MINE DRAINAGE.

Thames Advertiser, Volume XII, Issue 3347, 21 June 1879, Page 4

MINE DRAINAGE.

The mine drainage question, and the refund to the Thames County on account of securities held by them, is one that should not be lost sight of to the extent indicated by prevailing indifference. Every week only adds to the difficulty; and although we are in favour of a fair and reasonable re fund to the County authorities, we cannot calmly wait for an indefinite period without some proposal as to the future disposal of the property. We are told that certain legal formalities must be gone through before anything can be done, and wo are also told that the fullest power cannot be assumed over the mines and machinery until nearly two years have elapsed, so that the diffi. cully is, after all, not so easily adjusted. If possession under power of re-entr\, which the Council will soon be able to claim, doe 3 not also mean absolute power to dispose of tho same until a further period of nearly two years has elapsed, then the position is an awkward one, and something should be done to overcome it by an amicable arrangement on the part of those more immediately interested. But the County authorities have taken the best advice, and find that they have absolute possession at the end of August, unless £9000 interest is paid on money advanced. In the starting of the [lumps and the prosecution of mining industry we all feel an interest, more or less, but it is for the mines around this centre and the i ounty to take the initiative. Offers have been made, it is true, but nothing of a nature likely to load to a settlement of the (lis pute pending, and the re-commence-ment of vigorous mining and prospecting operations within the area drained by these pumps Perhaps the only solution is the forfeiture of the mines and the formation of a large company to take over the ("ounty securities and ground, and commence operations on a new footing. Of course outside capital would be largely required, although we have no doubt that such a company would also command investments within the district and colony, because tho advantages of ground, mining machinery, and drainage appliances . would be sufficiently tempting, except to those who have lost all confidence in milling ventures. The latter class embraces a large number of persons who have not hitherto invested for other than speculative purposes—who have only trusted to the rise and fall of the market to buy and sell. The number of this class has been so great that only a few were successful in their ventures, and legitimate investors were in many cases obliged timidly to retire fromthe' lists in consequence of the fevered state of the market which such a eourse engendered. It will be difficult to persuade these people once more to embark their capital in such an undertaking as the one proposed, and those who only delight in the fluctuating indications of the broker's quotations do the district more harm than their capital docs good. We consider that these people have been the curse of the district hitherto, and have driven the capital of the bona fide investor into other channels, where such practices are not so easily carried out. The amount of premium on the shares of the new company would require to be sufficient to liquidate the indebtedness to the County, and future calls would be necessary to prospect and.devolop the ground acquired. The company would certainly be the biggest thing yet attempted on the field, and its prospects greater than those of any other j but no time should be lost in . seeking to bring about such an amalgamation of interests as would leave the project unfettered. Tho County should name as'low a figure as possible consistent with their expenditure of £15,000 in pumping and driving, to induce capitalists to invest in the undertaking, and see tho district once more placed in a fair way to recover itself. If this proposal is not acceptable we trust some other scheme will be discussed as early as possible, instead of allowing machinery to remain idle, and the district to be ruined because they insist upon exacting the utmost they are entitled to.