MEETING OF SHAREHOLDERS.

Thames Guardian and Mining Record, Volume I, Issue 276, 27 August 1872, Page 3

MEETING OF SHAREHOLDERS.

The annual meeting of the shareholders of the West Coast Goldmining Company was held yesterday afternoon, at the Mechanics’ Institute. A large number were present, and Mr Whitehead occupied the chair.

The minutes of the last meetings havingbeen read, the Secretary read the directors’ and mine manager’s report:— We give the following extracts from the Director’s report: —“The amount expended in wages, contracts, crushing and incidental expenses is £1322 16s sd, and the gold received in from different crusliiugs is 3370 z sclwt, yielding £895 7s Id, being on an average about £2 12s Gd per ounce. In April last the upper portion of the Company’s Mine was let on tribute. ° ° This tribute has yielded to the company a return of £l6 14s Bd. 0 ° In May last the Directors declared forfeited 178 shares, for non-payment of call, but on application by several of the parties the shares were restored on payment of call. 0 0 In July last the Directors had the pleasure of declaring a dividend of Is per scrip share.” The miife manager, in his report, says : —“ During the early part of the year a great amount of work was done in the surface part of the mine in prospecting, and from a leader cut in it 90 tons of quartz was crushed, realising 540 z lGdwt of gold. This not proving payable, I discontinued any further work in this level, and it was let on tribute. The tributers have since crushed 58 tons, which resulted in a return of 440 z 13dwt.

° ° I also worked a block of ground upwards to the tributers’ level in the upper workings. This block, on the run of gold, gave a first-rate payable return, 70 tons of stone yielding 281 oz 9dwt of gold. I then sunk a winze 110 feet, and intersected it by a cross-cut from the lower level. I also opened out an intermediate level from the winze, for the purpose of ascertaining the strike of the shot of gold. Thirty tons of stone from this level gave a return of 31oz |sdwt retorted gold, which, scarcely being payable, clearly proves to me that I have not yet got on the shot of gold from which such good returns were previously got, but I have no doubt that in another 30 feet I shall catch it.”

The report gives in detail the amount of work done in the mine, which is considerable. lie states that he lias 190 feet of backs now ready to set in on, and when he has continued the Beehive level further in, lie feels confident of being able to keep five or ten head of stampers constantly employed for some time, owing to the facilities for taking out quartz, the mine now being well opened up. The following balance-sheet was also read : Balance Sheet for the Year Ending August 8, 1872. Dr.—To capital (as under) 59G4 shares, 2s 6d called up, £745 10s ; uncalled capital on 5964 shares, at 17s 6d, £5218 10s ; unallotted shares at £l, £36 ; sundry creditors, £l6B 14s lid ; total, £6168 14s lid. Or. —By mine account £2OO, permanent works £525 ; uncalled capital oil 5964 shares at 17s 6d, £5218 10s ; do. on unallotted shares, £36 ; unpaid calls, £1 2s ; profit and loss, £174 Is 8d ; rules of company, £4 15s ; cash in Bank, £4 2s 7d : do. on hand, £5 3s 8d ; total, £6168 14s lid. Profit and Loss Account. Dr. —To incidental expenses, £393 7s Id ; wages, £269 17s 4d ; contracts, £134 12a; dividends, £294 lCs ; total, £1092 6s sd. Cr.—By costs recovered, £6 3s ; gold, £895 7s Id ; do. from tributers, £l6 14s 8d ; balance, £174 13 8d ; total, £1092 6s sd. The mine manager, who was present, being asked to give the latest information, said that the crushing just completed had yielded 31|oz of gold from the 33 tons put through. This was not as much as had been expected., as in sinking the winze some nice specimens had been obtained ; but, upon opening out at 60 feet down, lie found that the lode had made out to about two feet, and was not so rich at all, showing very little gold as it was broken down. On Fridaj', he opened out a cross-cut, and at a few feet off met with a leader, which he had stripped, and had broken down some of it in the morning, which showed gold well, the leader being more like what it had been before. He had still some 30 feet to go before he expected to reach the shot of gold. In answer to a question, he stated that an ounce to the ton yield would more than pay all expenses for getting it. On the motion of Mr Whitford, the reports and balance-sheet were adopted and approved of. According to the rules of the company, the whole of the directors retired, and the following five were elected : Messrs Whitehead, C. Cooper, W. Carnie, 11. Wood, and Gorrie. Four other gentlemen were nominated. Mr C HAMPTON proposed that the directors be allowed an honorarium of £6O per annum. Au amendment by Mr Whitfof.d that they receive no remuneration was proposed and carried on a show of hands.

After a good deal of discussion, it was agreed by the majority that the Auckland directors should be allowed £1 Is each time they came down from Auckland to attend a meeting. A vote of thanks was accorded to th# late directors, and also one to the Chairman, and the meeting broke up. We forgot to mention that Mr Wildman’s report as auditor was read and approved of. No auditor was elected by the meeting, the directors being requested to appoint one themselves.