OLD CALEDONIAN G.M. COMPANY.

Te Aroha News, Volume VI, Issue 321, 1 December 1888, Page 4

OLD CALEDONIAN G.M. COMPANY.

Auckland, Nov. 28. The annual general meeting ot the shaveholders of the Old Caledonian G.M. Company was held at noon to-day in the Company's Office, New Zealand Insuranco Buildings, Mr J. M. Lennox, Chairman of directors, presiding, there being a full quorum. Mr Young, the Secretary, read the report of the directors and the mine manager as follows : — Your directors report that the year's operations have not been so successful as they hoped. From the present manager s report it will be seen that the shareholders have no need to be discouraged ; and it is hoped, with a limited outlay expended on working upon known reefs, good results may be reasonable anticipated. The bat- I tery has been making full time with payable rosulfcs, and is situated so close to our workings that we shall be enabled to work with profit lowgrade ores. From the balance-sheet the shareholders will see the financial position of the Company is about the tame as last year. In tho interests of the shareholder your directors advise the re-formation of tho Company. J. Brown, Esq., retires from the Board of Directors by rotation, but is oligible, and offers himself, for re-election. Mine managers : In the absence of an annual report as to the work done in your mine during the past year, which, on account of having only lately taken charge, 1 am unable to give, I have vontured out of the beaten track, and in place of past work show what could be done in the future with a probability of success. All the runs of gold hitherto worked in the mine have been on or near the crossheads or breaks, and although these have been cut at No. 1 level on Wo. 2 reef with only partial success, there remains some 370 feet to be driven at No. 31evel; where these crossheads occur, 90 feet of backs would be available, and the reef averages 4 feet in thickness. This work should be undertaken at once, for in it I believo lies the futuro prosperity of tho mine ; the drive would be on the reef the entire distance, and if the gold goes down at all here, it will be found, and most likely in the vicinity of the crossheads or tho junction of Nos. 1 and 2 reefs, also to be met with in this drive, At No. 2 level the No. 2 reef has been driven on up to the Larnach boundary, and very little has been dono in prospecting the reef, with the exception of two winzes and three short intermediate drives from one of them. In the hangingwall of this reef, about 70 feet from the shafb occurs a cross course in good country, in which a libtle quartz is visible This should be opened out. Another leader, supposed to be a specimen leader, ( and connecting. Nos. 1 and 2 reefs, was underhand stoped during Mr Hicks's management until operations had bo be abandoned on account of water. About 40 or 50 feet of driviug would carry us under these workings, and this work has been commenced. HerivaPs leader also gave good returns when worked some time ago, and is well worth a further trial. At No. 1 level No. 2 reef has been .driven on, near tho Otago boundary, for : a distance of about 150 feet, and very little j of the reef broken; this should be taken down and sent to the battery to test its value. On this (No. 1) level 40 or 50 feet of driving would take us into the Ofcago ground, in which very little work has been done, and where the country and reefs look equal to anything in the mine. The whole of these works are necessary to the thorough prospecting of the mine. 1 i On the motion of the Chairman, seconded

' f ' by Mr «T. Beid, the directors' report was 4 adopted, and the mine manager's received. The balance-sheet was read by the Secretary and adopted. On the motion of the, Chairman, seconded by Mr R. C. JBarstow, Mr Jas. Brown was re-elected as director, and Messrg Waymouth and Sons were re-elected auditors on the same terms as last year. The question of re-forming the Company was briefly adverted to by the Chairman, who stated that a special general meeting would be called at an early date to lay before the shareholders a proposition bearing on the question. Votes of thanks to the Chairman and the directors terminated the meeting.