AMALGAMATED WAIPORI DEEP LEAD GOLD MINING CO. (Ltd.)

Press, Volume XLVII, Issue 7540, 2 May 1890, Page 3

AMALGAMATED WAIPORI DEEP LEAD GOLD MINING CO. (Ltd.)

The statutory general meeting of shareholders was held at the Company's office, Manse street, on 28th alt.; Mr T. M. Wilkinson in the chair. A large number of shareholders were present or represented by proxy. The following Directors' report was read by the Secretary (Mr T. T. Ritchie) :— "Your Directors beg to report that the several properties, as detailed in the prospectus of the Company, have been taken over on the terms aa originally arranged. "In consequence of the severe and protracted drought having considerably curtailed the Company's usually abundant water supply, the Directors considered it advisable in the first instance to take steps to increase the supply. This was accomplished at an outlay of about £200, and ever since the Company has had plenty of water at its command, notwithstanding the continuation of the drought. A further outlay of £100 will add considerably to the Jarge volume of water now at the Company's disposal, besides making a large intake dam. " The capital of the Company not having been all subscribed, the Directors did not find themselves in a financial position to undertake-the bringing in of water to work the ground on the hydraulic elevator principle. " With a view of inspiring confidence in the value of the Company s property, it was decided to test on a large scale the ground comprised in O'Brien's claim, so as to determine its richness and the correctness of the several examinations which had been previously made by experts. A paddock has been opened out 90ft by an average of 54ft, and the gravel hauled up by a steam winch. This work has now been in progress for six weeks, and the last 10ft from the main bottom, which is the actual gold-bearing mark, having been reached, there U every prospect of large returns being got daily during the next fourteen days. " The gravel already treated has proved the approximate correctness of the several tests made, 18oz of gold having been taken off the false bottom and 2Aoz from the poor gravel below the false bottom. Had the hydraulic elevator been at work this gold would have been secured in six days, at a cost of six men's wages only per day of three shifts. This clearly shows the large return certain to be obtained when the full water supply, with a pressure of nearly 400 ft, has been brought to bear on the gravel. "Sosoon as the present paddock has been bottomed it is proposed to stop the present mode of working, and to take the necessary steps for bringing in the water in pipes to the claim. That the claim will prove second to none in the colony when wrought by the hydraulic elevator is the opinion of all practical men acquainted with the ground. ,f To enable the work of bringing in the water to be entered on at once, it is proposed—as soon as the present, paddock is wrought put — to offer the unallotted shares, pro rota, to the, present shareholders ; any shares not taken up will not be offered to the public unless at a premium.

" All the Directors retire at. this time, but being eligible for re-election, and if the shareholders are satisfied with their action in the past, are willing to continue in office for the remainder of the year, With, the exception of Captain Pearse, who, being about to leave the colony for a time, does not offer himself for re-elec-tion."

