BRIGHT SMILE.

Thames Star, Volume VII, Issue 2104, 1 October 1875, Page 2

BRIGHT SMILE.

The present position of this property claims the attention of the public; not particularly those who are directly interested on the spot, butalso all those shareholders who are at a distance, and cannot be aware of the circumstances except through the medium of the Press. The Bright Smile has stopped, men all paid off, creditors clamorous for their money, neighbouring mines alarmed, and the public deeply interested; anxiety as to the issue prevalent. Some 11 months since the directors judged it prudent to erect a new battery, on the score of being able to deal with large available deposits of low grade quartz with better results than could be hoped for with their appliances, and for this purpose obtained from the New Zealand Loan and Mercantile Company an order upon the Bank of New Zealand for £13,500 subject to certain stipulations, and for which a mortgage was given upon the whole of the Jpompany's plant. The battery was not. completed till July, 1875. In the meantime the resources of the mine from the chief working level, were sent to the old mill, and appeared generally to return a profit upon the several crushings; in July, '75, the new mill of 40 stampers commenced operations, having been much longer in erection than anticipated, as well as costing more money than estimated ; the mill however appeared able for the work, but in order to supply sufficient quartz, it was necessary to sink for a lower level; in doing so, a large flow of water was introduced into the shaft, more than the pumps could for the present master, thus rendering it necessary to strike in for a new level at 45 instead of 70. The supply of quartz becoming limited, half of the battery was hung up, till such time as the new level could be thoroughly opened up. Great exertions being made to lessen the water, but the pumps could no more than keep the water in check. The result was that the mortgagees came to look more closely into the financial position, and caused a demand for payment to be made, not, as we are informed, with any intention that the works should be stopped. The Directors, however, immediately ceased operations without any consultation, and declared their inability to pay either the Loan Company or the many other creditors who made their appearance. The liabilities are stated at over £20,000. How these have occurred will be brought to light in proper time. The immediate effect is the throwing out of employment about 100 men engaged directly about the mine and battery, besides a large number dependant on the contractors for supplying the mine with requisites. The loss is heavy to our limited tradesmen, and the rumoured dispute between the mortgagees and directory as to resumption of work or even securing the mine has an evil effect, which it is hoped will be speedily settled for the sake of all parties. Otherwise should the water be allowed to accumulate it will inevitable destroy the Bright Smile shaft, as well as sap the lower workings both. of the Queen of Beauty and City of London, and render it a question whether it will not be wise to submit to the calamity for the present, and by a combined effort punch in a drive from the 600 feet level of the Big Pump that would effectually and for all time render the workings available for 200 feet deeper than the present working levels, than endeavour to repair damages and maintain the pumps.