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250 scrip, everywhere. What tales of luck, both good and bad, could be told of those days when the scrip epidemic was in full rage in Reefton.

“The temptation to speculate became positively irresistible, when it was no unusual occurrence to witness the most veritable ‘new chum,’ with possibly a better acquaintance with pewter quarts than golden quartz, converting a few five-pound notes into as many hundreds ere the sun had risen and set. Instances of this kind were not far to seek. A quarter-share in the once famous Hopeful claim changed hands for what is known in sporting circles as a ‘pony’ (£50), and a few months after the purchase the holder of the share was receiving dividends of hundreds of pounds every month. Again followed, as invariably happens, times of depression, and some of the self-same shares were shortly afterwards forfeited for a sixpenny call. And such has been the history of Reefton since its opening, subject to great fluctuation.”

The reefs in the Inangahua district extend over a vast area of country, and gold is still steadily being won, the yield from 1877 to 1938 being 1,729,278 ounces valued at £7,397,291.

The year 1872 opened in a most disastrous manner, a tremendous flood taking place in the Grey River in February, which swept half