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 between the two levels mentioned. Notwithstanding the large amount of gold won by the company it was unable to carry on—the expense of working more than swallowing up the whole revenue; and in 1920 an

application was made for a Government loan of £10,000 to enable operations to be continued, the chief feature of the proposal being that the money would be mainly spent in putting out a tunnel from the shaft at No. 7 level to daylight on the fall of the range to the Waitahu River, and