Page 3 Advertisements Column 3

Inangahua Times, Volume II, 25 November 1881, Page 3

WALHALLA QUARTZ MINING LIMITED. A SPECIAL GENERAL MEETA INO of Shareholders in the above-named Company will be held at the Kegistered Office, Broadway, Keefton. on WEDNESDAY, Noyeui' ber 30, 1881, at 2 p.m. Business : o Elect Directors to fill vacancies on tbe Board ; and To consider future works. GEOKGB WISE, Manager. MTARLAND'S EXPKESS. rpHE UNDEfISJGNED , will Leave WILLIAMS' HOTEL, DAILY, for CRONADUN and CAPLESTON Conveying PASSENGERS, PAKGELS, LETTERS, Ac. Passengers and Freight conveyed by Arrangement from Reefton to Lyell and any other part of the district. Apply at Williams* Hotel, Reefton. FARE—FIVE SHILLINGS EACH WAY P. MTABLAND, Proprietor ptALL BECEIPT3 Circnlan, Sorip HalfoYearly Statements, Pay-Sheets, &c, at the Inangahua Times, Job Printing Office Central Broadway, Beefton. PROSPECTUS OF THE INANGAHUA DIAMOND DRILL AND ROCK BORING MIiNIJNG COMPANY. Limited, Registered tinder "The Mining Com* paniea* Act, 1872." CAPITAL i m £6OQO, in 24,000 shares at 5s each* THREEPENCE on Application j 3d on Allotment, and Calls, not to ezeeed 6d per month* NO PROMOTERS SHARES. PROVISIONAL COMMITTEE : Mr Bowman Mr Lewi* Mr Hunter Mr Leekj Mr Brennan Mr Jone» MrPotta Mr Wise Mr Lee Mr Beech* I Mr Cohen Mr Ml oughlfo Mr Fraser Mr P. Butler Mr FitaQerald Mr Hobby Mr Boardman Mr Wulker Mr J. Gallagher Mr Archer Mr Watson Mr M'Kay Mr Love Mrßalf MrHankin Mr Murphy BAVKBBB : The National Bank of New Zealand, Limited, at Reefton. Hon. Seobetaby : Wm. Hugh Jonea, Solicitor, Beefton, OBJECT OF 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 derelop the valuable quartz reefs on the West Coast of the Middle Island, the initiation of the movement primarily centering and opera ing in the well known district of Inungabua, a locality famous for its rich quartz lodes. The benefit that would accrue to all classes connected with these goidfields, direotly, as well as indirectly, cannot possibly be better illustrated than by reference to the following statement made in the Victorian House of Assembly, in the month of August last, by a member in eupport of a motion thnt £10.000 be placed nn the Intimates for 1882, to purchase diamond drills, &c. :— " The value of tbe work performed by one diamond drill at Stuwell is ben understood by the enhanced value of mining properties which its discoveries have effected. Calculations in this direction have been made with some care, and are to hand, viz— Crown Cross United Company, 19-044 shares, former price le 2i each : piesent 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 bujers 4s lOd ; pres nt buyers 14s 6d. Nos. 1 and 2 North Seocchm«a?, (formerly unsaleable) 6960 shares ; present buyers 10s. The value of tbe Extended has been increased by £22,000; Scotchmans United, £25300, as likewise the Pleasant Creek Cross Aee^Coinpany, and the Oriental. The grand total value of these stocks before the discovery of the gold-bearing reef id tbe Crown t'ross United Company s shaft by the aid of the 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 ard figures before them there should be no doubt in the minds of tnose whose interests are wrapped up and intitnately linked with the success or failure of the quartz reefing industry as to the necessity of promoting the furtherance of the present undertaking, which under efficient and carelul management cannot fail to give important aid to the development of the re» sources of the district, and will in add it i act as a check upou the hitherto wasteful expenditure of large sums of money in the construction of prospecting tunnels and shafts. 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 the 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 sac > c 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 tbat may herealter be acquired by >be 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, «nd it is calculated that the revenue arising Irom the hiring out of the machine will yield a handsome return in dividends, whicli may at the discretion of the shareholders, be appropriated to the purchaee of additional appliances. Thelnangahntt district is peculiarly favorable for the operation of the diamond drill. A meeting of shareholders will be called afler 16,000 shares have been applied for, to decide upon the future course of operation*. Forms of application lor shares to be ob* tamed from the undersigned W, 11.