KURANUI GOLDMINING COMPANY.

Daily Southern Cross, Volume XXVII, Issue 4197, 26 January 1871, Page 2

KURANUI GOLDMINING COMPANY.

The annual meeting of the Kuranui Goldmining Company was held at their office, Shortland-street, yesterday, F. Whitaker, Esq., in the chair. The following balancesheet and directors' reports were read and adopted : —

" Directors' Eeport. " The object of the present meeting 13 to enable the directors to lay before the shareholders a report of the results of the company's operations during the year ended the 31st of Decem er last. /'Pa the Ist of January, 1870, the COmpaxrp Tvas indebted to tke> aracant t>i £4,002 4s. 4d., arising from the cost incurred in the erection of a large and efficient battery consisting of 48 stampers, and in opening the mine at lower levels. During the past year this debt was paid, the sum of £18,247 103. was divided amongst the shareholders in dividends, and on the Ist of January, 1871, there was a balance at the credit of the company of £486 14s. 7d., and good debts owing to the amount of £259 15s. sd. There were no outstanding liabilities. "The income of the company during the year amounted to £41,530 ss. 6d., arising from the following sources : — Proceeds of 14,5080z. 19dwt. 16gr. of gold, sold for £36,267 2*. 6d.; receipts for quartzcrushiug for otber claims, £5,051 Bs. lld.j and miscellaneous receipts, *211 14s. Id. "The expenditure (exe'usive of dividends paid) amounted to £22,787 os. lid., divided as follows : — In payment of debt, £4,01)2 4a. 4d.; on the mine, £8,759 17s. 9.1. j on the battery, £7,460 9s. 7d.; on new machinery, £1,366 10s. lid. ; on the purchase of adjoining gwipei'tieg, £500 • on the Auckland management, .including manager's salary, £23§ lis. Bd.; and for miscellaneous purposes, £559 6s. Bd. The balance-sheet now presented gives full particulars of both receipts and expenditure. -„" During the year large additions hare been made to the company's property, and the whole now consists ot 18 acres 3 roods 20 perches, held under two leases ; thus offering ample scope for a large and permanent mine. " During the latter part of the past year, the yield of gold has fallen off, arising from j the works being carried on in the poorer part 1 of the mine whilst the necessary levels were being driven to reach the richer runs of gold at lower depths. It is expected that the principal run of gold yet discovered in the company's property will be shortly reached on the 30-fathom level, when a large increase of production will no doubt result. The directors have every reason to believe that the year 1871 will be equally prosperous with that which has just closed. " The manager has fully reported on the work done during the past year, and stated his views as to the prospects of the year now current. His report is laid before yon, " The accounts have been audited by Mr. JJreton, and. certified m coweci?. Mr. Farmer

•.ud Mr. Russell are the retiring directors, but are eligible for re-election. "Frederick Whttakbr. '* Kuranui Goldmining Company's Office, "January 25, 1871." "Minikg Managbr's Report. " January 21, 1871. " To the Directors and Shareholders of th© Kuranui Goldmining Company. "Gentlemen, — In presenting you with a report of our proceedings at the Kuranui mine during the past year, I beg to inform you that we have driven at the 10-fathom level 240 feet of main drives on Barry's leader, and 200 feet of main drives on Hunt's leader. We have had also eight men stoping all through the year above the 10-fathom level lon Hunt's and Barry's leaders. We have yet thousands of tons of stuff to take away above that level that I think will give a small profit. " At ike 20-f attiom level we hive <MVeH i near 400 feet of main drives on Barry's leader and 120 feet on Hunt's leader. One part of Barry's has crossed Hunt's leader, and ia making towards the Eureka Claim, We have had gold for a distance of 200 feet on that leader. We have 70 feet yet to drive before reaching the Eureka Claim. We have yet a very large block of ground to take away above this level. "We nave ?lso in the past year taken in a large tunnel from the battery to Wbitaker'a shaft, a distance of 648 feet. "We have a double liae of iron rails laid in it. This tunnel is a very great convenience, as it saves us lifting the stuff 120 feet, and also letting it down again. "We have also erected a tramway from the mouth of the tunnel to the beach, a distance of 345 feet ; 780 feet of iron tramroad has also been laid in the mine in addition to that laid in the tunnel and road outside the tunnel. We have sunk Whitaker's shaft 10 fathoms below the 20-fathoin level, and have driven the 30-fathom level 220 feet on Hunt's leader. We have also driven a crosscut west 20 feet to strike Barry's leader ; we have 20 feet more to drive before wo strike that leader. " "We have also sunk Whitaker's shaft 46 feet below the 30-fathoin level. "A splendid rim of gold was met with on Barry's leader, between the 10- and 20fathom levels, near the old bonndary between the Kuranui and Deep Lead Claims. The greater portion of the gold raised during the past year was from that run, and we had it as rich in 'the 20-f athom level as in any part of the mine. Our 30-fathom level we expect to have it under that run of gold in three or four weeks more, and we hope to have a return of former maguificent yields. " We have also other small runs of gold in different parts of the mine, from which we sometimes get q od patches of gold. During the past year the efficiency of our machinery has been increased by the erectiou of an additional boiler. This is a great convenience ; it enables us to crush all the time without stoppages to clear the boilers. " Four additional berdans have also been erected, which is a great improvement on. the old barrel arrangement. Our machinery is, therefore, in a state of great efficiency, and the claim looks well for another successful year. "SJ\mt>its of stuff sruslwd during t&« pasfc year, 9,426 fconß, — Yours obediently, "James Kerhick."

