AND DID YOU BELIEVE IT?

New Zealand Times, Volume LIV, Issue 9823, 2 February 1893, Page 3

AND DID YOU BELIEVE IT?

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5 THE EI>ITOK OF THE KEW ZtA'.AKD TIiIEJ, TO FOUND A GREAT N ASTON !

Sir, —Having resigned my position as a director of the Parapara Hydraulic Sluicing and Mining Company, I now dcsiro to give to these cf jour renders who may take ou intereat io the matter an account of my stewardship. I wish to do so calmly and dispassionately. The company’* property consists of 3tiG acres, which were held by Messrs Travers, Adams and Giimonr, to which have been added the Glengylo &nd Appoa Gully, purchased at considerable cost by the contributing shareholders. The 366 acres —the original property—consist of 150 acres lease of Native land for £lO per annum, which the Meiers Washburn© tested, then banded over to Mr Adams ; 100 acres of special lease, granted for 21 years under the gold Helds regulations, which also had been tried by miners and abandoned ; 115 acres of free* hold, the property of Mr Travers, from portions of which gold had beou obtained, the flat, supposed to be richest portico, simply untried, The Glecgyle and Appoa Gully, purchased as aforeiaid by the contributing shareholders, were thrown in with the other property, tho 366 acres at the Parapara, on the distinct assurance given that such 366 acres contained gold wash, and continuous to the extent of very mauy millions of lodes as would require all the water tho company could secure to wa'h It, and give lull and most profitable employment for very many years. The terms of the con tract between the contributing shareholders and Messrs Travers, Gilcoour and Adams arc that the latter shall receive one-third of all the nett prooeeds until the capital expended by the contributing shareholders shall have been repaid ; after that they receive a fall half. 1 need only refer the reader to Mi Danielle’ report below for an estimate of the advantageous nature of these terms to tho contributing shareholders. Before the present company was formed a pros* pectus and two leports were prepared and distributed, setting forth that enormous quantities of gold were lying buried in these S6G acres. One report by Dr Hector, the gentleman at the head of the Geological Department of the Government, carrying with it the impressiveness of authority. To enable these gentlemen to prepare their reports and tho prospectus, only very small portions of the pr&oions spoil were disturbed, but scientists and specialists have eyes (bat see where the , eye of any ordinary man may nob penetrate.. Besides, they all bad the advantage of the j I companionship and assistance of Mr Adams, of whom Dr Hector tells u?, 'ln this I special examination 1 was accompanied by Mr Adams, who had been engaged in praolii cal mining in this district for nearly 20 years, and who gave me suggestive information about many workings that are now abandoned.’ That Mr Adams’ information was * suggestive ' there can now b ■ no quos* tioo. Kven Messrs Barton and Rutherford, two gentlemen of moro than ordinary ligenoo, who went down specially to inspect aod report, were utterly impressed and im* pelled to report j 1 We visited the Pararara. Dr Hector bus so fully reported the quantity of the material to ho washed and the value of the same that we do not deem It necessary to ezdarge.’ 1 need cot again outer into detail, .sufficient here eo far to repeat that the above reports and the prosp ofcus all set forth that th-re wero many, many millions of tons of * spoil 1 at tho Parapara capable when washed of producing from 1-5,000,000 to £26,000,000. Belying upon these report?, especially oa Dr Hector’s report, and tho assurances of Mr G, Beotham and others who bad themselves visited the field, a company was formed to bring the water on to the field and wash there millions, so reported and * assured.’ All was going on smoothly liko the lovea of youth till the interfering old pa steps in and has hia say. Directors were appointed, levels takoa, a manager and a specialist engaged. When lo! a certain ‘T. C.’ went over to the Parapara. Thomases are noted, their turn of mind historical, almost proverbial. 1 went over in company of Mr Prouse, the specialist,and the engineer. Mr Prouse was content to inspect the whole of the property, 306 acres, daring part of one whole day, accompanied by the engineer. 1 asked Mr Prouse if be was going to remain a week longer and further inspect. ‘lf there is anything for me to do, Mr Williams, you have engaged me and will pay me for coming here, and I will show you how to save your money.’ The engineer with a whisper of a sarcastic grin 'you want someone to stay aod help you to Jeremiah the Parapara. 1 They left me eminectly satisfied and pleased with themselves and the Parapara, and reported. The directors were of opinion that they and the contributing shareholders were to be congratulated for having secured the services of so able a specialist with bo able an en giueer. The first miner and specialist of the district whose report I was fortunate to obtain, was a Mr Jinks, generally known

