Karaka Tunnel Scheme.

Thames Star, Volume X, Issue 3100, 24 January 1879, Page 2

Karaka Tunnel Scheme.

'"A. meeting of persons interested in the Earaka and Tararu Tunnel.scheme was held at the Governor Bowen Hotel yesterday afternoon for the purpose of receiving the plans prepared by Mr Bayldon, and also for taking steps to launch the company. The Mayor occupied the chair, and amongst those present,we noticed, Messrs Marshall, Renßhaw, Grieg, Cocks, Otto, Bayldon, Souter. , Mr Bayldon's plans having been examined by those present, Mr Otto said he had received applications for about 4,000 scrip in numbers varying from 25 to 600, which had been the result of his canvassing. He had also received a number of promises from persons who had not yet taken up their shares. After some discussion Mr Bayldon's report was read at follows :— To the Trustees and Promoter! of the Karaka Tunnel Company. . Gentlemen, —I have the honour to furnish for your information the following report on the Karaka Tunnel property, and also the accompanying plan which chows the position of the area in relation to the greater part of the Thames district, the heights of various well known points above high water mark, and also the strike of the principal reefs and leaders which have been worked on this goldfield. The reefs are indicated by irregular vermillion lines, and are all compiled and reduced from original surveys'for the purpoie of the present plan.

It will be plainly seen from the area, which extends longitudinally from the Karaka to; the Tararu creeks, a distance of about two mjles, crosses about half a mile in width the strike of the best known auriferous belts of country that have yet been prored oh the Thames, and is most advantageously sitapted as regards facilities for working and communication with the crushing mills on the creeks and on the flat. The Government tramways extend up both the Tararu and Karaka creeks, to some, distance beyond the northern boundary on the former, and within three chains of the northeast limit of the latter; and the Waiotahi dray road is constructed as far as the Monarch old workings, or to the saddle between the Alabama and Earaka creeks. :: .

• Embraced within the area are many claims which in former dajs yielded good payable results ; amongst which may be enumerated, on the eastern side, the Yale of Avoca, Grand Trunk, Monarch, Papakura, Bank of New, Zealand, Multum-in-Farro, Nolan's Candlelight, Star of Fermanagh, Adelaide, Earl,of Erin; and,- on the north-eastern boundary, the Conqueror, Abraham Lincolp, aitd Lucky Hit claims. None of these have been worked to any considerable depth belcfw the surface, and several wera. abandoned as the cost of transit to the batteries was too greaty rendering the stuff non-payable. : The western portion of your area orosses the Tararu belt of ground^ iv which are: the City of Dunedin and Black Beef lodes, af which the Calfornia, Wild Misiouri, 'and Yankee Doodle reefs are, in all probability, a continuation, besides many other large reefs which have not been developed beyond a few J

mere surface drives being put in, which has proved their existence. Several of these reefs, especially those first mentioned, proved highly auriferous, and paid handsomely ; and ethers have been little worked, although gold was found in many of them.

Serious drawbacks militated against the claims or holdings in the back country being developed at the time they were in occupation ; for instance, cost of management of such a multiplicity of holdings, bad roads and communication, superior i attraction nearer the township, and scrip dealing, which was considered more profitable than quart* mining; all of which tended to divert attention, from these olaims, many, of which held out fair inducemnts, if properly werked. A glance at the r plan I^ll'piSJflKtlffct this area is traversed by several auriferous channels of ground, and that by a judicious expenditure of capital, say by entering a tunnel from the Karaka tramway at from Bye to ten chains above the Alabama Creek, Whe*elaood ground will be met with, at a level of about 650 feet above the sea, and carried in a W.B.W. direction, which would to silmost at right angles to the strike of country, many reefs would be intersected? and 1 probably discoveries made whioh would add very materially to the prosperity in&deVeiepment of this goldfiold ; it is doubtless a legitimate mining enterprise, and well worth tbe vtiloui consideration of the public interested ia this district. '

The termi'dn which the ground is conceded to the projected company are m<fc£liberal j in fact, it may be termed a gift j thefPtsno rent to pay, which in all large areas—especially prospecting areas—is |a most| serioW item j the cost of management would Ife mitt, at least for a considerable until the ground was somewhat developed,' The first work to be undertaken is a tunnd,a*abdffl Ts^gfsted, after that other works may be projectjfijjuou as a tunnel from Tara'ru Greek and another from Tinker's &ully, or perhaps thjg®iontiaua* tion of the Whau level of the AlDuviia Company on the Sous of Freedom reef, whioh in the New North Devon claim is now near the Southern limit of the ground,' aad is^con* nected with the Sons of Freedom low /level. The ground through which it would pus is at present occupied, but should it be'forfeited will- become the property'"of .the Karaka •Tunnel Company. These •°»rej however, matters for after consideration when tbe'opmpany is fairly floated. >•,#■■. i ■.'wMvW • The importance, of this undertaking^ and the inducements it holds out fo? tb/s legitimate development of the mineral vecpuxoes of this district at low levels, amao^ beaver* estimated. The matrix of gpld Uthfrel tnd it is not possible to, know wl»at ; , trjujim. the hills contain unless 'jpomptthwHf• wprks of this kind are undertaksn,.;; ,t<> r :r>tij!w. f |j ■,;■: / ';-.l'have;theho«pr,.,,&o,# h^u^' m v, ?:-'.. ;:-;; '.r,; ; ;.>,J>, BuMAJVDOVvniVi 1 ■ :.:;, V.: Authorised & MiningSurf»j«r. Grahametown, 17 th Januarys ;187& ;'rk

Mr Renshaw spoke strongly SdiJupport of the scheme, saying whether it proved remunerative or not it wVulaV-t» an advantage to know .what gold' existed in the country which would beVtrkverMa by the tunnel. He referred to. ttie amount of gold the Multumun-ParvonadrJilwd. , Mr Souter said he bad reoeived from two Auckland gentlemen, ofypmg to take up 500 shares each,if Sitjftflprge Grey would take up 1000* t /l!S ;j } ■ Mr Otto informed those preseaiYthat his greatest difficulty in oanvaanaff/had been the fear people entertained/of the provisions of the Joint Stock Coapinies Act which made shareholders liable for 12 months after transfer.; i;.. r ; <'-) The statement was corroborated by Mr Marshall, and Mr Benshaw said he would give notice o£ motion for next meeting-* "That the prospectus be altered so that the company should: be formed under the Limited Liability Act, instead of tho Joint Stock Companies Act."; <-> ■■/. r It was then decided that' Mi* Oito continue canvassing here for a week, and a meeting of shareholders and those interested be held afterwards. The plan will be exhibited in 'Messrs Frater Bros.' offices, Albert: street. The nsual compliment to th* chaihnaa terminated the. business,,