THAMES MINES IN THE AUSTRALIAN MARKET.

New Zealand Herald, Volume XXV, Issue 9023, 9 April 1888, Page 5

THAMES MINES IN THE AUSTRALIAN MARKET.

The " surplus ground," now the Marototo Company South (Limited), was a portion of the property, namely 45 acres, pegged out by Mcßrinn, the prospector. The Warden, however, would not grant him more than 30 acres, consequently the surplus ground reverted to the late proprietors, from whom it was subsequently purchased by the Sydney syndicate, represented by Mr. H. S. Meyers, and to show the high estimation in which this property was held by the public of New South Wales a proposal was made to the syndicate to float it into a company with a capital of £45,000, and this was accomplished within a few hours without expense or advertisement, the property being considered as good as the original company's. This belief in the excellence of the ground was founded on the careful examination of the strike of the reef made by Mr. Seaver. The board of directors of the Marototo Company South will be the same as those of the Marototo Company, the chairman being Mr. William Macmillan, M.L.A. It is anticipated that great advantage will accrue, and that unnecessary expense will be saved to both companies by the amalgamation of these offices.

The syndicate have made it a stipulation that £15,000 shall be the working capital of the Marototo Company, and that at least the sum of £10,000 will be devoted to work the surplus ground. It is not, however, anticipated that anything like these amounts will be required. The directors believe that after a reasonable time the mine will be self-supporting. Shareholders as a rule in the Australian colonies are not so eager after dividends, although glad to receive them when available, as they are to see their properties developed in a thorough systematic manner. And this will at once be done with the ground recently purchased. Mr. Meyers during his recent short trip to Sydney has disposed of several otherproperties in the Marototo district. He is now in Auckland to see the purchases carried through, which moans the distributing of between £15,000 and £20,000, in addition to the large amount which it will take to open up the ground. Mr. Jonathan Seaver, M.L.A., has reported favourably upon the whole of the properties purchased by Mr. Meyers' syndicate, whilst several others have been rejected, consequent upon the unfavourable report of Mr. Seaver. The syndicate will not accept any mining ventures which do not stand an jandoubted test.