MINING.

Otago Witness, Issue 1971, 14 November 1889, Page 11

MINING.

r-" REEFTON MINING NOTES AND QUOTATIONS. In our issue of the 19th ult. we (Daily Times) published the following telegram from Reefton, sent to us by a perfectly reliable correspondent:— " The fhare market is paralysed for the present, the causes partly being diminished returns lately, but chiefly from the effects arising from the floating of a number of ventures, such as the Hidden Treasure, All Nations, Albious, Pioneers, Rewards, Resolution, Argosy, &c, with only imaginary prospects, which have been forced up by operators to fancy prices with a consequent desire to unload. Until better returns come in and genuine dealing is resumed there is not much prospect of a revival." We have now received a telegram from Mr F. J. Clarke, secretary of the Reefton Brokers' Association, to the following effect :— " lam directed to call your attention to a certain article which appeared in your issue of the 19th ultimo, under heading ♦ Notes from Reefton,' from a correspondent, dated 18 th. The statements contained in it are untruthful, misleading, and maliciously harmful to the mining interest here. Hidden Treasure is not floated and is still in promoter's hand ; apart from that, highly payable loose stone exists on surface. All Nations is not a recent venture, but a company registered in July 1888, since which time calls have been made and work done. Pioneer is not floated or put on the market. Reward waa registered in August 1888; calls have been made and at present 2ft of gold bearing stone is being driven on. Resolution floated recf-ntly at 6d per share, and, apart from good position of ground, has gold-bearing stone in three different parts of lease, and other promising features. Argosy was registered in April 1887 ; over £1000 of capital has been expended, and market value of shares for last three months has not exceeded Is. Your correspondent is guilty of gross untruthfulness and utter disregard as to the possible consequences of the publication of such matter, and this association regrets very much that a prominent journal such as yours is should thus be made the medium for publishing that which can do no possible good, but for a certainty prove detrimental and injuiious to the maintenance of that public confidence without which the promotion of mining|is made a most difficult matter. Kindly are-publish the article and this contradiction." We have referred the matter to the correspondent from whom we received the information that was published, and he informs us that noue of the leases named have a- known payable reef, and that only meagre prospecting has been done on any, with no results warranting the reports that were spread or the nominal value quoted some weeks ago. Our correspondent adds, however, that the reefs are in a likely district. It is, of course, quite natural that the Reefton Brokers' Association should resent the publication of anything which might tend to divert the tide of speculation in Reefton stocks. Dunedin has been a veritable milch cow for Ue operators in these stocks for many years pa3t, and those who were insttumental in unloading; thousands of rubbishy Bhares on Dunedin investors during the wild speculation of five or six years back must expect the press of this city to sound a note of warning if there are indications of similar attempts being made. We are quite satisfied that in the present instance our correspondent is correct in saying that the leases he alluded to have no known payable reefs within their boundaries, and that the warning we published was perfectly justifiable.