MINING NEWS.

Dunstan Times, Issue 1220, 17 July 1885, Page 3

MINING NEWS.

White’s Reef Gold Mining Company (Limited). (From the “Otago Daily Times,” July 10.) The annual meeting of the shareholders in the White’s Reef Gold-Mining Company (Limited), was held at the office of the legal manager yesterday afternoon, and attended by lOpersons. Mr James Hazlett was voted in the oliair. The directors’ half-yearly report and balance sheet were submitted to the meeting and adopted. The directors’ report was as follows : Since the last half-yearly meeting active operations have been carried on at the mine with four men, nu-ler the supervision of the manager, Mr T. Andrews. The main drive has been extended to a distance of 480 ft, where the stone pinched out. The mine haslheen well opened up by shafts, and an intermediate level, which show etone in places from one to three feet wide. In January last a trial crushing was made of 12 tons taken from tho main shaft, the tunnel, and the upper cut, with the result of 21oz 4dwt, which must be considered satisfactory. Your directors took advantage of the visit to the locality of Wcite’s Beef by Mr liesta, manager of the Tipperary Company, Mnoetown, to obtain a full report of the position of the property. His report speaks favourably of the mine and its prospects. He expresses an opinion that the strongest and most promising lode in the company’s property is M’Kenna’s reef. A prospecting shaft has been sunk on this reef, hut was discontinued owing to a heavy fall of snow. The reef runs parallel to White’s Reef, and at the bottom of the prospecling shaft was 2ft wide, and estimated to yield 23dwt to the ton. The stone is described' by Mr Resta as being “ hard,” and may be classed as true vein quartz. The lode is Ift to 4ft wide, show ing good stone between clay casings, and fairly well-defined hanging and foot-walls. Your directors propose, in accordance with the suggestions of Mr Resta, to discontinue operations on White’s Reef after taking out the stone in sight, and proceed to put in a crosscut to open up M’Kenna’s Reef, an estimated distance of 150 ft. The cost is not expected to exceed 45s per foot, and the drive should be completed in three months. Mr Keata is of the opinion that this adit will drain the lode and at the same time permit of systematic prospecting, and also open up a really valuable reef. Owing to tbe impossibility under tbe existing law, which admits forfeiture of shares, of obtaining advances on tbe security of future calls, the directors did not think it advisable to commit the company to the expense of erecting a battery until the existence of sufficient quantity of payable stone had been proved. 420 tons of stone are, however, now at grass, and there is reason to anticipate that this will be increased to COO tons before the end of winter.

With these anticipations the directors intend steps should be taken to erect a battery as early in spring as practicable. A good battery is under offer to the company on reasonable terms, and as there is a good machine site on the ground, comparatively little expense or delay will be incurred in completing tbe work. For the reasons before stated, the directors consider that in the event of its being found necessary to borrow money to erect a battery, it may be necessary to obtain the fArata guarantee of the shareholders to 1m amount not exceeding in each case the amount of unpaid calls, and net exceeding LIOOO in all, although there is every reason to believe that the proceeds of the scone then at grass will more than pay for the whole cost, and will leave a considerable margin to carry out the works previously referred to.

Looking at the result of the year’s operations, your directors feel justified in expressing the opinion that the company is possessed of a valuable property, and that the shareholders may reasonably expect that during next summer the mine will be giving returns for the capital expended. In terms of the company’s rules two of the directors, Messrs Hazlett and Simpson, were ballotted nut and retire. Both gentlemen are eligible and offer themselves for re-election. The balance sheet showed tho total receipts for the halt year to he 1 649 17s, and the total expenses L 735 0s 41, of which sum 1424 13s has been spent in wages. Theie remained a balance in hand of LlB4 5a 2d. Messrs J. Hazlett and W. L. Simpson were re-elected directors ; and Messrs A. Bartleman and W, H. Quick auditors. Tub Union Gold Mining Company (Ld). [Communicated,] The half-yearly meeting of shareholders in tho above company was held at Arrowtown on Saturday, 29ih une. There were

6500 shares, represented. Mr Henry- B. Smith was voted to the chair. The report was most encouraging, as from a recent visit of one of the principal shareholders to the mine for the purpose of making a rough survey of the lines of reef, it showed that both White’s and McKenna’s reefs ran through the Company’s claim. During the past six months a cross cut tunnel had been driven 200 ft by contract, bat a considerable distance would still remain to drive prior to striking White’s line. Prospects of an excellent character had been obtained at ends of the lease. It was recommended to proceed with tunnelling in the spring. The balance sheet showed the receipts for the half year to be L 233 6s 7d, and expenditure 1.231 13s Id, leaving a credit balance of LI 13s 6d. The assets were ; rates due, LS 6s 8d ; shares in hand of tbe company, L 22 3s 4d ; value of lease, LBSO. —Total, LBB2 3s 6d. Liabilities : Sundry accounts, 1.12 7s 4d. Assests in excess of liabilities L 869 16 2d, Tbe report and balance sheet were unanimously adopted. The capital accounts showed as follows : Dr.—To real capital, L7CSO. Or. J By calls made, L 283 6s Bd. Balance of capital remaining to be called up, L 7366 13s 4d.