Prospecting Association.

Thames Star, Volume VIII, Issue 2997, 23 September 1878, Page 2

Prospecting Association.

Notwithstanding the present depression existing generally in the gold mining districts of this peninsula, and the apparent resignation of many to the existing state of things, it is gratifying to learn that the spirit of enterprise has not altogether died out of the breasts of some Auckland gentlemen, who are at present endeavouring to start a prospecting association for the purpose of discovery and development of auriferous reefs in the Cape Colville peninsula. This scheme is worthy of every encouragement, and, according to the prospectus of the "Hauraki Gold Mining Asssociatiou " issued by Mr C. J. Stone, one of the promoters-, a very feasible plan of operations is referred to, and the' advantages of such an association pointed out. It is proposed to employ 10 men in two parties of four each, with two bosses, to be out 12 months. The men are to receive £1 10s per week and the leaders £2 10s, so that the wages, cost of tents, tools, etc., will amount to about' £1000. This is proposed to be met with fifty £20 subscriptions. Sixty-one promoter's shares are to be issued to both subscribers and workmen, and the provisional secretary is to have a share ; each promoter's share to entitle the holder to 100 £1 shares, 5s paid up when payable gold be obtained. Other good provisions are proposed, such as will conduce to the satisfactory working of the company, as it .is intended to form one under the "Joint Stock Companies. Act." The scene of operations will be the Peninsula, excluding the laud round Coromandel Harbor and the present Thames Goldfield between Thames and Eauaeranga. All will Lienrti.'y wish the affair success, and hope the scheme will be well supported here, as it doubtless will be in Auckland. The company should be entitled to assistance from Government under, the conditions prepared by the Minister for Lands.