THE WEEK.

Thames Star, Volume VII, Issue 2627, 9 June 1877, Page 2

THE WEEK.

From the report of the County Council proceedings it would appear that a legal difficulty has arisen as to the power of the Council to pledge the £50,000 securities for the sum necessary to carry on the proposed works from the deep level of the Pumping Association shaft, but this can be got over by legislation, and in the meantime the Bank of New Zealand is prepared to make the necessary advances to commence" the work—-not as originally proposed, but in such., a manner as to promote the object for which the big pump was started, namely to increase the facilities for draining, the country, leaving to the mines benefited the secondary work of prospecting. This arrangement, if carried out, will be more generally satisfactory, and it will enable companies -to carry out a work that has been too long delayed—the search for gold in their low levels. '

By far the most important c vent of the week, and indeed of the period that has elapsed since the find of the run of gold in the Moanatairi, is the intersection of the No. 9 reef in that mine by the main slide. It has caused quite a depression in the sharemarket in regard to that parti* cular stock. At the beginning of the week they stood at £12 los, and now they can- be obtained at about £9 10s. At first, by the more sanguine, the ominous " band of clay " coming into the floor of the drive was thought to be only the little insignificant clay seam which was cut through in the ran of gold in the. 80 feet level. However, as the drive has proceeded eastward from the winze this conviction has worn off, and now it appears so clearly apparent that this is undoubtedly the main slide, that there is little doubt concerning its identity in the minds of any. The manager is evidently of that opinion, as he has stopped the drive, and states that though he is surprised at its coming in so soon, be expected to cut it at a point not much further to the eastward from the present face of the drive. The point where it was cut in the 80 feet level was about 60 feet to the east of the winze. -But, on the other hand, though this has occurred, the gold has not run out, as it is pretty certain that there is a good patch between the roof of the drive and the 80 feet level, and at present there is a good show in the roof. It is also probable that the gold will be carried down to some distance on the top of the slide, and as the sinking of the winze has been resumed during the week this will soon be proved to a certain extent. There have been a number of conjectures formed as to what has become of the run of gold since the appearance of the slide on the scene of operations —one of which is that it is possible that there is gold to the westward of the winze, it being argued that if the slide was carried an unexpected distance to the westward the gold may be found in that direction too. It has been said in support of this: what has become of the clay band if this is the slide P And it is answered, that it is still further to the westward. It must, however, be remembered that small clay fleams like the one cut in the 80 feet,level very often die but, or it may—as the manager asserts— have become amalgamated with the slide. The Waitekauri has risen in favour during the week, owing to the fine yield obtained as the result of the month's operations. The return has enabled the declaration of a 2s dividend, and the payment of £700 odd to the cost of the battery. There appears to be a good deal of surprise expressed that the shares do not rise more than they do, and it has been ascribed to the impression which obtains that the company's terms with the builders of the battery are not as satisfactory as ,they might be. This is said to be a false impression, and it is highly probable that if the company continues to turn out gold as they have done that Waitekauri stock will improve in favor, and in value, the recent finds in the mine having already operated in that direction.

The general mining news does not call for any particular comment. Some of the mines are showing renewed activity, owing to the favorable turn affairs have taken lately, and, if the north and south drives are once started, with prospecting by companies, there should be a stir in mining matters shortly. The deep levels have a charm for most people, and they have been the means of making most people sanguine of ultimate results.