THE LAMONTE SMELTING COMPANY.

New Zealand Herald, Volume XXII, Issue 7402, 10 August 1885, Page 5

THE LAMONTE SMELTING COMPANY.

We learn that at a meeting of the directors of the Smelting Company, held on Saturday, it was decided to appoint a competent assayer to make tests and examinations of the ore and tailings likely to be treated by the company at the Thames. Mr. Johnstone, of the Ouehuuua Ironworks, an analytical chemist of considerable experience, was appointed to the position. Mr. Lane, who was sent over from Australia by Mr. LaMonte, to superintend the erection of the furnace at the Thames, as well as the one at Karangahake, had a long conference with the directors, and upon his advice certain matters of detail were arranged to facilitate the starting of the furnace about tho first week in October, by which time Mr. Lane expects to have everything ready. The furnace is then to be run for two months by Mr. LaMonte, and it is estimated that it will easily put through 120 tons of ore per week, upon a consumption of about 15 ton 3of coke. After the two mouths' run, if the furnace is found to fulfil all the guarantees given, Mr. LaMonte Is to be paid for it and his patent rights by the company. We regret, however, to see at this preliminary stage a considerable amount of injurious and foolish speculation in new companies and ventures. Many of them are the veriest " wild cat " arrangements, and got up by promoter! who come to Auck..iid with specimens to trade away a few "original shares" in the newest and best things out. At the present time there is nothing whatever to justify a " boom " in mining, and prudent men will wait to see the results of the experiments with the LaMonte process before rushing into all kinds of new and risky ventures. We have every hope that the furnaces will be made to pay, and will increase the gold yield of the district, but that they will make rapid fortunes for anyone is extremely improbable. Mr. LaMonte himself uttered a word of caution to speculators when he was negotiating for the tale of his patent rights, by reminding them that his furnaces cannot extract gold or silver from barren stone.