WEEK’S MINING NEWS.

Lake County Press, Issue 974, 8 August 1901, Page 4

WEEK’S MINING NEWS.

The shareholders of the Kawarau Bridge Coy. ought to feel well satisfied with the result of the first two week’s dredging This week close on 16ozs were obtained and the dredge has not properly opened out yet. There is every prospect of still better things in the future. The Arrow Junction is said to be on good wash again, and the return this week is expected to be fairly good. Her small return last week was accountable in the fact that she had to dredge through a sand bank. It is said that she obtained this week in one day as much as she got for last week, 4oz lOdwts. The Home correspondent of the Daily Times supplies the followingly interesting information concerning the Achilles (Joy, Bullendale. He says that on the 19th June at the Cannon Street Hotel, London, the annual meeting of the Achilles Gold Mining Company was held, Mr Lden (chairman), presiding. In moving the adoption of the director’s report, together with that of the balance sheet, the Chairman said the report placed clearly the position of the company, and explained the obligations which devolved upon the board to call the shareholders together and consult as to the best course to pursue in view of the disappointing results attending the extensive developments iu_

the Last 18 months. There had been promising prospects again and again, which had been referred to in cable messages, but in every case the rich chutes, had pinched out in a short time. The mine manager had cabled a few weeks ago advising that more money be raised to continue the work, \>ut, in view of the repeated disappointments, the directors could not advise the shareholders to spend more money on this property. The mine was now closed down, the property was being offered for sale, the manager was vn his way Home, and the mine was in charge of Mr Turton, the solicitor.^'"'ueenstown, who had done business for years, and in whom had every confidence. There were two alternatives, the Chairman went on to-say.. One was to wind up, which would entail complete loss to the shareholders ; the other was to acquire some other property in another part of the world. The latter course he and his co-directors thought might result in the shareholders saving the whole of their money. He was then passing on to speak of a likely property which might be acquired on the Gold Coast when ' Mr Holmes rose to a point of order. They were called together, he said, to consider the report and balance sheet. The Chairman said he had been speaking as to the company’s future. He would, however, move the adoption of the report and balance sheet. Mr R. Taylor seconded the motion, and said his firm had every confidence in- the gentleman sent out to the, mine, who had worked exceedingly hard in the interests of the company. Mr Holmes severely criticised the board for what he considered want of foresight. There was a sum of £837 15s 4d shown as. still due to the directors for fees. Did the directors intend to take this ? The Chairman : They are entitled tothem, but they have not taken them. Mr Holmes : Do they intend to take them ? The Chairman : If I could get mine I should not be so foolish as to refuse. In answer to a question, Mr Taylor said' he personally held 20,000 shares. The Chairman added that the board held nearly half the share capital between: them. Mr Holmes moved an amendment that the directors be not authorised to out for another property. This, however, was not seconded. Several shareholders asked how it was they had not gone down to the 1000 ft level in the Achilles instead of. only about 700 ft ? Mr Taylor replied that the money had not been, sufficient. The report and accounts were then adopted. On the motion of Mr seconded by Dr Holworth, the directors were authorised to endeavor to find a further property, the expenditure to be limited to available funds. Formal business concluded the meeting.;.

DREDGING RETURNS. oz. Electric ... 214 dwt. 6 Manuhetika 1S8 14 Junction Electric 151 7 Cromwell _ 108 9 Sailoi’s Bend 105 ro Earnscleugh No. 2 06 10 Unity 83 II Perseverance 77 0 Bartley and -iiley 72 o. Meg and .Annie ... 64 10 Golden Gate 54 8 Alpine No. 2 52 4 Enterprise No. 2 ... 46 0 Alpine Conaola 45 5 Clyde 45 0 Earnscleugb No. 1 45 0 Matau 40 0 Success ... ... . 38 11 Waimumu Extended 37 6 Magnetic ... 32 O lourteen-Mue Beach 30 10 Waimumu ... 29 16 Otago 29 0Golden Treasure ... 24 15 Majestic 24 12 Gibb’s Beach 23 10 Olrig 20 16 Cha:lton Creek ... 20 10 Central Charlton .. 20 9 Bannockburn Creek 20 3 Spec Gullv 20 0 Golden B d 19 10 Enterprise No. 1 ... 19 9 Waimumu Queen ... 18 0 Molyn*-ux Hydraulic 17 0 Second Magnetic ... 16 4 Cairnmuir 16 6 Kavvarau Bridge -... 15 14 Gold Queen 14 0 Gabriel 13 17 Tu.ipeka 13 0 Shepherd’s Creek ... 12 5 Golden Beach 11 7 Central Mataura ... 11 4 Golden Gravel 11 0 Teviot 10 9 Lawrence ... 10 0 Paul’s Beach 9 17 Vincent Extended 9 6 Vincent 9 0 Central Electric ... 8 8 Kelly and Cisey ... 8 6 Electric Extended 6 10 Lady Charlton 6 0 Dunback ... 5 16 Arrow Junction ... 4 10 West Coast. Three-mi'e Greenstone ... 24 15 Reeve’s Proprietary 24 0 A1 23 10 Pactolus 23 7 Mokoia 19 15 Greenstone Junction 16 15 Leviathan 13 14 Greenstone Creak... 12 0 Maori Qu en 11 8