Nonpareil G.M.Co.

Thames Star, Volume VII, Issue 2051, 31 July 1875, Page 3

Nonpareil G.M.Co.

The annual general meeting of the above company was held in the Mechanics'lnstitute last night. Mr Baird proposed and Mr Brown seconded that Mr Wm. McCtlllough take the chair. The Chairman read the advertisement calling the meeting, and after the minutes of the last annual meeting were read and confirmed the following reports were read:— . DIBECTOEs'EEPOET. Your Directors have the honor to submit this report of the transaction of the Company for the past year. The balancesheet will be read to you. The receipts have been—calls, £188 Os 8d ; gold £683 3s lid ; and from other sources, £224155. The expenditure amounts to £1,15816s Bd, leaving a debit balance of £62 17s Id. There is about £90 of the sixpenny call, to come in, which when received, will, more than square the account to date.; During the last year the expenses of first increasing the capital of the company, and then amalgamating with the Italian mine, wereunavoidably heavy, but the wisdom of these arrangements will appear when level after level is opened from the Italian shaft to the Nonpareil mine,, from which good returns may be expected. Your directors are sanguine of good results. Three directors now retire from office, but are eligible for re-election. . MINE MANAGER'S REPORT. In sending in my first annual report I have to inform .you that since I took charge of yoar mine I have been working on small stringers, or leaders on the aditlevel, from which we have had one very fair crushing, but, seeing that these were not likely to be of long duration, I advised the directors to put in a low level from the Italian shaft to cut the leaders at a depth. A contract was let, but the contractors, after working only a few hours, gave it up, and since then; with the approval of the directors, wages men havej been employed. It. ; is now in a distance

of 21 feet from the shaft. I believe when the drive is in, and the ground opened up, the Nonpareil will come to the front again, and instead of requiring calls from the shareholders the directors wiU bo able to pay dividends. —I am, &c, James Coutts, Mine Manager.

Upon the motion of Mr C. S. Brown the reports were adopted. Mr Baird proposed and Mr Veitch seconded that Mr C. S. Brown be elected a director. Carried unanimously.

Mr Brown proposed and Mr Baird seconded that Mr Wm. McCullough be a director. Carried.

Messrs W. H. Crick, B. Brown, and Boon were nominated for the third vacancy. Mr Boon retired, and a poll was demanded, resulting in favor of Mr Brown, who was declared elected. It was resolved to appoint one auditor for the ensuing year, and Mr B. M. Mitchell was duly elected to fill that position. The usual honorarium to directors it was resolved should be discontinued until the company should be in a better financial position. This concluded the business.

The newly elected directors held a meeting afterwards at which it was resolved that the mine manager be instructed to put on more men in the drive and push it ahead as fast as possible.