THE WEEK.

Thames Star, Volume VII, Issue 2580, 14 April 1877, Page 2

THE WEEK.

The discovery of gold in the low level of the Euranui Hill UniLed, coming immediately after a similar occurrence in the Piako Company's ground, somewhat diverted the interest.in Moanatairis at the beginning of the week, and the latter's stock suffered a decline. Kuranui Hills and Piakos were the rage, and they have maintained a good place all tho week. This in regard to the Piako is easily accounted for. Last Saturday the piece of golden stone which was exhibited from the mine represented the lowesfrlevel gold on the Thames. Moreover it was from a reef of large size, and the circumstances surrounding the find, and the quality of the reef in the higher levels warranted the confidence that was expressed, and which rapidly sent the shares up from 8s to 12s 6d. There was something encouraging in the fact that gold could be seen in solid stone from a large reef at a low level. Kegarding the find in the Kuranui Hill, the excitement which followed was scarcely warranted, for the find was of no importance further than as affording evidence that gold existed in the low level. Some people run away with the idea that gold at a low level is more valuable than if got in the hills; at least if they do not think so they act as if they did. It is, a mistake. If some of the money that has been spent in sinking shafts had been put into the hills in the shape of long tunnels, there might have been larger yields now. It is not to underrate the value of sinking this is said, but to disabuse people's minds of-the idea possessed by some that there is nothing left in the hills. The finds in the Piako and Kuranui Hill are. doubtless of importance, but as long as the hills remain it would not be safe to pin our faith on deep sinking alone, as the Moanatairi, Alburnia and other mines bear witness. In the Moanatairi the run of gold has not been looking so promising this week, as indeed it could scarcely be expected. The daily "shot" has.been put in, with results materially differing from last week and the week before. There "have been on some days fair quantities of specimens ; on others scarcdy anything worth picking. This has seriously'affected the price of shares, it being only natural that they would fall when it became apparent that the yield must be less as the supply of specimens decreased. Yesterday, however, there was a new excitement. Two directors from Auckland, accompanied by the resident director, visited -■ the mine to inspect it before deciding upon the future working of the No. 9 reef. It was bruited abroad that the plan of working the mine previously agreed upon was to be departed from, and a winze-sunk on the gold. This course,(which, unfortunately, has been followed in some mines) it was known would result in an immediate return to specimen crushing and enhance the value of shares. After all, however, it appears the directors have decided not to sink on the gold, but a winze is to be put down some 25 feet to the westward of the shot of gold. This is a sort of compromise, apparently, between yielding to outside pressure and carrying on the work as laid down by the manager, but it will probably silence the clamour of those shareholders who are crying out for the gold. It .has not tended to improve the market, as a reference to the daily quotations will show. Meantime the mine is looking well in every way except that the daily harvest of specimens is over for the present. But there is plenty of good crushing dirt, and the yield today is a very respectable one, far beyond what could have been expected a few weeks ago. In the general mining some most encouraging indications are noticeable. The commencement of-iihe Waiotahi road extension has led to thY taking up of the old Candlelight, and judging by the interest displayed by those who have shares vigorous working should follow.^ The. WaioKaraka r mines have all been looking up since jpe Piako find, the Queen of the May especially being in favor. Most of the tribute parties in the mines ing large areas are doing welf,.*n&'the> companies' in some. instantt^ render callfc r unnecessary!' There is very little surplus labor, if any, ori the field^at present, the extra men taken on at several mine? and on the County worics absorbing a good numbjpj, * The starting of the Piako large battery next week will create a demand for more. The excellent results obtained ffom the six days' crushing at thp Waitekaurj Company's batter/ have justified the expectations formed with respect to the quality of the reef; and the present stale of the workings, the large reef, the presence of gohfthrougbout the low level, are all circumstances whic'i point to ar' prosperous future for this company. Tfce improvement has npt beep without effect upon the surrounding mines. - The progress of the tramway, extens'on, to connect the Welcome and Young New Zealand with the Company's bj^tery;- is reported to be satisfactory, and" in a few months' time these two mines should be in a position to pay dividends. The Bank of England, Shannon and Fergus, Queen, and Perseverance are all enhanced in value by rpcent eyeuts, and' the district gejjflyalljr.looks better than ever' it did before. jfrorework requires to be done in some instances,~but this will probably follow the tramway extension, especially. with those mines at present outside the line likely to be effected by it Jt has been remarked

several times of late, by men whose practical experience qualifies them to gi»?e an opinion, that Waitekauri at tlie present timo offers a good field for investment.