WHERE THE GOLD GOES.

Tuapeka Times, Volume V, Issue 237, 15 August 1872, Page 8

WHERE THE GOLD GOES.

In the reign of Darius gold was thirteen times more valuable, weight for weight, than silver, In the time of Plato, it was twelve times more valuable. In that of Julius Caesar, gold was only nine times more valuable, owing, perhaps, to the enormous quantity of gold seized by him in his wars. It is a natural question to ask — what became of the gold and silver? A paper read before the Polj technic Association by Dr. Stevens, recently, is calculated to meet this enquiry. He says of our annual gold product, fully fifteen per cent, is melted down for manufacture ; thirty-five per cent, goes to Europe ; twenty-five per cent, to Cuba ; fifteen per cent, to Brazil ; five per cent, for circulation in Great Britain. Of that which goes to Cuba, the West Indies and Brazil, fully fifty per cent, finds its way to Europe, where, deducting a large percentage used in manufacturing, four-fifths of the remainder is exported to India. Here the transit of the precious metal is at au end. Here the supply, however vast, is absorbed, and never returns to the civilised world. The Orientals consume but little, while their productions are ever in demand among the Western nations. As mere recipients these nations have acquired the desire of accumulation and hoarding, a fashion common alike to all classes among the Egyptians, Chinese, and Persians. A French econntnist says, in his opiuion the former nation alone can hide away twenty million dollars of gold and silver annually, and the present Emperor of Morocco is reported as so addicted to this avaricious mania that he has filled seventeen large chambers with the precious metal s. The passion of princes, it is not surprising that the same spirit is shared by their subjects, and it is in this predilection that we discover the problem as to the ultimate disposition of the precious metals. This absorption by the Eastern nations has been uninterruptedly going on since the most remote historical period. According to Pliny, as much as one hundred million dollars in gold was, in his day, annually exported to the East. The balance of trade in favour of those nations is now given at eight million dollars.

The Bendigo correspondent of the " Cromwell Argus," writes as follows ; — Splendid stone is now being raised in the " G-olden Link " at the 170 feet level, and in the Cromwell Company's mine at 160 feet. The quartz shows no diminution, either in width or quality. This company maySoongrtulate themselves on having a lifelong and remunerative occupation in this claim ; as, indeed, should be the case in most reefs, if the same system and management were pursued. I suppose I shall find few believers in this statement ; but the time will surely come when its truth will be made apparent ; and shonld I then be to the fore, I shall put in a reminder of my claims to be considered a " true prophet."

From the isolated parties of miners located on the Karamea river, West Coast, satisfactory news is obtained, so far that they appear to be doing moderately well, and have not been subject to more than ordinary delays in work, except such as arise from the vicissitudes of the wintry season. The spirit of unrest, however, has prevailed there, and some six or eight members of the little community, lured by good reports from former mates, have left the Karamea, and embarked for the South African diamond fields.

There has been a singular case of attempting to jump the line of the long tunnel at Addison's Flat, which will likely be before the Court at Westport. The long tunnel party are engaged driving a tunnel 4000 ft. long. Having completed over 3500 ft., a party from Westport has marked and applied for a lease including their line of tunnel a little ahead of where they have driven up to. Our legislators seem never to have contemplated any tunnel longer than 1000 feet. ; so that they have been unable to get any protection for a requisite amount of ground to make their tunnel secure, unless they had, leased ground on the Whole length 6f the tunnel, which would be a very expensive affair. It is mentioned by the '* Sydney

Morning Herald" that "a gentleman from Victoria," who , .was; investing large sums in reef claims at, Adelong, had offered £44,000 for a claim there, known as Williams's but; the offer was declined.

The deepest mine in Victoria appears to be the New North Clunes, in which the shaft was down at the end of March last 945 ft., while the depth of the deepest level and cross-cut was 790 ft .; 12,656 tons of quartz obtained at depth of from 250 ft. to 600 ft., yielded an average of 12dwt. 13gr. per ton, while the width of the reef was from 2ft., to 28ft., at those depths. The next deepest shaft was that of the Extended Cross Reef Company, at Pleasant Creek, which was down 880 ft. During the quarter 4468 tons of quartz obtained at a depth of 520 ft., from the Pleasant Cross Reef, gave an anverage yield of loz. 19dwts. 23gr.; 2659 tons obtained from the Oriental, and 923 tons from the No. 9 North Scotchman's (two other reefs in the Ararat district), from a depth of 500 ft., yielded on the avorage 1 oz. and 19dwt. lgr. respectively. 5,160 tons obtained from the Great Extended Hustler's at a depth of 400 ft., to 600 ft., 2686 tons from the Great Extended Hustler's Tribute at a depth of from 250 ft., to 300 ft., yielded 2dwts. 7grs.

At Muttama, near Gundagai, a quartz-reef, of remarkable richness and size, has been discovered. The auriferous specimens obtained are said to be equal to anything yet seen in New South Wales. A rush has been the consequence.