The Inangahua Times. PUBLISHED TRI-WEEKLY. WEDNESDAY, JULY 25, 1877.

Inangahua Times, Volume IV, Issue 46, 25 July 1877, Page 2

The Inangahua Times. PUBLISHED TRI-WEEKLY. WEDNESDAY, JULY 25, 1877.

The Btatementof the" position and past years'.' operations of the Gotten Fleece intended* y,6tripany, as disclosed at the lnst annual meeting of shareholders, m Grey mouth, 'is one upon which the company may indeed be congratulated. It affords at once ' a most; striking instance of the vast productiveness of the field,' and affords a fair index of the sweets thai; ' attend/ investment' here. Toe information has come to us somewhat behincl hand, 1 bub in view of fc'he healthy state of affairs disclosed, in the .interest of, the district" as a whole" the facts cannot be too widely' published, speaking ; as they^ do more eloquently than words of tbe prodigious wealth of the district. ' Toe following"' is the re port presen.fced to the shareholders :-- -"'ln presenting their" first Annual Report four ' directors have reason to Congratulate you' upon the patisfactory results of. tb.e ' gear's operations'. Crushing was 'commenced Vn' July, 187.6, and carried on c bntihuously until the lfytti June lfast, 'during which' time 5920, tons of' quartz^ were reduced, yielding 11,0640z!s G^dwts of gold,' value #42,597 8s 2,d) being' an average of lozi I7.dwts 9grs per ton; this 'has enabled 1 ' your directors to declare dividends aggregating being lOs Bd per 48,&00 } fch share.' A' liability. of E&4817 Op 8a to the Bank of r '^few Zealand,' on account of the old Ajax and Golden' FJe'ece Companies, has afso been paid, increasing tijie total surplus to ' £2.3,417. o^' 8;1'. ~ As the boiler of the crushing engine required repairing, it was found necessary' 1 to stop, crushing on the 3,9 th tb^e repairs are, however, now in a forward, state, and crushing" will, be resumed in a' fortnight. "" Tae undergrouna workings have & very 'favorable appearance/ the stopes in the southern (Ajax) pbrtidn of. the ground ahow a large body of good stone,' ' while in the" northern (Golden Fleece)^ block No. 6 level, depth of 52pft from the surface, is being opened out, and all* the quartz between it and. No. 4( level (a height of 12ftft) is now available^ Your company's machinery, consisting of'crushing plant, Ac, is" in excellent order. Ihe figures in the' 'accompanying balance sheet will explain themselves, aad call for no special comment. Satisfactory as the reodlts have been for the paßt twelve thonfcbs, tWe is every reason to believe "that at the Company's next annual meeting the balance sheet will show to even better adyan'tage i .' A marked feature in connection with the'mineis that as lower levels are reached' the lode becomes :|tr6nger, "and richer,' a most hopeful |]gn' of futnre prosperity." 'rhe.Company^B coalmine has been further developed by a new tunnel," which now commands the seam at a lower level, the farce of which shows a thickness of fourteen teet of excellent' coal For steam purposes. Ja conclusion, your Directors have a pleasant duty tb discharge in acknowledging the zeal and

ability displayed in the general management of the works by Mr John Trehnery, which have tended' in no small degree to bring about the satisfactory results now laid before you,".