THE THAMES GOLDFIELD.

Otago Witness, Issue 931, 2 October 1869, Page 21

THE THAMES GOLDFIELD.

An interesting description of this goldfield is furnished by a correspondent of the Colonist, from which we take the foUowing :— _ \ This goldfield, now exactly two years old, has certainly made the most wonderful strides as regards the permanent settlement of a large population on a rich and most valuable district. Houses are springing up, daily in every direction, and at the present rate of building, Shortland and Grahamstown conjoined (as theyj already are no longer apart, except by name) will, in a very short time, form one of the largest towns, if not the largest, in New Zealand. The present population on the field cannot be less than 15,000 souls, and the daily fluctuation of passengers to and from Auckland is at least 300, or about ,2000 per week, which are transported by three regular steamers, two or three smaller ones being used more for cargo than passengers. Besides \ these there are never less than fifteen to twenty sailing vessels at the anchorage, nearly half of those being engaged in the timber and coal trade. With regard to companies, a few remarks for the information of your readers^ will not be out of place, especially when it is considered that there has lately been a perfect rage for the formation of so - called companies. I say advisedly "so-called," for some, and I. may add not a few of them, are nothing but a swindle. This is the kind' of olaim of which the uninitiated must be extremely wary before they invest in mining shares, particularly in " scrip," I will give an example of tho modus operand*: Six men go and peg off a piece of ground in a likely neighbourhood, and form it into a company under some grand name. A meeting of shareholders takes place, and the capital of the company is fixed at LIO.OOO, in 5000 shares at L 2 each, out of which L6OOO are considered as paid up capi'al, and tho remaining L4OOO are offered to, the publio as scrip in 2000 shares, at tho nominal price of say one shilling per share of L 2 each. Now, in reality, the original six shareholdsn, who have only paid LI each for their miner's right, and nothing more, represent the paid np capital. They go to work on tho claim, or pay hired labourers out of tho scrip they have sold, bat tho money not being sufficient to pay preliminary labour, a call of another shilling of sdrip is made to continue tho work, and this still loaves the unfortunate holders of scrip liable to' thirty-eight moro shilling calls, unless payable quarts is struok, sad the olaim pays its own expenses ana perhaps evon a dividend. Lot us suppose now that the oompwy has hit a good spot and strikes a splendid vein or loaders ; np go the shares to their full value or double it, according toroturxisof orusblngs ; and by this time tho holders of scrip have perhaps paid four calls of one shilling oaoh, bat they soli their scrip •at L 3 and upwards, and thoroby realiso a handsome profit. On tho contrary, if tho claim should torn out a "duffer," the poor scrip-holder way have saariflood five or six shillings per share of sorb, and with shrugging shoulders says to himsolf, bettor look next time. Now, what is tho position of the original six shareholdon,, who hsv© jald no calls, but hare only watched prooiedIngs. It is simply thl» : if the claim tuHasont well, they gain LIOOO etch to 'ftommenoe with, woolvo their dividends at the same rate as the holders of sorip. and may be able ,to sell their original shirosaV double tho amount, Is; ease of Mure they do not lose a single pound,

