THE THAMES GOLD FIELDS.

Hawke's Bay Herald, Volume 13, Issue 1109, 14 December 1869, Page 2

THE THAMES GOLD FIELDS.

(prom oue own correspondent.) Shortlatsd, Nov. 30, 1869. The great battle is over. The great fight has been fought, and the aspect of affairs has again resumb-1 its wonted peacefulness. Gillies is Superintendent ; Williamson is not ; and everybody i-» jubilant. Scrip, however, in duffer companies lies as heavily on the minds of holders as tf yore ; and there is no perceptible different in anything (except that all things are going to the dogs) but the funk which has be_*a established in swelldom among the Government officials has taken the place of a cheery assurance . before the election, likely to bring about disastrous results in certain quarters. Many and great are the expec- J

tations of some, while most people have a belief— of which, I -oppose, desire is the pareDt — that the " right man is now in tlie right place ;" and many improvements will follow in the wake of him who cometh in in the name of the people to fumigate the. official archives with some of that delectable essence of Reform rendered so cbeap now-a-days. Politically speaking it is almost impossible to say what Mr. Gillies is prepared to attempt to carry out. I say attempt, because better men than he have failed after the stump oratory is done, and the ad captandum arguments exhausted, for they find (if, indeed, they do not know) that they cannot carry through the promises made under times of great excitement. Reform subsides into mere theorems ; and after much show and a little salve, the affairs of the Province settle down without any help, and the elect Superintendent's assurances are nil. Your humble servant remembers the early days of your province, when, to get placed in the civic seat, Mr. T. H. Fitzgerald propounded the (nothing easier) doctrine of a petty little place like that being governed ly a man and a boy. I need hardly remind you how miserably he failed ; or, according to my belief, how little he ever thought of being able to do it. But there are some people — electors who "groan and sweat under a weary life"-, especially — who will mistake change for improvement, and there is no man who plays with these dangerous tools with more nonchalance than he who seeks the suffrages, of the people, and makes their weakness his strength to mount the ladder of his ambition. Well, as I have said, Gillies is Superintendent of this fine province for the next four years, with a majority of 50 odd at his back, which, although small in numbers, expands to large dimensions when you consider the colossal proportions of his antagonist's fame, and the solid foundation on which he has rested until lately. If he wants work, Mr. Gillies will find .plenty by beginning with the evils under which the gold fields labor in their administration. Mining Boards are loudly called for, if only to protect the enormous wealth which lies embedded in these hills. The system of " leasing" must be altered to such a form that so much land does not lie in pristine unprofitableness. Talking of leasing, u very painful case, and of great hardship, was heard the other day at the Warden's Court. It appears tbat, a short time ago, so'me half-dozen resolute fellows pegged out a claim and set to work for some months. Finding a good show, they were about to reap the reward of their toilsome labors, when it was discovered thac their claim was included in a "shepherded" lease. The poor fellows had to grin and bear it ; but the culpability of the Government is quite o'er-clipsed by the fact of actually having granted a lease of the original burying-ground for the purpose of gold digging. Then again reform is needed in the management of claims and companies. Security is wanted by the laborers who work and tradesmen