Page 3 Advertisements Column 3

Inangahua Times, Volume II, Issue II, 21 November 1881, Page 3

W^MaIIA^CIUAKTZ MINING! LIMITED. > A SPECIAL GENERAL MEET- , A. INGr of Shareholders in tbe , above-named Company will be held at the Kegistered Office, Broadway, , Heefton. on WEDNESDAY, Noyember 30, 1881, at 2 p.m. Business : To Elect Directors to fill vacancies on the Board ; and To consider future works. GEORGE WISE, Manager. lI'PAKLAND'S EXPKESS. I mHE UNDERSIGNED will Leave 1 WILIMMS' HOTEL, DAILY, for CRONADUN and CAPLESTON Conveying PASSENGERS, PARCELS, LETTERS, &c. » Passengers and Freigbt conveyed by Arrangement from Reefton to Lyell and any other part of the district. Apply at Williams' Hotel, Reeffcon. IARK-FIVB SHILLINGS EACH WAY P. M'PARLAND, Proprietor pALL RECEIPTS Circulars, Scrip Half* Yearly Statements, Pay-Sheets, &c, at the Inangahua Times, Job Printing Office Central Broadway, Keefton. PROSPECTUS OF THE INANGAHUA DIAMOND DfiILL AND liOCK BORINGJMINING COMPANY. Limited, Registered under "Tbe Mining Corns paniea* Act, 1872." CAPITAL :"£6OOO, in 24,000 shares at 5s each; „ THREEPENCE on Application ; 3d on Allotment, and Calls v not to exceed 6d per month. NO PRO Vf OTERS SH ARES. , PROVISIO vN AL; COM MITTEE : Mr Bowman Mr Lewis Mr Hunter Mr Lecky Mr Brennan Mr Jones Mr Potts Mr Wise Mr Lee Mr Beecbe Mr Cohen Mr M'loughlin Mr Eraser Mr P. Butler Mr FitzGeraia Mr Hobby Mr Boardman Mr Walker Mr J. Gallagher Mr Archer Mr Watson Mr M'Kay Mr Lore MrßaU MrHankin Mr Murphy Baukebs : The National Bank of New Zealand, Limited, at Keefton. Hon. Secretary : Wm. Hugh Jones, Solicitor, Eeefton, OBJECT OP THE COMPANY. The object of the company is introduction of the Diamond Drill ,an admitted factor to successful progress in mining, to prospect, and more speedily develop tbe valuable quartz reefs on the West Coast of the Middle Island, the initiation of tbe movement primarily centering and opera' ing in the well -known district of Inangahua, a locality famous for its ricb quartz lodes. The benefit that would accrue to all classes connected with these goldfields, directly, as well as indirectly, cannot possibly be better illustrated than by reference to the following statement made in tbe Victorian House of Assembly, in tbe month of August last, by a member in support of a motion that £10,000 be placed nn tbe Estimates for 1882, to pur- . chase diamond drills, &c. :— "The value of . tbe work performed by one diamond drill at 1 Stawell is best understood by the enhanced value of mining properties whioh its discoveries have effected. Calculations in this f direction have been made with some care, and are to hand, viz.— Crown Cross United Oompany t 19.044 shares, former price la 2d 1 each : present value 10s. South Cross United Company, 30,240 shares, former buyers, Is 2d ; present buyers, ss. Nos. 14, 15, and 16 South Cross, 14,400 scrip ; former buyers 48 lOd ; present buyers 14s 6d. Nos. 1 and 2 North Scotcbmans, (formerly unsaleable) 8960 shares ; present buyers 10s. Tbe value of the Extended has been increased by £22,000; Scotchmans United, £25300, as likewise the Pleasant Creek Cross Bee^Company, and the Oriental. The grand total value of these stocks before the discovery of the gold-bearing reef in the Crown Cross United Company's shaft by the aid of tbe diamond drill was about £41,164; now tbe total of their value is £148,400 ; the one diamond drill increasing the value of mining property in this instance £107,246. But this increase has only begun to grow, and it is therefore difficult to say what one or two more discoveries will effect." > With such facts and figures before them there should be no doubt in the minds of those whose interests are wrapped up and ; intimately linked with the success or lailure of the quartz reefing industry as to the neceisity of promoting tbe furtherance of the present undertaking, which under effioient " and careful management cannot fail to give important aid to the development of the re« 1 sources of the district, and will in addition act as a check upon the hitherto wasteful expenditure of large sums of money in the construction of prospecting tunnels and sbafts. As a further incentive to the promotion of , this company, it may be mentioned that the drills supplied by the Victorian Government proving inadequate to tbe requirements of its goldfields, a company has been formed in Ballarat, with a capital of £50,000, for the purchase of diamond drills, and another com* pany for tbe sa-re purposo has been projected ■ at Sandhurst, with a capital of £25,000. It is intended to let the drill for hire to any company requiring it; to take contracts for boring, and also to prospect any ground that may hereafter be acquired by »he company. Until the success of the undertaking is full} demonstrated by results from the use of one drill, which it is intended to order at an early date, only a portion of the capital will be called up, and it is calculated that the revenue arising irom the hiring out of tbe machine will yield a handsome return in dividends, which may at the discretion of the ■ shareholders, bo appropriated to the purchase of additional appliances. The Inangahnu district is peculiarly favorable for the operation of the diamond driil. A. meeting of shareholders will be called at ler 16,000 shares hare been applied for, to decide upon tbe future course of operation?. Forms of application lor shares to be ob« tamed from the undersigned. W. H.