THE WEEK.

Thames Star, Volume VII, Issue 2615, 26 May 1877, Page 2

THE WEEK.

This, has been a very quiet week in mining matters, and as a consequence in the sharemarket; in the latter, two days being kept as holidays, end some other days being made duller than usual by the bad weather, which had the effect of driving people from the shelter of the verandah at the Corner to some less exposed places of resort. In the Moanatairi the directors have decided to do what was referred to in last week's article, namely, drive for the run of gold from the present level, and the work has been begun. - No reason appears to have been given for this deviation from the plan of working laid down some time ago, but directors of goidminining companies are not expected to give reasons for-their actions. That this act of the Mbana'tairi directors was their own appears pretty clear, for it is said that the mine manager was not consulted, and did not know the decision arrived, at until it' Was publicly known. The decision has had the effect of firming.'the pripja of shares, and generally it seems to have given satis* faction—-which would not be. difficult:to account, for; but some of those sharer holders who approve now .would be amongst the first to condemn if it should not. .turn out as expected. Again, if it should prove aa immediate source"of dividends, and the; mine again/alls off in its production of gold in a few months, it will be said that the course was unwise, and like " picking the eyes out of the mine." Before tha winze from which the r drive. has been started was commenced, it was stated . that great pressure had. been brought to"'bear upon the-directors to sink on the gold- One director, at,least, strenuously objected^ and' it was then alleged that the winze* was a compromise. Perhaps the disqualification of the: -then managing director .has something do with the late decision of the directors, and the commencement of a drive to get on the -gold as soon as possible. The return for this fortnight is expected to reach 2GOO ounces, some rich stone, having been crushed in-the single stamper.- Besides the f Wq 9 reef other parts of the mine have'much improved

The. proposal -for borrowing- £10,000 by the County Coutfcil, on ,the. security of the £50,000 mortgage held by the Council over the United Pumping Association plant and mines interested, seems likely to become' an accomplished fact, and although the terms of the arrangement have not transpired, it is understood that the fresh loan will be expended in putting iD tunnels in the several directions best calculated to, prore the value of the ground at the deep levels. A new scheme of drainage contributions is contemplated, the object being to lower the assessment at which some of the mines were previously rated (but which do not appear to have been collected) and to assess other mines which will be benefited by the proposed tunnels but which have not previously been called upon for contributions, dhould these assessments be collected', and the money be devoted to paying the expense of pumping, the goldfield revenue at the disposal of the Borough and County will be considerably relieved, but the advantages of the expenditure will be neutralised unless the mines benefited be compelled to work their respective areas. The Borough will be a gainer if the tunnels should lead to new discoveries, a considerable area of the ground to be tunnelled being within the Borough boundary. The scheme as.at present known may be regarded favorably, except in respect of the County pledging their £50,000 of securities for £10,000 as a loan ; but as the £50,CC3 is put down as an asset in the County's balance-sheet of value for £9000 only, there is an apparently good bargain made. When the scheme is elaborated and made public it may prove to be more advantageous for the district than at present appears to be the case, as from what is known the mortgagee that is to be will have the best of the bargain. The Thames Water -Race supply is being utilised as a motive power in several instances, and will probably be more extensively used. The success attending the experiment tried by the Queen of Beauty has induced others to try it, and the Herald battery is now ready for

work. As this battery has been idle for two years, the additional stamps which will be open for crushing should add to the gold yield. The Prince Alfred battery is to follow suit with a turbine, and others will avail themselves of the supply as soon as the necessary extensions have been made to the feeding pipes, or whatever portion of the works may be embraced in the proposals submitted to the Government some time back. It is to be hoped that the utmost facilities will be afforded for making this water supply available, as it will effect a very large saving j.n crushing expenses—a-most im-j portant item in a district producing quartz of a poor character.. ;'. • There 'is nothing startling from the oat districts, although "fnoit favorirtfli accounts are received of the Waitekauri miue. No report has been received as to the probable yield for the month. Other mines-at Waitekauri are in a progressive „■' stage—that is, some of them—as works 6f, an important ''character have been under*' taken. That.Tair.ua is. not quite in the shade is evidenced by the fact that this week a new company has been formed in Auckland to work a section of mining ground recently prospected: The com* pany is to be called The Phoenix, with a capital of ,£SOOO in 10,000 share*.©f ;10t. .. each. The ground, to be worked under this new company has for a long time past been held bylon'e'or'.twoCminers who, by sluicing and some primitive treatment of the auriferous dirt, are reported to have W " knocked out tucker." Already, a battery, is talked of, but this will be: kn expensive affair unless the. County Council do something to assist.the prospectors' in . the way of- forming a road. - ■