IMPERIAL MINING CO.

Hauraki Plains Gazette, Volume XXXVI, Issue 4804, 30 January 1925, Page 3

IMPERIAL MINING CO.

FIRST STATUTORY MEETING. CHAIRMAN’S REPORT. The first statutory meeting of the shareholders of the Imperial Gold Mining Co., Ltd., was held in the Soldieis* Chib, -Paeroa, on Monday evening last. Mr F. E. Flatt presided over an attendance of 27 shareholders representing. 117 shares, and about 70 shares were represented by proxy.

• The chairman stated in his report that early in 1924, for various reasons, the holders of the Imperial and Royal claims, Messrs Lloyd, White, Bunting, and the late D. Sheehan, had ap-

proached Mr Edwards and himself

with the object of taking over the property and financing the venture. In consideration of a share of the original .vendors’ interests he and Mr Edwards had undertaken to form a company. The vendors had, up to this point, exhausted their funds in* exploiting the higher or southern end of the property, and were working on a reef varying from nine inches to five feet wide and averaging values assaying £4 5s a ton. That sum did not include assays from rich seams which assayed up to £242 12s a ton. As. that would be of no great value to a company, it was agreed between the vendors and trustees that it would be wiser to exploit the virgin country eastward, and to undertake such work - it was necessary to raise a sum of at least £lOOO. That opinion wais based . on. the knowledge some of the vendors and the chairman had of the history of the old company’s operations, of -some'twenty years ago, and with a desire that should a payable reef be found the company would have some valuable and permanent assets. In an interesting report the provisional directors stated, inter alia, that the total number of shares allotted was 197, of which 100 were allotted as fully paid to £lO, vide an agreement with the vendors of the Imperial and Royal special quartz .claims, and pursuant to paragraph 3 of the company’s Memorandum of Association. Ninety-seven £lO shares had been issued to the public and paid up to £2 10s each, and subject to further calls of £7 10s each. One hundred £lO shares had been retained by the company and held, in reserve for any future action on whicn

the shareholders might decide. The '.shares of the company were held by 80 sharehodlers, 78 of whom were contributing shareholders. The total amount of cash received by the company in respect of the 197 shares was £242 10s. The statement of receipts and expenditure on the capital account to date was: Share capital called up, £242 10s; expenditure (wages)', £37 12s ; credit balance, £204/18s. Sundry

creditors unpaid totalled J>4 7s. The directors reported Laying in- '• terviewed the Hon. Ministe’’ for Mines with a view to giving him first-hand knowledge of the wording of the claim and with the hope that Government assistance for prospecting the claim would be otbained. The Minister had instructed his inspectors to visit the claim and report thereon. Some tools and other necessities to work the claim had been purchased at a cost not exceeding £25.' The main object of the directors was to see that the whole of the paid share capital was expended in actual mining and development work, with a minimum of expenditure in other than genera?mining. GENERAL MEETING. Immediately following the statutory, meeting an extraordinary general meeting was held, when it was resolved that the directorate snould comprise seven members. The following officers were elected: Directors, Messrs F. E. Flatt (chairman), P. E. Brenan, E. E. Gillman, H. W. Lloyd, G. P. Lamb, R. R. Morrison, and F. H. Claxton; secretary, Mr Edwin Edwards’; auditor, Mr G. E. Allen. It was agreed that the directors should receive a.total sum not exceeding £35. to defray out-of-pocket expenses. GENERAL REPOR 2. The following general report was submitted by the chairman :— f “The claim comprises 74 acres, and includes the ground known as the Imperial and Royal special quartz claims at Karangahake, and extends from the road known as the County Road in the south to the Waitawheta Stream in the north, and is bounded on the west by the Crown Company’s property. The object in forming this company is to exploit the ground eastward into entirely new country, starting a cross-cut from a point known as Howard’s level, which is situated halfway down the hili between the north and south boundaries. Such a cross-cut extending eastward some ■lOO to 600 feet should definitely decide whether any system of reefs exists, as maintained by many old miners in the early days of the field, and it is estimated by your directors that under fair conditions the £lOOO subscribed, with State assistance, should carry out the above work. "Mr J. Bunting, one of the original vendors, took charge of the jvbrk on November 26 last, and to date, with the. assistance of another practical

miner, has cleared away all the slips from the mouth of Howard’s drive, - released the water, and cleaned up 250 ft of Howard's level, seme 90ft of debris having to be removed. About 27ft inside the tunnel a reef 2ft wide, and also a leader, crosses the drive. No work has been done on these, nbr do we yet know what values they may carry. At a point 90ft in, and running for 40ft to- the west and Crown boundary, the reef know as the Imperial was met with, and is

about Ift wide. The next 40ft or 50ft shows faulty, country, and as this tunnel at this point runs under a gully, it will require timbering to make it safe, more especially as the tunnel has been full of water for Koine

years. “A smithy has been erected, and ./rails and trucks brought from the old top working are now in position, and within a few days steps will be taken