CITY OF LONDON GOLD MINING COMPANY.

Auckland Star, Volume VII, Issue 1905, 27 March 1876, Page 2

CITY OF LONDON GOLD MINING COMPANY.

The annual meeting of this company, J held at the Company's offices, Wyndflam Chambers, at noon today, when only og« members were present.-Mr Warwick W« ton occuoied the chair, and briefly_»PWj» for the 'absence of Messrs. W. 0. Wilson, Stone, and Wardrop, his fellow directors, aj Wilson was ill, Mr Wardrop on the w»y <? from Napier, and Mr Stone, he believed v the Waikato.-The minutes of the last mew ing were read and confirmed.-Mr (rtfl«. , the secretary, read the report, fr^K^Z take the following items of information. The returns from the mine from ™c, March, 1875, to the 24th December, JMJ,work was suspended in consequence w ™. stoppage of the Bright Sm c P* amounted to 8,781 oz. 15 dwts , Jf» \f JJ tonß of quartz, or at the rate of 16 a™'\ ]e the ton, out of which the Directors wereaji to divide amongst the shareholders */yw» or £1 10a. a share, leaving a bal»n<*J. upwards of £3,000 to carry forward, •» which would have been ■™} W7 ,£.. dividends,, had it not been that; h<. mW stoppage of the pumps to whichthis WfflßJ. was cheerfully paying a large oontnDw under agreement with the Directors ol » • Bright Smile Company require^, J .■■ Directors to keep an available reserve, ' which to meet any emergency. g^e After the collapse of the Bright d» Company, it was evident to your »f*\ t that some comprehensive scheme l°' {[ efficient drainage of the Waio-Karaka d striu^ in which this Company would be requu take a prominent part, would ye ™ te(l b? vised, and then approved of and adopted g the proprietors of the various mines ben^before there could beany guaranteeaga^ another such disastrous interruption i working of the mine; and »,was°j.i ffß s long and patient enquiries in Jf™",^ enlisted the experience and Vrotes^°loi, of most of the leading g»«em, e° B °n<CLy to whom the Directors of acknowledge their great indebtedness^

Hiiißißntirit«irfiitn^Ti&Aajaa-j.'iit»^l')ftfirAcvi^^'ja£ij» !J a. c _<ai. theme was put forward which had tin* merits of fairly satisfying the many conflicting interests; and it finally resulted a fie much negotiation, in your Directors agreeing to purchase one third share of the Bright Smile pumps and shaft, for the sum of £2,000, provided the machinery is proved of adequate power to drain the ground, and the shaft is found to be in good repair. The report was adopted. The balance-sheet was also read and adopted, and showed : Receipts for the year ending February 29, £24,733 9s Id; expenditure, £21,54 44a 9a. The statement of accounts showed on the debtor side : To capital, £10,000 ; product of mine, £45,239 6s lid ; liabilities, £149 19s 3d ; total, £55,359 Gs 2d ; on the credit aide: mine account, £5,105; uncalled capital, £2,125; machinery and plant, £1,556; mine expenditure account, £30,017 12s 4d ; dividend account, £12,500; material account, £232 10a ; debts due to company, £63 9s 6dj balance in bank, £3,189 43 4d; total, £55,359 Gs 2d.—Mr Weston congratulated the shareholders on the position of the company at the present time. The directors had to cope with many difficulties during the year. They had procured pumping machinery, and had expected other companies to unite with them, which they had failed to do. However, the results for the year hid exceeded the anticipations of the directors. He proposed that the retiring directoru, Messrs Wilson and Wardrop, be re-elected ; &lso, that Mr W. S. Laurie be re-elected auditor. This was seconded by Mr Hurst, arid carried unanimously.—A vote of thanks was then proposed by Mr Hurst to the Chairman, and the meeting separated.