MINING. WAKAMARINA GORGE AND DEEP CREEK COMPANY.

Evening Post, Volume LVI, Issue 73, 23 September 1898, Page 2

MINING. WAKAMARINA GORGE AND DEEP CREEK COMPANY.

The annual meeting of the shareholders of the Wakamarina Gorge and Deep Creek Gold Mining Company was held in Wellington last nighl. Mr. Herbert; Eawson (Chairman of Directors) presided, and moved the adoption of the report and balance-sheet, a precis of which has already been published. The motiou was seconded by Mr. W. R. S3 f mons and agreed to. The retiring directors — Messrs. H. P. Rawson, A. Goddnrd. W. A. Chote, T. P. Coveney, C. Palliser, E. J.Tnett, J. Wright, and Captain Eckford — were re-elected without opposition, on the motion of Mr. L. P. Blundell, seconded by Mr. W. Watson. The amount of the remuneration of the Auditors (Messrs. F. B. Hills and W. E. Symous) was left to the directors. The mine manager (Mr. Alexander), in his latent report, stated that no sold had been found in the deep places m the Gorge. All the gold the company had got had been on the sidings and tbe flat, places of the bottom,- on the high ground. He was in hopes of getting a little gold on the western side of No. 2 bay, as the ground was higher, with a flat shelf. The Chairman said that all the hopes of the company had been centred in No. 2 bay, but it was now found that it was practically barren. Nearly the I whole of that, bay had been taken out. Iv a letter sent last week the mannger stated that it was possible the gold had gone into No. 3 bay. Whether it would be worth while to test that bay was a question for thn shareholders to determine. The position of the company was that accounts and wages up to the end of this month would amount to £408. Against that there were — a balance of £7 I7s2d, calls due on the second issue £46 10s, calls due on the third issue £162; total, £216 7s 2d. There were three calls yet to make in the third issue, amounting to £592 10s, which, added to the total he had just mentioned, made a grand total of £808 17s 2d. The real position was that if all the calls which the company could make were paid, it would have a credit balance of about £100. The remaining calls on ihe third issue could not be made for some time yet. There was, he thought, a good chance that the gold had gofte into No. 8 bay. Air. C. Palliser said that when he was at the mine recently he was told that a shaft was sunk in No. 3 bay some time ago, and that some driving from it took place. The work had to bo abandoned, although at that time gold was found. The mine manager considered that ~No. 3 bay could be proved for between £200 and £300 ; but he (Mr. Palliser) estimated that the work would necessitate au expenditure of about £500. He gathered, that the manager was not hopeful that gold would be found in No. 3 bay. He (Mr. PalliseV) certainty thought the shareholders should finish No. 2 bay. In reply to Mr. W. Watson, the Chairman s.iid it would be difficult to say how much the assets would fetch. He was afraid they would not realise much. Mr. J. E. Skelly considered that gold would yet be found in the mine. Mr. T. P. Coveney urged that a further effort should be made to prove the property. He believed that gold would yet be found in No. 2 bay. The Chairman said the mine manager was of opinion that it would not pay the company to go in for sluicing. He did not think it would cost more than £3 or £4 to wind-up. If the company was wound-up the assets would really belong to tho'-'e shareholders who had taken up the third issue of shares. After considerable discussion Mr. AY. Watson proposed that the directors should be empowered to raise further capital to work No. 3 bay, the amount not to exceed £500. The motion was seconded by Mr. L. P. Blundell, and was carried without one dissentient. On the motion of Mr. W. Watson, seconded by Mr. J. H. Hempton, a hearty vote of thanks was passed to the directors for the energetic way in which tliey h;vl worked, and tho meeting terminated.

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