THE UNDAUNTED QUARTZ MINING CO., WAIPORL

Tuapeka Times, Volume XVI, Issue 994, 28 November 1883, Page 3

THE UNDAUNTED QUARTZ MINING CO., WAIPORL

The above company have stopped work forthepresent. The shareholders (reduced to four) not being men of means, are unable to properly develop the resources of their mine without a little help. The «ompany have Btuck to tbe work manfully for about fifteen months, but their number having been reduced by defaulting shareholders (whose calls they have had to pay), they are not in a position to do justice to their claim. The work has hitherto been confined to the driving of a tunnel in the base of tbe hill in Nuggety Gully. About 600 feet was •driven, the mine draining itself. Another 600 feet has to be driven before the boundary of the claim is reached. The present shareholders have, therefore, de-

cided to form a new company of one thousand shares, at £1 per share, taking 300 paid-up shares as an equivalent for their previous outlay (which by ootnpetent authorities is considered moderate), and will also take contributory shares . ' A call of sixpence per share will be made on allotment, and not more than Is per share per month, unless on some pressing emergency, which could be decided on by the directors. Since the mine was opened, the company have apent £2850 upon it. Since November last;, they hare sold gold, obtained from the mine, to the value of £1660. The terms upon which the present shareholders offer their property being very easy, they should be within the reach of nearly every one, even/working men. The working capital, as proposed, would be £700, which would be ample (even as things are at present) to prospect the mine for two years to come, as perhaps very little money would require to be called up, with the gold obtained monthly. The object in floating the proposed company is to continue the present tunnel, and sink, and cross-cut in the mine, in order to further develop its resources, which work the present shareholders are unable to carry out. This would require very little help to do, with the gold ob- ! tamed, as ÜBual. The mine is in splendid working order, well timbered and ventilated by air shafts, and although the gi oand was at one time very hard (costing over £4 per foot to drive) the work is now easy. The tramway in the tunnel, to the machine, is laid with iron rails. The bat* tery is of ten heads, in good order and driven by water-power, plenty of which is availa ble. The battery belongs to one of the shareholders and could be bought or rented on very easy terms. Without an arrangement as above, the present company would be unable to continue work. It would be a great pity if the mine were closed, as it would be a dead loss of all that has been expended in only partially developing one of the resources of the district, would throw many hands out of employment, and prevent the circulation of capital. The work which has been done is very little, considering what is required to be done to properly prospect what may be proved to be a very valuable property. Seeing then the work which has already been done in the mine and the quantity of gold sold during the last twelve months, there should be no difficulty in floating the proposed company, which, I am informed, would start clear of debt; There is, of course, no telling what results may be obtained by prospecting this mine or what it may lead to. At any rate, without it, very little can be expected to be done in developing the resources of this district, and any success would naturally be beneficial to both Waipori and Lawrence. The people of both places should therefore take shares in the proposed oompany, and not allow the mine to be closed for the want of a little assistance. — [ Oommunicated.]