THE ALBION COMPANY.

Thames Star, Volume VII, Issue 2022, 28 June 1875, Page 2

THE ALBION COMPANY.

The following are the directors' and mine manager's, reports of the above mine, for the 31st May 1876, which were to have been laid before tho meeting on Friday last but which meeting lapsed for want of a quorum:— DIBECTOBS 1 BEPOET. In Tprcsenting shareholders with a report for the past-year, the directors refer them for details of the works done in their mine to the annexed report of the mine manager. In addition to the works there mentioned, a drive to the company's boundary from the Imperial Crown Company's drive at the 400 feet level of the United Pumping shaft, has been completed. The indications, however, were not of a sufficiently promising nature to warrant the drive being carried further at present. The balance-sheet will fully explain the financial position of the company. Messrs W. Weston and F. Whitaker, two of the directors, retire from office, but are eligible, and offer themselves for re-election.—For the directors, Wabwick Weston, Chairman. MINE MANAGER'S BEPOBT. The report of Mr S. E. Eichards, the mine manager, was read, showing the 1 nature of the mining operations : carried out under his supervision during the previous 12 months, and concluding as Follows:—There are three pieces of ground let on tribute, the Poverty and Charleston at 30 per cent., Kelly's at 25 per cent., and the Belfast at 12| per cent. There are no particular features in connection with either of these works, further: than the revenue derived from them during the, year has been only £1,024 J3*. 6d, against £1,331 Is 6d last year. On the whole, the prospects of this company are much brighter now than at any previous time, and there is still an immense tract of ground altogether unexplored, and to which attention must be directed in future operation*. The statement of receipts and expenditure was as follows :--Eeceipts : Balance at Bank of New Zealand 31st of May, 1874, £1519 6s 4d 1 calls on account of 3rd and 4th on

the second issue, £1927; from■'.l.ributers, ■ £1024 12s 6d ; charges, £4 ; overdraft at Bank of New Zealand, £430 7s; t0ta1,£4905 6s. Expenditure: Contracts,driving,&c, £2256 16s Id; sundries to be charged to above works, £508 17s 7d; building, £437 17,s ; drainage, £550; timber and rails, less value on hand of same, £40 11s Id; other expenses,, £208 ,14s 8d; Tookey drive, half cost, £470 12s 4d ; timber and rails, £200; expenses of test crushings. surveys, &c, £23i 1.7s '3d; total, £4905 6s. The balance sheet was as follows:—Dr.: to cr., £50; overdraft, £430 7s 2d; receipts per balance sheet, 1874, £5477 17b 9d; capital, £102 380 ; total, £108,338 4s lid. Cr.: by dr., £2 5s ; unpaid calls, £543; mine account, 1874,- £59,121 13s'4d; engine shaft, &c , £10,904 7s 10d.; drives, tramways, &c, £6365 17s lOd; "uncalled capital, £30,124 ; expenses per balance sheet, 31st May, 1874, £1045 3s 8d; ditto since, £23117s 3d ; total, £108,338 4s lid. .' ■ ' ' ." "- ' i*;"