The Karaka and Tarara Tunnel Scheme.

Thames Star, Volume IX, Issue 3032, 2 November 1878, Page 2

The Karaka and Tarara Tunnel Scheme.

A public meeting for the purpose of taking steps to inaugurate the proposed Karaka. and Tarar'u Tunnel scheme was held at the large room of the Pacific Hotel last evening. There were over 100 persons present.

' His Worship the Mayor took the chair, on the motion of Mr Harcourt seconded by Mr Conroy. The Chairman read the advertisement calling the meeting, lie said the question that brought them together was one of great interest to the place. The scheme was not the first which had come before the public, as the South British Company had proposed a similar scheme , by tunnelling lrom the Karaka to Hape Creek, but that did not meet with the success wished for by the promoters. However, that would not affect the enterprise, as it was the opinion of many practical men that the . Hape-Karaka tunnel had not been carried at a low enough level. The present scheme seemed most promising, as the reefs it was proposed to work had already afforded proof of their auriferous qualities on the surface, and it might reasonably be hoped that something would be met with that would give success. The best energies of the people should be directed to teat the auriferous resources of the district, and in no manner could it be done so well as by the scheme Jthat would be laid before them to-night. He trusted the gentlemen who had taken the initiative would explain to them the nature of their plans, and he called on the promoters to give their views. Mr Otto read a copy of the application sent to the Government re the matter, and the favorable answer from the Government already published. He explained that they had obtained'a piece of ground half a mile wide and two miles long. As regards the paid np scrip: The principle was that the value of the scrip was in accordance with the amount paid on it; for instance a miner might hold 10 paid up scrip which were of more value than 100 scrip, in which no calls had been paid. They, proposed to form a company with. 20,000 contributing scrip at £2, and 20,000 £1 paid up, which would thas represent £60,000 of a capital. Only 20,000 scrip would be floated at first, and the remainder put on the market as work proceeded, They proposed to appoint two preliminary directors, and the preliminary call of say 6d per share might be paid into the bank to the directors' i account, so that if the thing did not go ahead the money could be returned. He explained the position of the piece of ground, and stated that £4,000,000 of gold had been'obtained on this field; but it had been, got too expensively, all through want of experience. He spoke of the well known value of the ground. He said he thought the Government had acted very liberally in the matter. There were some existing rights to the ground, but if persons did not work the ground ihis Association would have the advantage of it. He produced a seclional plan of the district, and explained position of the ground, and showed the levels that could be obtained.

The Chairman said that the meeting could barely go into details, but should simply approve, or otherwise, of the scheme.

In answer to a question Mr Otto said that a number of people in Auokland and elsewhere were in favor of the scheme. He believed Mr Macandrew had said to Captain Fraser that if the Thames people did hot grasp this opportunity they did not deserve to get gold. . Mr John Scott said when this scheme was first mooted he:had -been well disposed to it; and so had the miners and business people generally, but several mine managers bad reported adversely on it, and it was not wall taken up. All the miners up theKaraka had offered every assistance, and if they 1 were not prepared to help themselves they could not expect to get outside capitalists to help them. Mr Benshaw moved, " That this meeting affirms the desirability of encouraging prospecting works in some such a measure as that proposed by Mr Otto." Mr Otto said that it was fully understood by the Government that miners were to be participators in the profits of! their work. . I

Mr Scott moved, " That this meeting approves, of the scheme for prospecting and working the back country, as nowpropounded, and pledges itself to support the same. This failed to find a seconder.

Mr Benshaw withdrew his former motion, and mored, " That this meeting approves of' the formation of a company for prospecting purposes in accordance with the proposals of Mr Otto." Mr Greenville seconded the amend* ment, and said he heartily approved of scheme. The foreshore was. now almost worked but, and they would hare to fall back on the back country.

The resolution was put to the meeting, and carried unanimously. . The following gentlemen were then elected a committee to prepare a report on the scheme:—The Mayor, Messrs Brodie, Otto, James Macky, A. Aitken, Murray, JUenshaw, and Eobt. Graham. A rote of thanks to the chair cob* eluded the proceedings.