THE MOUNT MORGAN MINE.

Taranaki Herald, Volume XXXVIII, Issue 8535, 27 July 1889, Page 2

THE MOUNT MORGAN MINE.

A GOLD QUARRY. The Bpesiul reporter to the Melbourne Leudtr gives tbe following graphic description of the wonderful Queensland goldmine :—lt: — It is literally a quarry of gold, which puzzles the geologists to say how it «ot there; and, although surrounded by similar mountains in appearance, outside of this particular peak in the range not the color of the prscious metal has hitherto rewarded the eager search of hosts of eager prospectors, who are busily at work in th» hope of finding Mount Morgan Extended. This mine is just now turning oat £128,000 per month. Of this £28,000 per month go in working expanses, and the balance of £100,000 pays a dividend of 2a. per month per share, there being 1,000,000 shares in the company. The company originally started with a capital of £1,000,000, and the shares at their present Talue of £9 thus represents the mine as being value for 9,000,000 sterling. Some time ago a Mount Morgan boom set in, when the ahares wont up to £17, and as easy terms were given and some of the banks advanced to the extent of £10 a large business was done. Now that the priceß haß gone back to £9 there has set in bad times for many, especially in Rockhamptoo. Mr Wssley Hall is urged to increase the cutpat and so increase the monthly dividends bat he says he has got to the end of his tether. He is prepared to get oat £100,000 a month clear, but says he cannot do more. With respect to the fatare of the mine, a shaft has been sank down the centre of the Mount for 300 feet, and tested by tunnels run into the shaft at the bottom and at intervals on the way to the top. It is announced that an area of nine acres round this 300 feet shaft is as rich as the quarry bow being worked at the top, but the buyers at £17 still growl, and ask what good this is to them if they cannot get more than 2a a month on their shares. However, the majority of the shares are in the hands ot a few of the early holders, and 2s a month gives them incomes almost beyond the dream of avarice. One gentleman was pointed out to me in Brisbane who draws £400,000 a year, and a member of the Queensland Government, who modestly described himself to me as one of the smallest of tbe big holders, confessed to receiving ' only ' £12,400 a month. A million shares enabled the early promoters to divide among themselves scrip by the 100,000, and probably tbe buyers at £17 did not caretully enough consider what a million shares mean, and what a quantity of gold it requires to Bad its way rouud each a list in the shape of dividends.

It is understood that Mr T. Mabin, of Auckland, has instructed Dr Laishley to issue a writ against Sounders and Co., Nelson, claimiag L 5,000 damages of alleged slander.

According to Australian papers, says the Auckland Star, Panetti (owner of Rewi and Escapade), Stratford, bis jockey, and tbe latter horse have been disqualified for 12 months for tbe running of Escapade as Oakleigh (Vie).

It will be seen by an advertisement that Te Aro has arranged to wrestle Morere, of Bell Block, and Mumby, of Waitara, one after the other, in the Freemasons' Hall next Saturday night.

On Thursday night last, Messrs Dufficld and Vare, while driving down to Waitara in a buggy, bad the misfortune to collide with Kibby'B Coach near Mangaoraka. The occupants of the buggy were thrown out, as were also MrKibby and a passenger who was on tLe coach seat with him. No one, fortunately, was hurt, but the buggy was bo damaged that those who had hired it were compelled to walk to Wditara.

John Avery respectfully invites the public to supple bis superior cut tobaccos, viz. — Cat Cavendish, Ruby, Golden Eagle, Welcome Nugget, Aromatic Mixture ; also his own special mixture and celebrated cigarette tobacco, specially prepared by biuriaelr. Wholesale agent for OJd Judge cigarettes. — Advt.