NOTES FROM REEFTON. From Our own Correspondent.

Otago Witness, Issue 1862, 29 July 1887, Page 12

NOTES FROM REEFTON. From Our own Correspondent.

Welcome.— E- Reefton, July 20. company, anr 1 -xttaordinary meetings of this Homeward ■* a * 80 °^ * ne Specimen Hill and night, wh Bound companies were held last ing th'p ,' on a^ three passed resolutions extendon th ' time for floating the United Company r i 6 London market. r - Aeep-it-Dark.-— At the extraordinary last uight 85 shareholders were present personally or by proxy, representing over 17,000 shares. With respect to the proposal for selling the mine .a long discussion ensued, and it was eventually decided that as there was a dif« ference in the terms as submitted to share* holders no motion could be entertained for winding up the company. At the same time, however, the directors were empowered to offer 1 the mine for sale to an English company,

with a capital of £1^5,000. £60.000 sterling to be paid in net oash, also £^O,(XX) in paid-lip shaf es, and a reserved capital of £15,000. These terms to be offered to the colonial agents of the syndicate, and to be open for a limited time only.

July 24.

The following are the battery returns for the past week : — Globe, 3340z of amalgam from 185 tons of stone ; Keep-it-Dark, 2850z of amalgam from 200 tons of stone ; Progress, 160oz of amalgam from 25 tons] Reform, 1240z of gold from HO tons; Big fliver Extended, I6loz of gold from 180 tons ; Just-in T Time, 12?otf of amalgam from 85 tons.

fiig River Extended.— On applying at the company's office Irist night I was informed that there was no report in f torn the mine manager. It is generally reported, however, that the battery has not yet resumed since the cleaning-up. The market locally is still pretty well loaded with the shares,- which are quoted at 3s 6d. The result of the crushing so far has been an extraordinary sell all round, and although many profess to have been half-prepared for what has. happened, no one, so far as I can learn, has saved himself. The explanation of the whole thing is that the gold is of a light painty nature, making a great show on the blankets but weighing badly. Possibly the managers report when it comes to hand may give some further explanation. Progress. — The half-yearly meeting of shareholders was held last night, when the subject of floating the company on the London market was discussed, and a resolution carried in favour of selling to an English syndicate. It is understood the negotiations will be entrusted to a well-known gentleman in Christchurch. I believe the terms are 30s per sharecash and £20,000 in paid-up shares. The directors elected were : — Messrs G. Perotti, T. Smith. ;M. Levy, J. M'Quillan, and W. Irvine. Globe. — The manager reports : — " The winze is now down 44ft, and the reef still carrying good gold. The battery was not fully occupied during the week."