Page:Rambles on the Golden Coast of New Zealand.djvu/201

Rh the Totara and Jones’s Creek Water-Race Company to carry the dirt away; at the same time the extension of the head-race was steadily proceeded with. One of the partners, Mr Leger, finding the cost too much, was compelled to divide his interest into three parts, retaining one himself, the other two he disposed of. The party continued struggling along, encountering many obstacles and mishaps, but steadily improving their position, getting into a better way of working, and increasing their water supply, until, in 1882, they resolved to register themselves under the Mining Companies Act. Their property, which four years before had cost them a capital spent in opening out about £1000, was now valued at £9000, and when 3000 of their shares, held in reserve, were offered to the public at 5s. premium, they were eagerly subscribed for, and since then the premium has greatly increased. The success of the company is to a very considerable extent attributable to the indefatigable exertions of Mr Davey, who is now mining manager to the company, and is at the same time one of the largest shareholders. The company is still extending its water system, and it will soon be one of the most valuable in the district. They have initiated the system of laying iron bottoms for their sluice boxes, and negotiations are pending for the acquisition of the necessary appliances to provide an electric light, it having been found that a lot of the night water could not be profitably employed with the poor means of lighting at their command. The whole of the range worked by this company is auriferous, the hill having been cut through in two or three places and the runs of gold traced continuously. This company is controlled by a Board of Directors residing at Ross, though the registered office is at Hokitika, at the office of the manager, Mr L. Northcroft. All the original shareholders continue to hold largely in the company, and retain seats on the directory.

The Mount Greenland Gold-Mining and Water-Race Company, situated on the same range and adjoining the Mont D’Or, was formed originally by a party of twelve miners uniting with twelve business people to bring in a water supply and work a lease by sluicing, as in the Mont D’Or. The construction of the race was a tedious job, it having been done in disjointed sections, and consequently very little work was done on the claim till the race was finished. After they had been in operation a considerable time it was thought desirable to register under the Mining Companies Act, but this was not brought about until after legal action was taken, several of the miners having an insuperable objection to companies. However, the difficulty was got over, and the company registered with 2400 shares at £5 each, making the capital £12,000. Of this amount £10,000, or £4, 3s. 4d. per share, was declared paid up, representing value of the race, plant, etc. This company has done a great deal of remunerative work, and one year it gladdened the hearts of its shareholders by giving 20s. per share in dividends. For the past year or two, however, it has not been paying so well, having been forced to run off a lot of poor top dirt to get into a good way of working. This dead work being now nearly over, the shareholders are anticipating increased yields. The company is managed from Ross, many of the directors being original shareholders.

The Humphreys Gully United Gold-Mining Company, holding two hundred acres in