THE WEEK.

Thames Star, Volume VII, Issue 2551, 10 March 1877, Page 2

THE WEEK.

\' , The improvement in the quality of the stuff from the Moanatairi mine which so largely contributed;to swell the last fortnight's yield, to band, last Saturday, and which was briefly referred to in last week's article, has exercised "a large influence upon the doings of the week—-to such an. extent, indeed, as to cause a revival in mining matters and to resuscitate the dormant energies of investors and sharebrokers. After a week s working the new find appears: to have rather improved than." otherwise. v A,.quantity-of specimens have been accumulated, and great hope? are entertained of a further improvement in the gold yield when the next retorting takes place. This new run of gold has an importance beyond the value which

ittacbcs to it in connection with the Moanatairi, as there is always the probability of a rich fiad in one-mine extending to the ground of its .neighbours. The present discovery is one that ought to Rive a'great impetus to mining around the c ntre pierced by the Long Tunnel. Nearly all the ground near it has in former years been noted for rich yields, but this, being at a lower level than most of the previous workings, should encourage other proprietors to persevere, and it is not unlikely that, should additional prospecting works be undertaken, similar gratifying results will crown their efforts. The new find from which the rich brushing and still richer specimens have been obtained is on the No. 9 reef, which has been driven, upon, from the shaft nearly at the extreme end of .the Long Tunnel. From Accounts furnished it seems probable that the best of the reef has not been opened upon. It is.to.be hoped such will. prove to be the case. ; The Moanatairi has long been looked upon as one of the best mines on the field, because of its area and its systematic working. Small yields have been made payable owing to facilities for getting out stuff afforded by the Long Tunnel, and cheapness of crushing by the company's fine battery. As a matter of course shares in the company have more than quadrupled in value. From a merely nominal/- price with no business doing, they have risen to £5 with i a brisk market, and are now only a trifle '; below this, figure. After the visit of a number of persons to the mine yesterday the market declined slightly, but there seems every prospect of shares maintaining a good figure, and should the reef keep up its presentvcharacter probably a further advance on the price of shares will take place. Not to'the Moanatairi alone is due the revival which has been apparent during the past week; The Alburnia, after many vicissitudes under company management and in the hands of tribute parties, has once more become a dividend paying property. It does not say much for successive managers of this evidently valuable property that it should have been left to tributers to develop its latent wealth, and it is creditable to the present management "that it can make it pay after so much has been taken from the ground by tributers, who were evidently, more fortunate or more skilful than some managers under- whose direction the mine was worked for so long at a loss to the shareholders. The latter begin to ask themselves why the present satisfactory state of things -was not attained before, long -prior to the mine being given over to tributers. It such had been the case, not only with this but other mines, long-suffering shareholders would have been less reluctant to part with their money for .prospecting. How-ever,-there is a lesson to be learnt from tfie past, and it is to be hoped that it will be profitably applied. On occasions like the present there is always a danger of overdoing things. Speculation has been rife for over a week, and some who had early information of the new find have doubtless derived profit from their knowledge."" If the Moanatairi and Alburnia should continue to give out as rich returns as they have done there will be ample margin for legitimate trading in scrip, but inexperienced persons must remember that prospects as rich and even more so have oftentimes dazzled investors before, and it is but fair to warn all such that mere trafficking in .scrip will not tend to a permanent' improvement in business any more than it has done in the past. What is wanted is a large increase in the gold yield from all sources, and inducements to investors to put their money into mining ventures with a fair prospect of a legitimate return for capital invested; notJ. by fluctuations in the market but in increased production. It is satisfactory to learn from the Auckland morning paper that " the action taken by the Thames ■: County Council in respect to encouraging prospecting in the back districts, appears to be viewed with satisfaction by the citizens of Auckland who are interested in the.mining prospects of the Thames." .(And what citizens are not interested ?) The same journal says : —"The Council have taken a considerable amount of evidence as to the best means of carrying out this intention, and have received valuable suggestions^:,The idea of subsidising prospecting parties does not meet with general approval, and;the suggestion vrlnch is likely.'to be adopted is that if people prospect and obtain something which appears, 16 promise success, the stuff will be conveyed to town and crushed free of expense, and-if the prospects are then found to be sufficiently encouraging, roads will be made into the districts to enable claimholders to carry pn:pperations as cheaply and conveniently as possible.'';', In this column last week this subject was fully" ventilated, and it was then suggested that as an auxiliary to the action of the County Council, jthe. citizens of Auckland and the Thames might with advantage subsidise prospecting parties to a certain extent—not so far ' as to make it wor|h the while of miners to abuse their trust, but to give them sustenance aid, with the additional inducement of a share in their discoveries. To go further and pay men full wages would be injudicious, as it would revive the evil and pernicious system which crippled investors at the outset and retarded the progress of the field; but while the County Council are devising measures for opening the back county and' maturingsome scheme for encouraging prospectors who have means at their command, - there is still ground for believing that moderate subsidies to good men, to keep them in "tucker," would beastep in the right direction ; and in this Auckland is as much' interested as the Thames. The G.ounty Council are not in a position to undertake any large scheme at present. They have only borrowed money to work upon,.with many pressing demands for urgent public works, tin the meantime a well-organised scheme could be matured for encouraging prospectors, which would pave the; way for the subsequent action'of -the Council. One very encouraging item in the week's news is the splendid return of over two thousand ounces" of gold from the Union Beach, Coromandel, and the payment of a dividend of twelve and sixpence.