Mining Review of the Week.

Thames Star, Volume XI, Issue 3588, 26 June 1880, Page 2

Mining Review of the Week.

The fever of speculation is still rampant in our midst, two or three new mining rentures having made their debut during the past week. We are glad to notice that duriug the past few months an entirely hew principle has been adopted in respect of the floating of new companies —we refer to the relegation of a considerable portion of the money derived from the promoters' shares to the credit of the company wherewith to start operations. Hitherto the programme has too often been: A piece of ground is pegged off, shares in it sold, the money finding its way solely into the pockets of the promoters ; and no work being done from the dislike of people to pay calls to try virgin ground, in a few months the once vaunted G.M.Co.V property appears in the Warden's list of forfeited holdings. Mr Charles McLean and other wellknown promoters of successful companies initiated the principle we have referred to, and a very good one it is we think, giving the public confidence, and ensuring a trial < f the ground. We believe that in future all ventures started without such a provision will be looked on with suspicion with the speculative but not-to-be gulled public. Two of the companies which have appeared during the week are the Mint and Lucks's All, and in both instances liberal provision has been made by the promoters. They are both genuine speculations, and the public have the greatest faith in the localities in which they are situated, the shares being subscribed for like wildfire—in the case of the Luck's All far more being applied for than had been allotted for the Thames..

The gold yield for the week has been large, the returns having been chiefly those of tributers—the Ntw North Devon tribute banked over 800 ounces, and one Kuranui tribute over 200 ounces. There are several other lodgments close on ICO ounces.

There has been no change to report concerning the pumping, with the exception the Queen of Beauty pump has been stopped through the accident to the water race.