REEFTON MINING NEWS.

New Zealand Mail, Issue 880, 11 January 1889, Page 15

REEFTON MINING NEWS.

(FROM OUR OWN CORRESPONDENT.) Reefton, January 9. The holidays are now over, and work is again resumed. Calls to the extent of L4OOO have been struck. 75 per cent, of this is held locally. It lia3 produced a good deal of murmuring, as one-third of this sum, if past experience goes for anything, will be spent unprolitably. Tho shareholders themselves are alone to blame for this by their neglect and apathy in not attending the yearly or halfyearly meetings, when their approval or disapproval of the actions of the directors could be expressed ; but meetings come and go, the same directors are re-elected, the same old routine is gone over again, and no effort is made either by directors or shareholders by reducing the expenditure to a minimum. The matter has become so pressing at the present state of affairs that unless greater prudence is exercised in the expenditure of calls, especially in those claims that are prospecting, the shareholders will drop out, and their shares sold, or the process of liquidation will be the result. A number of men who were employed up to Christmas have received notice that they will not be required for a time, that is, those engaged in prospecting, it beingjthe intention of some of the outside mines to defer the resumption of work until such time as the outstanding calls have been paid. It is to be re • gretted that experienced hands should be turned adrift, blit on the other hand shareholders have had such heavy calls for the last six months to pay that they require a short respite from calls-paying. The outlook both for business and miniDg for the next few months is not of the brightest.

The negotiations with respect to the Caledonian Mine at Lorry’s Creek by Mr A. D. Bayfield, of Nelson, are all but completed, and on very favourable terms to the local shareholders,’ who will still retain an interest and receive a cash payment of Is 3d per share, while a large sum, not less than LIOOO, will be set apart in opening the mine and erecting new machinery, &c. A few men will at once be put on for preliminary work. Mr Bayfield has also been negotiating for the sale of the Venus Extended, but nothing definite will be known until March next. United Alpine.—The contractors of No. 7 level are making good progress, and are in hopes of completing their contract early in March. The probabilities are that they will cut the reef sooner. The length of the* tunnel is now 1816 ff. Sir Charles Napier.—This mine cleaned up last week, the result being 350z0f amalgam from 100 tons of stone, yielding 19oz 4dwt of gold. The party purpose making a fresh start, and intend operating on the small reef, which shows gold freely. Big River.—The mine manager reports —Since my last the tunnel has been extended a further distance of 18ft, making the total length 76ft. The country passed through during the holiday was hard slate. At present tho driving is good, the f*ce being all slate with some quartz veins. I expect to have to drive 10 to 12ft further ahead to reach the stone, as the quartz in the winze has taken a greater pitch north into tho back wall. ‘Venus Extended.—There are now 18 men engaged in this mine, and operations are mostly carried on in the western reef, which has been opened on for some distance, and driving on tho reef is now going on. There is from 18in to 2ft of stone, which looks as well as the other one. All the stopes in the latter are now in working order. South Hopeful.—Commenced crushing yesterday at the Just-in-Time battery. The stone is of fairly good quality. There were some inquiries for Lone Star shares, the prices offering being 9d. Scotias were also in request at an advance upon the quotations of the previous week. In neither case was there much business done, the price not being such as to tempt buyers.