THE TERAWHITI GOLDFIELDS.

Inangahua Times, Volume VIII, Issue 1291, 31 August 1883, Page 2

THE TERAWHITI GOLDFIELDS.

The special, correspondent of the " Tiniaru Herald," gives the following account of these goldfields : — The different claims are upon the ridge that runs close to the sea northward from Terawhiti Cape, and which forms the western barrier of the Peninsular, and though only some nine or ten miles from the city in a straight line, necessitates a roundabout journey of sixteen or eighteen miles to reach them, and there is no road whatever. The claims, as I. have said, are situated along the western ridge of the Peninsula, and ' vary in size from a dozen to forty acres. The Golden Crown claim, which has jnst successfully crushed out some fifty tons of quartz, is situated right in the centre of the nest, while immediately around it are the Success, Wealth of Nations, Duke of Wellington, Phoeuix, and other claims, arid to the north and south of this cluster stretch away the others, 18 or 20 in all. The theory is that the golden reef runs more or less parallel with the top of the hill, and it is thus hoped that by following its line each claim contains a portion of the cenveted quartz. As however some of the companies have not put so much as a spade into the ground, and others have only scratched it, it is far too early to give any reliable news as to what claims justify the present price of their shares, and which do not. It may however be looked upon as a kind of lottery. Any claim may strike the reef any day, as nothing is really known yet as to its direction, while it is pretty freely hinted that there is no reef at all, but only isolated blocks of quartz, the fragements of a once existing reef that has been smashed up by the powerful volcanic action to which the particularly rugged face of the country owes ' its formation. That there is quartz, however, in more places than one is an undoubted fact ; that it contains gold ia payable quantities has also been ! proved, the Golden Crown having crushed out more than any of the Reefton claims with the exception of the Welcome mine, the shares of which are now standing at £7 ss, while Golden Crowns are only about 18s. The present price : of the shares in other mines is however, simply absurd, being in many cases five hundred per Cint. premium on the amount paid up, and is entirely the result of speculation for the "jump," Should any mine strike a reef its shares will naturally rise to a purely fancy price, and it is the hope of that' that makes them so high now. The price is also sowewhat due to the fact of the Civil servants going in very largely" as speculators. Civil servants, to judge by their actions in this matter, must have a considerable number of loose five pound notes and a very large stock of credibility. Nothing else will account for what, must otherwise be considered in many cases rash speculation. And here let me add a word of what is really wisdom to South Canterbxiry speculators. Be satisfied with a moderate profit, sell out when you can get that ; put your original outlay back into the Bank, and yon have the remainder feft to gamble with. Not only is quartz found on the western side of the peninsula, but a large and well denned reef has been found abutting on Wellington Harbor itself, about three miles north-east from the town, from which great hopes are entertained, and I understand that no expense of money, time or experience is to be neglected to have it properly tried. I fancy the truth i about this Terawhiti goldfield is that there is a reef or reefs in existence, but

that they have hotyet been discovered, and that it will .take many thousands of pounds and miicE'time before steady returns are obt&inj&& v