CROWN GOLD MINING COMPANY.

Te Aroha News, Volume VI, Issue 312, 31 October 1888, Page 2

CROWN GOLD MINING COMPANY.

A mektjng of tha shareholders of thi&compnny was held on Friday afternoon in the office of llio company, Coombes' Arcade, Queen street, Auckland, The chair was occupied by Mr -Adam Porter. The minute* of the previous meeting- wero read and confirmed. The Chairman having stated tho object for which the meeting was called, iho secretary, Mr W L. Mitchell, read tho following repoit and balancoshoet: — During the past year the work done in the mine ban principally been of a pros« pecting diameter, to test the extent and value of tho varions reefs before going to any Outlay in the eh»i>e of improved cold and silver saving machinery. The exponditmo during tho period lias been frnall, as the d hectors defined it inadvisable to spend any laiafo sum so long ns the propeity remained under offer to the Chsgow ••yndicnte. Early in Maieh of this year 22 ! tons of ore, composed or three different grades jwid valuta, were forwarded to the oidcr of the syndicate in Glasgow, who apieed, in the event of a satisfactory result being arrivpd at in tho extraction ' of the bullion, sufficient cnnitjil would bo found to thoroughly woik the mine. Shareholders are nwi.ro that negotiations have been going on for a considerable time, and it may bo said that since June, 1887, a period of uncertainty has prevailed in regard to future opeiations, because so long as tho Glasgow capitalists wero disooßcd to take up the mine and to intioduco tho Intest known imniovements in machinery, it was advisable in eveiy way to facilitate the operation. Under the first arrangement the directors agreed that the promoters in Glasgow should not be allowed anything in the shape either of each or shares. This had to be- altered, as it was found impossible to float tho mine without a liberal allowance to the promoters or their agents. The original pioposal was to float a company of L 50.000, of which £10,000 was to lie reseived for working capital. This has been altered to a company of 65,000, with working capital &25.000, and the Crown Company gets 15,000 paid-up shares, of £1 each, or an equivalent in cash or part cash and part shares fully paid-up, at the option of the directors in Glasgow, but in no case is it agreed that .i less sum than £1500 in cavh shall be paid to the shaieholders of this company. Thecashand paid-up shares to this company will bo in full after paying commissions, bi okei (»rc, pi oinotion,and all other expenses, but excepting the cost of transfer to tho new piopiictary, which isagieed, shall bo boine by this company. The cash to be received (if it be the minimum sum of £1500) will yield a dividend of about Is 3d per sbaie after paying all liabilities. The new company have already bought and paid for the Railey l eduction plant at Ivaiangahake, and the area of the new concern has been still further extended by the puicluse of the Welcome, Sunny Corner, Sutio, ami Retreat licensed holdings, all of which adjoin the Crown property. Messrs Devore and Cooper, acting under instructions from Glasgow, are now engaged in prepaung the necessary transfers, and the whole tiansaction is, so far as the company is concerned, on the eve of completion. The directors hope that the shareholders will bo pleased with tho arrangements come to on their behalf, as they believe that in securing so ample an amount oi capital to thoroughly open up the property, the best has been done in the interests of all concerned. Attached ia a copy of tho prospectus as published in Glasgow. Jt will be seen that arrangements have been made by which a plant for bullion recovery Is to be erected, with a guarantee given to save not less than 75 per cent of the metal, at a cost of between 20s and 30s per ton, and that the contracting parties shall receive a bonus on ivll bullion recoveicd over 85 per cent, in addition to their stipulated remuneration. They are also to find their own plant. The new Crown Company engage to deliver the ore ciushed ready for treatment. The tests applied to the Ciown ore appear to have been very exhaustive, and it is to be hoped that very shortly a new era of successful opeiations will be fiimly established in this roefina- district.— Adam Porter, Chairman of Directors.

BALANCE-SHEET FOR THE PERIOD ENDED 2GTII OCTOBEB, 1888. Dr. — Capital account — 20,000 shares at 10s, LI O,OOO ; les>s amount uncalled, L69GI 5s ; total paid-up capital, L 3038 15s ; levenue account — proceeds of gold and silver, L 454 0s lid ; premium account — shares sold, L 72 IGs ; vaiious creditors, LIS 12s 5d ; total, L 3579 4s 4d Cn. — Mine account — Wages, contracts, supplies, tools, etc., L 3009 12s 4d ; general charges — licenses, surveys, stamps, etc., L 567 17s5d; cash account, LI Ms 7d : total, L 3579 4s 4d. Statement of cash accounts for the period ended 26th October, 1888 : — Receipts : — Balance from last statement, L4B 5s 7d ; call No. 9, of Cd per share, L 467 10s. Total, L 515 15s 7d. Disbursements. —By mine wages, license fees, etc., L 349 2s sd ; cartage, bagginsr, and shipment charges 22 tons ore to Glasgow, L6B 5s 6d ; property tax, L 3 2s 2d ; various charges, advertising, telegrams, stamps, etc., L4O 14s 6d : travelling expenses, L2O ; repayments on forfeited shares, L 32 16s 5d ; balance at Bank of New Zoaland, LI Us 7d. Total, L 515 15s7d. The Chairman moved the adoption of the report and balance-sheet, which was seconded b) Mr Uirst, and carried, Mr E.G. Carr moved, and Mr Iteid seconded, "That this meeting hereby ratifies and con Turns the sale of the propeity upon the terms set forth in the report." After a vote of thanks had been passed to the directois, the meeting terminated.

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