Queen of Beauty G.M.Co.

Thames Star, Volume XIV, Issue 4602, 4 October 1883, Page 2

Queen of Beauty G.M.Co.

The following circular has been issued s by the promoters of the Queen of Beauty GJ-.M.Co.:—For some time past the directors have felt impeded in their efforts to forward the well-being of your mine by the fact of the capital on the large majority of the shares being fully paid up, and the necessity of. increasing the capital has now become a matter of such importance (hat they propose to lay before you a plan byf? which this may be done in the most expeditious manner, and without entailing the stoppage of the pumps. In consequence of the faultiness of " Tbe Mining Companies Act," there is no possibility of wipding-up the (present Company voluntarily, there being" a liability upon it, it is therefore proposed to allow the Bank of New Zealand to take action ou behalf of all the creditors, and have the Company's property sold- by the Sheriff for tne amount of the liabilities, which are nearly £4COO. At present there are ' 25.C00 shares issued by the Company, and, the shareholders are invited for the purpose of purchasing the present Company's property to take up shares in a new. com- , party to be formed under " The,, Mining. Companies Act, 1882," and called " The Queen of Beauty Gold Mining; Corn^ . pany," with a capital of £25,000 ia 50,(30 shares of 10s euch, nil paid up. These shares will be offered to the present shareholders of the Queen of Beauty Extended Gold Mining Company and any not- ( taken up by them will then be offered to the public. The shares will besußjeaJf to a payment of 2s each on application, and shareholders will only receive a preference in respect to fully paid up shares. The mine is at present in excellent order, the machinery of the pumps working,with, the utmost regularity and ease, only one column being engaged in pumping. By the liberal action of tbe Thames County Council your Cdmpany has been receiving the spare water from the race for pumping ■ purposes, the motive force therefore

being obtained without any cost, and there is no reason to doubt but the same liberal policy will be extended to (he new Company by the Council.,; The mine is now well opened, and drives are being extended on the main lode at No. 10 level both seaward and northward. This

latter extension of the lode is entirely new, not having been in hand on any of the upper levels, and there is every probability of good crushing dirt being met when driven upon. On the seaward sid/, of the shaft the face of the drive is midVay between the Queen of Beauty and Pialto shafts,, and should ■ therefore, ccme upon some of the good shots of gold, which wer,e worked in the upper levels, in about.2oo feet more driving. The drive to intersect

the;Bird>in-Hand and Vanguard lodes is also being vigorously pushed on, over 200 , , feet having been driven, and a further 4~ i extension of about 100. feet should open ' up the Bird.in-Haad reef with 120 feet, of backs from the last worked portion, and the extension of the crosscut will intersect the Vanguard lode (at the 540 feefc level), which is intact to the surface v except where cut into at the No. 6 40Q> feet level, w;hen it crushed nearly loa to> theload, the reef being 12 feet io thickness.