An Unprofitable Gold Mining Speculation.

Manawatu Standard, Volume XI, Issue 1692, 24 April 1886, Page 2

An Unprofitable Gold Mining Speculation.

At the first general meeting of the shareholders of the Welcome Gold Mining Company, Terawhiti, held 'in Wellington a few days ago, the balancesheet showed that the company was about £125 m debt. The report stated that at the formation of the company m October last the prospects were sufficiently encouraging to warrant systematic work, and on the advice of the mining manager a tunnel was put m to cut the reet. Good prospects were at one titne found, but none had been obtained since the resignation of the mining manager. All the men had been discharged, pending the decision of the shareholders. The directors recommended that an exhaustive survey of the mine j should be made, as gold m profitable | quantities existed close by. The Chair- [ man m moving the adoption of the report, said that he had visited the mine twice during the past few week*. Oa one occasion, when he was accompanied by the mining manager, gold was found, but when the second visit wag paid the manager was not present, and "not a trace of gold could be obtained. Mr H. Levy said he was sorry that Mr Charlei Mace, the late manger of the mine was not present at the meeting, so that the shareholders might ask him some questions. Mr M'Lean, the legal manager, said he did not know there was any power to compel tho late mine manager to be present. He (Mr M'Lean) visited the mine once, and found gold m the stone, but, singular to say, the workmea had not been able to find any since. The Chairman said he was sorry he had had anything to do with the property. Mr Levy expressed similar regret. On the motion of Mr Levy, it was decided to allow the directors to use their own dtscrefcion as to whether mining operation*.