RED QUEEN.

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

RED QUEEN.

It will be remembered that some time ago the old company was wound up,a new company being formed, which purchased the mine for £200. Since then no work has been done in the mine, except by the tributers. The manager is of opinion that there is every likelihood of payable stone being obtained when the mine is more vigorously prospected. The directors report that the proceeds of the calls made were devoted to the purchase of the mine from the old company, and to putting, in various prospecting drives across the line of reefs running through the adjoining claims. No payable quartz was met with in these.drives, and funds "falling short, the directors were compelled to desist from working by wages and contract labour, and^ -i to resort to the tribute system. Tb| 'proceeds of the tribute have been small, but sufficient to clear off liabilities, and leave the company free of debt. The balance-'Jneet is. as follows:—Eeceipts: Calls, £823 Is ; gold from tributes, &c, £137 Is 9d;-total, £960 2s 9d. Expenditure : Paid old company for mine, £200; wages', rent, &c, £772 8s 3d ; less due to creditors, £45 12s 3d; bank balance, £21 2s 3d; cash ,in hand, £5 4s 6d : total £960 2s 9d.