as * Old Jinks/ He bad been working the Glengyle property. Qe told mo all about Glengyle and Appos golly, all be knew. I then asked him if be knew the Farapara, and what he thought o! It. * Wouldn't give £5 for the whole lot.’ For this report it is my intention when in power to appoint * Old Jink*' Right Reverend Bishop Jinks, Bishop of the Parap-ra, with all its elide leads and bye-washes from the elide. ‘And a good judge, too I* Never having been on a goldthld in my life before it was difficult for me to persuade myself that I was at liberty to form an opinion totally opposed to the published and otherwise opinions of all the wise and learned who had preceded me; ‘suppose,’ like Topsy, It * growed/ It * growed 1 and it ‘growed’ till I Insisted that the hills and flat must be prospected by having shafts auuk Into them. 1 wanted to have a look at the Insides of these hills and flats * ail wash.* ‘Oh, yes, quite sure.* ‘All wash.’ Poor Mr Adams, Mr Travers*partner, his ‘back was up* iu an eminent degree. Mr Travers’ ‘ back * became also 1 up.* He resigned, re* minting me of what Mr Travers and I were instructed in our youth at somebody’s ‘feet’ re ‘they hate the light.’ Your readers must know that ‘proved spoil’ is very sensitive to light, having been buried so long can only as a rule tolerate the eye of the scientist and specialist, from any ordlnary eye It is apt to 1 mizzle.’ This I found out when tco late, but then 1 am only a ‘ sheep farmer.’ (To show your readers how the auriferoslty of spoil is apt to mizzle at sight of a sheep-farmer, especially if he wears a ‘belltopper,’ 1 may tell them that while the shaft-sinking was going on at the Farapara, 1 went on a prospecting tour to Golden Gully and Lightband’s, where £ was assured there were £30,000,000 to be obtained by bringing the waters of the Slaty ; River to bear upon them. When there, I d’soovered that two companies had, many years before my appearance on the held, brought water from the Farapara at great boat; but that they had, after doing a little sluicing, ‘sold the water to Johnson’s United/ U quartz-crushing company close by. ‘From Information reo ived,’ I found myself abandoned to the conclusion that when they ‘sold the water to Johnson’s United* they must have sold the £SO/00,000 at the same time, with all the brilliancy oftbe auriferoiity of the ‘spoil’ of Golden Gully ’ rendering it almost invisible to the eye of the * sheepfarmer/ 1 am afraid my informant’s name must be 4 Thomas/ I did not ask him, he might have objected.) I after this returned to the Farapara. I was getting quite attached to the Farapara and ‘Old Jinks’ by 4 this time. (My greatest comfort was the great kindness shown to me during this troublous period by a Mr Squires and his family, none could have been kinder ; the Messrs Washburno also were ever ready to oblige and assist.) After considerable prospecting bad been done, with very discouraging results, we sank a shaft, which, just before it broke down, gave results calculated to give encouragement. Not having tbe neceraory appliances with which to contend with tbe water, the chairman and I returned to WoK liugton. I gave as my report that my only hope was that we might find something especially good in tbe flat, only a hope. Tbe chairman expressed views entirety different to mine. Tbe coarse pursued by the chairman (Mr G. Beetbam) has been to me, since we decided to prospect the property, exceedingly irritating. But lately he told me, 4 1 have no doubt of the excellence of the claim, arid never had/ And this after I had published my report In tbe paper. I have no hesitation In here declaring that Mr G. Beetbam should have retired from his position as chairman during tbe time the prospecting was being proceeded with. As promoter of the company, he waa on bis trial the same as several others, that is his statements respecting tbe property were