Tokatea Gold Mining Co.

Auckland Star, Volume XI, Issue 3205, 29 October 1880, Page 2

Tokatea Gold Mining Co.

THE annual meeting of the Tokatea Company was held on Thursday at the Company's oflice, Coromaudel. There was a good attendance of shareholders. The legal manager (Mr W. Home) read the following reports and balance-sheet: —

"The Directors beg to Jay before the Shareholders their eleventh.annual report and balance-sheet for the year ending September 30th, 1880. MiniDg operations during the past twelve months have been conlined principally to the continuation of the low level known as the No. 7 Level in conjunction with the " bismarck Gold Mining Company," who are the proprietors of a claim on the same reef. To expedite this ■work, your directors imported and have had erected rock drilling machinery, which is advantageously passing through a hard belt of rock. The JSo. 7 Tunnel passes through Crown lands for a distance of Bis feet before touching the Bismarck claim, where it is expected the 1 okatea reef will be iirst met with, when driving will be much easier aud less costly. The present face of the tunnel is now within 100 feet of the Bismarck mine, leaving 570 feet to drive before reacliiug the Tokatea Company's boundary line. The No, 7 Tunnel when completed will give a block on the reef to stope down 1,000 feet long by 200 feet in height. A winze has been already sunk near the centre of this extensive block 65 feet, aud from the prospects obtained from here it is anticipated the reef will yield considerable quantities of gold. Those reefs near the surface of the mine in operation at the beginning of the year did not turn out so remunerative as expected, 129 ounces only having beeu obtained from the several parcels crushod, the surface area to a depth of 100 feet was consequently cut into suitable blocks and let to tributers ; from this source the Company has netted £520 17s 3d.—The prosecution of the work in No. 7 level necessitated the making of calls upon the capital of the Company. The second call realised £950 IGa, and there has been paid on account of the third call £GSB 7s. All the shares upon which the calls have not bsen promptly met have been forfeited to the Company, and as the law requires that the Shareholders be consulted before disposing of these shares, an extraordinary meeting has been convened for that purpose.—The directors recommend that the sum of two hundred pounds be voted as an honorarium in the usual manner, —The retiring directors are Messrs King, Brett, aud Harper. They are, however, eligible, and again offer themselves for reelection. You will also be required to elect auditors for the coming year. —For the Board of Directors, ]?, WOOLLAMS, Chairman. "

The following ha statement of the receipts and experditurc :—

Receipts : Gold—Proceeds ot 1290z5, £36212a 8d ; tributes, 7400zs lOdwts lOgrs, £2077 Us Gd ; total, £2440 4s 2d. Capital —Second call on 20,000 shares, Jess Is per share on 984 Bharcs forfeited, £950 lGs ; on account of third call, £GSB 7s ; total, £1609 3s. No 7 Level Account—From Bismarck G. M. Co., £553 18a 4d; contractor's deposits, £30 ; firewood account, £71 5s ; materials, £16 5s Gd ; crushing receipts, £34 10s ; rent of uiuchinery, £32 10s; balance brought forward from last statement, £233 2s 5d ; total, £5020 18s sd.

Kxpenditukk : Mine cost—Wages and contract work, £815 16a lOd; wages tributcrs, £1550 14s 3d ; total, £2372 11s Id. No 7 Level account, £1334 Is 8d; William Wauliss (contractor), £115 7d ; rock drill erection and conveyance to site, £31G 1b Id; machinery (duplicate drill), £88 16s; materials, toolH, caudlcß, dynamite, etc., £231 Is 7d. Miscellaneouy items—Directors' travelling expenses, agents' commissions, aud cartage, £170 6s lOd; battery wages, £53 Is; ground rents, £128 17s 3d ; manager's ollice : salary, stationery, stamps, advertising, etc., etc., £14G 9s 3d; contractors' deposits repaid, £10; balance of cash, £54 12s Id ; total, £5020 18s sd.

The Chairman (Mr F. Woollams) moved the adoption of the report, which was seconded by Mr Andrews and carried unanimously.

On the motion of Mr Frazer, seconded by Mr Leech, the three retiring directors, Messrs King, Brett, and Harper, were reelected.

Mr Leech moved, and Mr Patterson seconded, "That Mr D. B. Macdonald be elected auditor for tbc current year. Carried.

Votes of thanks having been passed to the chairman, directors, legal manager, and mine manager, the meeting dissolved. An extraordinary meeting of shareholders was subsequently held at the Company's office, Mr Woollams being voted to the chair.

Mr Brett moved, and Captain Thomas seconded, " That all shares forfeited by the directors for non-payment of caLs, interest, and other expenses, being the property of tbc Tokatea Company, may, with other shares, be sold by the directors trorn time to time, in such numbers, at such times, in such manner, and at such prices as the directors may think fit."—Carried unanimously.