THE GOLDFIELDS.

New Zealand Herald, Volume XXXVI, Issue 11060, 11 May 1899, Page 6

THE GOLDFIELDS.

AUCKLAND SHAREMARKET. j T'/e sharemarket was active yesterday, and the amount of business transacted was above the average. In investment shares National Banks were rather easier. Taupiri Coal Mines sold at 20s, and Devonport Steam Ferrys at 395. In mining lines May Queen Haurakis suffered another decline. In the morning sales -were effected at Os Sd, bat at the afternoon call only 8s 6d was realised. A considerable improvement was manifest in Mahara Royals, which sold at 2s 6d, with buyers offering 2s 3d for further transactions. Alphas were still in demend at late rates, sales being effected at 4s Bd. Buyers were quoting 14s 3d for Talismans, £6 for Waihis, and 42s 6d for Waitckauris, but sellers were not disposed for business at these rates. Mount I/yell Mining and Railway showed considerable improvement, sales being effected at £9 2s 6d, with buyers offering £9 for further business, aid sellers ({noting £9 ss. Four-in-Hands old at 3s 3d and 3s 4d, and Ghuienmiis at 3d. 3Jil, and 4d.

DRAINAGE OF THE THAMES DEEP LEVELS. THE THAMES HAURAKI CO.'S PROPOSALS. DISCUSSION AT THE THAMES DRAINAGE BOARD. At the monthly meeting of the Thames Drainage Board yesterday the question of the drainage of the Thames deep levels and the carrying on of pumping operations was brought forward by the Chairman (Mr. G. S. Kissling), who reported that the committee appointed to interview the Hon. A. J. Cadraan (Minister for Mines) on this important matter had been unable to see that gentleman, owing to his ill-health. The committoo had also written to Mr. C. A. Harris relative to the proposals contained in his letter of April 12, 011 behalf of the Thames Hauraki Company, offering to take over the Big Pump, but owing tc pressure of business Mr. Harris had not been able to give the matter his attention. The letter of April 12, which has already been published, was then read, also a letter from the Thames Hauraki Company, bearing the date of May 2. The latter communication proposed that the company should undertake the drainage of the whole field, and that the working ot the Big Pump should be placed in their hands for the remainder of tlie present year, the financial arrangement being based on a yearly payment of £4056 as shown in the Drainage Board balance-sheet for year 1898—less £200, allowed to the Board for travelling expenses of members, office and othei expenses, thus leaving the net sum received by the Thames Hauraki Company at the rate of £385£. psi annum. The <ompany further agreed to become responsible for any extra expenditure above the sum stated incurred in working the Big Pump and the pumping plant of the Thames Hauraki Company. The Chairman stated that the proposals submitted contained one or two statements not in accordance with the figures contained in last year's report, which showed the figures to be some hundreds of pounds below the amount mentioned by the Thames Hauraki Company, also mentioning that the net cost of pumping had beeii £3119. Shortly put, Mr. Harris' proposals meant an increased expenditure of some £700, and the question for tlio Board to consider was as to whether it was desirable that they should pay the £700 to have the same work dono that they were now carrying out at a lesser cost. He then quoted figures, comparing the March quartei of 1898, when tho Thames Hauraki pump had not commenced operations, vitli the March quarter of 1899, when that pump was working, and pointed out that it showed a savins of some £60.

Mr. H. A. Gordon contended that the statistics quoted were not a fair criterion, as the Thames Hauraki pump had not been working during the whole ot the March quarter of 1899, and stated that lie felt confident that this quarter would show a considerable decrease. There was no doubt but that the

Thames Hauraki Company was lifting water that would otherwise have to be lifted by the Big Pump, and he claimed that they were therefore entitled to be paid for -lio saving effected to the Thames Drainage Board. The Chairman said he had always admitted that principle, hut tile main question remained as to whether they were content to pay for a scheme which meant increased cost >0 the contributing companies foi the same work. Mr. Gordon reiterated the statement, that the Thames Hauraki Company was lifting the water, and would have to bp paid, after which ho moved, " That' the Thames Hauraki Company be paid by the Drainage Board the sum of £30 per month, in addition to having the company's contribution of £240 per annum remitted."

The Chairman asked where the money was to come from to enable the Board to enter into this guarantee, as the assessment for the year had already been made. He also objected to any fixed sum being paid until it was ascertained now much was really saved to the Board through the Thames Hauraki pumping, and pointed out that the '.ctual saving from month to month on '.lie us'.'al expenses was the best guide as to tire an nur.t of water lifted by the Thames Jla'iraki Company, which ivould otherwise la*e to be drained by the Big Pump. Mr. J. Park seconded Mr. Gordon's motion, and stated that the Thames liamaki

Company was undoubtedly lifting water which would otherwise have to be lif'icl by the Big Pump, and was certainly entitled to payment for the same.

