THE OHINEMURI GOLDFIELD.

Thames Advertiser, Volume IX, Issue 2454, 26 October 1876, Page 3

THE OHINEMURI GOLDFIELD.

(FEOM OUB OWN COEBESPONDENT). Waitekauki, October 24. Theee seems to be quite a panic on all stock in this distriot, though what occasion there is for it I cannot make out. I see by your monthly share report that the fall in tho Waitekauri Company shares is attributable to tho price that has. to be paid for tho battery, and the probability of the water-supply not being sufficient to keep tho full force going in tho dry season. Now, as to the £18,000 that has to bo paid for the battery, I do not say but that it is a stiff price, but the plant is a good one, and it is far bettor for the company to pay that and have the battery their own property. In any case they would have to pay for crushing, and even on tho Thames you cannot got crushing and carting done for less than 12s per ton. The Waitekauri Company crushes, say, 500 tons per week (£300), so that in fifteen months they would have to pay £18,000 for crushing, and still be without a battery. If tho present arrangement had not been entered into, I think holders of Waitekauri Company, shares should not bo frightened into parting with their scrip without studying whether thoro is not a chanco of tho mine paying dividonds. Take tho Queen of Beauty mine on the Thames, whero the stono did not average above 15dwts to the ton, and the expenses of working wore double, ayo treble, that of the Waitekauri Company, and yet what splendid dividends it paid. In tho Waitekauri Company's mine there is no expensive winding gear to keep going, no coal to eat away tho profits, and tho cost of breaking out the stono, sending it to tho mill, and crushing it docs not amount to more than 9s 6d per ton, and when the large block of payable ground at present opened up is taken into consideration, the company should be in a position to pay dividends. As to thoro being any danger of tho water supply failing this summer, that question has been set at rest by bringing in No. 2 creek, which contains a great deal more water than was anticipated, and to make assurance doubly sure No. 3 creek will be ready to turn on in eight days if required. The crushing for tho Waitekauri Company shows an improvement the last few days, and I think tho yield per ton crushed will bo slightly hotter than last month's.

Welcome.—AU hands have been knocked off in this mine except the contractors, who are driving the cross-cut. I hope there will ho some arrangements made to get a tram down to the battery, as that is all this mine wants to make it a dividend paying properly. Young New Zealand—This company started crushing yesterday at Wick's battery, the stuff shaping well. They havo about 30 lous down, and expect to he able to keep the battery going for some time. The manager has laid about 600 feet of tram from the paddock to the top of the hill. The quartz is filled into bags at the paddock, and put on a truck, which is drawn by horses to the top of the hill, and then the bags are put pu sledges, and convoyed to tho mill. In the low level there has been 10 feet driven last week, but the men are in better country, and expect to get on a bit faster. Pebsbveeanoe,—ln this _ company's ground the men are engaged in widening the tunnel and laying trams. _ They will bo ready to start driving again in a few days. The hands are all knocked off in tho Sovereign andKcystono Companies pend' iug arrangements for amalgamation. Julius Yoa-EL,—The drive in this company's ground is now in a distance of '10 feet. They expect to have as far to go yet to intersect the lead that has been cut in a trench ou the surface. Thero are a number of men leaving hero for tho Kumara rush, which, along with some of tho claims shortening hands, makes things dull.