THE Evening Star. PUBLISHED DAILY AT FOUR O' CLOCK P.M. Resurrexi. FRIDAY, NOVEMBER 8, 1878.

Thames Star, Volume IX, Issue 3037, 8 November 1878, Page 2

THE Evening Star. PUBLISHED DAILY AT FOUR O' CLOCK P.M. Resurrexi. FRIDAY, NOVEMBER 8, 1878.

What we urged upon the County Council to do in the interests of the district some time ago, the Council at yesterday's meeting decided on doing. They resolved to place the Pumping Association securities in the hands of Mr William Errington, C.E., to dispose of, as authorised under the Immigration and Public Works Act. The Council have undoubtedly adopted the only course open to them under the circumstances. The period for which the County and Borough agreed to contribute towards maintaining the pump in working order is now coming to an end. It will expire in less than three months. During two years the local bodies have given all their goldfield 8 revenue to keep the pump working and in good repair. The County Council aleo borrowed money on the strength of their securities and did a good bit of prospecting. The companies never met them in a proper spirit, but seemed disposed to get as much as possible out of the local bodies while doing nothing (hem* selves. They have had ample time for making arrangements to redeem their securities and save their several properties, but they seemed to think that the Thames County Council would not take action towards realising on the securities, and no doubt calculated upon the same falling into their hands for a mere trifle, and at no distant date. These sapient dYr*c' ori w*^ vow Bee '*^a* *kfl Council ... • earnest, and they must know fire? - 10 * " that if these Becunties cannot be placed on the luw Zealand market at a good figure, .^tralia offers a good field for disposing of *«eh valuable property ; and there is no dou.. that had the Colony been searohed through no better man than Mr Errington could have bean chosen to conduct the negotiations incidental to the sale of the same. From its initial stage until within a few years ago he was connected with the big pump; he is aware of

the value and character of th« other properties involved; lie, knows something of the mining areas and their previous productieenesd at high-r levels ; and, if it should be necessary to offer the securities in the Australian Colonies, he will be able to go there armed with all these credentials and possessing an acquaintance with the most prominent men in mining circles. We look upon this action of the Council as being eminently judicious. When it is completed the local bodies will bo relieved of a mighty in. cubus, and the properties will have pasßed into the hands of those who will no doubt set to work energetically to get their money back, and something in addition thereto. The present is a very opportune time to try and dispose of these securities. The marked improvement in the Queen of Beauty crushing is a most cheering assurance of the existence of gold at the low levels. We saw to-day large blocks of stone from the Queen of Beauty mine permeated with reins of coarse gold. The stone was from the 535 feet level, and from a reef 12 or 14 feet thick. The actual depth from the working! in the old "Queen of Sheba ground!will be about 600 feet, a gratifying and convincing proof that the gold does go down, and is to be found in large ore bodies. This is a matter on which we can heartily congratulate the Queen of Beauty shareholders, and we can also at the same time congratulate the Thames County people and Council, as this discovery must greatly enhance the value of the securities they have elected to offer to the public at the present time. Their action will, we feel sure, receive the unanimous approval of the County ratepayers, as it will lighten their burdens and probably be the means of introducing a considerable amount of foreign capital over and above the price to be paid for the securities.