NONPAREIL GOLD MINING COMPANY.

Auckland Star, Volume III, Issue 622, 9 January 1872, Page 2

NONPAREIL GOLD MINING COMPANY.

Thi half-yearly general meeting of the shareholders in this company was held this afternoon at the Mechanics' Institute, Mr Wormall. chairman of Directors in the chair. There was a large attendance of shareholders. The minutes of the preceding meeting were read and confirmed, and the Mine Manager's Keport, when the Directors' Report and Balance Sheet were read as follows :— DIBEOTOBS' BBPOBT 808 THB KALE-VEABI/V GBNEBAB MEETING OB SHABEHOLDEBS. Your directors have muoh pleasure in submitting the prosent report to the shareholders, as the results of tho half-year have been satisfactory, and the prospects for tho immediate future aro most encouraging. Rightly to estimate the present position'df the company, it is necessary carefully to review the past five months. Tho present manager, on taking charge in August last, found tho work of the company being carriod on under considerable disadvantage, as the communications with the lower workings was so exceedingly inconvenient as greatly to impede tho work, and involved several more hands being employed than would otherwise have been required. It was, therefore, decided in accordance with tha reeomondation of the manager, to cut a chamber and sink a winze at the junction of tho main tunnel and cross-cut, so as to raise the quartz from the lower workings more' expeditiously, and continue tho main tunnel direct to the Queen of Spain shaft, also, to sink the shaft one hundred feet below the adit level, so that tho operations of the company might be carried on systematically and economically. The Directors were encouraged to this action from tho expressed opinion of the Manager, confirming their own conviction, that the mine, so far from being nearly exhausted was in fact only commencing to develop its resources ; and that, if worked to the best advantage, it would certainly yield most satisfactory results. These works havo been pushed forward simultaneously with opening up and stoping out from the lower level. Although a large saving might havo been effected by stopping the work in this level until communication with tho shaft was established, yet it was deemed advisable, even with these disadvantages, to do the utmost to keep up the return of gold ; and tho statement circulated as to the original plan of workings, as designed by the present Board, having been since altered is quito incorrect.

Thus, since August, or in four months, besides the production of a large quantity of gold, a considerable amount of dead work has been done, comprising a chamber and winze to the lower workings (which is now being continued down to connect with the drive to be put in from the bottom of the shaft) ; a tunnel, 110 feet long, six feet x four feet in the clear, well and strongly timbered, and laid with iron rails i also, a chamber iv the shaft, twelve feet x eight feet. The shaft has been sunk one hundred feet; dimensions — eight feet X three and a-half feet, in three compartments, for pumping and winding; the whole securely timbered. During this time 2,237 tons of quartz have been raised and crushed, yielding 3,843 ozs. 14 dwts. 12 grs. of melted gold ; the addition to this of 612 ozs. 15 dwts., which was the gold iv hand mentioned at the last General Meeting, makes the total yield for the half-year 4,456 ozs. 9 dwts. 12 grs , which has realised £12 520 Is. lid. Three dividends have been paid, viz, Bs., 10a., 45., amounting to £6,270. Tli9 balance in hand at present is £1,552 9s. 2d. A contract has been entered into with Messrs. Masefield and Co. for construction of machinery, consisting^ of a fourteen-horse power horizontal engine and Cornish boiler, together with the necessary winding-gear, at a cost of £635, the whole to ba delivered in two months from date of agreement. Tenders will be called for firing and erecting the plant on the Company • ground, which it is estimated will cost £500 ; tne whole is expected to be in working order by the end of March. Meanwhile, to avoid delay, a whip is in course of erection, which will enable the Manager to raise quartz from the lower block, which is rendered available by the sinking of the shaft. "The returns for the half-pear, viz., £12,520, must be highly satisfactory to the shareholders, especially as the arrangements now being made will enable the work to proceed without hindrance or unnecessary expense for the future. There are now known to be two well-defined payable reefs, beside a number of rich leaders distributed over the ground, which in the block now being opened up, will give a plentiful supply of quartz, with tho probability of regular dividends, so that the Company's stock will compare favorably with any in the market for real value. With these remarks tho Directors submit their report to the shareholders. RECEIPTS. §* I S H ° P ° L s. d. August 4 .. -. 612 15 0 1,727 12 6. September 2 .. 370 940 10 0 2,643 2 0 29 .. 529 1,403 10 0 3,952 19 10 October 27 .. CS2 853 0 0 2,381 510 November 27 .. 444 477 3 12 1,336 1 8 December 22 .. 212 109 11 0 478 19 7 2,237 4,450 9 12 12,520 111 Contractor's Deposits .. .. 15 0 0 Tailings „ Sundries from late Manager .. 1 10 0 L 12.547 11 10 EXPENDITURE. L S. d. Mine Account .. .. •• 783 3 7 £S ng " .7 .7 .7 isfo 'I 8° Advertising .. .. • • f* " o Dividends 6,20 » » Deposits Returned .. .. • • 10 0 0 Bank Overdraft from last Balance Sheet, paid 46 12 7 Balance carried forward .. .. l,ow » L 12.547 11 10 Audited and found correct, R. HoitNE, I Auditors H. Kirkwood, ) AuaitorsMr E Macdonald Scott proceeded to criticise the balance-sheet, pointing out various amounts which he considered should be accompanied by some explanation from the Directors, prior to its adoption by the meeting, when he was called to order by the Chairman. The motion for the adoption of the report was then made and seconded, and Mr Scott continued his remarks at the same timo reading to the meeting his letter to the same effect, which had appeared in the Cross. He thought that they should have some change in the management and complained of the present high rate of salary paid to the manager, namely, 81. A question was put to the chairman by one of the shareholders, as to who had raised the manager's salary from £6 per week. The chairman replied that the directors had done so after mature consideration:

Several other questions were put to the chairman, but were declared out of order, and Mr Scott proceeded with his remarks, as he claimed to have possession of the chair.

The meeting was assuming a stormy character as we went to press.