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Daily Telegraph (Napier), Issue 5317, 6 September 1888, Page 2

foil romancing Woodvillo correspondents tako tho palm. From the first we liavo known every move, in tho development of the Maharahara, copper find, and from time

to time wo have published thoroughly reliable information on tho subject, but tho romancer has all the best of it, as witnoss the following from tho Woodvillo cor-

; respondent of the Post:—"The copper lodo in the Maherahora, near Woodville, has at litst been struck. The lodo is very rich and largo. The company will bo formed with a capital of £00.000, the promoters subscribing half. A tramway will bo laid down Pinfold-road to Woodville, which will be the centre of tho aiuMhure- is every prospect of the concern being a success. Mr Horace Baker is now on his way to Wellington in conjunction with the floating of tho lou.ii aud other matters in the interests of the eom•p«ny." The only true statement in all tho above assertions is that tlie lode has been struck. Its thickness will take some days to determine. Tim company may havo a nominal capital of .€60,000 ; that was determined months ago. Promoters don't generally subscribe half the capital of a mine for "the benefit of the general public. What the promoters have done, with a desire to prove tho mine and protect investors, j s that they have spent hundreds of pounds on thoroughly testing the find. For that osponditii.ro thuy will receive neither mormy nor shares, but they will have tlie light to tuko "what contributing , shares they desire in any company that may bo formed before tho general Dublic will havo an opportunity of .subscribing ,* tramway to Woodville ban never onco been thougnt ?'-* because thero would be nothing for the tramway iQ WJ- A-U experience shows it is cheaper to smelt on J ln spot, and business men —ami so far the promoters have shown themsolvos very ojipttblu of managing tho venture on commoroiiil principles—would never think of carrying oi'O on a tramway for miles, more especially as they would also have to cany their supplies of fuel and tho materials for the flux also, and all that carrying would mean no gain, but a lot* i» erery wy. A loan

for a company which as yet has no existence is a master stroke, which throws completely in the shade the statement that a gentleman has gone to Wellington to further the interests of the company. All told, including finders and promoters, only nineteen gentlemen so far are interested in the concern, and of theso fourteen are Napier residents, one resides at Hastings, while the other four are settlers in the Maharahara block. From time to time, as news comes to hand, we will keep the public posted, and while we may not be able to shine alongside tho romaucers, our information will at least be accurate and reliable.