CLARKS HILL PROSPECTING COMPANY LIMITED.

Tuapeka Times, Volume VII, Issue 339, 18 March 1874, Page 2

CLARKS HILL PROSPECTING COMPANY LIMITED.

EEPOET OF DIBECTOES FOB AIWtrAL MBKTI&a MABCH 11, 1874. This being the first annual meeting of .the company since its formation (March 4th, 1873.). your Directors think .it necessary to lay before you, some information as to tlie constitution of the cpmptmy and the work done since that date?

In accordance with the instructions and,, power left them at the last general meeting, tbe Directors, on the- 15th September last:; registered the. company under the. Mining Companies Act, 1872. . 2240 shares had been, taken up to that time, of which 2140 were allotted, among the holders of which 860 fully paid up shares were subsequently distributed, making a total of 3000 share* allotted, of which 2140 are contributing shares. 1593 shares still remain reserved for £ vLfcxiw* disposal. In addition to the deposit call of 2s per Bnaic, nine calls haye 1 been made of Is. per share each at intervals of one month; No calls, however, have been made during the months of February and March. The Directors have 'to'thauk 'the shareholders for tho confidence they have shewn in the management, as evinced "by the regular payment of the calls.

During' the year ten meetings of director* have been held, with an average attendance of |six, none lapsing for want of quorum. The work of excavation has been- continuously carried on. until the present month, when the tenders for a f vosh contract of 100 ft. being ia excess of the "manager's estimate the work was temporarily stopped. The tunnel is now driven 1100 feet from the entrance, being 160 feei pasfc the line of the reef worked by. the Gabriel's Gully Quartz Mining Company Registered.

After passing' the above point the directors applied to the Provincial Government for a. subsidy £ to £ on the further prosecution of the work. The application is still before the Government, and the Directors fully expect that a subsidy sufficient for their purposes will be granted. ' A distance of 150 feet remained, to be driven to pass through the Gabriels Gully Quartz Co. s ground, after whLh. the directors recommend the continuance of £he> tunnel for a farther distance of 150 to 250. feet. This will probably require a furtherexpenditure of £300 to £400, vdiich thex directors suggest should he called up by call* ma3e at. intervals of ,two months between each. The tenth call falls due ou Wedneaday Bth April. . " , • „