MINING.

Press, Volume LXII, Issue 18626, 26 February 1926, Page 16

MINING.

MAHAKIPAWA GGLDFIELDS, LTD

The second annus! meeting of the shareholders o£ Mahakipawa Uoklfields, Ltd., was held Inst night in the Canterbury .. Automobile Association's rooms. Between 40 and 50 shareholders attended, and the chairman of directors, Mr J. H. Hepburn, presided.

The chairman, in moving the adoptbn of the repOTt and balance-sheet, said, that the directors had left the purchase of inaehinery to the new manager, Mr Sullivan, and he had saved the company fully £ISOO. Difficulties in the matter of sea transport of the machinery—some from the West Coast, some from Timaru, and some from Auckland—had caused delays, and further delays had arisen owing to the ' bad weather experienced in the Mahakipawa district after tho machinery h3d been landed .at the Grove. Now, all the machinery was on tho ground, alongside tho shaft. The directors had done their best to run things on economical lines; and the mine manager was v/atching every item of expenditure. Mr W. R. Devereus seconded the motion, and said he desired to congratulate tho directors on the economical way they had managed things. He thought they were in a very satisfactorv position. Ho knew that the directors had bad many difficulties—there were difficulties when he himself was a director but he still thought they might have done a little better than they had done. Ho did not want to move a motion of censure; because he thought the directors had done very well, but they needed a little kick along. (Applause.) . ' The chairman sa.d that it had been lm■nossible "to fly without feathers," and the directors.had to find £SOOO before they could go ahead, . Reolyin" to a shareholder, the chairman slid that "the shaft they were preparing to rink would be sunk to 135 ft. The ground was soil and shingle; blasting would not be necessary. The motion was adopted. Mr G R Stratford, who retired from the directorate by rotation, was re-elected unC3Ver hill was rcappionted anditoThe chairman then gavo a report on the recent visit of the directors to tho company s cround. There wore, he said, indications of frock bar running right across the field wheh had trapped the gold; this had yet to be Proved. Tho poppet heads wero + almost finished, a"* the mme nla ™e er to lt them that he would have everything ( ready *f,rf sinking by tho end of March; it t0 mL ta from four to six weeks heforeV boffld-that vould be about tho middle of May.