.The Chairman, in moving the adoption of the. report, said—Gentlemen, on this our first; meeting since the formation of Che Company, ana before we proceed to the business that has called us together—viz., the election of Directors—l have much pleasure in, moving the'adoption of the report just read, and with your permission will supplement the same with a few remarks. It is well known to you ■ that as only 4445 shares were applied for out of the 6350 shares offered for subscription, we were not in a sufficiently sound position, monetarily, to warrant us ordering the We, therefore, determined, at a meeting of Directors held on January 13th, to purchase- a steam winch and take out a large paddock, and thus prove the value of the property for the satisfaction of air before going to the larger expense. Our manager, Mr Hilgendorf, who has shown great; skill and energy from the time of his appointment, immediately set to work forming a water race from the Nardoo bush, a distance of about two miles, and. had very nearly completed this before his machinery was ready for a start. This race is acknowledged by all who have seen it to be a most splendid piece of workmanship, and reflects great credit on all concerned in the construction. It is constructed to bring In twenty-two Government heads of water at an elevation of 400 ft, and Is more than sufficient for as to work, not only our Deep .Lead, but also at the same time that part | of our claim known as the Lammerlaw Flat, which is also highly auriferous. It is estimated that four weeks would complete the race, and construct a dam which would* give us ample water all the year round, even in a season of excessive drought, such as we have just passed through. Before leaving this subject of water, I would like you to thoroughly understand the value of your water rights. Yours is the only available race which commands the whole of the Waipori Flat, and this large race, combined wich another race belonging to the Company, if let out in small quantities, would pay.a handsome dividend on the Capital of the Company. You will have, when your race Is finished, over twentyfour heads of water ; in fact, taking our present water. , supply which we are using, you will have thirty-two heads of (water which could readily be let out for a large sum per annum. In fact, there are two claims on the flat which could be sluiced out with; our water supply with a very small outlay in pipes. One of these claims belongs to a Christchurch gentleman, and is known as the "Jutland Flat." Having shown you. what a valuable asset we have in our water, I will now proceed to inform you of the amount of work we have done, in the Deep Lead. Of course we all know that the present mode is a very expensive way of .working, but before offering.the balance of share** we had no other alternative. If ii< had not been for several unforeseen difficulties we should. have bottomed the paddock this week, and should have been able to show you a much better return of gold. As it is we are now down to the mark on j the plan shown as "No. 5," a depth of 32ft., and from the prospects taken the remainder of the paddock is; very. rich. We have shifted nearly 10,000 loads of stuff in thirty-six days for a return of 420z of gold oat of tip boxes and first ripple box; this, with water, would have been shifted In six days with only one-third the number of men, and "without the coal expenditure. ; The return thus far has fully oorae out j the prospects as stated, and had we been j financially strong enough to have, at once ' put on the pipes there is no doubt but that we should have arrived at the anxiously wished for result, viz., the dividend paying stage* The result of our ! work so far is satisfactory in showing the public and yourselves that you have not bought a "pig in a poke,"and fchafc you possess one of the finest claims in 27ew Zealand, and I firmly believe that at our next meeting you will oe thankful that you are shareholders in the Deep Lead i Company. We think it advisable immediately the paddock is bottomed, to at once put all hands on the water race and discontinue oar present way of work- i Ing. We intend offering the balance of shares to the present shareholders at par, and those not taken by them to the public at a small premium. Arrangements are being made for placing the order for the pipes, and although some time may elapse j before the whole order can be completed, J about two months should see us at work ! with water at a pressure o£ 150 ft brought Into the ground, and this would pay handsomely. The tailings have been re--,,

peatedly tried, and we ere convinced that Mr Hllgendorf has co *jrranßed his boxtt that he is losing no gold, and, in fact nearly the wholeof the gola Is secured it toe top box. In conclusion, I mas say one -word Iα praise of the Seer« tary, who has been most inde fatigable. NothwithstandiufS that he hat laid aside by illness he hai worked hard, and to his exertions in con nectlon with the finance of the Company we most thank ourselves for being in out present satisfactory position. -I nave n< more to say, except to hope that we wil; all for our own good " put our shoulder* W to the wheel" and take up aa many of tin | remaining shares aa we each can afford. I This is a claim at your back door: onj § shareholder can reach the works in sii § hoars from Danedin, and anyone doing sc 1 will be well repaid for the visit by seeing § the workmanlike style is which the work I thus far has been carried oat. 1 now §§• move the adoption of the report, | The motion waa seconded by Mffft B 1 ; Braid, and carried unanimously. I All the original Directors were 19 i elected with the exception of Captain I Pearse, who shortly leaves for London, and so resigned. Mr G. Richardson waa elected in his stead, Mr J. Allen, M.H.R., proposed thai work at the paddock should be discoo- | tinued until the pipes were on the ground. |, Mr E. Smith seconded this pro forma. I On the motion beiug put, the movet i was the only one supporting it, and there £ fore the motion was lost. I

Mr C. B. Braid moved, and Mr C Robertson seconded— "That the Directors be empowered to order the pipes at once If they saw their way to do 80/' Thle was carried unanimously. . The date of the annual meeting was fixed for the first week in February Iα each year. The Directors were empowered to order the pipes at onco if they considered it expedient. Proceedings finished with a vote ol thanks to the Chairman.

It is intended to finish the present paddock before altering the mode ol working, after which no fresh paddock will be opened until the arrival of the pipes on the ground.