THE GOLDFIELDS.

New Zealand Herald, Volume XXV, Issue 9078, 12 June 1888, Page 6

THE GOLDFIELDS.

[by telegraph, own correspondent Thames, Monday. Trenton. tenders: received to-day for sinking the company's shaft a further depth of 100 feet, ranging from £2 17s lid per foot to £3 13s.

MINE MANAGERS' REPORTS.

Trenton". —Six men were employed on Monday last to get the water out and clean up the bottom of the shaft, and on Tuesday they commenced sinking. The country is very hard, and they have only sunk four feet six inches in four days, but I think it will soon change, as a piece of quartz came up with the mullock to-day. Also, that tenders have been called for sinking the shaft, to be in by Monday, and that they will be forwarded to Auckland. The engine is still working satisfactorily. 1 New Fearnought. — The crosscut continues to be extended through a good class of ?ountry. During the week a promisinglooking stringer, 2 inches in width, was met with in driving, carrying good mineral, the quartz being kindly looking for gold. The crosscut has been extended 7 feet for the week, making the total distance driven 15 feet. The winze on branch or hangingwall stringer is going through an excellent channel of country. The stringer is 1& inch in thickness, carrying nice looking mineral, and shows gold when breaking down. The winze is down a depth of 6 feet. Saxon. reef in eighth stope, hillward of rise, No. 4 level, from which the 251b of picked stone, wired to-day, was obtained, is 18 inches thick, and carries excellent mineral. The leader noted in my letter of the 7th instant is still 6 inches thick, and jhows colours of gold. There is nothing else »f importance to report. The contractors have started to drive. Amalgam to date, 7900z lOdwt. - Colonist.—The manager telegraphed yesterday " Have cut reef in low drive, dabs of gold showing. This drive gives 80 feet backs on run of gold.

GOVERNMENT SMELTING WORKS IN NEW SOUTH WALES. The New South Wales Minister for Mines stated in the Assembly that he had submitted a minute to the Cabinet and obtained the Government approval of the establishment of Government smelting and assay works. He had also communicated with the Agent-General on the subject, and was going to advertise in these colonies, America, and England for a manjcompetent to take charge of the works.. He would select the best roan available for the position. He was likewise in commnuication with the Works Department with the view of obtaining a suitable site for the works, and would do his utmost to bring this much-needed institution into existence as soon as possible, as he was fully satisfied that its operations would produce a very beneficial effect on our mining industry.

THE FALL IN SILVER STOCK. The Sydney Daily Telegraph of June 2 gays—"lt is no news to say that during the month of May, which has just closed, the decline in silver shares has been very great. Ifc will, however, be interesting to note its exact extent as regards the stocks which have engrossed most attention. It may be premised that in the middle of the month the fall was arrested to a considerable extent, but the rallying forces were broken down by the constant pressure to realise, and the market generally closes weaker than at eny time during the month. As compared , with the first Friday in May Proprietary show a decline of £23 per 16,000 th share, British of 34s per 240,000 th, South of £4 per 100,000 th, Block 14 of £3 5s per 100,000bh, Junction of 36s , per 100,000 th, Cordillera of 54s per 100,000 th. These are the biggest figures, and if capitalised these alone show a shrinkage of £2,031,000 in capital value for the month. Of course if the figures are gauged against the highest which have been obtained, the results are very much more sensational. Proprietary have touched £412 ; British, £8 13s ; South £22; Block 14, £16; Junctions £9 ; and Central, £14. _ The difference between the values at which they were assessed . then and the values placed upon them now, amounts to over seven millions, and this notwithstanding the fact that most of them look much more promising now than they did then." • -