MULTUM IN PARVO GOLDMINING COMPANY.

Thames Guardian and Mining Record, Volume I, Issue 141, 22 March 1872, Page 3

MULTUM IN PARVO GOLDMINING COMPANY.

A meeting of the shareholders of this company was hold at the British Hotel yesterday afternoon, Mr J. Coupland, chairman of directors, in the chair. At three o’clock there was not the lcquiicd number (Id) to form a quorum, but a few minutes later several shareholders entered the room, and the business of the meeting proceeded. The half-yearly report lead by the secretary was accepted as satisfactory. The following is a resume of the report and the business which iollowed on its reading On the 9th November a lease was applied for, blit it lias not been obtained. Cantracts for the construction of a tramway connecting the mine with the Vale of Avoca wire tramway had been entered into. A tunnel through the Company’s ground at a lower level was laid. It is anticipated that about 30 per cent, in the working expenses would be saved by the improvements made. The financial statement to March 20, 1872, showed a balance of £2lO ; calls, £245; proceeds of crushing, £1,020 ;for tunnel, money in baud, &c\, £l2. Outgoings: Expenses, £200; wages, £982 ; tunnel, £SO ; tramway. £O2 ; lease, £4O ; law expenses, £79; dividends, £4OO ; sundries, £10; balance in bank, £239 11s Gd. Stock account : 8,000 shares, at £4 each, £32,000. By amount given to shareholders on paid up scrip, £30,000: received for calls, £9OO ; balance to be called up, £1.033 0s Bd. The total value of the gross yield of gold during the past six months amounts to £1,833 ; the expense attending the crushing, £IBB. This yield has been obtained from about 200 tons of quartz, besides specimens. A very great expense had been incurred in getting the mine into working order. The mine manager reported generally that the working of the mine was proceeding satisfactorily. By means of the tramway and other appliances the crushing of the stone would costalos per ton less than what the company had been paying.—4lie Chairman moved the adoption of the report. Ho regretted that the directors were not in a position to recommend a dividend, and it was also to be regretted that it was found necessary to make a call. He had great faith in the mine, much greater now than lie had six months ago. He had lately inspected the mine himself two or three times, aud it looked very promising.—A shareholder wished to know v/hy mine manager was not present. — llie Chairman did not think it was necessary. The mine manager had furnished a report, and lie thought that was sufficient.— A resolution was moved expressing want of confidence in the directory for not having proceeded with the working of the mine in accordance with the wishes of the shareholders. The motion gave rise to a warm discussion, and was eventually lost, the directory, upon a second resolution, receiving instructions to carry on the working of the mine in the manner pointed out.— Cross.