Champion G and S.Mines. N.Z.

Te Aroha News, Volume VII, Issue 454, 15 March 1890, Page 2

Champion G and S.Mines. N.Z.

ANNUAL MEETING. The first annual meeting of the Champion Golil and Silver Mines Company, New Zealand, Limited, was held at the Chamber of Commerce on Thursday afternoon, 6th inst. Mr Adam Porter, local chairman of directors, presided. The Clairman explained that only two men were now engaged in the mine, owing to want of funds from head office. The local directors have been obliged to suspend all work in cons queace, as they themselves had become responsible for several hundred pounds in expenditure. The balance-sheet just received from the head office showed the total expenditure to date to be L 6500 ; receipts by sale of 14,000 shares, 17s 6d paid up, equals LI 2,250 ; less unpaid calls, L 4500. Many of the shareholders present expressed themselves very strongly at the evident breach of agreement between the parties who purchased the mine from Mr John M. Chambers, as they undertook to find. L.14,Q00 for working capital. A resolution was passed asking the directors in England that funds be forwarded to push on work more vigorously than of late. Several long reports were read of trials made in Glasgow, Frieburg, and America, all of which seemed to he only partially successful. All ore shipped home for treatment showed an average assay value of L 9 per ton ; even at this value it seemed doubtful whether it would pay to ship home, owing to the expense of sorting, bagging, railway aui shipping charges.— Advertiser.