Mining Review of the Week.

Thames Star, Volume XI, Issue 3506, 20 March 1880, Page 2

Mining Review of the Week.

The ruling excitement of the week on 'Change has been the New Wbau stock. On Monday the rumour went round that there was to be a big rise in the stock, and the whole of the corner was on the gui vive. An immense parcel of specimens and picked stone was reported as the result of tbe morning's breaking down, but to everybody's surprise the shares had somewhat a downward tendency. The outside public wondered, but to the knowing ones the truth was soon apparent. For the first time during the Whau "boom" the supply of shares exceeded the demand, and as soon as one or two large holders commenced selling the bouyancy of the stock was gone. This shows plainly the unreal nature of the rise all through. The shares were forced up by the difficulty to buy, but as soon as the abnormal strain was removed there was naturally a great fall in the value of the stock. Of course a large number of people have *been bitten, and public confidence seriously undermined, and not a few are inclined to speak very hardly of those at the head of affairs. Whether the reproach is deserved or not we will not venture to express an opinion, but trust that the events of last week will prove a lesson to both sharps and flats. The Auckland and Thames markets have shown strange incongruities of late, Whau shares generally advancing to a higher value in Auckland than here. It can only be explained by the fact that the most of the shares are held here, while the preponderance of capital is in the provincial metropolis. We have always been of opinion that a market is much more healthy when the majority of the shares in a company, is held in Auckland, and the Whau boom has been a notable instance of the truth of this theory.

Another favorite stock — the New North Devon— has also suffered a reverse early in the week through an industriously circulated report that the reef had been cut off by a slide. This, however, has turned to be wrong and the shares are picking up again. Compared with last week business has been dull.

, The Big Pump continues reducing the water, and from measurements to day by the mining underviewer, it has been discovered that the Waio-Karaka mines have at last felt the effects of the pumping. The water in the Pump shaft was found to 239 feet below the sill or 13 feet lower than last week, in the Piako 200f feet, or a reduction of 4| feet, Prince Imperial 223 feet or 11/ feet lower, and the Crown Princess 222 feet, showing also a reductionof two feet.

It is stated in usually,-in formed circles that the Caledonian and Cure mines will sliovlly be at work.