Mining.

Southern Cross, Volume 1, Issue 50, 10 March 1894, Page 5

Mining.

LONGWOOD SLUICING COMPANY.

The annual meeting of shareholders in tins company was held in the Prince of Wales Hotel on Wednesday, there being ten present, and thirteen represented by proxies. Mr R. Cleave was voted to the chair, and the legal manager, Mr C. W. Brown, read the annual report, balance sheet, and auditors’ report, which were adopted. A lengthy report from Professor Hooker detailing the operations at the mine up to the 28th February, was also read. The present mine manager wrote under date sth March, enclosing the prospects obtained from three dishes of wash from the Geelong side of the claim. ([These were exhibited to the shareholders present, and considered very satisfactory. It was resolved that the future disposal of the unallotted shares in the fourth issue be left in the hands of the directors, and that the 9 and 2-oth shares remaining in the second issue should be divided between Messrs Cleave, Brodrick, and Steans, to cover the cost of their travelling expenses in visiting and inspecting the claim. Messrs Todd and Tucker were elected directors, and Messrs Blacke and Corbett were re-appointed auditors. The following is the Directors’ report :

“ In presenting the fifth annual report the Directors have to explain that the annual meeting has been deferred till this date in order that they might lay before the shareholders the fullest information in regard to the present position and prospects of the company. They have to report as follows:

“ Working.—The claim was worked in the ordinary manner up to the 31st July last, when Professor Hooker was placed in charge of it. On the 31st

October he reported in reference to the mine, and a copy of the report was posted to each of the shareholders. Since the date of this report the work of developing the claim has been carried on as detailed by a. further report from Professor Hooker, which is now laid before the shareholders.

“ Results.—The result of the year'* operations, although not so satisfactory as could have been wished, is so far encouraging, inasmuch as it indicates that the yield of gold is gradually increasing. This will be seen from the following return, which, has been compiled from the annual balance-sheets :

“ Financial.—On the sth October it was found necessary to make a furtherissue of 100 shares of £lO, makingthe nominal capital £4OOO. Thirtyseven of these shares have been disposed of, on which the sum of £112: has been paid. On the 30th of Jan* the Directors resolved to. withdraw the balance of unallotted shares from, sale, and it will be for this meeting to decide as to their future disposal. Scrip for fully paid up shares in the third issue can now be obtained on application to the Legal Manager, A. supplementary balance-sheet is submitted herewith, from which it will be seen that the bank overdraft has been reduced to £2l 17s lOd, and that the assets of the company exceed the liabilities by £271 9s Id. “ Retiring Directors.—On the Stlt January, 1894, Mr C. Edmunds resigned his position as Director, and Mr William Todd was nominated to till his place. It will be necessary foir this meeting to confirm this appointment or otherwise ; and also to elect a. Director in lien of Mr W. D. Dalgliesh who retires. “Auditors. —Two auditors should also be appoined. “ Signed on behalf of the Directors. “RoiiEiix Cleave, “ Chairman.’* Invercargill, March 7th, 1894.

In 1889 gold was sold to value of £4 16 1 „ 189J „ „ 5 2 O „ 1891 „ „ „ 49 17 2, 1892 „ „ „ 19 13 o „ 1893 „ „ „ 53 Two months —January and February, 1894, gold was sold to 19 e the value of ... ... 53 7 i Total ... £18G 14 10