THE GOLDFIELDS.

New Zealand Herald, Volume XXXI, Issue 9696, 17 December 1894, Page 6

THE GOLDFIELDS.

[BY TELEGRAPH.—OWN CORRESPONDENT.] Tuames, Saturday. Sharemarkkt. — The following are this evening's quotations Hazelbank, sellers lid, buyers 9d ; May Queen, sellers 4s; Moanataiari, sellers 3s 6d, buyers 3s; Alburnia, sellers 2*; Orlando, sellers 4d; Victoria, buyers 3d ; Bonanza, sales, lOd. Hazelbank. — Crushing will bo commenced for this company on Monday. The prospects in the mine are without change. Norfolk.—The extension of the eastern drive upon the Californian reef at the Missouri level is still being proceeded with, but latterly the country has been much firmer. Another 100 foet of driving will bring the face up underneath where remunerative ore was obtained in the upper level. May Queen. —Since resuming the extension of the main crosscut at No. '5 level towards the Queen of May shaft on Tuesday afternoon last, a distance of 22 feet has been driven. The country in the face was to-day a little lighter, but still remains a good class of sandstone. Operations upon Clarken's leader in tho Saxon section this week have resulted in gold having been seen more freely in the quartz broken, and a little picked stone has been secured. Crushing is to be commenced next week.

REEFTON RETURNS. [BY TELEGRAPH.—PRESS ASSOCIATION.] Greymouth, Saturday. The Reefton gold returns for the week are:—Alpine, 3470zs amalgam from 250 tons ; Big River, 3500zs amalgam from 150 tons ; Progress, 2270z amalgam from 185 tons; Russell, 1 fJ3oz amalgam from 65 tons: Cumberland, 183oz amalgam from 118 tons (clean up); Hercules, 620z amalgam from 37 tons ; Cocksparrorv Dredge, 350z amalgam from 108 tons.

DEEP SINKING IN QUEENSLAND. The conditions upon which Government assistance is to be given to deep sinking operations in Queensland (says the Australasian Mining Standard) have been published by the Mines Department in that colony, and are of interest, as indicating clearly the scope of the work which is regarded as deserving of special encouragement from the State. It is announced that the proposed assistance is granted with the special intention o£ f proving auriferous and other lodes in deep ground on some of those goldfields and mineral districts that have

made but little or no progress of late, owing to the inability of unaided private efforts to cope with the magnitude of the undertaking, and also eventually to open up lucrative employment to an increased number of miners. The Government assistance will in no case exceed £i for £1, and applicants for assistance are required to give full partilars as to locality, existing workings, and the grounds upon which they base their belief that deeper sinking will disclose conditions that are likely to advance the prospects of their particular goldfield. The applicants whose applications may have been approved of by the Minister will be required to enter into an agreement with the Minister, acting on behalf of the Government, to comply wfth all imposed conditions, namely : 1. That if the ground where ) the deep sinking is proposed is not already held as a gold mining lease, the applicants I shall at once take the necessary steps to obtain a lease of the ground. 2. That the Government in nowise shall be taken in the light of a co partner, and that any claims that may arise from negligence or otherwise, shall be against the owners of the lease only. 3. That the sinking shall in all cases, where possible, be done by contract, and the tenders for such sinking shall be submitted to the local warden, who will report on them to the Minister, who will approve of the acceptance of such as he may see fit. 4. That monthly pay-sheets of expenditure be furnished to the warden, who will submit them with any remarks he may think called for on them to the Department of Mines, when payment of the Government moiety will be made without any delay, if found correct. 5. That the applicants for assistance undertake to repay to the Government the amount of assistance loaned to them as soon as the mine is worked at a profit— that is to say, that half the profits obtained shall be paid to the Minister for Mines until the debt incurred shall be extinguished. 6. That no transfers in the lease shall be allowed unless the transferee agrees to the conditions under weich the transferor is bound under his agreement. 7. That in case the whole of the holders of the lease shall abandon their interest therein, it is agreed that the Minister shall have power to deal with the lease as he may pee fit. 8. That in cases where the applicants undertake to find two or three pounds for every pound of subsidy the Minister may vary or relax any of the above conditions as may seem fit to hint, to meet particular exigencies of the case.

MOUNT LYELL. If Mount Lyell does not rank in histoiy among the biesjesfc things Australia hai produced, it will belie its infancy with a vengeance. So far its short story reads like a romance. The results (as one speaktr at last week's Melbourne meeting put it) are "almost too good to be true." But, happily, there is no room for doubt about it. In hard cash there can be no delusion ;a credit balanceof £63,000oddisa vivid reality, especially in these times. And the company have all this besides (adds Mr. Keily) £20,000 worth of ore in sight. They possess also yeins of quartz running out 20ozs of gold to the ton. Yet the company has borne the heavy outlay of several preliminary surveys for its railway in addition to other progressive works. Its enviable position proves not only rich possessions but brainy management. Its first shipment was as late as May, 1893. Since that time it has won 804.8970zs silver and 15S tons of copper from 749 tons ; an average of 10740zs silver and 2109 per cent, of copper. JSo wonder the shareholders looked happy, and that harmony ruled the gathering ; for, besides, the chairman met inquirers with ready courtesy and and frank explanations. Both Mr. Kelly and .Mr. Knox have done well for their co- partners in laying down solid foundations for this great mining enterprise. A big mine is no toy for small intellects; and Australia as well as the shareholders must be complimented that Alounb Lyell has fallen into capable hands, and that it will remain there.—[Australasian Mining Standard, December B.]