THE SHOTOVER TERRACE GOLD-MINING COMPANY.

Evening Star, Issue 3567, 29 July 1874, Page 2

THE SHOTOVER TERRACE GOLD-MINING COMPANY.

The adjourned animal general meeting of the above Company was held in the Athenaeum yesterday, when nearly forty shareholders were present. Mr H. F. Hardy occupied the chair; and the Secretary (Mr G. Grant) read the annual report, as follows Your Directors regret that, in presenting the accounts of the Company from its registration on 13th May, 1873, to the 30th June, 1874, they cannot announce either that the result of past working has been at all satisfactory, or that they have at piesent more than a prospect of different results from the operations now being carried on. The Interim Report published by them in October last (a, copy of which is subjoined) ex-

plains the position of its affairs as regards the management of the claim up to that date which had beeu iu the hands of Mr Patrick M'Namee. At the urgent solicitations of the Queenstown Board, an engagement was entered into with Mr Frederick Evans, mining engineer, of the Arrow, to open up the mine very much in the manner described and recommended in his report, which accompanied the prospectus of the Company, Accordingly, the mine has been thoroughly opened up, new drives made, rails laid, a largo quantity of new trucks and other plant and material provided a new water-race brought in, and a ventilating shaft put down, in the then confident hope of developing the wealth believed to exist in the claim. But in this respect your Directors regret to say they have as yet been entirely disappointed. . consequence of the heavy loss experienced in working the mine under Mr Evans’s management, the Directors discontinued it, and with the full concurrence of the Queenstown Board, placed the management and working of the claim in the hands of Mr Grace, whose interest' is so largely identified with that of the Company, and who commenced operations about three weeks ago, the number of men being reduced to ten. Mr Grace’s object was, and is, to reopen the ground in the locality (Eagar’s claim), where he (Grace) and his party, ten years ago, succeeded iu extracting gold to the amount «f above L 20,000 within a comparatively short period. Yesterday the Managerreceived a telegram from the Chairman of the Queenstown Board, as follows :—“ Received letter from Grace. Struck good gold Bazar’s claim.” It is but right to add that Mr Grace has all along had, and jstill professes to have, the greatest confidence in the ultimate success of the undertaking. Three of the Dunedin Directors visited the mine in April last, rnd can bear testimony to the mechanical skill and energy of their'late manager, Mr Evans, in the opening up of the mine, while they cannot but regret the small result of his labors. Your Directors are glad to be able to report 4-U..4- « __v , v * t : w

that a satisfactory settlement has been made with Messrs Gillies and Street of their previously unsettled account, chiefly through the instrumentality of the gentlemen mimed by you for this purpose at last meeting. As stipulated in the Articles of Association, the whole of the Directors in Dunedin and Queenstown retire at this meeting. In the event of the shareholders so desiring it thev are open for re-election. An additionalK tO /I? r P-\V- edin ™ us , fc aleo be appointed in room of Mr Gillies, who has resigned his seat at the Board. The shareholders will also elect two Auditors tor the ensuing year, in room of Messrs Webb and . Hawkins, who offer themselves for reelection. The balance sheet showed the capital account of the company, in 30,000 shares of LI ® ach T iSf eof 16,000 are fully paid np), to be L 23.010, and other items bring the liabihties up to L 25.043 Os 3d. In the assets the claim, machinery, and plant are erti*

mated at L 20.521 10s 31, and the profit and loss account has a credit balance of L 2.359 7s 6d.

The report and balance sheet were adopted.

The following directors were appointed *? r the ensuing year ;—Messrs J. Douglas, G. W. Elliot, Harvey, H. F. Hardy, J. H. Lawton, M. J. Malaghan, J. M'Bride, Jas. 1 ateraon, J. W. Robertson, and W. T. WinS. A^ itora ! Messrs J. S. Webb and .■ W. Havrkius were re elected. Li ace iidnnce with Mr Turubu I’s motion at the previous meeting, the returns ordered to bo furnished as to p id-up share, transrera, &c., were produced and appeared to give every satisfaction.

Ihe Chairman hoped that the next time the directors appeared before the shareholders they would be enabled to prepare a better report. He had every confidence in the success of the company, and would not sell a single share under the full price. Mr Robert Gillies wished to state that he refused to be placed on the directorship, not because he had no confidence in the company, but in consequence of an important private reason. There was only one fear threatening the shareholders of the company, and that was attempts might be made to induce them to desert their property, and allow it to pass into other hands at a small figure, 'there was no doubt that a large amount of gold had been obtained in the claim formerly, and it would be very strange indeed if the small patch which Grace and party had hit upon was the only gold-bear-mg part of the claim.