THE GOLDFIELDS.

New Zealand Herald, Volume XI, Issue 3995, 1 September 1874, Page 3

THE GOLDFIELDS.

[FROM OUR OWN CORRESPONDENT. 1

Thames, Monday. Bright Smile. —Within the last few days rumours have been current that the recent stoppage of one half of the stampers employed by the company was due to the fact that the company were about to erect a large crushing plant of their own, and, in a measure, this is correct, and the following may be looked upon as the true version of the matter, or, in Parliamentary language, "official," with the conscnt of the parties interested. It has been a matter of deep concern with the directors to reduce the outside expenditure, and, to do this, would necessitate the erection of a large battery, but in the position of the company's affairs for months back, to further increase the liabilities, before the shareholders received something from the mine, would be out of the question, therefore, the present is regarded as an opportune time to cv rry out the idea that formed itself in the minds or the directors. It is intended by Messrs. Kennan, Whitford, and Sully to construet a 40-stamper battery with sufficient motive power to run SO stampers if required, and with this in view negotiations have been entered into by these gentlemen for a sum of money to enable them to construct it, the proposers accepting the responsibility, and the company will form a Reserve fund until it swells to the money laid out in the direction of the battery, whyn it will be turned over to the company for this reserve fund. By this means the shareholders will receive the dividends which i's is shortly proposed to be paid monthly. The cost of outside crushing to the company during the past twelve months was £SSOO, and carting £2S00; total, £11,000 ; and when it is considered that the working expenses of 40 stampers for the same period does notexceed £5200, or £100 perweek, it shews a clear prefit to the company of £6400, —considerably more than 20s per share dividend, if the company possessed a battery of this weight. The position of the battery is a very good one, not more than 300 feet from the mine, the freehol'' of which has been purchased from Mr. Jl. Graham. C ommunication between the t/iaft and the nv.U will be had by means of high trestlework, upon which will be laid a self-acting tramway, which an extra man on the brace of the shaft can easily work , ihuH at one stroke they will effect they saving of the large item of £2SOO for cartage, exclusive of the profit that the battery proprietors make. The supply of water has been seen to, and no difficulty will be experienced on this head, as they are in possession of the right of the creek water, while the immense body from the mine will also be utilised. The step which these gentlemen have taken, I feel convinced, is a right one, for it is plainly to be seen that immense profits have been thrown away upon the transit of quartz; and furthermore, there are thousands upon thousands of tons of stuff in the mine—the big slide for instance—that will yield 6 to 7 dwts. per ton, which will pay handsomely if sent direct into the mill, but is worthless wheu treated under existing circumstances.

Nonpareil and Italian.—The recent turn of events in the Italian Company's mine appears to have caught the eye of the directors of the Nonpareil Company, and it is now rumoured that negotiations are on foot between the two companies for an amalgamation. This much 1 know, that the Nonpareil directors have seriously taken the matter into consideration, and have through their manager requested the Italian Company directors to do the same, which they have promised. The unwrought portion of the Nonpareil ground lies, between the boundary and the "slide," and in order to work out this ground it will be necessary to repair the dilapidated shaft of the cempany, and then the position is not central, whereas the Italian Company's sliaio is a good one, and situated closc on the boundary, and well adapted for working the two mines. To remove the machinery from the Nonpareil shaft would be no serious cost, and I would strongly recommend the scheme to the attention of the shareholders of each company.

Ckown Prince.—The crushing for this company made a most perceptible improvement last week, and the total take of amalgam is very much larger than the week previous. The average take of amalgam the first week ranged from 25 to 30 ounces per day; but last week it was much higher, several days it being very good : for instance, Saturday was exceptionally good, 80 ounces being taken; and as the stuff is patchy, good days like this may be occasionally, expected. The manager reports that No. 1 reef, which has been followed to within 100 feet of the Exchange Company, shews very good gold, and still maintains both its quality and size.