THE THAMES.

Grey River Argus, Volume XIV, Issue 1717, 4 February 1874, Page 3

THE THAMES.

[AUCKLAND CORRESPONDENT . OP , OTAGO TIMES.]' One is accustomed to hear it said bo often that the Thames is done, that an account of a visit recently paid to it may not be uninteresting. The first impression is one of surprise at the capital invested in machinery. The second is one of equal surprise to find the machinery in full motion, and activity pervading the entire field described by outsiders as "done." A little investigation soon explains the paradox. The share speculators have had their fling. The rich finds which drive a community out of its wita are not heard of. The market is dead, and no business doing in their line. People have been so often bitten that they have lost all heart and faith, and won't touch shares at any price. Then there are the interfering gentlemen of the, mining persuasion who make it their business to crack up duffing claims which • > they organised only to sell ; the unhappy buyers first going in at a good figure, and , afterwards called on to pay frequent • calls, find thomselves at last obliged to - surrender the shares. They never intended to pay calls. They hoped to find some one greener than themselves, to •whom they could in their turn sell. If they are disappointed,' who can sympathise with them or join in the cry against mining which they raise 1 Others going ' honestly into good schemes find them ;■,' wrecked by incompetent or dishonest 0 managers. The shoals are numerous, and no wonder many are wrecked upon them. -But the survivors go madder than ever v -when a rich find occurs. They have done ''. so before, and will do so again. Turning from them to the Grahams- ' town people and the mines themselves, -we see, despite the low price of shares, perfect confidence and an immense dP^mdunt of solid work being done. Stand**mg on the hill at Ringa Flat, the view is remarkable. ' Below you on the beach— „ an area of not more than 500 yards by 1 200— there are to be seen 12 magnificent ■ crashing batteries in full and constant • work. Around you on the few spurs con- - verging on to Ringa Flat, there are not less than 50 claims actively at work. ' These claims pay occasionally heavy dividends, but for a long time past they ' have at least made no calls of any extent. They .pay . their own way, and employ a 1 large nunlber of people, sometimes 180 or 200 in a single mine. They have paid out of their own earnings for all the magnificent plant to which I have referred, and are prospecting steadily in hopes of falling on something even better. These, are facts and great ones. A large; population inconstant work, few or no calls, on shareholders, great value in machinery and buildings, and occasional dividends, are not to be despised in either a Provincial or Colonial point of view. Last month the yield of gold was worth about L 25,000, on which the dividends paid were sibout L6OOO, without including the gains of tributera or private holdings " not yet formed into companies. The fact is* that fori the first few years the outlay was necessarily great, and the ignorance greater. Much money was sacrificed, but under any circumstances, a great amount of head work has to done. While this is being done, a patch may be found, and and the shareholders' hopes get excited. They buy and sell at high prices, hoping for a further rise or immediate dividends.; Disappointment results, and the cry is raised that the gold-fields are done. No man, disregarding 1 the state of the share market, and looking at the state of the -mines, can fail to see the absurdity of this cry, or doubt that there is remunerative work fpr maty a year. What the c 'deeper levels may yield we have yet to 1 learn. It will be strange if they do not here, as, in other countries, prove worth „ %h& search.' But in the levels at present j!j worked, there is alone ample field for the .- present generation. < The back country • cannot be- worked until some 1 cheaper ■ means of crushing, or at least of 'carrying ' to the machine, are invented. Opinion at present rnriß w favor of tunnels into the hills from the flats, like that of the Kuraniii Hill: Tunnel Company.. This is carried in . 1750 ft with a double line of rail. Drives from the right and left give access at , low , levels to a number of, adjacent claims. The company charge 9d per ton „ for <jnartz passing over their rails. Mul- . lock is allowed to go free. The charge j. pays them, and the boon to the miners is r very great.