Annual Meeting of the Moanatairi G.M. Co.

Thames Star, Volume XI, Issue 3566, 1 June 1880, Page 2

Annual Meeting of the Moanatairi G.M. Co.

The annual meeting of the shareholders of the Moanatairi Gr.M. Company was held in Auckland yesterday, Mr C. J. Stone, Chairman of the Directors, presiding. Fourteen shareholders were present. ' The balance-sheet showed that the receipts for the past year, including a bank balance of £20, had amounted to £26,962 12s 9d, of which the largest items were:—gold, £21,503 2s 5d ; and tributers' contributions, £3,282 3s lid. The expenditure had reached a total of £15,015 2s 4d, leaving a credit balance of £1,708 10s -Id. £lu,oll 9d had been disbursed in wages and salaries, the battery expenses had absorbed a further sum of £2,524 and £3,371 5s had been paid away in dividends. . .

The following is the mine manager's report:—

The Directors, —G-entlemen,—l have now the honor to forward herewith my fifth annual report:—During the past year our chief object has been tbe prospecting of different sections of ground, entailing a large amount of dead work, and the prospects of the mine for the future look more remunerative than they did some few months since. Point Russell section: The creek level h»s been extended 251 feet upon a well-defined reef, varying from 1 to 4 feet thick. For a distance of 25 feet the stuff was worth 2ozs per ton, but other parts of the reef are low grade. A winze now being sunk is down 12 feet on the run of good stone, and shows every indication for a heavy patch of gold. Driving the 100 feet level will shortly be resumed to connect with the winze just referred to, for purpose of ventilation, and to afford facilities in btoping. Tunnel level: The cross-cat south has bren extended 544 feet, and is now into the Golden Age section. Two reefs have been intersected, No. 1 is 3 feet thiok, and well defined, the stuff obtained when cutting through it being worth 3dwti per ton. No further work has been done on this lode, our main object being to push forward with prospecting iv this direction. After driving 250 feet further a second large reef was met with. This lo'ie, 14 feet thick, is, I think,. the continuation of the " Caledonian," which is known to be. traversing through the company** ground. So far as yet explored, namely, 70 feet west and 60 feet east from cross-cut, . the prospects are not of an encouraging nature, but a great improvement has taken place during the last few fc _fc driven east, gold -being visible in the stone, accompanied with copper, mineral, and mundic. This large lode runs 750 feet through the company's mine, with " backs" extending 1000 feet on its underlie from tunnel level to surface. It will thus be seen that the workings in this direction are quite in a state of infancy, for scarcely anything has yet be9n done, and by further developing its resources large deposits of gold will certainly be met with. Nonpareil cross-cut has been repaired and extended 260 feet. To push forward this work a second rook drill was procured, and is now kept going so as to open up the Nonpareil section. When this done, wo shall have 150 feet of new " backs " available for working. The past' history of tbis mine is well known, and I believe the bottom ground will be quite as remunerative as that worked out. The principal out-put of quartz during the past year has been from No. 3 reef and its branches at the 80 feet and tunnel levels. Large sections of ground remain to work out in this part of the mine, some of the leaders being intact to surface. 213 feet level: Owing to the influx of water through the stoppage of Big Pump no work has been done during the last six months, but when the water has sufficiently drained down operations will again be resumed. I am pleased to say the past year has been more successful than the one previous in the production of gold, 855, azs being obtained from 7749 tons of quartz crushed, or equal to an average return ofloz 2dwts 2grs per ton. The average number of tributes employed during the year has benr 65, and from this source we have treated 3073 tons of stuff, yielding 5029£-ozs melted gold. The average rate of tribute paid has i been 21£ per cent. In conclusion I would say I that the prospects of the mine are better than , hitherto, for it is unquestionable that we have | many good chances of fresh discoveries being made during the ensuing year. The battery and other machinery has been strictly attended to and kept in repair. All is novr in good order and working satisfactorily.—l am, &c, Kobeet Combb.—May 15.

The Chairman, in proposing the adoption of the reports and balance-sheet, said that the gentlemen of the daily press provided them with such correct and full reports of the mine from week to week that there was little for him to communicate. Shortly he might state that they commenced the year's operations with a debit balance of £19 10s, and now, after paying iwo dividends, they had a balance in hand of £1149 15s 3d. Some very promising quartz, yielding as much as two ounces per ton, had been discovered, and as soon as practicable the 103 feet level would be continued in that direction.

The report was adopted.