sb iiney nave pwtt t BOtnißgsrnftyej in .run' -no v fisk 'Whlfo^e^-^TWs 'by ' no nieftnW iffdftdeTians"^ organised compatiies lt'-if'as 1 safe ail the original shares, .and no doubt a good in* vestment, .if the purchaser is careful in" his selection. 1 A greatdeal Of scrip Tamf however good, -been ; bought up by th«|; manjj ( and wages on>this < g<>l&*' field being verjUow (from '36s to 4^!per week), on account, of the^ great influx* ©f poor miners, ißw^class '' or"pe%>leMrid it difficult 't'o^meet^tnS/iptllsi " Tli'e>bhsequence is, , that they offer their scrip at 'almokt ll ftny ftrfcet 1 However lo s w; to" get rid of paying ;c4'B. 1, This arid, various other causes have .m ade "scrip within the last fortnight to, become next ,to unsaleable, and a complete drug in the market, although instances-) have come under my » personal ' observation where scrip has in vain; been' offered for onefourth of its' original cost! 1 And that some of this Mndbf Bcrip willproye' a splendid, investment in course' of time, and before long, I do not' doubt ; for. the richness of this.goldueld^as it getsmore and more developed, will prove; aßtoniahing. No capitalist need therefore feel any hesitation in .investing .either/ in real shares or genuine scrip, as long: as he places himself in good hands on the spot. To go in something like rotation; I have a few remark's to make about the township, to show its immense progress. On the flat . already described we find no less than from 90 to 100 publichouses, amongst them hotels the like of which Nelson cannot show. 1 have seen a billiard- room in the Pacific Hotel which, even by old diggers from Mcl- j bourne, is declared to be superior to anything there. Most of the hotel bars are splendidly fitted up,' andbarmaids are in demand. Tou find here twotheatres, open and crowded every night ; no end of restaurants and dining-rooms, and grocers, drapers, stationers, butchers, bakers, and other shops, in really endless variety of size and style ; handsome merchants' offices, and four established banks, with branches in both Grahamstown and Shortland. The bank of Australasia in the latter place is at present the best building, but the Bank of New Zealand is about to erect a structure in Grahamstown, which will, it is said, eclipse all the others. I had almost forgotten the churches. All denominations are represented; one or two of the buildings are of a permanent character, while others partake only of the temporary kind, to be replaced by new erections as soon as possible. Finally, as regards private dwellings, there is a goodly number of very handsome houses, hundreds of more humble appearance, hundreds of mere huts, and lastly, hundreds of tents, the latter two classes reaching almost to the very tops of the ranges. The Thames goldfield, seen by night from the bay, presents a most striking appearance, as the thousands of lights on flat, hills, and in gullies appear altogether like a grand illumination in honour of some great event. The streets are at present evorywhore, with but few exceptions, in a deplorablo condition, and the poor horses are really to be pitied, as they drag the carts axle deep through the mud. To see a team stuck fast is of almost hourly occurrence, and as to inferior horses, they would not do at all for the Thames, as they would not have enough pluck and perseverance to stick to the work. A better place for wearing out boots cannot be found in New Zealand, and the immense number of shoemaker* shops, filled' with busily engaged workmen goes far to prove this fact. There it evory reason to expect that, during the ensuing summer, tho road* will bo put into a permanent state of effioienoy, and some praiseworthy beginning* have already been made to obtain that desirable objeot Having now done with the physical aspect of the Thames goldfiold, I may be permitted t« say a few words about the moral state of the population. All olmioi are represented ; on one side of the fttreet you pass tho gentleman and his lady, tho honest tradesman, the blustering digger, while 1 on tho oppowte •ido your gam moot* a victim In the last stage of rioe and misery, whoso few romaimng days are numbered. , A groat many femalos have followed their husbands to tho digging* , and tho number of tho iox moat bo pretty considerable. Take tho mining population of the Thames as ft whole, it would bo difficult to find ft rooro orderly and woll-behavod body of men in any part of tho globe. Even on ft Saturday evening, when tho majority of tho diggers have come down from the rengeS) ana the town is literally •warming with human brings, the oases of drunkenness and quwwlling tire Tory tor indeed. It Is on this day thatthow publio houses who hftTo.no regular, bnito* men rs*p their harvest, but there is' no disturbance of M>y kino. Certainly tho loir ?ifi*s on tho field mftjr hat© * grott influanoo In this rwptet. us th« hnndcods qT wag** msu, siUr p*jlttg for thrir pro-

[q^nß'ai^crotfi'mg^oT^tna^e-elir-cannct f;haye*''m^MitrlV''t<iif|%wot|;i>n luxuries.' 1 ' ;•': lot. ; Oi'alFtlrt i s kMeijJs, $ -nave , visited kimy/travels, ,tKw;'is^the!»cheapest a|>e- : .gardß^lr&ng, !and a'Mti cato exist'coniforla^ff bn v 'lromfi'osH6'l2s perteelc. ?.'' ■