THE JUST-IN-TIME GOLD MINING COMPANY (REGISTERED).

Grey River Argus, Volume XIV, Issue 1668, 9 December 1873, Page 3

THE JUST-IN-TIME GOLD MINING COMPANY (REGISTERED).

directors' report. To the Shareholders of the Juat-in-Time Gold Mining Company (Registered) Gentlemen — In submitting the halfyearly report to the consideration of the shareholders, we have much pleasure in stating that we have succeeded in completing all the works that were in progress in connection with the mine and machinery at the time that we were elected. That is to say, the completion of water-race, sideling tramway, incline wire tramway, paddocks, &c, which are, in addition to the erection of machinery, by the contractors, Messrs Graham, Malfroy and Co. The latter consists of an over-shot waterwheel, 40ft in diameter, with 4ft breast, and two batteries of five stampers of 6cwt each, which were ready for crushing on the 4th of October. The contract was carried out to the entire satisfaction of the Just-in-Time and Fiery Cross Companies. On the 14th October we commenced crashing operations on the company's stone, and continued on. without interruption of any kind until the whole of the stone to grass, amounting to 308 tons, was passed through the battery — crushing time, 21 days — the result being, the handsome return of 1632 of melted gold, exclusive of the amount required in curing the plates. The total amount of expenditure by the contractors on behalf of the companies in connection with machinery, including interest to date of payment, is L 3722 sterling. We beg to state that we have paid to the contractors this company's portion of that amount, viz. , L 1365 sterling. Our portion of LI 000 bonusisLsoo, which, accordingto the deed of agreement, is payable any time within twelve months from this date. 'In reporting on the mine, and the amount of ' work done for the past six months, there are 132 ft of main drive on the reef, also 140 ft of stoping done above the main drive, The former was done by contract, the latter by wages men. The quantity of stone taken from the above workings is 312 tons." A contract is let for sinking a winze 60ft, for tbe purpose of proving the stone below the main drive. And to the depth of 22ft a large body of stone has been passed through, but through the last ,> 10ft the stone has run very thin. The r quality of the stone in the winze is equal in richness to any that we have had. The most notable improvement in the company's property is due to the recent discovery by the manager of a continuation oi the Fiery Cross Reef, from 2ft to 3ft thick, showing splendid prospects. This reef has been traced on the surface for a distance of 80ft, being due north and south on the old base line, 250 ft from, and parallel with, the present reef. This is a most important discovery, and will be a great advantage to the company, as it will give two levels of over 100 ft each above the present workings. From this reef sufficient stone can be taken for a second crushing in five or six weeks. We have. much pleasure to inform the shareholders that after paying our portion of the machinery to the contractors, the large sum of L4BOO sterling was available for dividends, we therefore declared the sum of 4s per scrip, equal to L4OO the full share. This must be particularly, satisfactory as ' the result far surpasses even tbe most sanguine expectations. Tbe battery is under the charge of , the Fiery Cross Company. The manager reports that everything in connection with the machinery is in good order, and batteries working Trail. We conclude this reporb, and tihirik the shareholders have every reason to congratulate themselves on the success of their enterprise ; and we have every reason to believe that the past success is in comparison with the future prospects of the company. Thomas Cavell, Chairman.