THE GOLDFIELDS.

New Zealand Herald, Volume XI, Issue 3992, 28 August 1874, Page 3

THE GOLDFIELDS.

[fkoji on: own coisrespondent. 1

Thames, Thursday. T3[Rl)-in-Hanu. — The annual meeting of shareholders of this company was held last night, at the Governor Bowen Hotel, and from the various reports read, ire gather that since crushing commenced, 2325 loads of quartz were raised for a yield of 1614 ozs. 9 dwts. of gold. When the present level was opened, a debt of about £1700 hung over the mine, caused by the erection tit machinery and the sinking of a new shaft, ami this had been rubbed oil' within a few huti:lred pounds at the end of .lime, but, unfortunately, last unmth's crushing threw them back considerably, and the present debt of the company up to Saturday last was CS-1S 10s 7d, or today, about .d).jO. This will be reduced a little by the fact that the crushing ceases today, and some gold will be lodged. The report of the mine manager speaks very hopefully of the next level, as several winzes are in course of sinking, which shew tile lode not only to increase slightly iu si/.c, but also to become richer in (juality. After the iiMial reports and balance-sheet were read and adopted, the following gentlemen were elected directors for the ensuing year:—Messrs. James Maeky, Dennis Murphy, Charles Murphy, James A. Fryer, and Thomas (;. Keiinan. At the close of the meeting the newly-ekvtcd Hoard consulted together, and it was decided that the manager should at once commence to open out a new level, and waive tile further sinking of the shaft 10 feet as originally intended. In accordance ivitli these instructions, the manager commenced to open out this morning at a deptlrof (»(i below the present main level, which is tantamount to having a level that will command from 70 to 72 feet of backs, or about onu-third more of the lode than tile present main level commands. The distance from the shaft to drive to intersect the lode is about o'O feet, and at the very outside not more than three weeks should elapse before the output of quartz commences. All other works ceased this morning, in order that the new level should be pushed ahead (including stoppage of the battery), and this is to be regretted, as the stull , from the N.K. end shewed up much better at the mill the last few days, and during the night a little gold was met with in a vein in the centre of the reef, which at this end is fully 2 feet G inches wide. This >\E. end, and from whence the principal supply of quartz comes, has been very poor, a block GO feet in length not being worth crushing, and that in hard ground, but as the hard country is passing away it is thought that the section of lode from the face of the drive to the Queen of the Thames boundary, 136 feet further N.H., would perhaps make up for the poor section of lode recently traversed. However, this drive will be continued when the new level is well in hand. The incoming level will not be conlincd to the one lode, but by driving X. W. for about 70 feet another gold-bearing lode will be intersected, while to the S.E. the No. 1 lode of the South British will be got. Tlie sinking of the shaft 0(j feet for the new level, considering its dryness, lias been very expensive, costing not less than £400, owing to its extremely hard nature, and this item must be borne in mind in looking at the liabilities of the company. However, the new level gives every prospect of being a good one, and a few months work will set tilings sijuaro. Blilc.UT S.Mli.K.—The lodgment of gold last night from the Tararu battery was melted today at the l'.ank of New Zealand, with that from the other battery, and the total fortnight's yield of melted gold is 1301 ozs. 12 ilwt. I understand that this yield places the company in a good position; all the heavy liabilities that for some time back hung heavily over the shareholders arc now wiped off, and the company have a clean 3heet. The crushing of the stufl' this week is fully equal to any period of the last fortnight, but notwithstanding this the forthcoming yield will be much less than that just melted, consequent upon a material reduction in the crushing power, the 25 stampers at the Tararu battery having been knocked off, as the cost of the transit is too heavy. The present force; of stampers employed is 47, which may probably be increased by 15 more, as the Bird-in-Hand have yielded up this number at the Imperial Crown battery, and the Bright Smile have always had'a weakness for these 15 stampers. There is nothing to report from the mine except that the winze sinking upon No. 1 lode still continues to carry down a strong golil-bcaring lode, which is evident from the fact that I broke a stone therefrom this morning at the battery, and although only shewing on the outside a dab of gold, yet, when broken, there must have been Cozs. or 7ozs. of gold in it. The sinking of the engine-shaft is progressing more favourably than recently, the ground being better, so that, if it should continue, the required distance should be attained in about !ive weeks, as the present depth is within a trifle of 40 feet. City ok York.--Very good progress is being made with the sinking of this shaft, the manager informing me that it is 150 feet iu depth, and iu very fair sinking ground. The rate of progress is 10 feet per week, and in about 20 feet more the B. and XV. lode of the City of London ought to be passed through. It is intended to sink another 100 feet before opening out, but to be equal to the level from whence the City of London obtained

their reputed good crushing from the north and south lode requires the shaft to be sunk to a depth of 310 feet, which weuld require winding machinery to do any good. Vanguard.—The shaft is now down 124 feet, and tenders have been called for sinking it a further depth of 100 feet. The country through which the shaft is .going is excellent working ground, and quite dry. so that there will not bo a great deal of time lost before the company will be in a position to open out and drive at such a depth as will afford good backs on the No. 1 lode of the South British, which ought to be intersected within 100 feet south-east of the shaft.

Queen of the Thames.—Progress in the sinking of this company's shaft has been more rapid of late than for some time back, although the ground is tighter than one desires. The depth by the end of the week will be 210 feet, which concludes the present contract, but I understand that sinking will not cease, but on the contrary another 50 feet will be given out. A depth of "21(5 feet brings them equal to the Bird-in-Hand old level of 170 feet, and seeing that this latter company at their 220 feet level are not doing anything grand coming N.E., it is necessary that a much greater depth than 21G feet be gained, or even 2(>o feet, before opening out bo commenced. It is well to be pretty sure that when once opening out is undertaken, it should be at such a depth on the WaioKaraka as will command every probability of success.