Mining at Reefton. (FROM OUR OWN CORRESPONDENT). Reefton, July Ist.

Otago Witness, Issue 1598, 8 July 1882, Page 22

Mining at Reefton. (FROM OUR OWN CORRESPONDENT). Reefton, July Ist.

The past week has been a very busy one, which culminated to-day in a considerable spurt in various lines, the most attention, however, being paid to the Eclipse, adjoining the Wealth of Nations, which is now cleaning up a very successful crushing of 79 tons. The fact of a large parcel — viz., 5000 shares — having been purchased from tKe principal promoter by Mr Byrne for £700 caused a sudden rise in Eclipses from 2s to 4s on the strength of the supposition that the Wealth reef will shortly run into the ground — which by-the-bye, is recently taken up and not yet tried in any way. But nevertheless the alteration of tho course of the reef in the Wealth gives some colour to the anticipations of speculators. Tho finding of gold-bearing stone this morning in the Low Level Tunnel Company's main drive added to the excitement ; and although nothing certain can be known yet for a few days respecting the value of the discovery, as the stone at prosent is very much broken, yet shares advanced Is to-day, with a keen demand. The muchimproved yield in the Welcome is also helping to cause a stir, and shares generally are in better demand to-day than has bben the case for some time.

The Welcome Company hold a half-yearly meeting of shareholders last night, when it was reported inter alia that the weekly yield of amalgam had gradually increased during the crushing" from 3070z to C93oz. This, however, was capped by the return for the last four and a- half days, which gave 7190z. The total amount of retorted gold was 9050z according to battery returns, reduced by melting to 9730z 73d wt at the bank, enabling tho director to declare a dividend of 2s Gd per 15,000 th share, after payment of unusually heavy expenses, increased 15y the cost of erecting the berdans. The dn idend account had been debited during the past six months with £19,875, which amount had been divided among shareholders at the rate of 25s 6d per scrip. Keep-it-Dark. — The monthly crushing, which ended on the 25th ult., resulted in the return of 6320z sdwt of gold, and gave a dividend of 2s, and shaves went up during tho week to 00s. Since then, however, shares have been stationary, and a sale is reported this evening at a less figure, owing, no doubt, to the small return for the week, which is only 2900z amalgam from 170 tons, crushed in five days. As the rich shot of gold will again bo got during the month, it is almost certain that stock will again come into demand. The Golden Treasure finished a crushing of 308 tons to-day, taken 'from tho antimony block, which it was necessary to take out to get at some better stone. The return is only lOloz lGdwt of gold, but better results are expected next crushing. The final return from the Wealth is not in, the retorting not being finished. Tho amount of amalgam is given at 3960z from 7f> ions. July 2nd. The following mining items were received after the telegraph-lines closed last night : — Gold-bearing stone was struck in the winze of the Oriental Company, now being sunk towards the level of the long tunnel lately com pleted. The contractors for extending tho Big J liver tunnel crossed 20 inches of stone showing a little gold. Seven thousand one hundred and thirty feet more is required to bring the tunnel, which is going across country, to the porpcn dicular of the outcrop of tho reef which was first found, and the good prospects of which encouraged the Compai^y to start tho present tunnel. The stone now found mu&t bo a different run. The manager of the Rainy Creek Extended reports a continuance and improvement of the payablo stone found in tho upper tunnel five days since.

The Wealth retorting resulted in llfioz lOdwfc gold. The best stone was raised from the bottom of the winze, now 45 feet below the level. Tim lode here is four to live feet, and tho manager states that ho has every confidence of tho considerable extent and continuance of the lode.

A considerable amount of business in sharoj was done up to a lato hour, but transactions wore chiefly confined to Murray Creek linos. Wealths were changing hands _ at from 15.-5 to lob, and would prolubly h.m> riann higher had not a divouion been ni.idu in the direction of outside lines, which commanded the principal

attention, and which for the time were in the market under the special patronage of their respective»sponsors.

Rkbfton, July 3rd.

A considerable amount of stock business is being transacted in a very active market, although on the whole no noticeablo rise in prices can be recorded. To-day the market is not so much confined to particular lines as on Saturday, and it appears that speculation is extending to all parts of the field. Monday is usually a blank day for mining news, and this is no exception, so that nothing particular w to bo said on the subject. As usual when times look lively, a number of leases arc being applied for m all directions, on some favourite spots which had been overlooked on former occasions. The Imperial Company, at Boatmans, have been driving north for some distance since work was resumed in the mine, but it is now intended to open on the south also. The tramway will be out of the hands of the contractors this week, so that stone which is now being loft near the shaft can be run into the paddock. . . The South Hopeful is still driving on stone, and there is no change. , , , The Just-in-Time have not yet reached the rock from which it is intended to puddle up the shaft. Specimen Hill.— The only work in progress is the extension of the low level, whero the contractors aro making Rood hendway. The Welcome started crushing immediately after the cleauinff-up last week. The men from the Golden Arch (Italian Gully) were in yesterday, and reported about one foot of payable stone, upon which sinking will be commenced. _, Fifty feet of the inclino tunnel of the Eureka is done, and tho work progresses At the rate of 13 feet per week. 'j'he Fiery Cross manager was in town to-day, and reported that the north and south drives arc progressing, without any change. , The shareholders of the Echo lease, application adjoining the Lucky Hit, held a meeting on Saturday, and decided upon registering the Company under the Act.

In the Devil's Creek districtjpreparations 3rc now being completed by the Golden Point Company for erecting machinery, which will be brought up from Greymouth thiß week. There is no news from the Oriental since Saturday, when the men reported some*, payable stone in the winze. The stone, it appears, has been broken for some distance, and although not yet solid, is said to have every appearance of becoming s>o shortly. The Murray Creek, Inglowood, and North Star, after completing arrangements with the Phoenix Company, appointed on Saturday a mine manager, and will proceed at once to extend the Phoenix low tunnel along the trace of ree f into their own ground. These two companies purchased.a 12-stamper crushing plant last week, to be erected for joint use

Rbbpton, July 4th. At the half-yearly meeting of sliaifiholders in the Golden Treasure Company, held last night, it was resob cd to sink a main shift on one out of three sites suggested, the directors to choose the most eligible spot this week, and preparations for a start to be made without loss of time. This work is much necui'd, as tho 'inine hitherto has been worked at a disadvantage. Tho great success of the air-compressor and rock-bore lately introduced to tho field by the Golden Fleece Company ia inducing other C' nipanies to give this cheap and speedy mode of working; the ground tbeir attention. The Eureka Company have authorised their directors to procure one as soon ns practicable, and the directors of the Just-in-Dime Company have suggested to the Battery Commitreo, who are the joint nominees of th* Just-in-Time and Fiery Cross Companies, tho advisability of utilising the sparo power of thoir nwninery by using it to work an a'r-cotnpre?sor, and to supply power at a reasonable rate to adjoining: claims for rock-borere. The idea is novel, but not impracticable. The Globs Company have btarred sime men to prospect the Company's ground* adjoining the ill-fated- Union claim, Devil's Creek, 'lhis country has never had a fair trial, although it looks promising.