PRINCE IMPERIAL G.M.C. Auckland, December 31.

Te Aroha News, Volume V, Issue 236, 7 January 1888, Page 4

PRINCE IMPERIAL G.M.C. Auckland, December 31.

The atumal meeting of shareholdea's in the above Company was held yesterday afternoon in Mr D. G. MacDonnell's office, Insurance Buildirgs. Mr James Dickey presided.

Reports. — The sixth annual report of the directors stated : 4t The result of the pa^t mouth's operations and recent great change for the better in the prospects of the mine, have onabled thorn to present you with a much more favourable report and balancesheet than we anticipated. Two months back the liabilities of the Company wore £400 in excess of what might be fcermed its available assets, that is assets not including mine or plant ; whereas now the available assets, exclusive of plant, aro £321 13s 9d in excess of tho liabilities. That the ensuing year will be a prosperous one for the Company there is much reason to hope, judging from the results •of the past month's operations and the mine manager's report, which is herewith submitted." — The mine manager's report stated that for the past year work has been solely confined to prospecting tho No. 1 reef in the eastern section of the mine at No. 2 level. The main drive on the course of the lode had been extended 300 feet, or to within 80 feet of the eastern boundary of tho Company's ground. The work of thoroughly prospecting this reef had been tedious,on accountof thelimited number of men em ployed. The manager observed: "I trust during the incoming year to be able to carry out the following works, which, if completed, would, I feel sure, yield profitable results to the shareholders :— Driving on No. 1 reef or any branch leaders therefrom, at. No. 1 level fiom the shaft to tho eastern boundary, 400 ft. Driving on same reef and No. 2 lead at No. 2 level from present workings to boundary, 80ft. and 200 ft. respectively. Sinking a winze on No. 1 reef, fiom No. 2 level to No. 3, 140 f t; and driving o:\ course of lode at the latter level to boundary, 120fc. At present there are only four parties of tributers occupying sections in the mine. The winding machinery and battery are in good working order. In conclusion, I may state that there are 20 loads of quartz in the hoppers, and 401bs. of picked stone in tho specimen chest, I estimate to bo worth 50ozs. of gold." On the motion of the Chairman tho various reports and balance-sheet were adopted.

Dikectoks. — The retiring directors, Messrs I'ratfc and Smith, were re-elected. Mr T. Leigh White was also re-elected auditor.