LYELL.

Westport Times, Volume VI, Issue 1031, 20 December 1872, Page 2

LYELL.

(PKOM OUK OWN CORRESPONDENT ) Dec. 14.

At a general meeting of the shareholders in the "William Tell Quartz Mining Company, held on the 14th instant, at the Company's office, the director's and manager's reports were submitted and adopted. The manager in his report referred to the progress of work in the claim, since starting some three weeks Biuce. Keporting as follows : —With a view of striking at a lower level, the reef cut in the first tunnel, put in on the claim, and in which a very fair prospect is obtainable ; the cross-drive, in what is called Kennedy's tunnel has been driven 83 feet farther, without, however, obtaining the desired result. A run of rubble quartz, about 7ft wide, was crossed 56ft from the turntable —which, however, does not prove payable, at least, not in this particular spot, and it is not likely to have any connection with the above mentioned reef in the old tunnel. Since then it has been resolved to clear out and repair the old drive, with the intention of following the reef further, and thus also bringing quartz to gi'ass. As this drive is caved in, and in a good many places choked up with rubbish, it will take some time to clear the same out and make necessary repairs before stone can be got out. He held sanguine anticipations that by the next general meeting his report would be accompanied with good specimens of stone, and that tons of payable quartz would be on the surface —a belief in which he felt fully warranted, by the late discoveries to the north of the William Tell claim.

The balance sheet, as submitted, showed the assets of the "Company to be, cash, £95 15s lid ; arrears on calls, £34 14s 5d , total, £l3O 10s 4d. Liabilities, £37 7s 8d; leaving a credit balance of £93 2s Bd. Of the arrears sot down it was assumed that the larger portion had been paid into the Bank of New Zealand, at "Westport, but of which the directors had not been enabled to obtain an accouut previous to the meeting. The following report was submitted by the directors : We beg to submit to you our report on the general affairs of the Company for the short period of its existence, and of our being in office. Tour directors hare in the interval held three meetings—at which they have made two consecutive calls of one penny per scrip—to which the shareholders have generally well responded, as the balance sheet this day submitted to you by tho manager will show.

At the last meeting, seeing that a sufficient amount of casdi was in hand, tho manager received instructions to commence employing laborers on your claim, and start operations, and we refer you to his own report as to the amount of labor done, and the attendant result.

We cannot, seeing that work has barely commenced, expect to show great result—hoping however that by next general meeting, your directors will be enabled to give a flattering report of the company's prospects."