THE WAITEKAURI DEPRESSION.

Thames Advertiser, Volume IX, Issue 2461, 3 November 1876, Page 3

THE WAITEKAURI DEPRESSION.

To lie Editor of the Thames Adyermser.

Sir,—l have safefiied myself by enquiry that the late panic in the Waitekauri G.M.C, shares has been caused: Ist. By the thoughtless proceedings of several of the miners employed on the claim, who, being desirous of rushing off to the Rumara alluvial diggings, forced their shares on the market for whatever they could obtain for them. 2nd. Because there was a mistaken impression abroad that the ownera of the battery were to take one fourth of whatever gold that battery produces, that is to say the gross proceeds, whereas the fact is," they take one fourth of the nett proceeds, that is, one fourth of the amount set aside for the payment of dividends only; Bnd 3rdly. Tho water Bupply; it not being generally known that only one, and the smallest of the three oreeks situated near each other, had been actually fluuied, and did of itself give an ample supply for the largo water wheel, until the dry weather had lasted some weeks; u sccjnd creek was then brought in quito equal in size, and since then tho mill has been running the nocessary speed, with every prospect of continuing even ia the driest season; but in order to provide for any long continued drought, a tbird largo 'creek is now being brought in, and will be finished this week, ready to be turned on at a moment's notic3 should it bo required at any time; thus, these threo things, occurring at oae_ aud the same timo, caused the late panic in tho shares, which -depression 3'ill continue, and pro.

bably will do so for a little time until confidence is established and it is seen that there has been no real ground for the late fall in price, as the mine nover looked better, and is proviug, as it becomes more developed, to bo everything that it pro • mised to be, or that could be expected, and I believe in the end will amply reward not only tho spirited owners of tho battery, but every shareholder in tho claim, although for tho time being some of the latter may think they have been rather too hasty in investing their money. —lam,&C., A SHABEHOLDfcB WHO HAS SSBIT TOB HIJHBLI. Auckland, Oct. 31st.