NEW FOUR-IN-HAND.

Auckland Star, Volume XXX, Issue 277, 22 November 1899, Page 6

NEW FOUR-IN-HAND.

DIVIDEND' OF THREEPENCE

DECLARED.

The first annual meeting of shareholders in the New Four-in-Hand G. M. Company Was held on Nov. 21 in Mr D. G. Macdonnell's office,, at which there Was a large attendance. Mr E. W. Alison presided, Annual Report.—The directors' report stated that the reef was traced to the boundary of the Tandem pro' perty and proved to be three feet iii width. The ore being payable the directors acquired the property fo. 6000 of the Company's reserve shares. Since the completion of the battery work had been chiefly Confined to the No. l level of-the Four-in-Hand. Work had also been recently commenced in the No. & level, where there were 140 to 200 feet of backs. The cash statement showed receipts £6135 7/9 and expenditure £4898 12/4, leaving a credit balance of £1236 15/5. Bullion to the amo'ut of £3264 1/5' had been won from the mine, and other earnings amounted to £46 1/1, and the outgoings £1633 13/3, leaving a profit of £1620 9/3. The directors recommended tho payment of a dividend of threepence per share, which would absorb £1125.

In moving the adoption of the report and balance-sheet Mr Alison said when the battery was finished there was an indebtedness of £500 to £600, but by November not only was that paid off, but the company had £1235 16/5 to its credit. The 407 tons of ore treated had yielded an average value of £8 per ton. The chairman.also said great credit was due to Mr Holgate, the managing director, for his great efforts to make the company a success.

Mr J. Mowbray in seconding the motion said the Fo'ur-iri-Hand was one of the very few, if not the only locally Worked Coromandel mine that had paid a dividend. The report and balance-sheet were adopted. . Mr-E. W. Alison, the retiring director, was re-elected unopposed, and Mr J», E. Isaacs was again appointed auditor.