LONG DRIVE GOLDMINING COMPANY.

Auckland Star, Volume VI, Issue 1698, 28 July 1875, Page 2

LONG DRIVE GOLDMINING COMPANY.

ANNUAL MEETING.

The firet annual meeting of the Long Drive Goldmining Company since the formation of the company by the amalgamation of the old Long Drive Company, the Junction Company, and the All .Nations Company, took place this afternoon at Mr To thill's offices in Shortland-atreet. Mr William C. Daldy, the chairman of directors, occupied the chair. A considerable time was cut to waste waiting fora quoium of shareholders. This being at length obtained the meeting was opened by Mr Tothill reading the directors' and manager's report and balance sheet for the past year.

The following is the Directors report: — " The Directots have much pleasure in ha,ving to report that all preliminary arrangements hiving been made for the amalgamation of the Long Drive, All Nations, and Junction Gold Mining Companits, the present company was duly incorpot a ed and registered under " The Joiut Stuck Companies Act, ISGO," the respective mines were convejed to this company clu;ing October, and operations commenced on the Ist of Nov. of last year. The present Company has a nominal capital of £30,000, in 15,000 shares of £2 each; 3,248 sbare3 hive been allotted to shareholders in the old companies, on which a deposit of five shillings per share has been paid. The unallotted shares are available for allotment for any land adjoining the mine should opportunity offer for its acquisition, and which would be deemed advantageous Since commencing work on the Ist of Nov. last, 2,593 oz3. 2 dwis. of gold has been obtained, which has realised £7,017 10a 2J. ; the receipts from other sources have been : Junction Tributors, £417 7s. 2d. ; hoise hire, £13 13.3. 4d. ; making a total, inclusive of £2,095 12s. from deposits on shares, and shares sold to Old Long Drive Company, of £9,544 2s. Sd. The expenditure on the mine has been £5,055 6s 8d; of thiß £351 has been spent in dead work below the main tunnel level, with a view of opening up ground for future operations ; £513 0s Id was paid the old companies for tools and material taken over from them ; £250 was paid to the Junction Company as agreed upon (on this account the tributors of that mine have returned £417 7s 2d) ; £2,000 has been placed to deposit account in the Bank of New Zealand, bearing interest, and a balance of £1,703 15s lid, carried forward to this year's account; of this balance a dividend of two shillings per share on the shares allotted has since been paid, amounting to £825 4s. The directors congratulate the shareholders that now there seems a prospect of a fair interest for their capital being returnsd. The. directors appointed under the Deed of Association were W. C Daldy, L. D. Nathan, C. J. Stone, J. Howard, and Thomas Peacock, and subsequently were added to the Board, F. Whitaker and William Earl. At this, the first meeting of shareholders, all the present directors retire, but being eligible, offer themselves for re-lection. The appointment of an auditor for the ensuing year should also now be made.—William C. Daldy, Chairman. Auckland, July 28, 1875." The balance-sheet shewed receipts from sale of gold, £7,017 ; other sources make up the total receipts to £0,544. The expenditure leaves a balance of £1,703, in addition to the fixed deposits account of £2000. The chairman in moving the adoption of the report said the success of the Company was a fereat recommendation of the principle of amalgamation. The directors had determined on keeping a large balance in order that any great works, which at any time they might feel justified in undertaking they might enter upon without coming down upon the shareholders.

Mr J. S. Graham seconded the motion and it was carried unanimously. On the motion of Mr Home the whole of the retiring directors were re-elected. These are: Messra Daldy, L. D.. Nathan, C. J. atone, J. Howard, Thoma3 Peacock, P. Whitaker, and William Earl. Mr Thomas Mackay being re-elected auditor, the business of the meeting came to an end with the usual vote of thanks to the Chairman.