a—3

80

Quartz-mining Companies engaged in the Reefton District— continued.

It will be seen from this that 559,943 tons of quartz has been crushed for a yield of 431,0730z, of gold, representing a value of £1,623,244 10s. 10d., while the money paid in calls amounts to £291,028 14s. 4d., and the dividends received, £510,596 165.; which shows that there was £219,568 Is. Bd. more received in dividends than paid in calls. This may appear strange at the first sight to those who have invested their money in mining ventures in the Eeefton District and lost it; but it must be remembered that very few people residing out of the district have taken up and held on to the original shares. The ground was first principally taken up by people residing in the place, who then formed a company and received a certain number of promoters' shares fully paid up, the outside shareholders having to pay the whole of the calls; while the dividends were distributed amongst the contributory shareholders and promoters. But the loss in mining ventures is not due to this to any great extent; it is due more to people purchasing shares far above their normal value : as for instance, the Keep-it-Dark shares were purchased at one time at £5 a share, while the money paid-up on each share was only 3s. lfd.; and, again, £7 was paid for a share in the Welcome Company, when the money actually paid-up per share was only ss. 9d. A great many may have lost money in mining ventures, but the most of it has been lost by purchasing shares for more than was actually paid up on them, and therefore the loss could not be attributed to or debited against a speculation in which the money was not actually used in developing the mines. The question of proving the deep levels will have to be faced in this district very soon. Goldbearing stone of a payable character has been proved to exist about I,oooft. below the outcrop, and in the case of the Keep-it-Dark the lode has been worked down to a depth of 700 ft. from the mouth of the shaft, but it would be over I,oooft. to the outcrop on the hill. The Golden Fleece

Name of Company. Calls made. Dividends declared. Stone crushed. Yield. Value. £ a. d. 100 0 0 100 0 0 £ s. d. Tons. Oz. £ s. d. O.K Oi Polloi... Oriental ... Prince of Wales ... 3,360 1,190 44,603 2 6 Progress ... Pandora ... Phoenix Extended... Prima Donna 150 0 0 3,900 0 0 2,400 0 0 700 0 0 600 0 0 8,400 0 0 35,550 699 2,190 15,578 364 2,918 71,052 18 10 2,611 3 2 11,272 11 10 4,533 6 0 Perseverance Pactolus ... 1,000 0 0 "57 108 " 19 498 73 12 6 1,929 15 0 Queen Beward ... Beform ... Boyal Besolution Bise and Shine Bainy Creek Extended Sir Francis Drake... Scotia Specimen Hill Supreme ... Sir Charles Eussell South Wealth of Nations ... South Hopeful Stanley ... Success ... St. George Southern Cross Triumph ... United Devonshire Union United Inglewood and North Star United Band of Hope Venus Extended ... Victoria ... .... Venus Victory ... Vulcan ... Wealth of Nations Extended Welcome Walhalla Extended Wealth of Nations Welcome United ... 50 0 0 250 0 0 3,090 0 0 1,850 0 0 500 0 0 150 0 0 6,739 0 0 10,950 0 0 4,443 10 10 9,103 6 8 4,649 6 8 2,600 0 0 1,750 0 0 4,315 0 0 100 0 0 300 0 0 600 0 0 3,000" 0 0 "704 277 1,782 3,990 594 2,238 417 17 445 229 209 820 1,284 1,168 51 34 2,145 15 6 915 8 7 809 0 0 3,088 1 2 5,062 17 6 4,073 6 6 170 10 0 119 10 0 48 '"52 217 1 9 "l5 21 "35 43 140 14 1 166 12 6 1,150 0 0 1,778 7 8 600 1,591 "64 821 248 0 0 3,181 7 6 4,000 0 0 700 0 0 3,300 0 600 0 400 0 0 0 0 160 7,938 1,422 2,466 1,155 919 4,077 26,886 238 47,800 49 5,358 717 1,419 905 586 2,007 63,465 354 28,756 187 17 6 20,770 11 9 2,778 17 6 5,524 2 6 3,506 17 6 2,077 0 0 7,883 2 0 247,817 3 1 1,396 5 3 111,411 18 7 6,500 0 0 11,100 0 0 1,437 0 0 13,975 10 0 600 0 0 110,250" 0 0 35,100 0 0 291,028 14 4 510,596 16 0 559,943 431,073 1,623,244 10 10