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as the earnings of the miners, which is equal to about £99 ss. 9d. per man per annum. The total cost of this water-race was £1,036 165.; the net profit on the workings last year gave about 10 per cent, interest on the capital invested.

Summary of Water-races. The following statement will show the profits and losses of working the different water-races constructed and maintained by the Government for the last eighteen years, and also the collateral advantages derived by the utilisation of the water from these races: —

GOLD- AND SILVEE-MINING. During the past year there has been a considerable boom in mining, and properties are being bought up and arrangements made to float companies on the London market for the purpose of working and developing them. In many cases little or no work has been done on these claims: their greatest recommendation being that perchance they are situated near some locality where gold has been obtained in payable quantities. Foreign capitalists cannot be too careful at the present time when investing their money in New Zealand mining ventures ; for, although there are many good properties to be had, there are also a large number on which little or no work has been done to prove whether they will be of any value or not. There has been a considerable increase in the yield of gold last year from all the mining districts, the largest increase being in the Auckland District, as will be seen from the following statement :—

Taking the different goldfield districts in the North Island, there was an increased yield of 31,1160z. gold from Coromandel County, 1,0740z. from Thames County, 6520z. from Thames Borough, and 26,4150z. from Ohinemuri County ; while there was a decrease from Piako County of 2530z., and b'oz. gold from Whangarei.

Name of Water-race. Value of Sales of Water including Value of Gold obtained in Sludge-channel. Expenditure. Profit or Loss on Working. I" 3 ¥ b > 0 1° -a Sill Value of Goia obtained. Duty received on Gold obtained. Total Profit or Loss, with Value of Gold Duty added. Total Cost of Construction. Waimea-Kumara Water-race and Sludge-channel. Seventeen years ended 31st March, 1895 Year ended 31st March, 1896 £ s. a. £ a. d. £ s. d. a o 0«. £ s. d. £ s. £ s. a. £ s. d. 138,455 6 5 4,902 4 9 83,583 16 3 2,713 12 3 54,871 10 2 2,188 12 6 338 170 251,092 7,970 944,623 0 3 31,083 0 0 20,728 0 75,599 10 2 2,188 12 6 Totals 143,357 11 2 86,297 8 57,060 2 8 328. ,259,062 975,706 0 3 20,728 0 77,788 2 8 197,927 14 Nelson Creek. Thirteen years four months ended 31st July, 1892 17,577 0 7 15,415 7 1 2,161 13 52, 32,943 126,049 17 0 3,269 li 5,431 9 6 90,722 10 8 Argyle. Thirteen years ended 31st March, 1895 5,530 16 10 5,455 7 7 75 9 8 17 8,040 30,738 12 0 804 879 9 3 15,151 15 3 Mount Ida. Seventeen years ended 31st March, 1895 Year ended 31st March, 1896 170,823 10 0 8,876 3 6 22,671 8 6 1,189 1 0 25,842 7 3 1,363 4 0 *3,170 18 9 •174 3 0 103 61 44,860 2,305J 3,176 2i 5 3 31 •174 3 0 •■ Totals 23,860 9 6 27,205 11 3 *3,345 1 9 90: 47.165J 179,699 13 6 3,176 2 ♦168 19 9| 68,607 8 9 Blackstone Hill. Two years ended 31st March, 1895 .. Year ended 31st March, 1896 239 18 1 136 11 7 6 18 6 29 8 0 232 19 7l 102 3 71 7 7 473 216 1,846 16 6! 831 12 01 232 19 7 102 3 7 Totals 376 9 36 6 6 335 3 2 689 2,678 8 6 335 3 2 1,036 16 0 Grand totals 1,314,872 11 3 190,702 7 9 134,410 0 11 56,287 6 10 494 1 '347,8994 27,977 18 84,265 4 10 373,446 5 3 * Loss on wi irkini

Name of District. Year ended 31st March, 1896. Year 31st Mai ended rch, 1895. Increase for 1896. .uckland larlborough (elson Vest Coast .. itago Oz. 117,027 3,173 3,813 89,721 88,954 £ 450,829 12,681 14,007 358,870 359,694 Oz. 58,029 1,911 1,633 85,015 76,393 £ 228,059 7,626 6,059 339,731 308,070 Oz. 58,998 1,262 2,180 4,706 12,561 Totals 1,196,081 222,981 889,545 79,707 302,688