ROSS GOLDFIELDS RECONSTRUCTED, LTD.

Dominion, Volume 5, Issue 1378, 2 March 1912, Page 8

ROSS GOLDFIELDS RECONSTRUCTED, LTD.

REPORT OF DIRECTORS. The directors submit to shareholdsrs their report and balance-sheet for the period from tlie date of incorporation of the company to December 31, 1911. • Directors' Visit to ths Company's Property.—Shortly after their appointment on December 14 last, three of your directors personally inspected tho company's ruino at Ross, the rac3 at Lake Kanierl, and tho power-station at Kanicri Forks. They found that tho machinery generally was in a fair state of repair, but they deemed' it advisable to put in hand certain necessary alterations, which it is expected will be completed within the next two or three months. A considerable portion of the work is being dona by tho company's prw sont staff. The following work is at present being proceeded with:—The re-erecting of a mile of transmission line, deviation of a portion of the Government telegraph line, doviation of the company's line near Kanieri Forks, strengthening of the power-house building, connecting auxiliary pipe lius, alterations to tho main valves, overhaul of tho whole of the trausmisjion line, and the effecting necessary repairs. Wherepossible tenders have been called, and the work douo by contract. It is estimated that the cost of those alterations and repairs will be. approximately, £4CO. Stand-by Plant.—Your directors invited tenders, which close on February 5, for a Diosel oil engine and generator sot for i use as auxiliary motive power to tho pre- j sent hydro-electric plant. Eleven tenders ; wore received, varying in amount, tho highest being upwards of £4500. Tho tender of Messrs. Turnbull and Jones, Ltd. (British Westinghouse Company), for the sum of £3457 10a., has been accepted. This ! msans that the successful tenderer will supply a Diesel cngino with generator set and switchboard, and erect sanio at the shaft head at the mino ut Ross, supply material for foundations, and hand over the plant compbte and in running order. Bofore the company assumes possession the contractors undertake to oporate the plant for a continuous run of seven day 3 to the satisfaction of tho company's engineer. In having this cngino installed, your directors desire to state that they have made provision for ample reserve power for tha contemplated requirements, based on tho quantity of water which the experience of the late company showed was necessary to bo pumped. In tho final accuDtancc of tenders your directors decided in favour of a British engine as against ono 'of foreign manufacture. Mino Manager.—Your directors have advertised in Australia and New Zealand for a mine manager, and in making the selection their only consideration will be that the successful applicant possess t.he highest practical recommendations and experience in deep alluvial workings. Evsry inducement is being offered to attract the very best man obtainable, and'it is hoped to get a manager who will be capabls of taking charge of all our wdrks, including the hydro-electric plant.

Starting Operations—One fact that your directors had to t.iko into consideration when accepting tenders for tho Diesel oil engine and generator, was tho matter of prompt delivery.

It is the ,intention of your directors to have ths transmission lino and the whole existing hydro-electric plant put into an efficient state, so that if the manager, when appointed, considers it desirable to start preliminary pumping and development work before the completion of the stand-by plant, wo can do fo. Shareholders will, however, realise that operations cannot bo started immediately, as it will tako somo time to Eccuro a manager, and for him to make himself conversant with his work. Further, as the engine has to be built In England, it will bo some months before it can be delivered and erected. Balance-sheet —Your directors desire to make explanation In regard to the item in the balance-sheet, "First Call Outstanding, £844 17s. 6d." Tho call was payable on' December 21, and in many cases was not piid hv shareholders until after the Now Year holidays. Tho total amount of oalls outstanding is now £41 10s. Retiring Directors.—After carefully considering the recommendation of tho rreneral meeting of E-hareholderH held on December 14 last, to Increase tho number of directors at tho first annual meetine, your directors have docldrd that tho interests of the company will be best served for the present by leaving to tho existing board the responsibility of carrying out tho scheme, which they have entered upon. Your directors have, therefore, decided nil to retire, and to offer themselves for reelection. Tho company's articles of association reauiro that any person offering himself for election as director give Eeven clear dp.vs' notice. It hfs been decided to hold the annual general meeting in Auckland this year as at the present timo tha largest number of shareholders ar« resident there. Lastly, your dirctora feel it Is a duty which they owe to shareholders to Inform them that their inspection of the nine, power-station, and machinery, and the information they have gathered from thi past records of the company and from official and other reliable sources, confirm their good opinion of the prospects nf the compnny, which they helisve fnllv warrant tho support o-nd nntlenco which have so long been exhibited by shareholders.