UNION BEACH GOLDMINING CO.

Auckland Star, Volume VI, Issue 1674, 30 June 1875, Page 3

UNION BEACH GOLDMINING CO.

The annual mpeting of the Union Beach G.M.Co. was held in the Insurance Buildings this afternoon at 2.30, W. C. Daldy in the chair. The chairman then called upon Mr. J. Friar Clarke, the secretary, to read the directors' and mine manager's reports and balance sheet.

The report was read as follows :—"During the past year the yield of gold has been 1,5490z15dwt 13gr from 565 tons of quartz, being an average of over 2foz to the ton. Black Reef : 'J he Directors beg to draw the attention of the shareholders to the importance of the discovery of this reef, which took place in July last whilst driving on tbe Green Harp leader, in the 80 feet level. The reef is a well-defined body of quartz, averaging 18 inches in thickness. The whole of the quartz taken from the above level to the cap of the reef, some 30 feet, when crushed, gave an average yield of about 3oz to the ton. The reef having been worked out in. the upper level, the shaft has been sunk a further distance of 100 feet, and a drive is now being rapidly put in for the purpose of cutting the reef at the present low level. Pacific Reef : The manager was instructed to put in a drive so as to cut this reef in the company's ground. It was intersected and driven on for a distance of 41 feet. No gold was seen in the stone, and as the reef did not average more than three inches in thickness the manager ceased operations,' he being of opinion that it was too small to work. Golden Pah Drive : This work was undertaken in order to intersect the leaders known to exist in the Golden Pah claim, which was purchased by this company last year. Six hundred and forty-two feet had been driven when the directors, in consequence of the heavy expenditure incurred in the sinking of the shaft, considered it advisable not to proceed further with this work until the finances of .the company were in a more flourishing condition. The Venus reef was struck in this drive and followed for some considerable distance, and communication effected with the Venus shaft, thereby ventilating this portion of the mine. The quartz from this reef did not prove payable, a trial crushing of 22 tons having yielded but a few ounces of .amalgam. In the mine manager's report annexed will be found the particulars of the operations carried on in the mine since Mr Hanney took charge on the Ist January last. The retiring directors are Messrs Howard and Woollanas, who, being eligible, .offer them-, selves for re-election. For the directors, W. C. Daldy, chairman." The balance-sheet shewed :—Receipts : Balance at National Bank of New Zealand, 31st May, 1874, £504 4s 3d; debtors per balance-sheet, 31st May, 1874, £49 17s; calls, £907 8s • gold, 15940z 15dwts 13grs from 565 tons quartz, £4,872 19s 9d ; stores ' sold to contractors, etc., £97 19s Id ; nett proceeds sale of forfeited shares, £2 0s 6d. Total, £6,434 8s 7d. Expenditure: Creditors per Balance-sheet, 31st May, 1874, £31115s 8d ; machinery and plant, £373 2s 7d; shaft, contracts, and timber, £611 5s 6d ; claim, wages, contract labour and salaries, £3,446 8d; other expenses, timber, candles, etc., making a total of £5 104 8s Id ; cash at National Bank and in hand, £33 16s 9d. Grand total, £6,434 8s 7d. The report of George Hanney, mine manager upon the works in the mine, was also read.

§g|The chairman,] in moving the adoption of the report and balance-sheet, said their prospects were very, encouraging; he also quoted from a letter from the mine manager, which would lead them hope that at no distant period they should be able to talk about dividends, with means to carry on the mine successfully..; He would, therefore, move the adoption of the repqrts and balance-sheet. Mr Wardrop soconded. Mr Black made a few remarks; when the motion was carried unanimously. The chairman said the next business was the election of two directors, and an application had been received from Mr Stovin as a candidate for a sr at on the directorate.

Mr.Stovin said that his object in coming forward was to aid the Company as much as possible and hinder those nefarious practices, which had been so damaging in the past. After some remarks from Mr Woollams, the chairman proceeded to put the names of the candidates seriatim, and first he would D p. Mr Howard, then Mr Woollams. Mr Stovin said tfc __ £s< ing a largaldajority,

w.tM™r°i!- thoße' two §en,lemen, he would withdraw his name

Messrs Howard acd Woollams were then elected.

<«S ™as P™posed, seconded, and carried, ihat Mr John Waymouth be appointed auditor for the ensuing year at a salary of five guineas." ° J -

The minutes of the previous meeting were read and confirmed, and a vote of thanks to the chairman closed the meeting