CANTERBURY MARBLE QUARRY CO., LIMITED.

Globe, Volume IX, Issue 1229, 11 February 1878, Page 3

CANTERBURY MARBLE QUARRY CO., LIMITED.

The annual general meeting of the sharewholders of this company was hold on Thursday evening. In the absence of Mr C. 0. Aikman, chairman of directors, Mr E. Mitchell was voted to the chair. The following is the directors’ report for the past year:— On reference to the annual report of last year, it will be seen that the directors were awaiting the completion of t'-e drive which was then being made at a considerable depth below the linos of the Red reef, the object being to ascertain the position and quality of the reef at a lower level; the drive was also intended to act as a drain to the reef when being worked from the top. The tunnel was driven 220 ft .; where it was expected we should cut tho reef if it ran in the direction indicated by tho crops on the surface, and the fact that we did not cut the reef was a great disappointment, as we should then have been in a position to show that the marble existed in the quantities which we have been enabled to do by the works we have since carried out. _ # The principal object in making this drive, viz., that of crossing the reef, being unsuccessful, the directors began to work _ cautiously, by spending small sums of money in stripping the reef, in order to sea, as they proceeded, that they wore justified in spending the shareholders’ money. The result of the works carried out in this way is most sati-factory. After spending a considerable sum of money in stripping tho reef, and finding the marble in large sound blocks, the directors turned their attention to getting out a quantity from _ the different reefs in the hope that assistance might be obtained from the Rakaia Road Board in the formation of tho road, in accordance with their promise to entertain the matter when tho existence of a sound marble reef had been proved; and also to enable die Company to extend their capita], if thought desirable, for the purpose of working these splendid reefs to the fullest advantage. To carry out those works the directors were fortunate enough to obtain the services of Mr John Hickmott, who haa had upwards of ten years’ experience in one of the leading marble firms in England, and has also had considerable experience in marble quarrying. To the energy displayed by him during the last two months is due in a great measure the successful opening of the reefs. 'lhe blocks in the Grey reef are particularly massive, and vary in size from half a ton to ten tons in weight, are perfectly sound and beautifully rich in color, and one of the principal reefs of this color has been stripped a distance of 200ffc. on the side of the hill, showing an unlimited supply. There are four reefs of the grey partially stripped, which vary but slightly in color.

The Kcd reefs are also stripped to a considerable extent, and some hundreds of feet of marble quarried. The blocks are found to he nearly as largo as the grey, and very beautiful in color throughout. On being traced from the surface these reefs appear to be running at a slightly different angle from that which they were at first supposed to take, which would account for the drive not cutting them.

It would be useless for your directors to again debate upon the beauties of the two marbles, they having already been so prominently brought forward and borne witness to by practical men both in the colonies and in England. Yonr directors regret that so much time has been lost in opening the quarry, but assure the shareholders that it has been unavoidable, ofting to the very limited capital of the company, and the caution necessary in expending it, or the whole capital might have been expended before the material could he placed in the market. The reefs being now thoroughly prospected, they feel justified in recommending the company to make an effort to bring their valuable marble into the market at once, and to enable them to do so suggest that the company should he enlarged, as the present capital is insufficient to cany out the works necessary to success. The men employed by the Company have made a sledge track from the quarry to Cordy's Flat to permit of blocks of marble, of say half a ton weight, being brought down for samples, which will be polished by Mr Hickmott and exhibited. Your directors will submit to the meeting proposals for the enlargement of the company. The'accounts, duly audited by Mr Makeig, are placed upon the table. The directors who retire by rotation are— Mr Alfred Simpson and Mr James Sheriff. The latter gentleman sent iu his resignation in August last, his engagements preventing him from giving his attention to the business of the company, and the vacancy has not been filled up. Air rimpson stands for re-election. Mr Mitchell moved the adoption of tho balance-sheet and report, which was seconded by Mr T. I. Joynt and carried. Messrs Alfred Simpson and W. J. Fisher were elected on the directory. t ! It was resolved to call an extraordinary general meeting of the shareholders at an early date, to consider the proposals of the directors for the extension or the company.