PERSEVERANCE COMPANY.

Nelson Evening Mail, Volume IX, Issue 23, 27 January 1874, Page 2

PERSEVERANCE COMPANY.

The half-yearly meeting of shareholders was held last night, Mr Sharp in tbe chair. The Directors' report was read as follows :— When your Directors made thdr last halfyearly Report, the operations of this Company were suspended, and the Decimal Company were testing their ground through this Company's inclined shaft. Whilst this was being done your Directors decided that the future working of this, Company should be c nducted under a new Mining Manager, and the assistance of Mr J. Ball, of the Thames, was availed for obtain'ng one, which result'* d in our securing the services of Mr Peter Hansen, a mining manager of considerable experieuce, and one who has successfully worked several claims on the Thames. Our arrangements with the Decimal Company terminated in November last, and as soon after as possible, operations . were commenced under the auspices of our new Mining Manager, He reported that it was unadvisable to continue | the use of the inclined shaft (and accordingly further expenditure thereon was; dropped without delay), but that there was a large quantity of quartz in the upper levels, which he. believed would not only prove payable, but would also leave a surplus Jor future operations Five huodred and fifty tons of quartz frdm these levels have been crushed, yielding SObzs 14dwts of gold. This yield, although small, your Directors have good reason to believe will realise the expectations of the M ning Manager by not onlj pay ing expenses, but leaving a small surplus for further developing the mine. The usual half-yearly accounts will now be presented. It will no doubt be noticed that although the inclined shaft has been abandoned, the amount that was retained last half-year as an asset for it hasbetnearried to debit of Profit and Loss. This is in consequence of the quartz now crushing being obtained from the upper levels, the cost; of which . was car-. ried to debit of Profit and Loss some time since. It; was therefore considered by your Directors desirable to.aUow the amount to remain to dejbit of inclined shaft in lieu' of Available*' portions of the upper levels. After the general meeting a special meeting will be held ior the purpose of : electing/ a Director in the place of Mr Henry Hounsell, who has resigned, ! . . 7. ,_,..(;■) WIKhUM- ItyDDOJW, .. . ... tJhairman. ! The report and balance sheet having been unanimously adopted* ; t, Mr* Bethwaite elected in the place of Mr Hounsell, the meeting, after passing a v(j>te of thanks to the chairman, broke up.