MOANATAIRI COMPANY.

Thames Star, Volume VII, Issue 2000, 2 June 1875, Page 2

MOANATAIRI COMPANY.

MQA^ATAIRI The annual meeting of shareholders in the above company was held in Auckland on Tuesday. The directors' report shows that the company has made considerable progress during the past year, the profit and loss account giving a net balance on the twelve months' transactions "of £5,617 16s 4d, which, as the report says, is "a very fair result, considering that the stone from the mine during the past .year^nly.ayeraged. 9 dwts .22,gra pj>r Jton, . h and which reflects considerable credit on the .manager "—-Mr Comer. The amount received sfor gold during the year was .£22,2Ji6 M %.,11d;.... and receked i ,and.J.ue ; for crushing for other companies, £1826 17s sd. The Bank overdraft on April 30th, 1874,-was £7762 7s sd;. on the same day in 1875 it was £5399 3s Bd— showing a reduction of £2363 3s 9d. This is eminently satisfactory. The mine manager's report is not less so. An. immense amount of work has been done in the mine, in which the wakings are most extensive.^ The' following' paragraph,?: extracted from the report, gives a' short!>but. concise ?view of;■:the; result: of operations since Mr Comer assumed" the of the mine:—. "16,580 tons have been reduced, yielding 8233 bzs. 4-dwts. 12 grs. melted, gold,, or. an average return of 9 dwts. 22 grs. per tdn. During the year, 1611^ feet have |been driven on reefs and branches therefrom, and 607| feet in cross-cutting various parts of thb mine; also 170 feet of rising. , Of the above, 1338 feet 2 inches have been driven by contract, at fan average cost of 12s 6d per foot, and the balance by day work ; but little stopirig has been done by contract, as I find aldifficulty in doing so, branches of lodes having to be followed occasionally either into thjß hanging Srtfbotwall. I estimate that 3333 fathoms of ground have Jbeenratpped, ;from all .parts of the mine." The manager concludes his report with the expife^sed opinion that the coming? year will witness results as favorable as the last, in which it is hoped he is right. At -the company's battery, which;LTOSumed;work, last . Jweekj^ijiestamps are engaged on * stuff from " the mine—3o head—the Company, and Long Drive. '*■■"''*-'