on trial. He should have taken a back seat with Danielle, Hector, Adams and others. When at the Farapara, Mr Beefcham was looking somewhat worn on one occasion. I told him 1 not to worry himself, jasfc admit be bad bean mistaken, and stand on cne side; to hand Travers and Co. over to mo, that I would warm their jackets for them/ Mr B*etbsm should have takau my advice. He baa chosen to pursna a different course. He mask now prepare to get his ova jacket warmed as well as the others. Failing to get a bearing 1 published my report in the Time* of 17fcu * ovember la* 4 ;, adminiiteriog to all and sundry, the reports and the prospectus that had been distributed, also to all the statements theretofore made, re the Farapara, an odonr of the proverbial ‘cooked hat.’ 1 was told, the chairman among tbe tellers, that Travers would ‘ cooked hat’ mo. I told them to toll Travers to ‘hurry up with his writ/ that if I could be punished for what 1 had done, Continued on 4th

(Contained from Srdparje.) thon, the world ought to bo dynamited »nrt reoonalruoted. I may tell ypur reader, that a 'w:U' in ono rospent resembles a pr.oapaotoa, a report, nr a promo, xer’a statements, i< ycu hydraulic aluioe thorn you cannot get any JJJ of them. If nearly tiro whole of the gold Is contained in the aforesaid, leaving very little in the land, leave the land alune to thoae who hove been so persistently libelling it. -Since I published my report more prospecting has been continued on the Hot at a very great coat to the contributing shareholders, showing » possible *.12,00(1, and this at great depth whore we had been told—told on authority, smd to bo reliable, we might expect to find £BOO,OOO. It was then determined to call a general meeting of shareholders. The directors were at a loss to decide what to any to the meeting! bo X waa told by ouo of thslr number. I ad. vised the/ should do nothing farther than toll the shareholders that the pro* ■pectin# already done pointed to the necessity for further prospecting. How far my advice influence! them I can not /ray. bat they did exactly what I had advised should bo don#», with the proposal added though not embodied in the resolution ; and which proposal it was that irritated mo at the msotmg, viz , that an idiotic tunnel should be driven in a big niU at the cost of £SOO, and tb*t some £ISOO should ho spent iu bringing a smaller supply of water to GUmmutohio and testing it. Somo of those present may have thought I was opposing the ro*o!a'ioo to prospect further. Not so (I will allude to ibis proposed liberal expenditure of £2OOO of the contributing shareholders’ money again lower down.) I ventured at the meeting to in a measure plead the cause of the unfortunate contributing shareholders how that there appeared to me to be one law for owners of gold-bearing property, scientists! specialists and promoters, quite another for shareholders ; that whereas the former could without moving probably more than some square yard of the soils of the whole property, wore enabled to report the presence of millions, the unfortunate contributing shareholders must, after expending large sums of money, still go on expending further large sums. I pointed to the probable £I2,COJ, where Mr Travers himself had as good as told me there were £S(jO,000. This Mr Travers denied, I then repeated to the meeting what Mr Travprs had himself said to me: ‘ That was all v«ry well when we were ignorant of the property ; now wo have Dr Hector’s report and know the value of the property there must must bo a different arrangement/ Mr Travers was silent. Silence is golden. (I may here repeat 1 rather like Mr Travers, we have had many a laugh together. Wo may yet have our over the Parapara, Let those laugh who win ) Mr H. D. Bell, who waa present, here turned to me with just a whisper of a jeer, * And did y. u believe it?’ Mr Hollis a man with a great presence, a terrible barrister, a most aweInspiring solicitor ; he is Mayor of Wellington I I ventured, 4 1— I di—dl—did ba—lie—s or something—l forget. Your readers may understand, what waa I in such a presence. A man supplies to tho said •Mayor a ton of coal, gets his money from said Mayor. Said Mayor afterwards prospects and finds only half a too, * But did you believe it?’ A well known settler sells to the Gear Co. 100 tab bullocks, weighing enormuns ; money advanced ; result stores I 4 And did you believe it ?’ Our good Mayor must have been joking. Surely he did not intend me to accept this as a fall grown specimen of the business morality of Mr Morality Mayor. Perhaps he will kindly explain. (I might hero be parmitted to just whisper that Mr Bell himitlf said to mo on one occasion before I went to Parapnra in oar inneoent 4 believing ’ days, * Tho difficulty I can see is what on earth are you going to do with all tho tailings,’ showing that Mr Bell himself then ‘ believed * there would ba a vast of washing with a vast of tailings, if not a vast of gold. I would much like to tee Mr Bell at the nozzle. I would get 4 Old Jinks’ to toko a photo.) Towards tho close of tho meeting a Mr Duncan put In an appearance. Ho asked a few questions of those near him, then prnpo.ed in a loud voice that the directors should expand £3OOO in prospecting. This to myailf, who understand tho whole matter and am moat decidedly of opinion that only some two or throe hundred pounds (I would myself do with even Ut» ) more need bo expended la completing a moat sufficient test of the property, was astounding. X collapsed utterly, Mr Duncan is Mr Joun Duncan, his full name. ■When he proposed so liberal ao expenditure bo knew as muoh about the Parapara as the Parapara about Mr John Duqoad. Mr John Duncan is also a man of an exceeding presence, a most dignified tramp and tread. Lo I and behold ye. *Mr John Dunom demmo !* Mr John Duncan is not famed precisely as one sul profesis. Ho la a small shareholder. Hh thus liberal voting away of other people’s money, several absent from Wellirgton, was, under the circumstances, admirable, grand 1 I cease now to wonder how it is that so many mining companies, with their shareholders, have in tho past been brought to so muoh grief, Adams does the sampling part, Travers does tho prospectus part, Hector dues tho reporting pare, Danielle does the gassing part, Beetham does the promoting part, Beetham does the chairman His Worship does the believing part, Duncan does the voting part—Pop goes the weasel 1 The meeting became impatient, and voted the mrmey, £2OOO, and closed. Just so I I may further say that allusion was made at (he meeting to the fear of a lawsuit. What evil have tho contributing shareholders done T What have they to fear ? They, poor creatures, must cow expend thousands more in addition to the large sums already expended. " - Just ao I Something about this I cannot understand. Let mo see. Sink a tunnel Into a big fail] in search of the slide. How c?uld they toll ui there were millions in the slide If they did not know where is was. And who suggests this? Hector and G. Beetham. Had enough of and suffered enough already through following their opinions. Plenty of big hills round Wei. lioglon, if the directors want to amuse themselves driving tunnels. Then why not spend their own or Mr John Danoan’s money. Then £ISOO to bring water to and test Glen Mutohin. Any experienced miner, say 4 old Jinks, 1 could get them a sufficient te*t for, say, £2OO, or less. DanielJs, Hector, Beetham only spent a few shillings and oould report the of from £1,600,000 to £10,000,000 in tho slide, Homethiog here past rny compreheo sion. Let mo see. Tested the flat, vly belltopper must have frightened tho gold awiy. Next thing of course they should finish with the hills. Were told they were all wash, millions of tons, gold enormous. Had a lot of shafts sunk in (he hills. Belltopper again. Gold skoedadled. Never saw a belltopper on the Parapara before. Let mo see. Are these wiseacres of directors afraid to test these hills? Have they been told the great prospecting ( ginerar has pronounced them to be all rubbish, not worth taking water to? and so have retired upon Glen Mutohin. Some thing in that. But then If these hills are rubbish, the property will have to be abandoned. Then what is the use of testing Glen Mutohkin ? Something here 1 cannot under, stand. Aro tbe-o directors sympathetic with Hootor, Travers and Beetham ; don't want them to get their jackets warmed ? Is there any sentiment pervading and influencing the direotoral mind? No that cahoot bo, directors are trustees, their duties sacred. What can (t bo ? If they spend this £2OOO, there will not be sufficient left to take tho water to those blessed hills; so that, in any case, they will have to be abandoned. Kh ? Surjly no ! They can never moan to test Glen Mutchio, than mix It up with Olengylo and Appos Gully and compel my children end other contributing shareholders to either abandon their expenditure on Glen Mutohin at a groat sacrifice or to work Glengyle and Appos Gully, purchased with their own money, and if it pays, to pay a royalty of 10s in the pound to Travers, Adams and Uilmour out of the proceeds ? This would ba monstrous simply. Rewarding men who had been persistently libelling their blessed Paraparaafctbo cost of those wbobave been deceived to their great loss, would read as absurd in story as 4 Heigh diddle, diddle, the oat and the fiddle, the cow jumped over the moon.’ (Well done old cow, I wonder oould she jump over £26.000,000 ), No. it can never be this. Then what is It. Ah 1 I see it now. They are afraid of a law suit (I wonder oould a •dish.ran away with’ a writ, or a • cow jump ..over* a law suit.) Afraid of a law suit I Afraid to meet in Court a Darnells, a Hector, a Travers, a Gilmour, an Adam?, with just a whisper of a O. B , afraid to meet in a court of justice, a Mr Morality Mayor; with his, 4 And didbelieve it?' * Here be your god* !’ These cowering, high morality, capitalist cravens. These, if you please, your ’founders o! a'greot nation!’ ’Better the shot, the blade, the bowl, Than crucifixion of the soul. 1

The question now whit is to bs dons! Having at great cost tested tbs flat said before any teat had been made to contain vast wealth in gold, all that should be farther done is to finish a test of the hills above the flat, wbioh need not cost much, if those bills, said to contain vast wealth, are as I say they are worthless to the com pany, the who's should be abandoned. To spend a farther £2OOO in driving a tunnel and in bringing a smaller water supply to test Qlenmatobin is simply to further throw away the monies ol the unfortunate con tributing shareholders. I say this, I feel it say doty to jay it. The terms of the contract between' the two high contrasting parties, admirably adapted in the past to suit the circumstances as then set forth in Sr Sector’s and Mr Danlell'e report in Mr Tracer's praspeotas and the various abatements made to' the oontribnting shareholders before they took their share?, are now only admirably adapted to total abandonment. There is nothing to be hoped from the directors. The company they now know has been founded upon a misleading prospectus, reports and statements. They know that had I gone to Parapara earlier the ormpany would never have been formed. They are now bent upon a wrong course. They will listen only to these who, though they had yiiittd the property, gave do warning, bat

rather ft blind misleading consent, or to those who have utterly misled them la the past. Let the contributing shareholders call a meeting of themselves alone. Then sack their directors aud th*ir solicitors, the whole i baa i boilin'. v Then send for I T.C.' and hand tbs wbois affair over to him. Give him full power to settle the whole busincos. * f.C.‘ would at once proceed to Parapari* biroHelf and do a little prospecting, just su(• fiolent to enable him to certify a-> tooueor two little points. Then return to Wellington and send for Messrs Danielle, Hector, Travers, Beetham, Qilmour and Adams, and talk to them like a frowning father. Tell them to take their Parapara to jaat 15 miles the other elde of Hong Kong, and t> 1 p*wa off ’ Olengyle and Appoa Gully. That ‘T.C.’ intends to have said Glengyle and Appoe Gaily properly prospected before any farther steps are taken, it being recorded in 'tong *.nd ttory,’ little people * burnt * 1 dread the lire,’ a repitlfcion ! Then order the afore* said to bo taken by the police in a steamer to somewhere about the middle of Cook Strait. Then to be moit solemnly lowered (gently, gently does it) each seventeen times into the briny waters of the ocean. To bo then brought back to the reclaimed land and dressed all la most clean clothes. Then placed under the supervision of the police, whose duties to eee they shall each and severally, on each and every Sunday, twice attend church, where they shall be privileged to chant their little * Paradise. O Paradise ; ’ also, on each and eveiy Sunday, to attend Sunday School, where they each and severally nbtll be moat diligently instructed bow very wrong, how very, very naughty to tell crams. Should any of the aforesaid advised thereto be misguided sufficient to trouble raid ■T.O.’ With a writ, said * T.O.’ would appear in Court with bis youngest toy and there narrate snob a story that there would shortly arise in Coart a demand for all the D.l.C.’a handkerchiefs, to be followed in due coarse by an irritating, nervous requirement for 13 huga nozzles.—l am, Ac., Taos. C. Williams. P.S. —Please copy. N. B. —No, you don’t, —T.C.W.

