, S. A. Bennett, It. J. Hall, C. E. Brightweu, AV. Sutton, J. Hodgson. O. F. Thomas, T. Barratt, F. Adam, R. Crompton, J. Arkeustall, McMahon, Mrs E. Sharkey, Mrs M. Davensou and five children, Mrs L. Boan, Mr and Mrs Cane and four children, Mr and Mrs Cash and live children, Mr and Mrs Burke. From Melbourne —Mr and Mrs Ziun, Mr and Mrs Terry and two children, infant and servant ; Mrs .'olahan and child, Mr and Mrs Wright, Mrs Scott, Mr and Mrs McGrath, Mr and Mrs Glenn, Messrs David Kaye, F. T. Chapman, Suia Max, A. Hodkinson, Henry M. rtin, J. 11. Adamson, AVilliam Nelson, F. Rciusch, J. M. Prendergrast, John F. Cobb, Nicholas Kelly. Karl Lawner, Frangott Lawuer, 11. Fustenberg. C 11. Ramsden, Michael Barry, Edward Larkin, Thomas Keliau, Robert Elliott, A. Strangueu, Andrew Duncan. Richard Reid, Hugh Craig, and John Condon. Total—lll souls.

The following eases were heard before tlie Resident ' Magistrate at Coromaudel, oil Friday lastO’Laugblan v. Golden Harp G.M.C. : A claim for wages £5, and 18s 8d for caudles. Plaintiff had been sent for caudles, but the storekeeper would not trust the company, and the plaintiff paid for them. Judgment was given for the amouut claimed with costs, £1 4s.—Kelland v. AVatters: Claim was for the return of £5 paid by plaintiff for scrip in a company not then nor now in existence. Defendant stated that he had attended at a meeting and paid his share for registering the gompauy, of which C. A\ r . Hall was to be manager, and that as he had seen the manager sell his own scrip lie believed himself justified in selling his. The Court said that legal managers were dangerous examples to follow, and gave judgment for plaintiff with costs, £1 17s. The other cases were settled out of Court,— Mai

A meeting of creditors in the estate of Charles Ross Cholmondely Smith (Captain of Volunteers), was held on Saturday, in the office of the Provisional Trustee. The liabilities were set down at £lOl lGs 9d ; the assets at £134 17s Gd, but the real property, valued at £2OO, is mortgaged for £l2O. The estate fell into the hands of the Provisional Trustee. — Herald .

His Honor the Chief Justice sat in Chambers on Saturday, and heard an application on the part of Mrs AATiite, that time might be given her to plead. It was represented that the case has been pending for a considerable time, during which the respondent might have pleaded if she thought proper. But it was stated also that many of the facts alleged in the petition of her husband had only recently become kuown to the respondent, and that the time given her to plead had not been sufficient. His Honor, after giving duo weight to the statements made in the affidavits, cularged the time for the respondent (Mrs White) to plead. The trial will not, therefore, be taken before Friday next. The Court will sit at 10 o’clock this morning.— Herald.

About twenty of the telegragli posts were blown down during a heavy gale on Sunday night, or early yesterday morning, near lloturua. The damage has been rectified, mid the line is again in full working order. There appears to have been very stormy weather in the interior of the country.