LONE HAND G.M. COMPANY

Te Aroha News, Volume VII, Issue 458, 29 March 1890, Page 4

LONE HAND G.M. COMPANY

A SUCCESSFUL YEAR

Auckland, March 22. The annual meeting of the above Company was held yesterday afternoon in the long room of the New Zealand Insurance Buildings. Mr H. Green occupied the chair. The legal manager, Mr McDonald Scott, read the report and balance-sheet. The former referred to the completion of the 900 ft tunnel, the cost of which had been defrayed out of gold won. This tunnel should soon put them on payable quartz in the low level. The year’s receipts were £2,991 19s sd, and expenditure (including tunnel) £2,691, leaving a balance of £3OO 19s sd. The mine manager reported very fully on the work that had been done in the mine. The Chairman said few remarks were needed on the report presented. He had been up at the face of the tunnel and saw the Moa reef, and hoped they would soon be on the spot where the former owners had found gold. They had been very careful in the matter of expense, and work was done only at contract prices. The gold won from the upper workings had paid for the work done, and left £3OO over. Next year they might hope to enter int othedividend-paying period. Tbisonterprise was a legitimate speculation. He would move the adoption of the report and balance-sheet.

Mr J. L. Wilson seconded the motion, which was carried unanimously. Mr Barclay said ho could fully endorse what the Chairman had said, and what the mine manager reported. The retiring directors, Messrs H. Green and J. L. Wilson, were re-elected, and Mr Menzies was re-elected auditor. Mr Ewen moved a vote ot thanks to the mine manager, Mr Moore, and to the Thames director, Mr Barclay. The shareholders were fortunate in having such a manager as Mr Moore, and such a useful director as Mr Barclay. Mr Green seconded the motion, which was carried unanimously. A vote of thanks was passed to the Chairman, and the proceedings terminated.