A PAYABLE CONCERN.

Kumara Times, Issue 2417, 31 May 1884, Page 2

A PAYABLE CONCERN.

WETHERSTONE’S CEMENT GOLDMINING COMPANY (LIMITED). [From the Tuapeka Times.] The cement was first discovered by Mr J. R. Gascoigne, in October 1879, and its resemblance to the deposits at the Blue Spur led to the conclusion that it was auriferous. Mr J. C, Brown went into partnership with Mr Gascoigne, and they took out a conjoint license. They at once set about prospectiug the ground, and the results fully realised their anticipations. A company was then formed to work the cement, of which Messrs Brown and Gascoigne held half the shares, Messrs Kincaid and M‘Queen took up onefourth interest, Mr Seymour George one-eighth, and Messrs North and Scoullar the remaining eighth. The Company decided to erect machinery at once for the permanent working of the claim, at a cost of £2OOO. For this purpose a call was made and met in October 1879 ,• and in December in the same year a battery, with 10 head of stampers, was erected. The motive power to drive the machinery was then, as now, turbine-wheels driven by waterpower, the water power being supplied from the Phoenix Company’s dam ; and 1200 pipes had to bo laid down for the purpose. The first washing-up took place in January 1880, the stall being taken from the face, and the best expectations were realised. Indeed the returns were so satisfactory that the Company decided to put in a main tunnel for underground work. The tunnel was commenced in the behoof February 1880, and the first dividend from gold obtained iu the tunnel, amounting to £6OO, was declared on April 8 of the same \'ear. From that time till the present the mine has continued to pay, and no second call ever had to be made upon the shareholders-

Gold to the value of £5275 14s was obtained during the first year, and the following year produced an amount valued at £5746 11s lOd. Within these two years £3OOO was paid in dividends. During the year 1881 a good deal of time was occupied in winding out water. In consequence the yield of gold was lower that year, but still the amount realised was very good—viz., £1421 13s lid. During the following year pumping machinery, on economic principles devised by Mr Brown, was erected, and ever since has drained the mine at a comparatively small cost. The yield of gold for 1882 amounted to a value of £5653, and for 1883 to £5908 15s 3d. The wages paid to the men, of whom there are about 36 at present employed—average about £3OO per. month from the starting of the battery. The total yie'd of gold amounts to something over 7000 oz: the exact quantity up to March 1883 was 62250 z. The Government receives £1 per acre per ‘annum for rent, so that the mine also contributes to the land fund. Most of the original shareholders are still in the Company. Messrs Kincaid and M'Queen and Seymour George still hold their original shares; Mr Brown holds in addition to his former interest, the shares originally held by Mr Gascoigne: while Messrs Scoullar, North, and some others hold the balance.