THE INANGAHUA REEFS.

Grey River Argus, Volume XII, Issue 1156, 12 April 1872, Page 2

THE INANGAHUA REEFS.

(JFROM OUR OWN CORRESPONDENT.) The credit of this district has been injuriously affected by the talking propensities of would-be important personages, notably Hokitikans, possessing hot a particle of common sense, yet who, by their dogmatical assurance and total ignorance of the subjects they pretend to handle, succeed. nevertheless in attracting the attention and prejudicing the minds of their too confiding listeners. This expression of opinion is induced by a conviction that these superlatively clever people who have recently visited these reefs, and who have "to a certain extent" effectually succeeded in retarding the prosperity of the place, did so with a view; to secure cheap interests in the reefs. TSo doubt, now that Mace's battery is hammering away at the rate of 75 strokes a minute, reducing the much disparaged quartz to the desired end, the confidence that has been shaken will be re-estab-lished at a very early date. Already are the plates presenting strong indications of the presence of a very large precentage of gold. In fact, the shareholders themselves are agreeably surprised at the promising appearance ; and I hope shortly to furnish you with such news that will set at rest all doubts as to the paying properties of the quartz reefs in the Inangahua. In the meantime we must wait patiently the cleaning up of the celebrated Ajax .Company, and while writing the name it occurs to me that it is singularly appropriate, as the two Maces may be considered to be deserving of the honor that was accorded the two Greek heroes of that name: Shares in the several claims on this line of xeef-are gradually but ; surely acquiring more value the more they \ are developed, and although there are not many transactions in shares ai present, still are they, in the opinion of holders, the next best thing to current coin. Kelly's line is making steady] progress to the northward, the Star of .the West Company having cut the solid reef at a depth of 60ft from the aurface, and the stone looks remarkably well. j " Bob the Baker's," or what is now known as the North Star Company (Registered), bids well to be one of the l*«rt claims on that line, although, from Rome

unaccountable cause, unless it is attributed to the absence of a good blowing man in the party, it has up to the present failed to dazzle the eye or attract the notice of the speculator. Nevertheless, it will yet cause some of its present brilliant compeers to subside into the most ordinaryof quartz claims. M 'Lean's machinery is going together pretty smartly,' although the company hare been subjected to some delay by the recent rains. Still progress may be reported in :<that quarter ; the claim also yielding very rich quartz just now, which is an incentive to increased action on the part of the shareholders; A "

The next claim to this is a registration company, known as the Golden Hill; with a nominal capital of L 21,000, in twentyone .thousand shares. They have about 800 tons of stone to grass, which the Westland Crushing Co. (McLean's), in exchange for labor supplied by the Golden Hill Company, have agreed to crush immediately. The quartz looks very well, and authorities in such matters prognosticated a yield of 2£ozto 3oz per ton/ which, con-, sidering the body of stone' (14ft in tbickA' ness), and the facilities for breaking out stone, will render ita good opening for the safe investment of capital The All Nations, Victoria, and Phoenix, on the same line,' are making considerable progress with their respective tunnels. In the case of the Victoria and Pheenix, the All Nations not haying up tb' "date cut the reef, the lodes appear to increase in body and richness, which infuses an amount of bon esprit, and induces the lucky owners, on visiting Quartzopolis, to patronise our local Bonifaces,- who appear to have "thrown care to the dogs," and, like the Yankee boarder,' never miss a nip, or shout a drink, "on principle." However, whisky at reduced rates, at no very distant date, is a certainty that can be relied on. Cheap beef is already a matter of fact, prices ruling at 4d and 6d per lb, so that if Mr Courtney,; .the contractor for the Seven-Mile Bush road, would stir his stumps, we' shallhave very good winter's quarters, =