Hobson street, 2Ctb January, 1893. The Secretary Parapara Hydraulic Sluicing, &0., Company. Sir, —T have delayed writing to you till I might be able to write calmly. I beg to withdraw the expressions 1 made use of when I left the meeting of directors on Tuesday last. They were improper ! I, acting on behalf of my large family, have been most cruelly 'bad * in connection with thia Parapara Company. We may be permitted to console ourselves with our worthy Mayor's * And did you believe it ? * It has been unfortunate that oar chair* man was also the promoter of the company. Thn has been the cause of obief diffi calty. I did my best, after great inconvenlenco and discomfort experienced dnriog many weeks' toiling over the hills and flats of the Parana™ while the other directors were perusing the reports of specialists and other misleading persons and otherwise attending tea parties, fearlessly to protect the interests of the contributing shareholders. I stood alone. Finding myself still alone, 1 retire. My opinion as to how we should dea •with men capable of themselves forwarding or allowing others on their behalf to forward such a report as Mr Darnells’, extracts from which I append, with a view to (be sale of this Parapara property to the people of England, may be peculiar. It differs widely from that of the directors and shareholders of the company who would appear to think such men should be 'handled tenderly, touched with care,' possibly rewarded. Then we have our worthy Mayor’s 'And did you believe it?' Had the people of England parohaied the property with the purchase money, £30.000 (besides some 80 paid-up shares out of 200), they would have expended upwards of £55,000, with interest, possibly nearer £60,00J with interest, before commencing operations. After some months possibly of slightly disappointing sluicing they might have been consoled with our worthy Mayor's 1 And did you believe it!' My opinions may be peculiar, different from those of others, bat I believe were the whole business handed over to me 1 could soon sweep away all difficulties. I b*g to resign my position of director of the Para para Hydraulic Sluicing and Mining Com pany. We parted with one regret, Which was that we had ever met. I am, &0., Tnos. O. Williams.

Tbo following are extracts from Mr DinielU’ report. Mr Travers, at the first general moating, mentioned a copy of this report having been given to me. Ho said, 1 These reports are prepared by men who are supposed to have a special knowledge of there things. I had no reason to doubt the troth of Mr Darnells’ statements.’ (I say, Traver*, little man, was not that just a leetle—hush-sh-sh. Never mind, little man, it Is all r*gbt; we have it on authority moat barristorial, * And did yon believe it ?' It's all right 1) I would call the readers' fclon to Mr Danielle 1 * proved loads/ ‘certainly not less than,’ 1 assuring a value of over,’ &o. The company own 366 acres —115 acres being freehold, 150 acres lease of Native land having 10 years to run. and 100 acres of special lease granted for 21 years under the Goldfields Regulations, of which one year has expired. The Collingwood deep lend, variously known in different portions of its length as the Glen Mutchkin, Glen Gyle. Appos, Richmond Hill, Lightbands, and Golden Gully deep leads, tuns for 75 chains directly through the centre of this property. From inquiries made I have been informed on credible authority that where the lead has been extensively worked the yield from the has been at the Glen Mutchkin (now the company’s property) 2 to 4 dwts ; Glen Gyle (working 32 years), 3iwt«; Appoi Gaily, 3dwts; Richmond Hill, 4dwts—the Red jHill Company are now sluicing the tailings ; Light* bands, sdwts; and Golden Gully, 3dw(s to the load. These claims are all situate !on the deep lead or its spills at distances varying from oie to nine miles from the company's property. From the prospecting work done under my personal direction and supervision, and the information I have acquired of