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TUAPEKA MINING.

TO TUB EDITOR. Sir,—Your correspondent is likely to be misleading regarding his notes on the Gabriel’s Gully Company when lie states that £7OO was paid out of a small area worked by that company. It was well-known that there was a rich patch there, hut it could not bo \ lied so long as the owner of ihe

ilcnce site was alive, or it would In:vo been worked long ago. Why did your correspondent not state that this dividend was the only one paid for about fifteen years previous to that? With the exception of the area worked at the top of the claim, which was highly payable, the cement and tailings worked by them were very poor, and did not even pay wages in some instances. The new company is a repetition of the Wothcrstoncs Company, which was put on the market about a year ago, and was going to show wonderiul results. In this instance the Golden Crescent Company published reports regarding the richness of . the cement; although when working they could not pay expenses, and at the time of flotation were heavily in debt. When Air G. W. Thomson reported on this mine he based his figures on Kls a yard, which would certainly have shown a good profit, but though thousands of yards of cement have been taken out during the past year, we have not heard of a single ounce of gold having been washed up. The Alinister of Alines lias been subjected to a lot of abuse by a certain class of people on account of the attitude he has taken up at Cromwell. Ho is quite right in what lie has done, and it would have been well for a lot of investors had he taken the same stand earlier, judging by the returns of those companies which were floated previously. ft would also be a good thing if the Alinister of Alines were to step in and compel the promoters of a number of companies to explain tbe difference in the results obtained from the estimates published in the prospectuses. Too many false statements have boon made.—l am, etc., Fair Play. November 28. [ln regard to the .statements concerning the Golden Crescent Company, we are informed that when the ground proved too hard for sluicing, a subsidy was obtained from the Government to drive a shaft to the bottom of the conglomerate. This shaft was driven for a distance of 800 feet, and no attempt was made to make a profit. The company was just testing the ground to ascertain the values lying between the conglomerate and the un-der-lying schist. Industries Ltd. worked from this shaft and took out several thousand yards to confirm by mining the values obtained in this Golden Crescent shaft. Then, having obtained this information, tho Wetherstones Gold Mining Company put down a main incline shaft centrally situated in its claim. This shaft has not yet reached contact, and the “ thousands of yards ” referred to by “ Fair Play ” as having been mined and treated, exist only in imagination.—Ed. E.S.] •

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/ESD19331129.2.48.1

Bibliographic details

Evening Star, Issue 21581, 29 November 1933, Page 7

Word Count
512

TUAPEKA MINING. Evening Star, Issue 21581, 29 November 1933, Page 7

TUAPEKA MINING. Evening Star, Issue 21581, 29 November 1933, Page 7