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MEETINGS OF SHAREHOLDERS.

I BbNDIOO iNDEPESpjiP, , G.M.O.—A nieeling of shareholders in the Bendigo Independent G.M.O. was convened to be held yestorday for the purpose of in'cteasiag the of tlie company by the issue of new shares, but the meeting was allowed to lapse, it being deemed advisable to convene an extraordinary meeting toybe held on the 4th of August to increase jhp^oapitaUQf'the company and add'~to' the directory. The mine manager submitted a report of the operations carried on in the mine, since lie took oharge in September last. In allusion to the operations now in progress, the manager says:—" This part of the mine (d section near the Buby, above the main level) could not be worked to. advantage without a pas< to the main drive, after cjearing.it,out and..timbering it up, I smarted to' rise a'nd'.stope out. The leader is 1 , very irregular,'sometimes a foot thick and at other times obly a clay joint. Several,parcels,.of fair specimens have been obtained .from ifc'lately, and as'there are about 9$ jfe.et of backs it is possibYo, it mayfurihW'imprbve'. 1 Taih'also taking put a small.block of the I'ldorado specimen leader from the winze below the main dHve. This].shows igohi inifair quantifies. There are at 25 tojns of quartz broken out and about l£ cfffc of picked stuff on hand. With respeot.to.the future in'g of the mine, I am of opinion that as a large part of the ground abovo the present level is worked out, no time Bhould be lost in pushing forward the low level. This is already in 240 feet, leaving- about 100 feet to drive bofore raaohhis; your boundary A.b,0ut,30 feet, of the drivs a];

present in requires timbering. I estimate the cost of carrying-on the tlrivo to where payable gold would be got at £150 and this would give a depth 100 fact below the present lovol. At the commencement of the tribute a drivo'was put in from a shaft and carried along the Bendigo main reef about 30 feet. Water was- struck, and work discontinued. This drive is about 45 feet, below the present level. The reef is from 1 foot to 3, and contains a fair show of gold. Tho quartz was crushed with other stuff from the same reef, taken from above, the level, and yielded from loz to loz 7dwts to the ton. This run should be to hand in the low level, at about 25 feet from the boundary. There would be also a large scope of the Eldorado big reef; and ! from the dip of the ituby specimen leader it should be in your ground before reaching the low level. ' I have no hesitation in saying that the prospects are sufficiently encouraging to warrant the outlay." Messengeb's G-. M.O. (Registered).— The annual gonoral meeting of Messenger's 0t.M.0. was held,lnst evening at the company's office. There were 2,209 shares represented. Mr Veale occupied tho chair. Tho minutes of last meeting were confirmed. The directors' report andbalance-sliebt wero read and adopted, Tlie report,:after congratulating: shareholders on Ithe) steady, improvement! of .their mine, stated" At au early,.period of the year your directors prospected and opened up the largo, reef..This not proving remunerative, at that level} it was deemed prudent to it until a lower level was obtained. Two tributes were let on the specimon leader which have turned having . paid the company as percentage the sum of £172 14s, from whioli tho, directors have been enabled •to ; pay a small: dividend. An ■advantageous arrangement has,."been entered into with the.West Ooaßt G-.-M.O. ■for the use of their low level: tunnel, and a tribute/from this level .has been; let to H. White and. party, sunder, ;whomi it is to be continued into your ground to cut the two specimen leaders now worked on in tho upper levels by the tributera. When that object is attained it. is' intended to commence work on behalf of the company, as a block of ground on those leaders will -be opened 70 feet in length with about 110 feet of. backsShould this low level prove as rich as is expected larger and more frequent dividends may be expected." The balance.sheet showed ; receipts during the, past year £287 7s si, including £172143 percentage for tributes, leaving a balance,in bank after payment of dividends to the amount of £112 10s, and meeting liabilities, of £37 12s Bd. Messrs Yeale and Allen were re-elected directors, and. Mr 'E.' T.'r Wildman was appointed auditor. A vote of thanks was accorded to Mr Jltimei the .legal manager, for the efficient' manner in which he had conducted the company's business, and a yote'of thanks ■'to the chairman-closed the proceedings'.'.;

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/THA18740708.2.15

Bibliographic details
Ngā taipitopito pukapuka

Thames Advertiser, Volume VII, Issue 1859, 8 July 1874, Page 3

Word count
Tapeke kupu
770

MEETINGS OF SHAREHOLDERS. Thames Advertiser, Volume VII, Issue 1859, 8 July 1874, Page 3

MEETINGS OF SHAREHOLDERS. Thames Advertiser, Volume VII, Issue 1859, 8 July 1874, Page 3

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