IMPERIAL MINE.

Hauraki Plains Gazette, Volume XXXIX, Issue 5292, 27 June 1928, Page 2

IMPERIAL MINE.

iINNUAL MEETING. The annual meeting of the Imperial Gold Mining Company, Ltd., was held on Monday night, when Mr F. E. Flatt, chajrinan,, presided over a representative gathering of shareholders. The report and balance-sheet was adopted. REPORT AND BALANCE-SHEET.. The report stated :— “During the year the new cross-cut has been driven 401 feet, making a total of 434 feet, at a, cost of £636 18s 2d. the average .cost being £1 9s; 4d per foot. Ten leaders have been cut, showing values as follows: At 70ft., nil; at 137 ft., nil; at 84ft., nil; at 262 ft., 7s 2d'; at 96ft., Is 2d, and £l6 on surface ; 385 ft, 8s 6d ; 116 ft, Is 2d ; at 396 ft, 6s 4d ; at. 127 ft, nil; at 412 ft., well-defined reef, assaying Is, Is 3d, 2si 4,2 s sd, 2s 7d, 3sj 3d, 3s 4d, and £7 _l7s 9d. The latter lode is knowp as the Ballroom lode, and is in a good class of country, and is well worth further exploitation. “A drive of about 166 ft is required to cut the lode known as. Morris’, and which produced good assays on our boundary. During thes ( e operations four well-defined lodes and two leaders should be met with, thisp position having been ascertained by divining. “From the Ballroom lode, and on, the country is of a, much more promising nature, and we anticipate I much better, results than previously obtained. Should any of these lodes produce good assay we should have ample ore to give permanency to the company’s future operations. “To carry but the ;a,bove Work, in addition to testing these reefs,, we shall require at least £4oo* to £450, and when this work is completed shareholders will be called together to decide on our future operations. If the assays prove satisfactory the present shareholders will require either to find more capital to erect a battery or invite outside capital to assist us jn that direction. We expect to cut reefs at 512 ft, «55ft, 575 ft, and at 618 ft, Morrisf lode. “We also, in conclusion, desire to express appreciation to the mine manager (Mr Bunting) and Mr Paton for the spelendid work they have done ; to Mr P. Hague-Smith for his ass.itance, and to the shareholders for their support during the jpast year.’’ The balance-sheet showed that the receipts for the year were subsidies, £l6l 11® 6d, and calls, £4'46 4s. The expenditure was. made up of wages and material £524 Ils 6d* and rent and insurance £45. The subscribed capital of the company was, set down as £2541, and creditors £92 10s Bd. The assets < showed the plant apd property aS £lOOO, and cash in hand £lO5 4s 7d. In moving the adoption of the report and balance-sheet the chairman said at was hoped that tihey would cut Morfis’ lode ip about four months’ time. The mining inspector, Mr Pauli, had said that the country they were ; now going through was of an entirely different class, from that hitherto met with. He was very confident that nlipe would yet turn out what they had all. hoped for. Speaking of divining, Mr Flatt said that up to the present every reef had been met within a few feet of where it had been divined, and there were four reefs yet to pass through before Morris’ reef would be struck. Besides these reefs, which would be encount. ered in the drive to Morris’ reef, there were others known, and he felt sure •that they should be prospected. He had only recently learned that Fleming’s find w;as on this property. Sopie good prospects were obtained from this in the early days. They had driven over 1000 ft of cross-cuts, and while Jie would have been pleased to say they had struck the reef they were looking for, he was quite satisfied that the prospects were good. Messrs F. Claxton and P. E. Brenan were re-elected directors aniTMr G. E. Allen auditor. PUBLIC BATTERY. The following resolution, moved by the chairman, was carried; “That thi's meeting of the Imperial Gold Mining Co., Ltd., heartily support the efforts of the district committee to establish some form of public crushing in the district, and trust the Minister of Mines will give very serious consideration to any proposals brought forward which will encourage more active prospecting.” THANKS. . A resolution of appreciation of services rendered to the company by the mining inspector, Mr Mat. Pauli, was carried by acclamation. In speaking to the resolution the chairman said that Mr Pauli had always been ready to give advice about, the mine. Votes of thanks were alsp passed to the mine manager a,nd assistant, to the secretary, and to the chairman.