NOTES FROM REEFTON. (From Our Own Correspondent.)

Otago Witness, Issue 1834, 14 January 1887, Page 12

NOTES FROM REEFTON. (From Our Own Correspondent.)

■' "Rebftok, January 7. The weather has been unusually, hot daring the pasf> 10 days. The, want of water is begining to be felt throughout the district. At Boatmans particularly the Bupply is shrinking fast., The Fiery Gross Company' have been' compelled to' discontinue crushing, and the Just-in-Time are only able to run 10 heads till ram comes. Globe.— The new make of stone on the western boundary bears eastward for a length of ,70ft, and the stone is reported to look welF. . Business in the shares is again growing brisk, transactions having been effected to-day up to £1. '-; Royal Oak. — A small run of stone has been intersected in the upper level, but nothing is yet known as to its quality. Britania. — The manager reports having touched a make of stone a few inches thick, which he is now following in hopes that it may lead on to something more important. > , Lone Star,. — Work' was resumed on Monday last extending the level to intersect the] line of reef, which is expected to be reached daily. Big River Extended. — All tbe machinery has now been landed on the ground, and the erection of the ' plant is proceeding rapidly. Hopes are entertained that everything will be ready for the crushing next month. < The legal managers are finding out 'many defects in the new Companies Act. The provisions relating to the manner of dealing with forfeited shares are found to be very ambiguous and defective. ■ r ' Lucid. — This ground is situated in Murray creek conterminous with the Golden- Treasure, and it is reported to-day that a promising body of stone has been met with in the level going in from the creek. No particulars are, however, to band yet. Mr Watkins, C.E., to-day completed the survey of the water race for the electric lighting company, and tenders for the construction of the work will be called right away. The electric plant is expected to reach here in March next. Reefton, January 9. The following additional calls are announced : — Reform, Id; Specimen Hill, Id; Homeward Bound, Id. Just-in-Time (tribute). — The crushing for this party was completed early in the week, and gave 620z of gold from 28 tons of stone. The battery was subsequently engaged in crushing 40 tons of stone for the Walhalla tributers, which yielded 350z of gold. Both returns are highly payable. The battery starts on Wednesday crushing for the Just-in-Time Company, and having, therefore, only been running three days, there was no scraping to-day. Britannia.— At the adjourned half-yearly meeting of shareholders held yesterday, the balance sbeet and report were read and adopted, and Messrs Aroher, Ballerslers, Francis, Stevenson, and Robin elected directors for the ensuing half-year. The report showed that the level is in 81ft, and a gold bearing vein of stone is now being followed. South Hopeful.— At the half-yearly meeting the following directors were elected :— Messrs Archer, H. Graham, Walker, T. Graham, Wynn, and Shepard. Inangahua Low-level. — The surface stone has been driven on for a distance of 42ft. There is a seam of pug and quartz in the face and this will be followed well under the hill to see if it makes iuto anything permanent. The main level is being pushed ahead at the usual rate, but the country at the face is hungry and unpromising, and a change is anxiously looked for. Chicago. — This venture has been successfully floated, the memorial of registration having been published. Rumours are rife of the intention of several companies to amalgamate their ground and interests for the purpose of placing the ventures in a larger form on the London market. It is reported that overtures have been made to the Globe Company by the Progress Company to this end, but the prospect so far has not gone beyond feeling the pulse of shareholders. It is also said that a scheme has been mooted for amalgamating tbe Welcome, Specimen Hill, aad Homeward Companies with the same object. The Eureka Company, which forms one of the same block, is, however, reluctant to join in the scheme, so. report says. It; is said that the promoters of the scheme are willing tn take in the Eureka at a valuation of £1 per scrip. All this, however, is only mere matter of report so far, but I dare say that in the course of a day or two' we shall have something of a more definite character. " The weather continues terrifically hot, and the whole country is dried so that a spark would put everything in a blaze. Owing to tho great activity going on all over the district, the outbreak of bush fires would be attended with very disastrous consequences. The following are the battery returns for the past week: — Keep-it-Dark — 1220z of amalgam from 105 tons of stove. Nearly the whole of the batteries are now idle for want of water. Donald Cross, an old resident of the district, and one of tbe prospectors of the Fiery Cross mine, Boatmans, died to-day after a lingering illness, The first batch of half-yearly statements which the managers of mining companies are required under the new Companies Act to' advertise will ,be published to-morrow. There is some grumbling oner the trouble and expense which the new provision entails; but with the information which the statement offered of the financial position of the companies shareholders and investors abroad will no longer be able to complain of a want of knowledge as to their responsibilities. The provision is undoubtedly a salutary one, and will clear away much of the mystery which in tbe past has attached to the business of mining management. The statements are re quired to be published half-yearly in the months of January and July, and their, couteuts verified by statutory declaration ; and as they show fully and clearly the exact financial position of each company at the date of publication, the information will be very useful to the public. Reefton, January 10. . Globe! — The min,e manager reports to the directors as follows for the week ending Saturday last : — I beg to report progress for the week. Since resuming; work we baled out the winze and sank 4ft. We got the foot wall but no hanging wall. Ihe stone is quite solid at the bottom of the winze. Gold is to be seen in the stone. Driving In ihe tunnel ia a little better than it was before Chiistmas. The ditance driven since the 24th December is 31ft, and the total distance driven is lHffc. The stone in the east surface drive is very broken at present but good gold is to be seen in the quart* From the gwgat appearance.df ih^fac* I'thlnk we shall toon pc into a tfcflld. toxij of, stofa'e. ZWtawft drfven fo*

"tfce we^ldftXtoisrdJstaHosraSfer'l^ave si tbe trestles erected top toe machine. I have «ti3 the reef for about 70ft and judge hereto, be froS to Bft wide.-; I have prospected tier £he whole ijj bored,' and "got',* good' pro&fjfect&''iff"' : f i yery J Stripped the BtohMh blaceTshtfwing'g.Md'freelj! •> "' • > »^;. Jjjies "M^OALLtm, mine maua^ A new mining lease was 9 applied forto-dj ground' at ttie' Big river.; • "/',", .' : •' \ Keepit-Dark.-^Tho , half-yeaHy [statenl published to-day,, showa that the company* regibtered in December. 1878; ;, The am| of capital called' up was 7 £2625,' being:2s 7W| share. The' total; idivi^enas'fpaid^S &B sterling. The amount of ; cash at present &t| bank is £532, and the amount, of , ooothJ liabilities' £379.— The published, -stated of the Globe' shows that the amount tS up lis £14,775, ' being ' " 8s •8d per 4 .The .number of, shares; forfeited 'is Jg The contingent liabilities are , £305. — In | ' Eureka the date of registration was June v 1883, and the amount of capital actually | up £6700, being 5s 7d per share. The ami of calls in arrears is 16s Bd.— ln tbe Larnacil d-te of registration was September, 1885. I amount of oall actually paid up is £586, anjl amount of calls in arrears £3 10s lOd. The! in hand is £24 185, and the contingent liabi '£Ui6B; ' „-,'.,.•[ The share market continues fairly actk ! steady business doing in Globes ana Progl the former up to about 22s and the latter tf cannot hear that there is anything doQ other lines. ', •' ' " ' \