THE WEEK.

Thames Star, Volume VII, Issue 2563, 24 March 1877, Page 2

THE WEEK.

For a long time there has not been such a week of excitement as that now closing. The rich find in the Moanatairi, "which has developed into' proportions little expected by most people, has been the main cause of excitement. It is gratifying to be able to record that the rapid rise in the price of scrip has not been without a sufficient cause. Last Saturday, when it was known that the fortnightly return from this mine nearly reached 5000 ounces, it seemed to dawn upon many who had previously doubted the fact, that a -" big thing "was on. Some of the most sanguine- shareholders and speculators had conjectured that the return might reach 4000 ounces, but few expected it would top that amount, and when it become known, the shares took a rise, and business became more brisk, although it had not been by any means slack during the week then past. Many who had been holders of Moaaatairi stock for years, and' who had quitted .at prices varying from fifteen or sixteen shillings up -to four pounds, were in * the market again as' buyers, and it is to be hoped that they

have profited by the speculation. Doubtless many of them have, and others who - went in on the strength of the return . have not had much cause for regret. Oil last Monday a gradual rise characterised the market, it becoming known that the first shot put into the reef had brought down about six hundred weight of specimens, and at the daily meeting of the Stock Exchange £7 was the quotation of "sales.'' Tuesday saw a further rise, and £9 was reached, more specimens having been reported from the breaking down, with a good show left in the face of the reef. On Wednesday the closing price was £12 for sales; Thursday saw a bigger rise still, scrip having reached £21, and yesterday they were fluctuating from £19 10s to £15 15s, and from that upwards again io £19 10s. . It happened that yesterday was visiting day . at the mine, aud considering the number of persons who went down it is not surprising that some were disappointed, and to this may be "attributed the decline which affected the market, and from which it did not recover so as to reach the price at opening in the morning. The Corner has been a scene of animation to which it has been a stranger for a long time past. From morn till night—aw well into the night—groups of men haw» congregated, all eagerly discussing the chances;' while brokers have been promenading under the verandah with that, business-like air which they can assume when there is work to be done. On some 1 evenings the throng has been such that the crowd has extended across the street, conuecling the Corner proper with the verandah of the premises lately entered. upon by one of the most popular brokers in the town; and long after the usual hour for closing business has been ' transacted. What has helped as much as anything to keep up the excitement - has been the knowledge of the fact that daily large quantities of specimen itone were being'taken out, and that the stone was being treated in the single stamper of the -company's battery, the amalgam from which gave, promise of a large return. This specimen crushing alone was sufficient to insure a big yield, without.' taking into consideration -the- general crushing* which is reported, to be shaping well. Last night, although there was not that buoyancy which might be expected on the ere of a big retorting and the notification of a dividend, there was a firm disposition to hold, and one broker ; on hearing a jobber offer £17, at once announced his readiness to take a "bushel" at £18—in fact, he. would take all comers at £18. It is difficult to account for the depression yesterday ..except on one of two grounds; .either that it was a mild attempt to. " bear" the market, or that , some shareholders who went to see the reef were disappointed in not seeing the gold sticking out in chunks. Ordinary . investors should remember that it re- ; quires some experience to detect even rich gold in stone in the bowels of the/'----earth, when it has been besmeared with powder and candle smoke, and for their own peace:of mind such persons should either refrain from speculation altogether or place their, affairs in the hands of a broker to deal with.

It is only necessary to look at the daily, quotations of the Stock Exchange to see tbat many stocks besides Moanatairii have wonderfully improved in public estimation. For some of these'quotations, it may be easy to account, but ethers hare taken a start for reasons not apparent. Thames Goldmining -Company stock has advanced because it embraces a large number of Mnanatairis. Caledonians have gone up for - reasons not apparent, except the generally improved feeling. Waio-Karak a shares have risen in price, especially Queen of the Mays and City of Londons. Waitekauris have gone beyond expectations, but this is to be accounted for on the ground that the inine has been • manned, and it is under* Etood the battery will resume fill crushing strength on Monday on stuff which has given promise of a payable return. Altogether the find in the Moanatairi has been productive of a better feeling in mining generally. It has inspired the people with new confidence,-and apart' from its direct influence, should materially assist in improving business. It may be hailed as a harbinger of a renewed prosperity, and more especially as a refutation of the croakings that have been indalged in of late, that the Thames was worked out. If. other claimholders can bs in-, duced to prosecute their , work more 1 vigorously, encouraged by the example of the Moanatairi, there is not much fear for the future.. ' ■ .