MINING COMPANY MEETING.

Thames Star, Volume XII, Issue 3798, 1 March 1881, Page 3

MINING COMPANY MEETING.

Columbia G-.M.Co. The annual meeting of the shareholders of this Company was held yesterday in Auckland, eight being present. Mr Thos. Macffarlane occupied the Chair. The Directors' report was read as follows : —

In presenting you with our first annual report, though the success attending the operations of the company whioh we anticipated on our acceptance of officehas not been realised, nevertheless we araJ|till confident, that the operations on the 7O^let lejel from ■which we anticipated the most satisfactory results, and which are now being carried on by the New North Devon Company will, when completed, fully realise these exppctations. An agreement hae also been entered info with the Albion Company, whereby they pay half the costs of all work done by it in this company's ground. The advantages to this company are that it gets a large portion of its ground prospected afe one half the cost ifc would otherwise entail. Of course this arrangement has also its advantages for the Albion Company, in so far that it enables that Compary to get, into its own grounds afc' a lower level and at leas cost than could otherwise be done. We have also, with a view t'> the economical management of the Company's minine operations, obtained the consent of the Alburnia Company's directors to allow Mr Radford, their mine manager, to take oversight of the Company's works. 13y this means a con eiderable saving has been effected, as Mr Radford kindly consented to accept the charge at a mere nominal salary, and we are perfectly satisfied with what he has done in this way. It will thus be seen that we have endeavoured to have the Company's ground thoroughly prospected and opened up afc as little cost as possible to the shareholders. The ' balance sheet, which is herewith submitted, duly audited, exhibits in full a statement of receipts and expenditure, assets and liabilities, and it will be observed that the assets of the Company are in excess of the liabilities by £338 11s lid. We recommend that the consideration ot the Directors of the Alburnia Company for the interests of this Company be acnnowledged. Our term of office having expired, it is competent for you to elect new Directors for the ensuing year or to re-elect those now in office." The balance sheet showed — Receipts: Cash on sale of 20 promoters Bhares, £400 ; call of Is per share £597 10s ; call of 6d, £20 ss. Total, £1076 13n 6d. Expenditure: Contract,account, £264 8s; in. account with the North Devon Company, £415 6s 4d ; do. with Albion, £132 10s 2d ; mine wages, £53 18s 6d ; salaries, £43 10s; miscellaneous,£lo4 13s 7d. Total, £1014. 6s 7d Balance, £62 6* lid ; due on Is call. £2 10s ; due on 6d crll, £279 15s. Total, £344 11s lid.