THAMES MINING.

New Zealand Herald, Volume XLIII, Issue 13354, 7 December 1906, Page 6

THAMES MINING.

MR. McGOWAN'S STRICTURES. FURTHER STATEMENT BY. MR. BUTTLE. ■■-• A fi'ktukr explanation was made by Mr. G. A. Buttle, chairman ,of the Auckland Stock Exchange, to a Herald reporter yesterday afternoon, in reply to the strictures cast on the working of the Thames mines by the Hon. J. McGowan. Mr. Buttle said: "Mr. McGowan refers to some members of the Auckland Stock Exchange having become rich, not by investing in mines nor by the use of their own money. That this is so is very problematical, but, supposing it to be correct, the business of sharebroking is a very honourable and necessary' one, especially in centres near goldtields. otherwise there would be no goldfields. I might easily retort upon Mr. McGowan that many gentlemen have become rich through being Ministers of the Crown.

"The Minister's- reference to my remarks regarding the Waiotahi mine is particularly unhappy. The capital of the company has not been increased in any way ; that this shares have been multiplied is quite true. but this was done at the request of the shareholders, and with a view- to making it possible for people with limited means to participate in the good things which were coming from this property. The discovery of the present rich deposit of gold in the mine was really owing to the fact that the directors had ill times past laid up some of the profits obtained as a reserve fund, and they actually entrenched on this reserve to a considerable, extent in prosecuting 'dead' work, which led them to the rich deposit now being worked. So disheartened had the directors become prior to this discovery that the selling of the property was * actually contemplated. Owimr'to the foresight of the original directors ill setting aside the. reserve fund mentioned they were enabled to tide over the period of depression then experienced. That in the. very early days of the Thames goldfields, when rich' gold was being obtained almost all over tile" limited area now known as the Lower Thames, provision was not made for future operations from ; the profits then being won is to be regretted; but to say because this was nob done the mines during the last 10 years have been worked for the market is certainly not correct.,

" His reference to the inquiry held concerning the Monowai ' bogus' message by the committee of the Exchange is equally unhappy. This had nothing to do whatever with the working of the mine, but the evidence pointed to the fact- that certain unscrupulous speculators had made use of the telephone, and misled the press. "I can only reiterate that the fault that the deep levels of the Thames mines have not yet been exploited can be Jaid at the door of the Government, who have neglected to realise the importance of deep-level mining, as much as to the shortcomings ofthe Thames mining companies.''