THE DUN MOUNTAIN COMPANY.

Nelson Evening Mail, Volume I, Issue 71, 28 May 1866, Page 2

THE DUN MOUNTAIN COMPANY.

A meeting of the shareholders of this Company was held in the London Tavern, London, Mr Sclanders. in the chair. The report of the directors stated that about a year since they despatched to Nelson Captain Cock, a practical mining agent, for the purpose of testing the mineral resources of the property, and they also intrusted him, under the direction of the committee there, with the general management of affairs in the colony. The directors had since received numerous reports from him as he prosecuted his explorations. The directors regret that their general tone was not such as to confirm the sanguine expectations which were held out at the original formation of the company; although copper exists on the mountain, it cannot, in the opinion of Captain Cock, as far as at

present ascertained, be worked at a profit. The chrpnie ore is found in considerable abundance, but it is patcliy and mixed up with the hard rock, so as to render any extraction a work of labor and expense. Nevertheless 190 tons of a high per centage may le expected to arrive shortly. The wood and lime business has been worked at a small profit, and tlie proceeds have l>een sufficient to pay the expenses in the colony. The directors have every confidence in Captain Cock, and they were willing to keep the company afloat even at the small returns received; but creditors press for payment of advances, so the directors have no other course but to recommend the voluntary winding up of the undertaking. A discussion ensued. It was however resolved to wind up the company and reconstruct it upon another basis: the nominal capital to be £40,000, the bondholders and shareholders of the present company to receive shares of the new company at a large discount Runaway Horse and Cart. — About 1 o'clock this afternoon a horse, belonging to Mr. Hounsell, ran away from a paddock in which he was feeding, dragging the cart •with. him at a furious rate through Bridge-street, and up the Waimea-road, where fortunately he was stopped. "We believe that no damage was done.