Annual Meeting of the Alburnia G.M.Co.

Thames Star, Issue 3540, 30 April 1880, Page 2

Annual Meeting of the Alburnia G.M.Co.

The annual meeting of the Alburnia G.M.Co. was held in the large room of the .N.Z. Insurance Company's Buildings, Auckland, yesterday afternoon. There was a good attendance of shareholders and the Chairman of directors, Mr Thos. Macffarlane, occupied the Chair. The directors' report was read as follows :— " The directors have pleasure in again meeting the shareholders with a satisfactory statement of accounts for the year just closed. The returns from the mine tor the past year exceeded those of the previous year, owing to the discovery of a rich run of gold in December last, from the. annexed statement of profit and loss, it will be Been that the profit on.the year's work was £21,087 Oa lid; out of which £19,000' or £2 7s 6d per share, was paid in dividends. In June last the services of ATr Radford, the present energetic mine manager, were secured, and soon after appointment, his attention was directed to the large quantity of fair crashing stone which the mine was capable of producing. Mr Eadtord represented that a company like the Alburnia. having a property second in area on the field, should not be dependent for dividends upon chance finds of rich patches of stone, when it is known that ua almost unlimited quantity of good average quartz can be raised and made to pay, "if only cheap cruuhing power were available. " After careful enquiry, the directors decided upon obtaining a crush* ing plant and accordingly .purchased the Prince Aifred battery. The plant has since been put in thorough repair, and the number of stampers increased to 23. It is worked by a turbine, and from its position, close to the Moanatairi tramway, was the most suitable, as well as the cheapest plant which could have been obtained fot the company. The mine manager's report, annexed hereto, enters fully into details of work done during- the past year, and that proposed for the future. The area of company's claim has been further extended, and'at the same time, rendered more compact by the purchase of the New Worth Olunes and Watchman claim. The Reserve Fund has been made up to the original amount of £4,000. At this meeting Mr It. Patterson retires from the directorate, and, being eligible, offers himself for re-election. The directors recommend the appropriation to the Board of the usual sum of £250 for its services during the current year. For the directors, Thos. Macffaihane, Chairman." .

The balance sheet showed the gross receipts to hare been £33,962 15s, and the expenditure £32,936 3s 7d,%aying a balance of £1,026 Us sd.

The adoption of the report was moved by Mr Macffarlane, who paid a tribute to the integrity and ability of the mine

manager, Mr Had ford. In conclusion he said the directors had determined not to encroach on the reserve fund for divi- I dends. The resolution was adopted. Mr Patterson was then re-elected director, ! and Mr T. L. White auditor. This concluded the business. .