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Thames Star, Volume XII, Issue 4051, 22 December 1881, Page 2

Somb time back we called attention to the question of the future maintenance of the Big Pump, and in an article on the subject laid before pur readers a suggestion made by Mr Dunlop, of the Golden Crown mine. The own correspondent of the Herald, Mr Buttle, took up the subject in the Herald of the 16th inst., and as he puts the matter very clearly, we make an extract from bis remarks :— The proposal in effect is that, instead of each company paying a monthly subscription as at present, an annual call be made upon the capital of the various companies, which would raise an amount equal to their present annual contributions, and that the amount so raised be placed to the credit of the association, to be used for drainage purposes only. The object of the proposal is to do away with the oftrecurring scares anent the stopping of the Big Pump, and to secure the continuance of its operations at least for twelve months at a time. That the proposal would not bear very heavily on the shareholders in these companies, is shown by the following figures:— PRESENT CONTRIBUTION'S.

To meet this expenditure it is proposed that a call be made on the capital of each company as follows.—

The number of shares in each company

ate given in round numbers, but the total would be about the same in any case. The total amount raised by this means, it is believed, would cover the present cost of working the pump for twelve months, but to this total there would have to be added the contributions from one or two other companies not named in the above list, and also the subsidy from the local j bodies. The suggestion appears not only to be a feasible one, but one worthy of some consideration. Except in the single instance of the Waiotahi, the amount per share proposed to be called up is not excessive, while the object to be gained, that of working the pump for a period of twelve months, without tear of a stoppage for want of funds, is an important one. With one or two of the companies enumerated it might not be necessary to make a call fur this purpose, but in every case it should be insisted that the total annual contribution should. be paid over at the beginning of the year. Wer • the above suggestions curried out, companies likely to be affected by the stoppage of drainage operations would have greater confidence in commencing prospecting works at the deeper levels, while shareholders would not be constantly barrassed with the fear that the pump was about to stop, and their property be enormously depreciated in value. It is believed the proposal would meet with pretty general favour at the hands of the shareholders in these companies, and that there are but few who would object to pay a small sum per share when the advantage to be gained is so g"at.

Pel in: Per Annul l. Hoanatairi CMC Jueen of Beauty G M C.. turanui Hill G M C .. iVaiotahiGMC .. )ld Caledonian GIIC .. )ld Golden Calf G M C .. Southern Cross GM C .. Joldeu Crown GMC .. 3ureGMC £35 35 35 30 30 20 17 15 10 JE42O 420 420 360 360 240 204 ISO 120 Total i £227 £2.724

Name of No. of Company. shares. Moanatairi .. 13,500 Queen of Beauty .. 20,000 KuranuiHiU .. 30,000 Waiotatai .. .. 0,000 Did Caledonian .. 12,000 Did Golden Calf .. 8,000 Southern Cross .. 8,000 Gtolden Crown .. 8,000 Cure 8,000 Amt. ol Cal per share. 0s 8d 0 6 0 4 1 3 0 8 0 8 0 7 0 0 0 4 ill Amount raised. £450 0 0 500 0 0 500 0 0 375 0 0 400 0 0 26G 13 4 233 6 8 200 0 0 133 6 8 Total £3,058 6 8