The Inangahua Times, PUBLISHED TRI WEEKLY. FRIDAY, DECEMBER 3, 1886.

Inangahua Times, Volume XI, Issue 1790, 3 December 1886, Page 2

The Inangahua Times, PUBLISHED TRI WEEKLY. FRIDAY, DECEMBER 3, 1886.

I The sitting of tho District Court will | open to-morrow u'l'miing, at 10 o'clock. Work wik started in the Golcmrhi (late Or'iiiuli ) mine vestei lay morning, un-'lur the uiiuritfuHient of Mr James S. Wilson. i Tiie Id workings wi!! l»e straightened up, I anil t!ie level re-(iiiilion.!<l. Th(^ rt'^ently tli-t"Vere<l reef on tlift re-^ Herve of tlu» liiaii^i'i'ri Low Laval Tunnel Coinmvny h;i.4 1-ceu Rtrippotl on tho Mni-fiice f"r a l"ii!>th ff 50ft, atxl shows a ihickttefts "f from |jv« to six foot. T!in qaality of the stone, however, ih poor, hilt it has l>e«n decided to carry in a short If.vel, in the hope th;it the stone mny improv<s in quality as it (Miters the hill. At a. »ut;t't.i:ig of '.ha alisu-vliolCors <>f the

Prince of Wales Company, held on Wed- j neßday evening last it was decided to re- j giater under the " Mining Companies Act," and Mr G. Wise was appointed legal manager. The time for receiving tenders for the supply of mining timber for the Fureka ! Extended Company has been extended to the 3rd of January, proximo. | The uprise on the western reef in the '■ Yearn Extended mine has holed through to the intermediate level, aud thereof now S allows a thickness of over 2ft, and carrfes excellent gold. The annual celebration of St. Andrew's Day was held under the auspices of the Heather Bell . odge, on Tuesday evening ' last, and passed off very pleasantly. The | ball was largely attended, and dancing wa* kept up with great spirit till an early hour in the morning. We publish in another column the memorandum of association of the Suez Gold Mining Company, Devil's Creek. The capital of .the company consists of £12,000, in 24,000 shares of 10s each. The ground is situate east and adjoining the Globe Company, and work has already disclosed on the surface a promising reef, about three feet thick, and showing nice gold. A meeting of the householders in Broadway was held at Dawson's Hotel on Wednesday evening, for the purpo c of | considering the proposal for lighting the town with the electric light. Mr M. Levy was voted to the chair, and there was a large attendance of the leading business people. Mr Hankin briefly explained the proposal, suggesting the formation of a public company under the " Joint Stock Act." with a capital of L 5,000, inshaesof 5/- each. From the estimate submitted the profit derivable from the concern, after making full allowance for extension, supervision, depreciation, &c, was shown at 16 per cent per annum. A share list was opened when 11,000 shares were at once subscribed for in the room. The room in which the meeting was held was light jd by Swan incandescent lamps. Mr Prince stated that 250 lamps at £2 per lamp per annum would Cflfcer all expenses, including L 250 I per anrtj&i for manager, and Ll5O for secretary, thus leaving all income from extension of light and transmission of power for dividends, inasmuch as there would be comparatively no increase of expenses where water-power is used, as it would be in this case. Mr Hankin said a partial canvass of the inhabitants of the town had been made that afternoon, and the result had been that the required number of lamps had beed subscribed for at I 2 T»er Miuuni f«r lawfe aim >ng the business houses in Broadway alone, thus more than guaranteeing working expenses, while the use of the li»l)t for private lighting, churches, halls. Government offices, surrounding mines and batleryhouses, Black's Point, and Boatman's townships, would be available for dividends, to say nothing of the demand for I the cheap and efficient power the company would be able to supply to all purposes within, say, five miles radius ;of the generating centre. He had no doubt oi the company being able to pay 15 to 2o per cent, dividend the first year out of lighting only, for he was assured on all hands that 1,000 lamps would be easily absorbed in the first year's needs, and as that would bring in L 2.000 income, ! while LSOO was the working expenses, that would pay 30 per cent, dividend on Lc,ooo, supposing the proposed company I had that capital, and all of it called up. ! The meeting was unanimous in advocat- | ing the immediate floating of the cmni pany on the lines suggested. It was then decided on the motion of Mr M. Levy j that a share-list be at once opened. This was done with the result already stated, and before noon yesterday tlje whole of the shares were taken up, and the list closed, many applications being received in excess of the allotment. The mine manager of the Progress Company reported yesterday the striking of a sft reef on the level. We are unable to speak as to the quality of the stone, but there was a strong movement in the shares which advanced quickly to 8s 6d. The Resident Agent for the Government Insurance, at Napier, has received the following communication from the head office :— The Chief Clerk of the Actuarial department has just returned from a six months' visit to England, and brings word that the cash surplus which will be available for division as bonus is estimated at £125,000, which will give between £300.000 and £400,000 reversionary bonus. We are daily expecting receipt of a cablegram giving exact details. This is good news to insurers and setting at rest, the fears that there would be no bonus. — Wellington " Press." The contractors for tho first. 28 miles of the Midland' Railway, Messrs M Keone, Robinson, and Avigdor, have, taken as offices the premises formerly occupied by Messrs Gibson and Dotns as a boot fa.-tnry in Werita street, Greymouth. The offices are taken for five years. The Melbourne *r(jv* states that the valuable gold scarf-pin, set with diamonds aud rubies, which Lord Carringtou had recently lost, and for the recovery of whifh £25 wns oflered, has been returned tn His Excellency. It was found by one I of the gardeners at Government House in the grounds— not at the Fleminglon ra.?«curso, where his Excellency thought it - had been bwt. Mr E. Clarkson, photographer, is now prepared to execute portraits of the highest quality and excellence, at reasonable prices. Having established a permanent studio in Reef ton, and procure! the latest and most perfect apparatus, ho trusts to incut with liberal patronage aui sup* port. | Advt.