THE THAMES GOLDFIELDS.

Star (Christchurch), Issue 377, 29 July 1869, Page 3

THE THAMES GOLDFIELDS.

The Auckland correspondent of the Otago Daily Times, writing on July 5, says : — Had there been direct telegraphic communication with Dunedin from this town, your readers might perhaps have seen, morning after morning of last week, some such telegrams as these : " Thames rising Sfast ;" " All Nations going up ;" " Long Drive at 160 ;" " Homeward Bound not to be had ;" and curiosity would have been excited as to what was the meaning of them. That may be told in a few words. At no time since the Thames goldfleld has been open has the share-market been so active as during the past fortnight or three weeks. Speculation is rife among our Shortland and Auckland folks ; indeed I might say that there is a mania on the public for investing in shares, were it not that there are ample grounds for accounting for the present excitement. The business that has been done lias been enormous, and the market is still rising, nor are prices at all likely to remain at a steady rate for some little time to come. The cause of all this is to be found in the fact that of late there have been extraordinary yields of gold from not one, but many of our Thames claims, and the prospects of all others are brighter than ever. Though the field has been open for two years, it is only within the past few months that it has been in any way thoroughly prospected. In the early days, it used to be the case that claim would wait upon claim, the shareholders of the one merely shepherding until they saw what their next door neighbour might get. If

no success attended the first efforts, then the ground was abandoned. The impatience of the early workers, coupled with their inexperience, materially retarded the development of the field. Now, however, that capital has flowed in, that machinery has been largely erected, and tbat owners of claims see the many -advantages that accrue from the formation of companies, systematic and better working is the order of the day, and already the results are manifestly appreciable. Numbers of claims whereon many weary months of labour and much money have been expended, are now on heavy gold, and this too not in one part alone, but all over the field. I could give you a long list of claims that are turning out quantities of stone which will average their two to fifteen ozs. to the ton. On the Kuranui, Moanatairi, Waiotaki, Karaka, and Hape, they are to be found; but those which are at present the richest, are situate ou the ridge between the two first named creeks. I say at present, for none can tell but that better may be found. I do not say that it is likely; but past experience leads me to say that it is not at all improbable. Bnt I must proceed to give a brief account of the most celebrated claims tbat have lately come into notice — the Long Drive and the All Nations. The first takes its name from the fact that in the early days the tunnel or drive on this claim had been carried much further into the hill thau on any other. It is situated on a spur running down to the beach, between the Kuranui and Moanatairi Creeks, nearer the former than the latter. For a long time there was no return frora the claim, and owner after owner parted with his interest in it. At length it was formed into a company, and for some six months past has been paying very fairly. The capital is £6000, in" 1200 shares, 200 to each holder of a full share of £5 each, of which £3 6s 8d is now paid up. In May last, the scrip was saleable at £50, and, before leaving Auckland, the Duke of Edinburgh and Lord Charles Beresford bought in 50 shares at *tjiat figure. Richer stone than had been previously seen was soon after struck, aud during the last three weeks of June shares went up fast. During that month there were paid in dividends no less than £8 per scrip, and to-day another of £4 is to be declared. Shares were at 16 1 on Saturday last, and will probably go still higher. These handsome returns have resulted from the crushing of less tban one ton of specimens in three lots, and a few tons of general stuff. 2§o tons of the latter are being put through the machine, and the proceeds, which will be large, are to be divided next week. ' H.R.H. will certainly have a very tangible reminiscence of his last paid visit to the Australasian colonies, and one far more satisfactory than that of last year. About the same time that the Duke speculated, a full share in this ' something like a claim' changed hands for £10,000. Both buyers and seller were satisfied, but the former have the best of the bargain, seeing that they have received in dividends in one month £1600, and that their property is now worth £35,000, and would realise that if sold to-morrow. You may notice I have quoted the expression 'something like a claim.' The Cross not long ago headed with that title an extract from the * Mineral Districts of Victoria,' wherein a very rich claim in the sister colony was spoken of. The Thames papers justly enough took the matter up, and proved that Hunt's had turned out richer than the one mentioned in the extract. The Long Drive promises to outrival it also. The stone hitherto taken out has only come from the drives and winzes ; when the whole is blocked out the returns will be fabulous, inasmuch as the stone certainly gets richer the lower the works are carried. Hunt's or the Shotover Company's claim still continues as good as ever, and the leader from the Long Drive is said to run into it, though they will not work it until all the stuff used previously for throwin to the road is crushed. It yields from 2 to 3 oz to the ton, and the shareholders have entered into a contract for the crushing of 2000 tons. Bordering on the Long Drive, but farther back on the hill, is the All Nations, a claim which has from the first proved itself a mine of wealth to its owners. Latterly, however, they have struck the rich leader from their neighbours. A company has been formed with 5400 shares, of £10 each, and these have gone up within the past week to over £23, at which price a Melbourne capitalist bought. One of the shareholders, lucky fellow, sold out his full share, or 600 scrip, for £12,000, on Friday last. Shares of another of these rich claims, the Homeward Bound, on the same ridge, were not to be had before last week ; they are in the market now, at £200, being originally only £30. It is quite true that these are all on the same part of the field, and there are dozens there besides all paying well. But everywhere is to be heard the same good story. There are claims in which but a few days ago a share might be had for a song, but which now hundreds, and in some cases thousands, would not buy. There is one company which I must not omit to mention, because in my humble opinion it has done a great deal for the Thames, and that is the Thames Gold Mining. It was started a long time ago, with no flourish of trumpets, but quietly by some of the moneyed men of Auckland, for the purpose of buying into claims, and thus assisting the miners with capital. At first as usual their operations were looked upon with mistrust, but that has gradually disappeared, and those who then ventured are now reaping the reward. They hold interests now in over a dozen good paying claims on the field. As a consequence, the shares are in demand, and during last week took a leap from £10 on the Monday, to £20 on Saturday, at which price they are now to be got. By next Saturday £30 will not buy. I must not, however, trespass too much on your readers' patience. That I have only put the truth in a sober guise before

you, you will find if you turn over the files of the papers from this town and Shortland. In them you will have evidence enough that we, in Auckland, are not going beyond the mark when we cry up our goldfield as likely to turn out the richest in the world. It is quite true that a poor man cannot make his pile here as on an alluvial diggings; but " taihoa," " you wait a bit," as our dark friends say, and Auckland province will yet, and at no long date, either, show you a sample of what she has in that line, something that will perhaps put Otago in the shade. Of course, there are all sorts of reports as to how much this and that person has made within the past few days, but I have it on really good authority that a well-known gentleman in town is receiving at the rate of £600 a week for dividends and commission ; that another made something like £8000 in as many days; and another over £2000. And the end is not yet. There will not, however, be such a reaction as there was twelve months ago ; for then the speculators in shares had no data whereon to go : now there are such data, aud very good ones too, all things considered.

There is a good deal of hop in a gallon of ale, but there is more stagger in a pint of whisky.