The Ashburton Guardian. Magna est Veritas et Prævalebit. MONDAY, JANUARY 25, 1892. A SUCCESSFUL MINE.

Ashburton Guardian, Volume XIII, Issue 2573, 25 January 1892, Page 2

The Ashburton Guardian. Magna est Veritas et Prævalebit. MONDAY, JANUARY 25, 1892. A SUCCESSFUL MINE.

In the state of disrepute m which gold-mining ventures m New Zealand have for some time been, it is pleasant to hear of one that has survived its difficulties and is at last on the dividendpaying list. This is the position of the Blue-Spur and Gabriel's Gully Consolidated Gold Company, whose property is at Lawrence, m Central Otago. More than usual public interest has been evinced m the progress of this company from the standing of the directors, of whom Sir Walter Buller is chairman, and the feeling against the Board m their days of tribulation and calls was very bitter. Now, however, those who retained their confidence m the management of the affairs of the company are within a near prospect of their reward. The mine will scarcely prove a Mount Morgan, but during the year just ended, m spite of many difficulties and drawbacks, 34700z of gold have been won, representing a cash value of £13,330. This will enable the directors not ouly to make a material reduction m the company's mortgage debt to the banks, but to declare a small dividend on the 80,000 ordinary shares, besides paying the stipulated 8 per cent, dividend ou the preference shares. Under skilful management the crushing machinery and other appliances for working the "cement" have been brought into a condition approaching perfection, and with the commencement of the new year a vigorous attack will be made on the unbroken mass of cement, or virgin ground m the Otago and Perseverance claims/ If these deposits should prove only half as rich as is anticipated, the Blue Spur Company has yet a brilliant future before it; for, according to the manager's calculations, it will take at least 25 years of hard work, under favorable conditions, to exhaust the ground. Even under the present system of sluicing, the stuff is passed through the elevators at the rate of a ton per minute to each of them. In order that the management may not be crippled m any way during the coming year, the directors have agreed to pay the whole of their back fees (amounting to £1250) into the working expenses acoount, r-od to accept m lieu thereof an equivalent m the company's shares. This may fairly be accepted as proof of their strong belief m the ultimate success of the company. If, after all that has been said against it, the Blue Spur comes out right m the end, it will go far to rehabilitate the character of the Otago mine? m the London market; and much credit will be due to the Board of Directors for having pulled the enterprise through m spite of many di-couragements and difficulties from the beginning. There is no doubt that many valuable properties have remained undeveloped solely because of the general suspicion with whbh mining companies have been regarded. Some of these, on similar ground to the Blue Spur, will now have attention directed to them, and a revival of healthy and legitimate enterprise m gold mining may be anticipated. Recent improvements m mining and gold-saving appliances have rendered profitable working possible where the deposits did not previously pay working expenses, and there is a belief among mining men that we are on the brink of further greatdiscoveries m this direction. Gold mining m New . Zealand is by no means " played out," and if, as is hoped, a, time has come when mines are not to be " worked " solely m the interests of managers and promoters, we shall see many existing mines profitably developed and much new country opened up.