MINING NOTES.

Mataura Ensign, Issue 1140, 24 January 1903, Page 4

MINING NOTES.

MUDDY CREEK CO., LTD. The annual meeting of the shareholders in this company will be held in Holland** Chambers, Gore, on Monday, 2nd February when the following annual report will be presented : The directors have great pleasure in presenting to you the annual report and balancesheet of the company. After the initial difficulties incidental to starting a company and removing a dredge, which in this case were considerable, were overcome, the dredge started work on the 9th April. From the date of commencement up to the 31st December the amount of gold won was tUSoz lftdwt, of a value of £3199 15s lOd. The amount does not represent tho actual value of golds, but the amount advanced by the bank, and on to this will have to be added the difference between the value and the amount advanced, which directors estimate at about £95. In connection with the gold won your directors would like to point out that of all thi» gold it was neeeHsary only to retort under 10oz, the rest being pure blown gold, whiob is, of oour6e, a splendid indication of the value of your property. The gold is of a very high quality, realising £t 2a an ounce. Your directors congratulate the shareholders on having a splendid property, as under ordinary circumstances there is no reason why the excellent returns now being obtained should not be continued for a considerable period. Sinoe commencing operations, your directors estimate that they have been at least seven weeks idle, so that you will see that for seven months' actual dredging the company bat won £3300, or practically three and one-third timeß its subscribed capital—a splendid record. Considering the capital of the company is £IBOO, the property is one of the beet in Otago, and all interested should congratulate themselves on being shareholders. Acting under the advice of the manager, your directors have applied for, and secured, an additional area of 15 acres, still further enhancing the value of the property. Two of the directors, Messrs Holland and Toomey, in company with the secretary and solicitor of the company, Messrs Horn and Inder, viMted tho property immediately after the New Year, and found everything working smoothly, the dredge in good order, and the only repairs needed being a new bottom tumbler, which will bo on tho ground be foie meeting. Tho company is now out of debt, and with the present returns your directors will be able at the next monthly meeting to declare a substantial dividend. By the Articles of Association two of your directors retire, and it they aro unable to agree among themselves who shall retire, the question is to be determined by ballot. As your shareholders can readily understand, the question of coal is one of first importance. Your directors have-made an arrangement with an adjoining claim holder to work a lignite pit, the coal of which is of splendid quality. This matter will be submitted to you at the general meeting in order to say whether the action uf the directors should be confirmed. Mr Paterson, the company's auditor, retires, but oilers himself for re election.