THAMES GOLDMINING COMPANY.

Auckland Star, Volume VI, Issue 1700, 30 July 1875, Page 2

THAMES GOLDMINING COMPANY.

Thk annual meeting of the above company was held this afternoon in the large room, Insurance Buildings, Dr Campbell in the chair, in lieu of Mr Stone, who was prevented from being present owing to a family bereavement. _ Mr Somerville read the minutes ot tne last meeting, also the Directors' Keport and Balance Sheet. The report stated that : " The operations of the Company during the past year have not met with that measure of success which your directors looked for. The Plutus mine, which gave promise of good returns, has proved a source of disappointment. The erection of the battery cost £3,711 ISs, and £912 8s Id have been paid in wages and calls for working the mine, making the cost to this Company of the half of the mine, or 3,250 shares in the Plutus Goldmining Company, £4,624 6s Id. In addition to this, a further sum of from £200 to £300 will be required to clear off existing liabilities. It was confidently expected that the returns from this mine would not only recoup that large expenditure, but yield handsome profits to the Company. The returns have come far short of the expectations formed of them by the experienced miners, who reported so favourably on the mine to your directors ; and it has been consid red advisable to suspend all mining operations for the present. The next largest item of expenditure in the balance-sheet is £2,190 12s Bd., charged against the Loyalty mine ; of this sum £1000 were paid for the mine to the original owners ; the balance was expended in mining operations. The mine has produced some splendid gold ; two reefs have been opened, and ore as well defined and promising as any in the district, and it is the opinion of competent mining authorities that, if developed, they would pay well. In consequence, however, of the company's cramped financial position, your directors were compelled to close the mine for a time. The Long Drive, All Nations, and and Junction mines have recently been amalgamated, and these properties will in future i c worked by the Long Drive Gold Miuirg Company Limited. This Company's amalgamated interests give 563 shares to the new company. Very little has bean done in the way of buying and selling stocks during the year,* but since the financial year closed several inter.sts have been purchased in the Tairna mines, and your directors have decided to watch carefully, add be ready to take advautage of any opportunity that may arise, in the new district, to add to the company's resources. Your directors notice with pleasure an improved feeling in regard to mining matters, and they have good hope that during the current year the Company will be placed in a more prosperous condition * than it is at present. To this end they have 1 secured the services of Mr. Wm. Rowe as mining inspector. Mr. Howe is to devote the whole of his time and attention to the interests of the Company, and he is very sanguine of being able to find good sources of revenue for the Company, both in the old districts and in the district recently opened for mining. Two Directors—Messrs. Campbell and Stone—now retire from the Board, but are elegible for re-election. The balance-sheet shewed dividends received, £443 10s 8d; calls received, £3,692 2s 6d ; still unpaid, £2,307 17s 6d ; management of companies, £114 15s 8d ; for inspection, £8 10s. Overdraft at Bank of New Zealand, £5,187 5s 9d. Total, £9446 4s 7d ; the expenditure included £2001 6s 8d calls on shares held ; £3711 18s on Plutns, and £790 on Loyalty mine. The chairman in proposing the adoption of the report and balance-sheet, said he had no disposition to comment on the documents, which presented no very bright features. Their hopes, however, were in the future. Each of the shareholders present held copies in his hands, which they might take home, and ponder on the mutability of mining affairs.

Mr Prime seconded, and the report was adopted. Mr Dingwall proposed, and Mr Hughes seconded, that Messrs Campbell and Stone be re-elected directors.

The usual vote of thanks to the Chair man closed the proceedings.