who supply, to the extent that, some one is responsible ; at present nobody is, except by an unpleasant and tedious, method. Much, however, will be required at the hands of shareholders themselves to remedy the defects of the whole system of mining here. The Government of the day cannot be held responsible for everything. I opine a great revolution is at hand with regard to all these matters. The " company " mania, bad administration, frequent calls, no dividends, with falling scrip, have their effect, and the patience and cash of holders are alike exhausted. Signs of this exhaustion are manifest ; and a turn of a practical character is about to be given to the whole question of "managers" and "management." A meeting was recently held in Auckland, with a view to putting the screw on if possible, and get all the companies removed to the metropolis. This, of course, will be indignantly replied to by the residents here, at a meeting to be held on the 3rd of December; indeed such a move has its origin in a selfishness in tbe Auckland people, which is not likely to do them much credit. As far as the operations of "stock" are concerned, I dare say they are a few hours behindhand ; but the picture will only be reversed if head-quar-ters are removed, and it is hardly likely that will be the case. One good, at any rate, will come of tbis, and lhat is the further amalgamation of companies. As many of your readers are, I dare say, interested to some extent in these gold fields, I will detail, for their benefit, the present system. Most, or nearly all existing companies are amalgamated claims, i.e., the holders of two or three adjoining holdings — claims or leases — have considered it advisable for many purposes, but generally for the sole one pf raising the wind, to roll themselves into one, and call it a company. A meeting is called <4tf& fhe shareholders ; directors and a legal manager are appointed pro tern., whose duty it is to get the " Latest Swindle" company registered forthwith; the former, in the meantime, carrying out the contracts to be taken up (which they, of course, have no personal interest in ! oh ! 1 dear no), the latter (a man of known in- i capacity three months after) bringing all •< the influence he can command to bear on < the question of his election or confirmation of appointment, as the case may be. A < working or mining manager is also wanted, i and some half-dozen of the foremost hands 1 of all the original claims put forth their ] pretensions to the appointment. None are J " professionally" competent to take practi- ] cal command, so the lever of influence goes i again to work, and the " least incompetent" 1 is the only negative security the share- ] holders have in the working of their in- * terests. The next step is to decide on the 1 value of the united claims, nominal value of ] course, that's understood by the crafty, or 1 initiated, I think they call them here, but ( the general public understand it as "paid- i up capital." Well, after a lengthy recrimi- ■ nation, it is put down at £100,000 (a few 1 thousands more or less on paper is very < immaterial, and it will make a better show), 1 with an authority to issue scrip to the i amount verging on the total value, thus -. retaining a little paper balance in hand in < case funds rise. Say that the total number ' of shareholders (original) is 20, this would f give 5000 scrip at £l to each one, as his c interest in the "Latest Swindle." Some t portion of the amount is reserved and, dis- i tributed (sold or given away, according to c circumstances) among friends in the shape c of promoters' shares, that is, a promoter i: has one, two, or three of these for using his _ influence in launching tbe company, which p may become valuable or not, according to success of the swindle or gullibility of a |

