The Mines of the Pumping Association.

Thames Star, Volume VII, Issue 2558, 19 March 1877, Page 2

The Mines of the Pumping Association.

Tho directors of the different companies

comprising the Pummng-Association, or as many.oLthem a ; 3,c!3^ild T b<p:*ainmonied > hajdi a meetingyesteYd^yTtb" consider'ihe terras ,of arrangement proposed by County Councilibr the future working of the mines, oj these gentlemen as; of course^to secure .sjuch terms as shall 'Facilif^tetlißi.rge« in^lißt:yrayVf(i|tHi9 ivoykin^^(^gr6und,j ■and^:^w^ihey;/fioneeXT§'ihey^^ft|^^t;do 1 fhe'iterrffs'oSered s byctheiiGounty {^oubcMpd t^e%n^iersrabd:'that the terms c^ifpiWns -uppQ?Wßictt; the^'cbuld &dke s .^he ,Cpflnc^rshaU^b ; solufelj;. release tl^e : ippopeiftiies;,,fropi '',.. ta'e^m^tgages,, pn.;an; ,»ftdertaiiiig the cpmßaoieg to prospect! fully at the lower level; a re-vajuation to f be; ( qf, the, several.,properties!, and in' ilie eteflt' of^gbja beingibuiid,'theconipaiiy ""m'vwhbsfe grotiiid-ttie find is n&de io ,pay rto its $iareholdera> i£p share qf the ampunt .expanded. .in, the J.prospecting; after that, t(£ pay !to tno- bounty; $he valii^ L which hai^ been put uporibihat conip*tty*s proper^tyund'dr thVne wiT»kitttifmiii\Sve ma|y illustrate the tfffect-'of these conditions!' The companies are not .f jointly and liable""for* "t&e^Snioaardf tHe, mortgage, butj.ea,eh,is/scheduled for a ceir-; .tain sum. Supposing_..the_ Cftlejdonjan toi be valued at £5000 under the new vaiua.tiorilinEtead ''6f £12JD00j or £15vQQ0, or whatever the sum may be, as at present, and supposing a- sum "of £1000 be subscribed by that company towards the new > work, and a deposit 'of gold to lie found in that claimj the'£loCD'subscribed would first be paid, then the £50C0, the dinount for which it was liable unde,i* "the,riew, valuation, and after that the Joaled(?nian would be quite Jree, j having n'qL joint liability for thY ""amounts t due Vj ihe other companies. r ,Tue directors oT. these mines have no desire to escape payment the amounts for whiefr~the£*re liable, if they can get within their pegs gold to pay them with, but they are anxious that they should be freed from the legal liability which rests upon them, so that they may the more ea^ly raise money for working. ,Of course it is cpnceivable that in cer-' tain circumstances ihe arrangement proposed by the directors of the companies would result in tuo^e. money coming to the Thames County than the one the County authorities themselves propose. However, the details of the scheme will be submitted to the Council, who wilL.no doubt give them careful consideration, as it is for the interest of the 1 bames"that mining should be "Vigorously resumed.— N. Z. Herald, March 17.