MINING

Hokitika Guardian, 23 December 1931, Page 3

MINING

BELL HILL GOLD SLUICING COMPANY. .ANNUAL MEETING. CHRISTCHURCH, Decern her 22. The annual meeting, of the Bell Hill Gold 'Sluicing Company was held last night in th'e -Chamber of Commerce. Mr ■W. -C. Tisch, chairman of directors, presided over an attendance of between 30 and 40 shareholders.

In moving the adoption of the report and balance-sheet, the chairman said that the figures relating to unpaid calls—£l294 10 s 9d—seemed large, and there was an amount of £SOO represented by debtors from whom they were not likely to get much. He •explained that company’s powers in respect of the sale of shares on which calls have not been paid. Mr A. Cant, referring to the statement in the report that the Mines Department inspector obtained, at 90ft from the bottom, 43.3 grains per yard, asked how much was expected to be washed per hour.

The chairman said that on ‘flic formula obtained from an old Government ser»vant in Kumara their equipment 1 and water supply would permit of 180 cubic yards being treated per hour. He did not want to give the impre.su,m tent such an amount would be treate:. ill actual practice. M Cant' .-.aid that Q| i, i -ics he ha' n.ade gave the quantity a 100 to IGO yards per hour ; at 100 ysids, arid taking the value of the amount (•! tam- d by the Mines Department inspe.-toi at 10 s (taking goid at its present fa he), it represented £1)20,000 pc. annum The chairman : That’s pretty enormous. 1

,Mr Cant: We will all get our capital back' once in every five weeks! The chairman said that they would not get that value right thro i.,.i. Mr -J. Taylor, one of the dii-wtors, said that the statement in the report was a little misleading to those not' acquainted, with sluicing. The return referred to was from one prospect out .of a dozen ; tile ether prospects werc'.nivU so good. A return of 43 grains per y.jaril was too good , (Laughter). If it Kfiye' an average of ; ls per yard it would be splendid. It was one of the best shown that he had handled, -and lie had had to do with as many mining shows as any man on the West Coast during the past thirty years.

Mr W. J. Melltoy, another- director, said that shareholders must understand that the face was 240 feet from top to bottom ; it might average ldwt from top to bottom; with six grains to the yard it was very rich.

“Is there sufficient water available?” a shareholder asked. Hessad, that*/ a West Coaster told was ’nsufficient water.

The chairman said that had been the trouble when the old company was operating twenty odd - years Vago. Ho described, by means of a sketch, the works in. hand, and proposed to increase the supply. He said that shareholders who had visited the claim had expressed satisfaction with the proposed works. He gave the following particulars of the proposed expenditure Timber, £1463; tunnels (labour), £132; fluming ’/labour), £770.; plant, £250; Devil’s Gully (Labour), £110; dam, £450; totu 1 , £3175.

The repmi and balance-sheet were adopted.

Directors were elected as follows: Messrs ’W. C. Tisch, W. J.. McLroy, Joseph Taylor, W. W. Telford and R. £. Reynolds. Messrs K. R. Caygill and Co. were re-elected auditors.

Replying to a question, the chairman said that out of 48,000 shares there remained 6300 to be disposed of.

It was decided that the directors should receive each £1 Is per month. The managing director (Mr Tiseh) was voted £SO for his past services ; and his fee for the coming year was fixed at £IOO, plus £2 per day while absent on the West Coast.

Mr R. C. Bell, the mine manager, replying to a question as to when sluicing would begin, said that it was only four or five weeks since he joined the company. A considerable amount, of work had been done, and from now on there should be good progress made if the money was available to put sufficient men' on to do the development work. He had had 30 years’ experience, and the Bell Hill claim was the richest ground lie had ever been connect' d with; the ground was exceptionally rich. If the money was available the work to be done could he finished in four months after the New Year. The secretary said that cash had been received at the rate of £4OO per montn ; they would have to speed up receipts to about £3OO per month if the work was to be done in four months.