Mr. C. 0. McMillan objected iwgly to any fixed sum being paid, although he fully affirmed the principle that »Le Ths>nes Hturaki Company was fully entitle;! v> c.-mic'cr-ation, as that company was ce-*ainlv lifting water that would otherwise have '0 be raised by the Big Pump. He did nit think it right that because one company wished to work to a lower level other (.ompam c that do not require to go to that depth should be placed in a position to pay extia osi of drainage.

Mr. H. ,T. Greenslade supported Mr. Gordon'" motion, at the same time stating it at he was not prepared to go to the lenilh of handing over the Big Pump at present. lie thought the Board should not look at 'lie matter from * narrow point of view, but should treat the question broadly, and consider what would prove beneficial to the Thames goldfiold as a whole. He also instanced the recent development work in the May Queen mine at a level below that formerly worked, which could not have been attained but for the Thames Hauraki pump, as a proof of the probable valuable results of deep-sinking at the Thames, and claimed that even as tho Victoria Company's shares rose in sympathy with the May Queen, further important developments would improve the prospect. l in the drainage area. Tilt. Chairman pointed out that it was impossible for the whole of the water lifted bv the Big Pump to be raised by the Thames Hauraki until something like £2000 had been spent to bring the water to the pump. Mr. McMillan said if that were done it would place matters on a different footing, but at present he must support the chairman against any fixed payment. Mr. S. S. Sorensen affirmed the principle that the Thames Hauraki Company was entitled to payment in proportion tc the savin? effected, and moved as an amendment. "That the Thames Hauraki Company be paid the amount of saving effected to the Thames Drainage Board, as calculated from quarter to quarter." Mr. C. O. McMillan seconded, and the amendment, on being put, was declared carried.

Mr. Oreenslade calling for a division, hands were shown. For the amendment, Messrs, McMillan. J. P. Clarke, the mover (Mr. Sorenseu), and the chairman; against, Messrs. Gordon, Park. McEnteer, and Greenslade. •The amendment was thus carried on the castin ™ vote 'be chairman. Tlie amendment then became the substantive motion, and Mr. Gordon moved an amendment reducing the amount to be paid to the Thames Hauraki Company to £20 ? nout ' 1 , Plus contributions. tills was also lost on the same voting. ri On the motion of Mr. Gordon, it was deo ded to work the Big Pump 16 hours (two shift,) per day instead of 24 hours per day, meoS IT I '' 8S - a " Pigment, and the meeting then terminated.

THAMES DRAINAGE BOARD. The monthly meeting oi the Thames Draintrn n a n'° a^ the Offico of toe secretary (Mr D. G. MacDonnell), Nov, Zealand Insurance Buildings, yesterday forenoon, Mr It. S. Kiss ing (chairman of directors) presiding There were also present: Messrs. a, b. Sorensen, H. A. Gordon, J. F. Clarke J. McEnteer, C. C. McMillan, J. H, Green' Blade, and James Park. Manager's Report: The manager reported that everything in connection with the pumps and machinery had been working smoothly during the past month. About the middle of the month one of the slide valves of the big engine got out of order, and on examination it was found that the valve and seating were very much worn, entailing the necessary repairs which had been carried out, thus placing the valve in working order. The working expenses for the month had been

£205, including £5 for the necessary repairs, and the coal consumption 174- tons, leaving a stock in hand on May 1 of 78 tons 13ewt. Statement of Accounts: The statement of receipts, payments, liabilities, and assets from April 1 to May 1 was shown to be: Receipts £518 13s 3d and payments £316 Is Sd, leaving a balance of £212 lis 6d, while the assets (£424 19s 7d) showed a credit balance of £325 13s lid over liabilities. Rebate: It was decided to allow arebato at the rate of 12J> per cent, to contributing companies. Coal: The question of the supply of coal was discussed, and it was decided to use the Hikurangi coal during the incoming month. WAIOTAHI G.M. CO. A dividend of Is per share in the Waiotahi Gold Mining Company will be payable on and afte. Monday next. The register of the company will be closed from to-morrow until Monday. GOLD PURCHASES. [BY TELEGRAPH.OWN CORRESI-OXDEXT.] Thames, Wednesday. During the month of April the local banks purchased gold as follows, which was won from the undermentioned districts: — Bank of New Zealand: Thames County, 9550z 15dwt; Coroinandel County, 40os sdwt: Thames borough, 4690z 7dwt— total, 14290z 7 r lwt, Bank of New South 'Wales: Thames County, 2560z Bdwt: Coromandel County, 121oz 6dwt —total, 3770z 14dwt 12gr. THAMES SHAREMARKET. [BY TELEGRAPH.OWN CORRESPONDENT.] Thames, Wednesday, Broken Hill, sellers 2d; City of Auckland, sellers 3d; Kuranui Caledonian, sellers Is 4d; Kuranui, sellers 3d; Maliara Royal, sales 2s 3d, sellers 2s 6(1: May Queen Hauraki, sales 8s 6d, sellers 8s 9d; New Alburnia, sellers Is: New Whau, sellers 2d; Tararu Creek, sellers Is 4d; Victoria, sellers lid; Imperial, sellers 4 id.