THE Evening Star. PUBLISHED DAILY AT FOUR O'CLOCK P.M. Resurrexi TUESDAY, JUNE 12, 1877.

Thames Star, Volume VII, Issue 2629, 12 June 1877, Page 2

THE Evening Star. PUBLISHED DAILY AT FOUR O'CLOCK P.M. Resurrexi TUESDAY, JUNE 12, 1877.

The position of a mine manager on the Thames is looked upon as "a rosy billet ;" that is, the mine manager of the period is regarded by ontstders as occupying the most comfortable position in life, his slumbers being taken on a bed of roses. That such is not the case is often proved by the hornets' nests raised by disappointed directors and shareholders; but that mine managers as a body are a class of irresponsible servants is undoubtedly the case—in the sense of being irresponsible except to four or five men who are mere autocrats, accountable nominally to shareholders once in every three or six months. We have no wish to say a word which coxild by any possibility be construed into a reflection on mine managers, but we are induced to write on this subject by the constant outcry which we hear a3 to mine management, and which is not mining management, butdirectory management. There is a great differonce between the two. If our. mine managers were allowed to work their mines in a systematic manner there would be less grumbling. There are circumstances under which mine managers are but little interfered with. These are when a mine is being prospected to discover something which there is a chance of getting, and when the works in progress are barely paying, but do not necessitate levying calls. But let a mine manager once get upon gold—especially when it has been unexpected—and he at once becomes the slave 7of the directors. This is not the worst phase of the business. The directory, composed often of men who are ignorant of mining operations—and who are also open to various influences other than those likely to affect the beneficial working of the mine—-instruct the mine manager as to the working of the mine. The consequence is that mine managers have often to .do violence to their feelings and act in a manner diametrically opposed to their judgment, so as to carry out such instructions. This has been done in many instances, and will be done to the end of the chapter. Mine managers are in some instances mere puppets. They may suggest, but fheir suggestions are merely secondary considerations when put into the scale with the "recommendations" of directors. Some time ago there was considerable excitement over the Moanatairi mine, and when the level on which such good returns had been obtained was nearly ;worked out, it was understood that even amongst the directory there was a diversity of opinion as to the subsequent working of the mine. Ultimately it was given forth that a compromise had ,been effected. Instead of carrying out the original plan, it was decided to put down a winze from a spot not far from the run of gold; and this was, no doubt, a compromise, because if the manager's plan had been adhered to no winze would have been put down there. Then a further deviation from the original plan was resolved upon, which was to drive from the winze at a depth before it reached the desired level —a hypothetical distance not very clearly defined. Bui; at any rate the level was put in, and an obstruction was met with not anticipated. What do the management do ? Kot push this on to its limit» but stop in the middle of driving and resume the sinking, of the winze* If this had been done from the beginning there would have been little cause for complaint, even though it were a departure from the original plan of working. But there are other circumstances which tend to engender suspicion. The reef as it goes carries good specimen stone, and this is only knocked down at such times as make it convenient for the mine manager to acquaint his directors with the result. This may be all very well, but there are shareholders on the spot who are equally entitled to early information. Dd they get it? Shareholders will be able to answer for themselves. We have heard so much in the way of grumbling at the way things are managed in connection with the Moana^ tairi mine that we have endeavored to call attention to the abuses of the system. The remedy lies in the hands of shareholders. It is impossible that the state of things that has prevailed can be altered except by shareholders, and if theydo not move in the matter the press is powerless. It may be that the management of | the Moanatairi mine during thexlast two j months has tended to keep up the price of scrip, but what would have been the figure had the ordinary working been adhered to? We cannot say, but we believe there would have been a better feeling to-day, and holders would hang on — not so much waiting for a rising market as to get a fair return for money invested. How many of those who have speculated will do this remains to be seen. Now the management seem inclined to make a further compromise by continuing the winze, but the " main slide" is there, and stocks are depreciated in value; whereas if the proper plan of working the mine had been adhered to there would have been a better feeling regarding the scrip. In the case of the Caledonian it was said that the eyes of the mine were taken out; but big dividends were paid, and there was little to complaJi of amongst shareholders' In the case of the Moanatairi

there is a want of confidence which is most damaging to tb.j interests of the mine. .There are neither big dividends nor big prices for the scrip, but there is a feeling that the mine manager and the working of the mine are interfered with too much by the directors, who may or may not be influenced by self-in-terest, or outside pressure that they cannot resist or refuse to listen to; and the sooner the public mind is disabused of this impression the better. Mining scrip should be as safe an investment as any other stock, but it is not so regarded at present, and the reason is that mine management is looked upon as partaking too much of directory management.