people afflicted with "scrip on the brain." Here| iollows ftli-'flbiirash of trumpets. The legal manager takes an office in gome prominent place, with a cojjin-plate outside his door, ■which announces the locus standi of ■ the "Latest Swindle G.M.Co,, Registered." By the way, these plates of mortuary insignia have always had a mournful— and I , have thought a significant— effect ; they, are about eight or ten inches long, by six inches broad, of a oval shape, with black ground and gilded letters, and when multiplied into from six toJ§fiirty or more. down,, the door posts, give a stranger an idea of the presence of a large number of undertakers, whose duty it is to see to the decent management of the funereal obsequies of all the public corpses under their charge. 'Tis true that most of them are but living skeletons, at the best, and [their heraldry proclaims their speedy dissolution.. Expensive surveys are undertaken ; mining , reports are presented, which, too, cost a a trifle, on the somewhat imperfect understanding that they won't be paid for until two or three calls have been made, resulting in indefinite credit, and sometimes never paid for at all. Magnificent showplans, showing the exact dip and bearing of lodes, reefs, veins, and leaders, all of which figure prominently of course, are posted up for public information and an inducement to speculators. Then some thousands of pieces of paper are emblazoned with the seal and sign manual of the company, setting forth that the holders are erititled to as many pf them as they are lucky enough to get given to them originally, or subsequent purchasers unlucky enough to buy. These, together with the usual puffing and blowing along the streets and in the market-places, with an extra spurt of " our mining reporter," with the fact that something (sure to be gold if it is not mundic) has been struck, constitute the labors of the association, and the "Latest Swindle " is , before the world. Well, now then Mr. Greenhorne, who has invested £10 in ten of these scrip, thinks himself the happy possessor of a princely fortune, no doubt. Deluded man ! The calls, varying from 2d. to £2 per scrip may be made, but no dividends are payable, and even supposing they were, he finds that his huge share in the dividend equals one five hundredth part of an original share in the. company ; in other, words he receives one five hundredth part of any dividend that may be declared ; and so the bubble works until it bursts. This is no exaggerated sample of the 500 companies, with float ing, paid-up, scrip capital amounting to some millions of money-delusion, now struggling for life amid the troubles which a most pernicious system has brought about. Hence the present depression, and not the.attributed fact recently declared at a public meeting at Auckland, that it arose from the miners "stealing specimens" in the claims. Of course there are some in a sound, healthy state, but they bear the same relation to the unsound and unhealthy ones as a mushroom does ; to a fungus ; . a stranger may be as easily deceived, in investing in the one as in the picking of the other, but the nausea which succeeds is a certain evidence of the spurious properties of both. However, as I shall have something more to say on this matter, I will not weary you now. December 4. One of your townsmen — Major Birch— has, I am informed, made a good investment during his stay here, by buying up in the now celebrated Belfast claim.- For a long time scrip stood still herein, : but two or three good finds have brought the price up again ; and, although still cheap, is considered to be safe. Shotovers, too, are again making headway, having risen from 10s. to 15s. in a few weeks. . Many people seem to think that the pristine glory of Hunt's is departed 5 it may be so, but can only be for a time. Many thousands of ounces' of gold continue to be exported hence, but are confined to the few (some half-dozen) claims. The Eureka has again had a struggle for a place, having struck a rich leader a few days since ; thus giving scrip a lift from 9s. to 21s. in 24 hours. It is again down a shade lower, but good nevertheless, and are readily enquired for. A great deal of joy thrilled the hearts of holders the other day from an announcement that the "Otago" men had succeeded in ripening up what gives evidence of a rich reef. I cannot give quotations, as this is one of the exceptions, there being little or any scrip afloat. The exact returns of Superintendent's election are to hand, which show a majority of 52 for Gillies. Thus ends a contest between two political gladiators, which, although each accuses the other of unfairness, has been one systematic effort on either side to degrade an opponent, and narrow the consideration of a man's fitness for public duty to one of personal vituperation. While on the " personal " part of the question, I quoted in my last from another correspondent, to the effect that Mr. Williamson had ' lost many friends on account ofhis "dipsomaniac proclivities." Your insertion of it puts them in the diplomatic category — somewhat of a difference, for it would in-, deed run hard with a Superintendent if his diplomacy, as such, was the cause of his downfall. I am too lato to say much on the question of the present stagnation, depression — call it what you will — which prevails here just now • but things are " flat, stale, and unprofitable" beyond doubt. A committee was. formed yesterday at a public meeting to report on this depression to another meeting in a week's time. Of course it is attributable to the bad management of the companies, and the thoroughly ro f ten system which I have sketched above ; but, so long as legal managers and sbarebrokers drive a profitable trade out of it, it will not be mended, and that it is not so profitable is evidenced by the state of our trade and markets at this time. A correspondent writing to tbe Mining Journal lately on this subject, thus concludes :•--" The fact of so many engaging in this (the sharebroking) pursuit as a dernier resort, is entirely ascribable to certain local influences which work quite independently of fitness sr capacity. As in the days of old, the 'multitudes come together, and are conPounded,' but not abashed! We have Iwelling here men out of almost every na-' iion under Heaven — Wanganuis, Napierans, Wellingtonians, and Old Identities ; Iwellers in Dunedin, Nelson, and Christihurch; in Victoria, New South Wales, and n parts bf Tasmania ; strangers from Rome, > Jews and Proselytes, all in their own tdiiguei iroclaiming the doctrine of their faith." Mr. -M-Lean has just arrived here. y ' PISCATOB.