MEETING OF SHAREHOLDERS.

Thames Guardian and Mining Record, Volume I, Issue 18, 27 October 1871, Page 3

MEETING OF SHAREHOLDERS.

NORTH DEVON GOLD MINING COMPANY. The first annual meeting of the shareholders in the above Company was held at Mr F. A. White’s office, Auckland, Mr W. Weston in the chair. . The manager read the following report, which was adopted The first Annual Report of the Directors of the North Devon Gold Mining Company (Limited). —The directors, in presenting their first annual report to the shareholders, regret that the work*

upon the mine have not been of a more remunerative character. When the company first started operations, a great deal of dead work required doing, in consequence of tne mine haying remained idle for some time previous to coming into the hands of the present company. The shaft, sunk to a depth of 120 feet, required draining, a new chamber put in, and the drives to be re-timbered. When this was finished a contract was let to drive upon the course of the leader towards the Ruby claim. Stoping.was commenced, and a quantity of 83£ tons of quartz taken out and crushed, which yielded 50ozs. 7dwts. 6grs., valited at £127 19s. This not being payable, the directors, finding the calls could not be got in, decided to let the mine on tribute, which was done On the 12th of May last, for a period of eighteen months, the terms being to sink the shaft to a depth of 60 feet, also to pay the company 15 per cent, on all gold over half (£) an ounce to the ton, and increasing ten (10) per cent, on every additional half (£) ounce to the ton. The first crushing realised 12dwts. to the ton. Since that there have been two crushings : the first G 3 tons yielded 28ozs. 2dvvts.; the second 62 tons yielded 26ozs. 9 dwts. of melted gold. Both being under half an ounce to the ton, no per-centage accrued to the company. The directors requested Mr T.B. Hicks to visit the mine, and report upon the same as to whether it would be advantageous to the company, now that the sharehoholders were willing to work the mine, to buy the tributers out and carry on the mining operations as before. Mr Hick’s report did not warrant the directors interfering with the terms of the tribute. The directors, however, see no reason for discouragement. The working of the mine under tribute, though of little present advantage to the shareholders, has enabled them to tide over a period of depression, and thus preserve a property, believed by 3 r our directors to bo of value with any mine in that district. According to the memorandum of association of the company, two of the directors retire. Messrs. A. Beetham, and W.Weston, the retiring directors, are eligible for reelection. —Signed on behalf of the directors.—F. A. White, Secretary.” —The balance-sheet, which showed there was a balance of £55 2s 6d in hand, was also adopted. Messrs A. Beetham and Mr W. Weston, the retiring directors, were re-elected, and W.W. Butt was re-elected auditor.—The usual vote of thanks to the chairman concluded the proceedings.