CONSOLIDATED GOLDFIELDS (N.Z.) GROUP.

Greymouth Evening Star, Volume XXXI, 30 August 1901, Page 4

CONSOLIDATED GOLDFIELDS (N.Z.) GROUP.

Annual Meetings.

(Otago Times Correspondent.)

London, July 12. On Wednesday, at 11 Cornhill, Sir Westby Perceval presided at the meetings of the ConsolidiitedGoldfields of New Zealand, and Pr gross and Welcome Mines of New Zealand, the Hurnphrey'3 Hydraulic Sluicing Company. The reports of these respective companies I forwarded to you a week ago. In moving the adoption of the reports the Chairman referred to his recent; visit to New Zealand. As to all the companies, he looked forward to a prosperous future. In the main his remarks with regard to all the companies were summarised in his addrens to the shareholders of the Consolidated Goldfields, that being the parent company of each. Speaking to the shareholders of the Consolidated Goldfkdds, ho said that owing to their having changed some two years ago the date of the annual meeting from the autumn to the spring, they had drifted into a position of paying dividends at a time which did not coincide with the date of the meeting. Thi3 was a matter which would ba rectified next year, as to hold a meeting without declaring a dividend might convoy an impression to one who did not take the trouble to read reports that they were passing the dividend altogether. This wa3, of course, an impression ; the directors would be sorry to run the smallest risk of conveying. AlO per cent, dividend wa3 paid for the year under review, and, seeing that they had carried forward £19,589, and had subsequently received nearly £10,500 in dividends, as well as profits from Golden Ileece and Wealth of Nations properties made during the last six months, amounting to about £IB,OO0 —in all, close upon £50,000, —there should be no question as to the payment of a dividend for the current year ; indeed, had it not been for the policy pursued by the board of equipping the mines out of profits earned, it would have beeu possible ro make a larger distribution; but the Chairman felt sure that the shareholders would approve the action of the directors in not increasing the capital of tho company. An item of £31,616 was the result of dividends received from the holding of Progress shares. The item of £806,468, representing shares and mining properties, was the same as last year, plus the amount expended on equipment iind development. The Consolidated holding in the Progress Company was 208,549 shares ; and the mining properties included the Golden Fleece and Weabh of Nations mines, which had turned out extremely well, and already gave a substantial monthly profit. Shares in the Humphrey's Hydraulic Sluicing Company, amounting to 90,000 shares, should also bo more remunerative before long, as that company was on the point of beginning sluicing. As to the subsidiary" companies, the Progress mine had done great credit in the past, and bade fair to ba a source of profit for many years to come. Already six dividends of one shilling each had been paid, and the mine was looking better than ever. Milling ore was developed for more than two years in advance of the mill, and work was being undertaken in another, section of the property which might have an important bearing on the future earning power of the Progress Company. The Humphrey's Hydraulic Sluicing Company would shortly start work, with favorable prospects of success. The future of the Welcome was still uncertain, but tho development work had exposed stone estimated at from 2000 to 3000 tons, going 2oz to the ton, which was to be taken out and crushed by a small temporary battery, and the profit used to continue developments.

In reference to tho Golden Fleece and Wealth of Nations properties still being worked by tho Consolidated Goldfields, Sir Wcstby Perceval said that these properties adjoined each other, and could be worked separately, as at present, or amalgamated into one company; both were crushing and giving monthly profits. Viowcd as a whole, they were of particular interest, as each illustrated the ro?-

hibilities of tho othor. In tho Wealth of Nations they wera working above the battery or road level, while in the Golden Fleeco tho principal workings were above tho same level, although they hud just started to sink a main shaft to enable working bolow that level. Therefore there was this condition, that on two adjoining properties the upper levels of the one and tho lowor levels of tho other put out payable stone. It did not seem unreasonable to conclude that the lower levels of the one and tho upper levels of the other, which wore not working would prove as good as the lower and upper levels which they were working. It was obvious that the present battery and mine equipment were unworthy of the mine, and it was contemplated at an early date to sink a new main shaft and improvo the plant and battery. It was not proposed, however, to increase tho battery at present, as until the developemont was further extended, it was impossible fo know tho size required. If the lovels continued to give as good results as they had dono a very much larger mill would bo necessary. The present battery was to some extent only a make-shift to crush tho developcment stone, and practically test tho value of tho ore, and doubtless a better mill would give a better result per ton, but meantime it was serving them well. As to the staff in Jftew Zealand, Sir Westby said he was very much pleased indeed with tho organisation thore. The officers were loyal, zealous, and able. It was p.n exponaive staff, perhaps, but the interests were so large that they could not afford to Jicve any but the best advice and assistance obiaAnable, This was the truest economy. He was pleased to be able to nay that they had found tho Now Zealand Government anxious to assist in their work, Their relations with tho Mines Department were of tho most cordial character ; and the desire of the Government to interpret and apply tho mining regulations in a fair and liberal spirit was duly appreciated by the company. In the case of each of tho companies the report was sdopted and the directors ro-olected.

At the close of the Consolidated meeting Mr Parker proposod a vote of thanks to chairman and tho Board. He wonld go away from the meeting with a bettor opinion of the properties than ho had had before."

In acknowledging the vote, the Chairman said be was glad to hoar the remarks of the last speaker. Ho too, had a very high opinion of tho properties.