THE STORY OF A THAMES MINE.

Otago Witness, Issue 1188, 5 September 1874, Page 6

THE STORY OF A THAMES MINE.

{From the Thames Advertiser.)

The Manakau mine comprises a very small area of ground, of not quite one acre in extent, situated near and bounded by the Caledonian, Golden Crown, Cure, and some other of the riohest mines at the Thames, and is now owned ostensibly by three shareholders— Mr. H, Y. Jones, and Mr. J. Cook, of the Thames, and Mr. F. A. Whitaker, of Auokland. The ground was originally taken up by Messrs. Jones, Schofield, and M'Pike, but Mr. Cook soon afterwards bought a half share, and then a full third share. Messrs. O'Buglien and Cassin each bought a sixth share before heavy gold was found, and two out of the three original owners retired. Mr. Jones, however, retained his full third share throughout, and the shareholders received some very handsome dividends, one of which amounted to £1030 Is. 9d. each. At this period a battery was purchased, and then Messrs. Cassin and O'Buglien sold their third share for the sum of £16,000 to the old Thames Investment Company, but Messrs. Jones and Cook each refused similar offers. The Manakau mine was at this time working on the famous run of gold which was subsequently found in the Golden Crown and Caledonian mines in such astounding rich ness. The claim had, however, been formed into a company, consisting of 6000 shares, but was, aud still is, held in three equal shares of 2000 scrip each.

By and bye came the reverse of fortune. The gold "gave out," but the company continued vigorous mining operations for some time, expending a large sum of money, and making the ground something like a rabbit warren. After a long period of non-success, and after running the battery for some time for other companies, the others sold the battery about two years ago, and it is said that an offer of a few hundreds of pounds would at that time have secured the entire mine as well as the battery. However, the ground was generally kept manned by three men, but no important operations were entered into for nearly two years. About four months ago, however, an old drive was extended for five or six feet for the purpose of " prospecting," when a large reef was met with, the existence of which was previously unknown, and from it a small parcel of stone was crushed, and yielded nearly three ounces of gold to the ton. The rest of the story is well-known. Day by day as the mine was opened up, the prospects improved, and now they may be regarded as better than were ever before seen in the Manakau — which is saying a great deal. The first crushing yielded 6360z5. of gold, and another cleaning tip is expected to take place this week, when there will probably be between 2000 and 3000 ounces of gold and a dividend of at least £1 per share on the 6000 shares, or £2000 to each of the fortunate shareholders, and the best of the gold in the southern face of the reef has not yet been touched as the "dead work" has scarcely all been finished, so that a number of large and handsome dividends may be reasonably expected. We have spoken to three " ostensible " owners of the mine, but we believe there are really four shareholders. The old Thames Investment Company, as will be gathered from what we have said, held one third share, but on the failure of that company some four years ago, Mr. Whitaker and the Bank of New Zealand were compelled, if we are not misinformed, to take over the interest in the Manakau mine, amongst other assets, to saye them-

selves. They have therefore been "let in " for a very handsome thing, as the market value of the mine is now balanced at £72,000.