ELECTRIC POWER FOR WAIHI.

Auckland Star, Volume XXXVII, Issue 73, 26 March 1906, Page 2

ELECTRIC POWER FOR WAIHI.

STOCK EXCHANGE ADVOCATES THE WAIHI COMPANY'S SCHEME.

A discussion took place after the noon call of the Stock Exchange to-day upon the proposal of the Waihi Company to utilise Hora Hora Falia for the purpose of providing electrical power to cheapen the cost of working and treating low grade ores. The matter was brought forward by Mr. E. Anderson, who moved: "That thig Exchange regrets the action of the Government in. refusing the reasonable proposal of the Waihi Company in regard to obtaining from Hora Hora Falls the electrical power necessary for the profitable treatment of low grade ores in the mine at present unpayable, and this Exchange urgently request* the Government to consider its decision.' 5 Mr. Anderson said this wa3 in no sense a political matter. His object in bringing forward the motion was because he considered the proposal af the Waihi Company was in the interests of mining generally, and, therefore, a matter that peculiarly nfl'eeted members of the Exchange. He considered the Waihi Company had made a very reasonable proposal. The company asked for power to enable it to utilise low crade ore that otherwise would have to be left unworked. There was no intention to create a monopoly for one company, as the proposal was very definite. The matter was of importance to Waihi, as it-would mean, if carried out, the employment of an extra 300 men, who. with wives and families, would mean an increased population at-Waihi of about 1000. Xo doubt the consensus of opinion of business men in Auckland was that the Government, had made a .mistake in refusing- to agree to the proposal, therefore it was quite within the function of the Exchange to ask that the Government reconsider its decision.

Mr. F. Hull seconded the motion. He considered it wise to support this proposal in tW interests of the mining industry. The Waihi was recognised as one of the most legitimately worked properties on the peninsula. 'The company had always treated its employees liberally. This scheme would enable a lot of otherwise unprofitable ore to be utilised, and would be a gain to the colony. This motion shonJd commend itself to ai] interested in mining. There was no question of creating a monopoly tor the Waihi Company, as under the proposal the Government had power to take over the works, plus four per cent of the cost.

Mr J. M. Lennox said it was a delicate ' matter to interfere with the decision of the Government. He. had no doubt that in refusing the proposal, the Government considered it was consen ing the interests of the public. Still he noticed that a large meetirfg at Waihi had asked the Government io reconsider its decision, therefore the Exchange might fairly follow suit. He sympathised with the nature of the resolntkm. The Government should either utilise the falls, or allow the Waihi Company to do so.

The Chairman (Mr G. A. Buttle) thoupht they should thank Mr Anderson for bringing the matter forward. It was one thp. Exchange should take interest in. They would all remember how a few rears- apo the great problem Tvas how to treat th« low grade ores. That was settled by the Mc-Apthup-Ferrest cyanide process. ■" The older members of tb« Bxelrange could remember when the Martha lode was being worked, but not profitably. The cyanide process 'Lad now made that one of the most profitable lodes in the district. Xoav thew had to face another problem, that was the cheap treatment of low grade ores that could not be marls to pay under existing circumstances. If that could be done the life of their goldfields would be greatly lengthened. He had always considered that the Hauraki Peninsula presented a fine field for the chemist to experiment upon. Apparently the gold had been deposited in the reef when in a liquid state. What the chemist required to do was to discover how to again dissolve the gold and extract it c-heapVy. The ore must first be reduced before the chemist could deal with it. and this proposal of the Waihi Company was in the direction of cheapening the eosjt of mining and milling. There was any quantity 'of large ore bodies in the district that contained gold, but not in payable quantities at the present cost of treatment. At Waihi, they had at present only the Waihi Company turning out bullion, but with cheaper method? I he Waihi Extended and Waihi Beadh mines would soon beoorne payafole propositions. The Waihi Beach for instance, had an enormous lode, assays from which ranged from a few pence up to 22/0. That might be made to pay with a cheaper process of working. He considered the proposal of tihe Waihi Company a step in the right direction, and one. that should be encouraged. The ojilv thing was to guard against the creation of a monopoly, and to see that interests of other companies, and the public were not endangered. That 'how-ever. appeared to he provided f<i - in the proposal submitted. Mr Hall said he had a very -sad recollection of the time when the Martha lode could not be made to pay. They first received news, that a re*>f had been struck as wide as Queen-street, but as time went on it was found- that it would not pay. That was before the introduction of the cyanide process. He managed to sell 1000 Waihi shares for 7ld, and thoy were now worth £7 odd. "

The motion was then adopted unanimously.