•7u c cx * mine a ™c accounts, compared them with vouchers, and prcred eyerything correct.— G. B Breton, Auditor.— January 24,1871. Assets and Liabilities on January Ist, 1871, exclusive of the Value of the Mint. Batterr,Pknt. and stow*

Assets. Balance at Bank of New Zealand ' ' 486 14 7 Araouuts due for quartz-crush- _ ln * , ••• , 335 13 5 Lass, doubtful ,„ ... 75 17 0 Share of proceeds of tale of Odd Fellows' Claim „, ... tti 17 8 0 Total ... ,„ # £jrg3 jg n Property held by company :-Min6.67 men's ground ; battery, 47 head of itamps ; stores, coal, &o.

Liabilities :— Nil. Thomas Russell, Esq., and James .banner, Esq., were re-elected directors.

Balance in Bank of |New Zealand ' " January 1, 1870 4,002 * i iiiiMdAitiWuu uu m a „ ytivtocr „, „, „, ?wns „ Ironmongery . . ... 150 9 2 „ Caudles ...- 210 Q 0 „ Powder and fuse ... ... r?e 3 4 „ Sha'ionery, stamps, Jic. ... 10 0 4 „ Petty cash ... ... 13 0 0 „ Miscellaneous ... ... 193 n 5 „ Rails ... .„ „. 277 16 10 Auckland office, including legal manager's salary, stationery, stamp 3, advertising, telegratnß, &c. ... ... 138 11 8 Adjacent claims purchased. : Odd Fallow ... ... 150 0 0 Magenta " 160 0 0 Mount Eden ... „ 40 0 0 Plying Eagle " 50 0 0 Golden Point ... ... ... jog q q Odd rellows' calls ... ... „', 200 17 1 Law expenses... ... ,„ <#i 74 jg 4 Miners' rights ... ... \" 67 0 0 Battery cost : W«gea " 3,92110 2 » uel 1,872 5 0 „ Ironmongery ... ... 237 3 8 „ Lighting flo 16 u „ Quicksilver 398 16 10 „ Oil and tallow ... ... 61 14 9 „ Blankets 50 10 0 „ Gratings igx j3j 3 0 » Jibber : 175 8 6 » Machinery ij366i j366 10 n „ Repairs 19 11 » Miscellantous ... ... 137 12 1 Iron safe for battery ... ... 45 0 0 Int«i'«t Bani of Nexr Zaaland '" im 7 4 »-mrt* B a s .. ;;; 18^ a& 0 Balance at Bank of If ew Zenl&ncl ... 486 M 7 _ . Total . £4:1.530 5 6

„ £ s. d. Magenta engine sold ... ... ,„ mo o 0 01(1 iron sold ... ... ... tti 13 6 0 Tailings sold ... ... . . ." 98 8 1 Battery : for qiurtz ciuslied for other mines 5 051 8 11 Proceeds of gold, 14,5080z. lOdvrt. 16gr.; 128 tonj crushed ... 26,207 2 6 Total £41,530 6 8

IItECEIPTS. From January 1 to December 31, 1870.

Expenditure.