THE WEEK.

Thames Star, Volume VIII, Issue 2876, 4 May 1878, Page 2

THE WEEK.

In last week's article reference was made to the number of companies recently formed to work ground at the head of the Moanatairi. During the present week another has been added to the number in the form of the New Zealand Independent, a piece of ground of which great things are expected. If theie new mines go ahead, we may' soon expect to see a return of the pristine prosperity of that part of the field, when the Sons of Freedom, Dixon's, and other mines were enriching their, shareholders. Though the taking up of so much new ground is a matter for congratulation in one way, investors must be careful not to go into too many good specs., as at a time like the present, when so many are being formed, it is not impossible, that there will bo some floated simply for the purpose of putting the money for promoters' shares into the pockets of those who peg out'the claim, which, with its too confiding shareholders, would then be left to follow its own devices. .Sharp things have been done in the past, and we have no guarantee that the morality of speculators, &c, has so much improved that there is no fear of a recurrence of them.

At the last meeting of the United Tumping Association in Auckland, pressure was brought to bear on the County authorities to resume driving the south drive at the 640 feet level, and though at the time it was thought they would be forced to resume the work, nothing has been yet done, and from what passed at the recent meeting of the County Council, it appears that the Chairman at least is of opinion that the County is. not bound to expend the £10,000 raised on the securities of-the mortgages held by fhe Go* vernment, on prospecting works — that being left to their discretion. Not only has this opinion been promulgated, but it is also pretty evident the County are getting tired of supporting the pump with their gold duty, as an effort is to be made to induce the mortgagees to allow the re* mainder of the £10,000 to be spent in pumping, so that their gold duty and Goldfields Bevenue may be released from that drain and enable it to be devoted to what is rightly considered its legitimate use, viz., the construction of goldfields roads. If the wishes of the* County relative to this matter are realised—which they probably will be, as the Borough authorities appear to be of a similar mind —it is quite clear that the maintenance of pumpingoperations is seriously threatened, as even if the balance of the £10,CD0 were devoted to the maintenance of the pump, it would only be staring off the evil day for a few months. The way out of this new phase of the difficulty is by no means clear.

The general news of the week has been a little out of the usual routine. Some little excitement was created in Alburnia stock early in the week, through the appearance of a first class show of gold, but further operations do not give such rich prospects. The mine, however, is still looking well. Several tribute parties have had good crusbings, including Kendall and party (Crown Princess); Jenkins and party and James and party (Kuranui Hill); Comes and party (Moanatairi); and others.