THE Evening Star. PUBLISHED DAILY AT FOUR O'CLOCK P.M. Resurrexi. TUESDAY, JUNE 5, 1877.

Thames Star, Volume VII, Issue 2623, 5 June 1877, Page 2

THE Evening Star. PUBLISHED DAILY AT FOUR O'CLOCK P.M. Resurrexi. TUESDAY, JUNE 5, 1877.

The question of the advance of £10,000 pn; security of the £50,C30 mortgage has, we are informed, lately been the subject of a rather important conference in Auckland between some of our local representatives, and the representatives of the Bank of New Zealand, the latter being the institution which is expected to raise the wind; when the details have been satisfactorily arranged. These have now been pretty well agreed upon, and theyembrace a material departure from the programme previously laid down, namely, to put in drives at the 640 feet level east, west:, north and south. As our information goes there was considerr able objection to this scheme, recommended by the County Council committee <and endorsed •by the Council. The opinion of some was that if the loan were granted it could not be legitimately expended except iv drainage works —thatis, sinking or. ; tunneiling, or something that would facilitate the drainage of the dist.icts. This idea was combatted vigorously by one .of the gentlemen who wanted to see the County's itleacarried out ; but as it appeared pretty certain. 'that the. money would hot be forthcoming to carry out the County Council's scheme, ultimately the counter proposition was agreed tOj and we are 'informed, that the ■ £10,000' loan will notv b"e effected, tlie purposes to which ,it is to be devoted being the continuation of the tunnel from the .640. :feet level northward and putting in !a similar- tunnel to the southward*' to connect, if•^possible," with; the WaioKaraka driinage system. : Ifo portion of: the money is :pn;a»3y account; to. be spent in prospecting the mines further, than may necessarily be done bythese main tunnels: 1 biit 'ihe: cbmpaiiiesi are to be compelled— we |[are assured' that some of. them ,will-; : 4o sor as soon as-.this business' is settled—-to go:v<in. and prospeqt their ■ ground: from tho low levels. The, £10-0W iwill thus be pufc^;tb public uses instead of.; being, spent to benefit individual companies, and if judiciously expended it may be productive of much good v: It; will enlarge • !the "area over rthicpi contributions for drainage can ,bp cl^ime'4,. and so. .render the big pumjp self-supporting—an advantage: that will be appreciated mo&twhea the gold duty has been- repealed,as we^have^no doubt it will be very soon. If our information; be 1 dorrect, the loan business - has been; placed, ma fair; way of becoming tin fail accompli, with restrictions which are likely" to render it more fgenerally advantageous to the community at large. While a<icording e;very credit to the County Chairm^p.foV liis efforts in prompting this matter,, we believe that as it stands at present, and as it is likely-to be carried out, it:will be better in every way than if the recommendations of. the' County Council Com-, mitfee had been earned out in their entirety;' ; :;, .;'; '''''. ■