Director's Report.

Nelson Evening Mail, Volume XII, Issue 17, 19 January 1877, Page 2

Director's Report.

Th^ accountsvsubmitted;'!Si, this meeting CQ,mpnsg,,the- traiisabtiptil^pf^he Company v from its formation tcftfie'aist of December last. It was found necessary to present them in thia form in consequence of the balance sheets presented at the last meeting in July, \B76,and the previous pne at ,this time last year.'nQt haying been passed at fete meetings called for those date*. --S- "K,if By the present accounts it will be seen that, after paying for all the current ex:penses up to^ date,-and-pr6yiding-.|ee.«aUr. known liabilities, there is a balance in "hand" of £841?,0ut jof^wEichtHeDirectofsredgmA mend that a dividend of fs per scrip "be paid," which will amount;to £550, leayingabalance., of £291, wherewith to resume operaFonslnis" current half year. ;- In looking afryihecresult .shown by these accounts, one very important feature will no doubt present itselt^the shareholders^, and demonstrate to them very clearly the soundness of their property; and that ii^since the formation of, („he Company, all outlay, of . whatever kind, ha&heeh provided ou£o£ Ihe earnings of the mine;^This, to be surev^was unavoidable in ybur case from the facTt&at there bmneyer been any subscfibingfeapkal ) on whichto fall,back. , Ev^ry one is aware that, /rtmcist wifeb^u^jexceptrorf jin opening up a mine ajgreat deal 1 of 4ead-^rk ~haaj to -be; don^;b:erore the concermcan be rendered i reproductive. Tjingejs haie^be driveffin, . oe shafts sunk; fo be ejected; * datns^ytaunwayajr: trucks, &.c provided; and i all these itetos fbrm pijopeif charges oil "cap- . ital aecoaat] But, as in yun^case ttterThas i been no.such fund, these charges'havp!n^4 to .be met out pf the^arningsbf^lfie mine^ All f this expenditure, which, reckoning from 1 "the :;.first, Soaay.be aeJf'down as S! aiaQ( £3000, w;ould,. lhad there been an open capital account, havfebeen chargeableTEo i^ and-would, consequently, have been savailajble for divi-£ sion 'among the,::^iareholdefs7^thusfm'atiing r . your (dividend ''account show a mucfaiaafger£ amount.than it does in the present amounts, jj -:••..: The expense g£-x:arryiiig on the wfH-k«{has*' also been exceptionally heavy from t«e-^facfc * that no road waa" arable for catlleTVidS therefore as is well known to all cofecMiedH in the undertaking, everything ha<Ttdbe**' carried by nieniitj of" course, a greatly in-s 1 creased cost, ttjs^gratifying to thinktthawt w this state of things will soon be remedied to! some extent by the grant of £500 lately made by the Government tpwards-iiaprpvins- the... track. At this time last year crushing^ operations?' were for a considerable time -suspendedl through the shorfe supply of .iwatep '.usual at this season of the year; arid.it was hoped that the dam,,which haul bsen:contr,acfefksorf. anji ought ;tp; haye L >bggn finishesV^?fti >^his|; wotuld have supplied that want, and fßxpisb-eC" a constant supply of water all tne year round. Unfortunately the.dam, >?hennearly completed, was carried away,;sp'th'at if %i3J! f season proves asSry as'thelast/andoic'wnicil-' there is every prospect, there.wH'be a loss of | time, and pf cdurse-'mohey,' 1 tn'rough'-.tne inability to crush any; stuff; . This drawback to the progress of the mine, will certainly end with the present-season; - the capability.of;the dam,,tc->hold an. ample supply of water having been fiilTy ""-p'roVell before the accident occurred:- •■'- ! ~^- The progress of- developementso&igyoui!.} mine ftroni the causes .above alluded to has been slower than might have been_ desired, bat your, directors still entertain the "same" r faith they have always • hitHer'td haft 'of., its ultimate success.. ■• >" 1 V '.' .; ([ Xv i . JoflN-H. Heard,) '■&?'" ■'■: i*ri &•■ ' . ' Ji•■OortßTj fetors.!;..