KOHI-NOOR GOLDMINING COMPANY.

Lyttelton Times, Volume LXXV, Issue 9430, 3 June 1891, Page 6

KOHI-NOOR GOLDMINING COMPANY.

1 * FIRST GENERAL MEETING. The first general meeting of the shareholders in the Koh-i-noor Goldmining and Dredging Company was held at the Commercial Hotel yesterday evening. Mr E. C. Bishop, Chairman of the Provisional Directors, presided, and forty shareholders were present. The Chairman read the report of the Provisional Directors, which stated that the Company had been formed to work the famous old Koh-i-noor claim at Ross, Westland, comprising about forty-five acres, of which only about an acre had been worked. During the last eight months in which the claim was worked by the old Company, operations could be carried on for only about two days a week, on account of the influx of the Mikonui river, and the occasional breaking down of the water-race. In spite of this, the gold taken from the claim daring the eight months equalled 5620 z 18dwt 23gr, or a value of £2102 lls Bd. The final flooding of the mine caused the abandonment of one of the richest claims in New Zealand. About three years ago, however, the Mikonui took an entirely new channel, fully six hundred yards from the workings, and in ground five feet lower than it previously ran through, and hence the probabilities were strongly in favour of its not returning to its old bed. The property was then acquired by the present promoters, after most careful inquiries resulting in satisfactory testimony from thoroughly reliable sources. This result, and the fact that the river had worked out a deep channel which it was all the more likely to keep to, decided the promoters to go on, and they purchased the wheels and other machinery on the spot. The rapid advance of bucketdredging led the proprietors to consider this mode of working. Mr Charles M'Queen, of Kincaid, M'Queen and Co., of Dunedin, offered to build a large and powerful dredge, and to take up an interest in contributing shares equal to about one-fourth of its cost, £SOOO. It was to dredge to a depth of thirty-five feet, seven feet deeper than any dredge yet built in New Zealand. Up to the present 8495 shares had been applied for and allotted in addition to those agreed to be taken up by Mr M'Queen.' The interim Secretary, Mr S, Powell, read the balance-sheet, audited by Messrs Jameson and Anderson, and showing that the total receipts to June 1 had been £302 10s and the expenses .£163 6s 4d, leaving a balance in hand of .£139 4s Bd. The Chairman, in moving the adoption of the report and balance-sheet, stated that information had been received that the firm, of Kincaid, M’Queen and Co. was about to be wound up voluntarily, bub that this would not prevent Mr C. M'Queen from carrying out his agreement with the Company. Mr S. B. Seymour seconded the motion, which was carried unanimously. It was decided that the number of permanent Directors should be nine, and the following gentlemen were elected : Messrs B. C. Bishop, S. Hardey, J. Goss, J. D. Pidgeon, H. N. Anderson, H. Thomson, E. Parkerson, G. T. White and Dr Mickle. Several shareholders doubled their interest in the Company, and several hundred fresh shares were applied for. Votes of thanks were passed to the scrutineers and the Chairman, and the meeting closed.