THE AUCKLAND MINING BOOM.

New Zealand Graphic, Volume XV, Issue XVI, 19 October 1895, Page 493

THE AUCKLAND MINING BOOM.

IMPRESSIONS OF A CHRISTCHURCH VISITOR. A CHAT WITH MR ALBERT CUFF. The mining boom in Auckland being a matter of some considerable interest to all parts of the colony, the impressions formed bya visit to the North by one of our citizens, Mr Albert Cull, will no doubt prove interesting. Mr Cuff returned from the North the other day, and as will be seen by the interview given below, took the optunity of making a thorough inspection. A member of the stall of the Press had a chat with Mr Cuff on Saturday, the result of which is appended. ‘ In Auckland,’ said Mr Cuff, * the excitement with regaid to the various mines was at fever heat. To a Southerner l to our calm everyday sort of life the turmoil and excitement of tho Slock Exchange was quite a novelty. After a brief stay in Auckland I started oil on a visit to the mining districts. Taking steamer to Paeroa, I went by buggy through Karangahake on to VVaihi. This latter place is the centre of the mining industry. On my way I visited the Woodstock claim, at Karangahake, which adjoins the Crown claim. Here 1 saw mining in full swing. It is all quartz reefing in these districts, and the stone is treated by the cyanide process. 1 was shown over the battery of the Woodstock. The crushing plant has been found too small for the work, and it is proposed to increase it at an early date. From here I passed through the Owaharoa district. The whole country is taken up by claims, all of which have been formed into Companies. Amongst theso is the J. G. Ward Company, shares in which are largely held in Christchurch. The country around here is principally steep hills with deep gorges. Beyond this, and nearer to Waihi, it is principally rolling downs. On arrival at Waihi the manager of the mine, to whom 1 hud an introduction, took me through all the workings, and I saw t he whole of the extensive battery plant and the operations from rhe roasting of the ore to the smelting of the bullion. Tho battery has 90 head of stamps, driven by a high-pressure water supply. The cyanide process is used here, as in all the other mines, and is a complete success Indeed, no ot her process could be used. Tho mine itself is situate about a mile from the battery-house, with which it is connected by a well built tramway, laid with iron rails. All the plant, titc., is of a character which give* one the

idea of permanency and solidity. 1 was also shown from the hill above the Waihi claim the country all round, in which claims have been started in the hope of cutting the large main Waihi reef. It i» pegged out nil round, and trial shafts are being sunk with a view of cross cutting when low enough, so as to endeavour to strike the main reef, which it is supposed extends right away back to Owaharoa. The gold, I may *ay, is not visible to the naked eye in the quartz, and it is only when treated by the cyanide process that ir is found. The work is all dry crushing, which is very severe on the men, owing to tho fine dust. From Waihi I went on to the Thames. Here I found mining matter* somewhat in a transition state, waiting for the arrival of English capital and machinery. Many of (he claims have been sold to English companies, and nearly all have been taken up with a view of placing them in companies on the English market. IMPRESSIONS OF THE BOOM.

* What are my impressions as to the permanency of the boom 7 Well, 1 must say most emphatically that it is not a mere ephemeral one, and for the following reasons. The Companies now formed are all no liability, whereas in the past any holders of scrip were liable for the full amount of their shares. This enables people to hold as much scrip as they can pay for, without any further liabilty, unless they choose to increase the amount of their holding. Then all the Companies when foimed start with their capital in hand, instead of as formerly having to call it up at long periods by instalments. This results in the Companies starting with from £5OO to £1.500 in hand, which enables them to prospect the c'aiin thoroughly anil test the value of the ground. This of itself will keep the mines from six to twelve months at least at work in proving the claim. If the claim is good there is no difficulty whatever in obtaining money sufficient to get the plant, machinery, etc. Thus, you will see, even if no gobi at all is found—a very remote contingency indeed, — tho activity in mining matters will still keep up for twelve months indeed. But already a good many rich claims have been found and proved. Meanwhile the bulk of the companies formed may be regarded as large prospecting companies. It is immaterial how many companies are floated so long as they have the money in hand, because it means t hat there will be a large area of the country thoroughlyandefficiently prospected and the chance of finding payable claims largely increase !. As I have said, in Auckland the activity en the Stock Exchange is great and the amount of money changing hands every hour very large indeed. The brokers are making large sums daily in the usual way of their business, as outside claims are continually coining to the front, ‘ jumping,” as it is called, from a few pence to shillings per share. The process of going down in the matter of the value of scrip is very slow, but the rises are rapid. The tradespeople in Auckland, I may say, are beginning to coinplain that the whole of the money of the people is being spent in shares. I found also that all the good things in the way of claims are saved for Englund. There is no trouble, so fair a* I could gather, in getting a good claim floated in England, and on the prospect of flotation theso share* go up 5s or 6s in a good claim veryquickly. The Auckland Stock Exchange is confined to a limited number, and the price of a seat is £5OO, with only a chance of getting in at (hat. The outside brokers, however, are agitating either for an increase of tho number of the present members of (he Exchange or the formation of a new one. As evincing my faith in the matter I am removing with my family at once to Auckland, where I intend to act as mining agent, etc.’— Christchurch Press.