WESTLAND QUARTZ-CRUSHING COMPANY.

Grey River Argus, Volume XII, Issue 1258, 10 August 1872, Page 2

WESTLAND QUARTZ-CRUSHING COMPANY.

An adjourned meeting of. this Com* pany, held at the Empire Hotel, Hokitika, is reported by the West Coast Times. There were about forty share* holders present, Mr Button in the chair. A statement of receipts and expenditure and liabilities and assets was .also rfiad and received. ..The statement showed the liabilities to amount to L.1167 6s 3d, consisting of the following items : —Cheques in circulation, L 739 4a <9 <% bills payable, LB9 Is 6d ; open accounts, LBB IBs lid ; salaries, L179 19s 4d ; overdraft Bank of New Zealand, L7O 2s 2d. The assets were stated to consist; of balance due for calls, L 415 Is ; four calls not yet levied, LX3OO ; cosh in hand, 10s 6d; making a total of LI 715 lls 6d, and leaving a sum of L 548 5s 3d available for the purposes of the Company.* A report by the Directors was read and negatived. The following are some ex* tracts: — • "The Directors regret that . they are unable to congratulate the Company upon the success of the first crushing, but from information which has already been placed before the shareholders, the Directors consider that there is no reason to despair of ultimate success, if the works of the mine are judiciously, carried forward. . • "The crushing ' plant/ consisting of a twenty-horse power steam engine, three .. batteries of five head of stampers^ each, tables, steam ripples, «fee., have been provided and erected by the contractors, of such quality and in so substantial a manner as to call forth, the admiration and approbation of all who have inspected it. ./'The Durectorß are happy k o report that, after great i pains and trouble on their parti they have succeeded in obtaining for the Company a lease of five acres of land, containing a seam of coal height feet thick, of the very best quality,^and which will hereafter no doubt prove exceedingly valuable.* " The first crushing- of quartz commenced on the sth of July last, and was finished after several interruptions on the 26th of July. The quantity factually crushed was 143 loads, being equal to 150 tons or thereabouts, and the yield o! retorted gold was 40ojs. With regard to this apparently small yield it must Kreinembered that the copper plates being quite new would absorb a considerable quantity of gold before being cured, also, although 150 ions of stair was put through the mil], it has been asserted on good grounds that not more than 60 tons of real quartz could .hive been crusted, ■ . . . "The Directors regret to report ithat they have recently learned that the- stone- 1

in the lowest level of all appeared to ran pot, but are happy to state that on driving a few feet in, eveiy indication was afforded of the break being only temporary." After some desultory discussion on the report, Dr Garland moved, and MrHorton seconded— •" That Messrs Button, Tait, and Fowler retire from the directory in eonsequeice of their being partners in t the contract for the machine. The Chairman explained that the contract for the machine was entered into before the bye-laws of the Company wero adopted, and that the directors having been elected subsequently, the shareholders had thereby approved of their occupying seats in the directory, notwithstanding their position in respect to the contract for the machine. The votes were then taken for the motion, resulting in .an overwhelming majority in favor of the directors retaining their seats. The Chairman said that it would be seen according to the report of the directors that they proposed to expend the balance of the capital in prospecting operations. The number of hands had been reduced, and the expenditure would only be about L 27 per week. He had just received a letter from Mr Morris Levy, in which he stated that he had just returned from Murray Creek ; that he intended carrying on the drive in a transverse direction as commenced, for about 150ft— or it may be 200ft— before striking the Victoria reef, or the same reef as the United Band of Hope Company are now on, and which, from present appearance is very fine, and may be considered payable—say lsoz to the ton ; the stone is being got at a low level, and 'Mr Levy could see fine gold in the stone that was .being raised whilst he was on the ground about the 24th of July. It would>be, continued the Chairman, for the shareholders to say whether it would be justifiable to proceed prospecting as proposed. He '' might- add that the directors would do so Wtuess expressly required not to adopt Juat course. , After some discussion, it was agreed

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that the course proposed by the Directors should be adopted. In reply to a question put by Mr M'Crae, Mr W. ikPLean said that he intended to send in hid resignation at once, but ho would suggest that it would not be advisable to accept it, until the calls that 1 were due were sent in. A vote of thanks to the Chairman con-, eluded the proceedings. . i