the yield of gold obtained from the lead wherever worked. I have no hesitation in valuing the 12,000,000 proved loads of lead at L 2.400.000. equal to Idwt par load of 22401 b. I consider this an absolutely safe working basis, having every reason to believe that 1 am understating the cubic contents of spoil and average yield of gold by fully 50 per cent, my expectancy being, sav 26,000,000 loads at 2dwts, say value L 10,000,000. - Two bye washes from the main lead called No, 1 and 2 leads respectively, exist on the property. No. 1 contains about 300,000 loads of wash of a very rich character, A paddock on the surface was worked by a Mr Thos, Scadden and party. I was allowed the privilege of examining his books, and from them find that L2OO in gold was obtained. O.i measuring the ground worked, I found that. 350 loads had been removed, the yield being about Idwt to the ton. An adit of 5*6 x 3‘6 in section driven by Mr Adams a distance of 70ft across the line of strike gave 92 loads of spoil, which on washing gave a return of 4dwts to the load. This adit was 20ft below the level worked by Scadden. A second adit driven 35ft is still open. The Spoil has not been washed, but from prospects obtained it should yield a 4iwt average. As this lead is about 70ft from surface to bottom, I consider from the prospects that 4dwbs would be a moderate expectancy ; this would make the value of No. 1 lead, say, L 240,000. No, 2 lead contains about 150,000 loads of wash, also of a very rich nature. Here an adit is driven across the line of spill some 60ft; the prospects obtained equal 2d wt-i. A second adit, driven 12ft, prospects over an ounce to the load. A 40ft face exposed prospects 2 toSdwte. Taking an averaze of 2Jdwts, the 150,000 loads should return L 75,000. Leads 3 and 4, backthrows off the main lead, cover over 150 acres of ground. The»e enormous masses of gangue vary in depth from 200 ft, face exposed, to 0. i In these huge spills the main bulk of the 1 wash has been considerably concentrated from over forty faces. I washed prospects which prove the mass to average 2dwts, taking 21ft as the average depth of the deposit, these masses contain 10,000.000 loads of wash, which at Idwt equals L 2,000,000 sterling. Part of the property consists of 50 acres of alluvial flat, partially covered at high ordinary tides. This flat has never been prospected, a few gold-bearing shafts suck to the depth of five or six feet being all that possibly could be done in the presence of water. As the flat receives the denudation of the main lead, its bye washes and spills, it must of necessity bh very rich in gold acre for acre, as a matter of opinion I consider this flat richer than any other portion of the company's property. It will be «hus seen that the ground contains at the loweiit estimate gold to the amount of LG,000.000 sterling. When worked this estimate will probably be found to be but a fourth of the actual yield. The water from the Parapara will take four months to bring in, that from the Onakaka two months longer. This supply of water at the pressure obtainable would ground sluice and elevate 10.000 loid* per day of 24 hours, and would yield in dividends between L 500.000 and L 2,000,000 yearly for ten yaars to come. Summarising. The Parapara Hydraulic Mining Company's property contains twentytwo and a half million loads proved of highly auriferous spoil, with the possibility of other twenty million loads in the main lead depths. The gross value of the gold is certainly not less than LG.COO.OOO, the datt obtained in my prospecting assuring a value of over L 24,000,000.

Tbs Parapars Hydraulic Sluicing and Mining Company, Ltd. Wellington, Slat Jan., 1893. T, C Williams, Esq , Hi bson street. Dear Sir,—l Lave to acknowledge receipt ot your letter of the 25. h inst. tendering your resignation ai a director of this company, and I am directed to inform yon that the matter will be oonaidered at tbe next melting of tbe board. I am yours faithfully, Richb. T. Badimm, Secretary,