THE WEEK.

Thames Star, Volume VII, Issue 2633, 16 June 1877, Page 2

THE WEEK.

The management of the Moanatairi mine has been the subject of much speculation during the week, and if- can scarcely be said that the decision arrived at by the directors as to the future working has given general satisfaction. In fact it would be difficult for any directorate to give general satisfaction where the interests they control are so widespread as are the interests in this mine. The cutting of the slide in the new winze may be regarded as the event of the week. This took place on Wednesday last, and it appears to have influenced the directors in coming to a decision as to the plan of working for the future. Cousiderable pressure appears to have been brought to bear upon the directois by the Auckland Press to induce them to stope out the rich block between the drive from the winze and the ' floor of the 80 feet level; and the rumour that they had yielded to this pressure had the effect of sending up the shares. But after an inspection of the mine by three of the directors —aud, it may be fairly assumed, under the advice of the mine manager—it has been decided not to take out this portion bf a block, but to sink a winze on the top of the slide until the shaft level is reached, and then connect with cross-cut from the shaft. This show of vacillation on the part of the directors has had a depreciatory effect on the shares. It is admitted that to have taken out the rich block pretty well known to exist—as good gold was left on the floor of the 80 feet level —would have insured the payment of dividends, but it is also said that it would hare rendered the workings more expensive and less safe. It, however, may be accepted as an earnest of the directors' wish to retrieve the error into which they were betrayed when they ordered the sinking of the winze at a short distance from the golden run, and probably the courae now determined upon will be found to be the best in the end. It has caused some disappointment, and will no doubt affect the market for some | time to come ; but, as being more in accordance with what has been termed ' " scientific " mining, it should commend itself to the public. It is only another species of compromise, and may eventually prove more beneficial to shareholders than if the rich block had been taken out, which some say would have been as suicidal a course as the proposal mooted some time ago to sink directly on the run of gold from the 80 feet level. The shaft is down the required depth, and tenders for the cross-cut are receivable to-day, so that the new level should be opened expeditiously, and then the block can.be taken down systematically. Kegarding the " slide," it may be stated that there is very little work done on the other side of it, the course followed having been that, as soon as a lode struck the slide operations in that direction ceased. The manager's opinion seems to be that if a cross-cut were put in on the course of the slide, the continuation of the lodes might be picked up. Possibly in this opinion the manager may be strengethened by an authorisation from the directors to undertake the necessary work to test the value of the theory. In matters of this kind the manager's opinion should carry weight. The person who is continually watching the progress of work in a mine is able to form pretty correct notions as to the probability of certain things coming to pass, and the judgment of mine managers ought to largely influence directors in their decisions as to the working of mines.

The " manager of the Albumia has several • times reported specimens from his mine during the week, in the extension of the Whau level. The mine is ! looking well, and should it be proved that I the specimen leader carries gold on the other side of the slide, the prospects of the company will be greatly enhanced. A shareholder in this company has been concerned to know how it is that the company's stuff cannot be crushed at their own battery, and it appears to have been pretty conclusively snown that the present course of crushing at a battery on the flat is more economical, fuel and water being scarce at the Albumia battery level. The water, one might suppose, could be obtained from the Moanatairi Water Supply Company's race, but that is under offer to the Domestic Water Supply Committee; and as the hills are rapidly being denuded of timber, there does seem to be reason in the reply given to the shareholder writing on the subject. The prospecting works of the Kuranui Hill United from the [Pumping Association shaft show that the two reefs are improving as driving continues, but nothing extraordinary has yet been discovered. The expenditure of this com-1

pany in continuing the northern cross-cut from the 640 feet level of the shaft is deserving of some return, and it is to be hoped that the enterprise of the company will shortly be rewarded by the discovery of something good. This mine with its numerous tributes and large crushing plant finds employment for a large number of men, and contributes pretty largely to the gold returns, but unfortunately the shareholders experience little benefit from the outlay, their expectations being based probably on the development of the deep levels. The reports from Waitekauri continue to be of the most promising character, the company of that name still showing large reefs and a good show of gold, sufficient to warrant the belief that the current month's crushing will turn out as good as the last. In the adjacent mines the works are principally progressive, but they give hope of turning out well ultimately. Of the reported new find in the , Ohinemuri district nothing further has been heard. Coromandel seems to be ; always looking up, but the returns do not bear out the reports. The Tokatea crushing was not up to expectations as regards the return, and shares have been affected. Regarding some other well known mines, they are nearly always getting specimens or expecting them. If they figured more in the monthly returns, it would be a source of satisfaction to , shareholders. . ■ ■&.