THE THAMES GOLDFIELD.

Westport Times, Volume III, Issue 589, 4 December 1869, Page 2

THE THAMES GOLDFIELD.

(from otjr own correspondent.) Shortland, Nov. 24. Things are in anything but a flourishing state. In fact there seems to be a general depression in mining speculation, as company after company has been obliged to stop work, as the calls cannot be got in. There are thousands of scrip in the market, some of which the holders would only be too glad to get rid of for nothing, if they could rid themselves at the same time of any further responsibility. There are also a few shares in good claims in the market, the shareholders being compelled to sell to pay up their other calls. The share market generally is more depressed than it ever has been since stock-broking or stockjobbing commenced in Auckland or Shortland. The market is still falling, and likely to fall until there is some different system introduced of selling shares as well as working claims. In my opinion one-half of the companies will have to be wound up, as most of their capital is already paid up, and nothing to show for the outlay. The legal managers in many instances are to blame. Another drawback to the development of this field is the leasing system, which keeps from being forked hundreds of acres of ground which would otherwise be prospected by the numerous miners here. Some of the companies, on the other hand, with ten to forty thousand pounds capital, have claims of only from three to six men's ground. Many shareholders are finding out now, when too late, that the mining managers in several instances have as little knowledge of the working of a mine or reef as the legal managers, whose experience, in numerous instances, has been gained inside their offices.

The population here ia still on the increase, and it is hard to know what they are all to be up to. It is generally believed that if the Upper Thames were once opened, there will be ample room and payable employment for all. Of this I have my doubts, and there

is very little probability of its being opened for some time. The newspapers here certainly have done their best to puff up the district, and even their " own correspondents " seem only to look on the bright side and paint the golden picture accordingly. The returns of gold for the last quarter, you will observe, are small, and, taking into consideration the large population and immense quantities of machinery lately imported, the total profits per head will not amount to much. The excitement during the Superintendent's election, not yet quite concluded, has been intense. Mr Gillies will, doubtless, be returned, though with a small majority. Most of the returns from the polling places are in. In conclusion, I would advise any of* the Buller people who are making a livelihood, to remain where they are at present, as business of every kind is overdone here.