VICTORIA Q.M. CO.

Mount Ida Chronicle, Volume XXI, Issue 1072, 19 June 1890, Page 3

VICTORIA Q.M. CO.

The annual meeting of shareholders iii the Victoria Q. M. Co. (Ltd.), Nenthorn, wus held in tlie Victoria Hall, Nuseby, on Saturday evening, June 14. There were about a do/.on persons present, and Mr. D. Barron (chairman of directors) presided. The b.ilance-sheet showed the total receipt* to have amounted to .£3660 10s 9d, made up as follows :--Calls account, £1839 Us 8d ; forfeiture costs refunded, £1 Gs ; debit balance at Hank of X.Z., £ISI9 13s Id. The expenditure was as under:—Preliminary expenses, £303 Gs Sd ; legal manager's salary, £3S GsSd ; printing, advertising and stationery, £11) 3s "id ; h<>rse hire, 17s° purchase and erection of machinery, £2O2G 17s 9d ; rent of claim and other rights and survey fees, £45 IGs; tools, timber, material, etc.. £255 12s Id; ulEue furniture, 12s Gd ; purchase of spar.! ground, £lO ; wages, £4OO Gs ; auditors' fees, £2 2s ; property tax, £3 12s lid; payment under contracts, £296 12s Gd ; legal expense, ,£S 18s Gd ; interest in battery site and race, LIOO ; interest, Lsl 7s ; dishonored cheque, LI 5s ; petty cash, postages, etc., L 25 ; miscellaneous services, L 5 15s. '1 he assets were shown to be :—Uncalled cupitul on 55,0(10 shares at 7s lOd, L 21.541 13s 4ii ; arrears of calls, Ll9O 8s ; estimated value of interest in machinery, race, site, etc., L2OOO ; estimated net value of stone it irrass, 1.1501); total, L 25.232 Is 4d. Liabilities:—Overdraft at Bank of N.Z., Llßl9 13s Id ; wages and other accounts owing. ( Sil y) L2OO ; tou.l, L2ul9 13s Id. Balance of assets over liabilities, L 23.212 8s 3d.

The report submitted by the directors was as follows :- " It is to be regretted so many delays have been experienced in getting the crushing plant iuto working order—delays which at the outset were quite uuforseen, aud a number of which were caused by tho

impossibility during Exhibition time of j getting the subsidiary engineering andiron i work completed in reasonable time. Other delays have been caused by the difficulty experienced in getting carriers to cart heavy pieces of machinery from Dunback, and, when carted, in landing them on the site. Now, however, everything is almost completed, and it is expected that the mill will fce running before the date of the animal meeting. This company's stone will be first treated, aud from the "reports of the mine manager thereon should yield good returns. Taking all things into consideration, your directors are of opinion that the results of the exploitation of the company's claim are fully up to expectations, and that in a very short time work will be so far advanced that there will be no difficulty experienced in getting out regular and steady crushings giviucr good yields of gold." The Chairman, in moving the adoption of the report and balance-sheet, referred to the very satisfactory coudition and prospects of the mine, and explained several items of-the balance-sheet. In reply to questions, he stated that he did not think the attery site was the best that could have been chosen to suit the convenience of the "Victoria Company, but as the Nenthoru Consolidated aud Break o' Day Companies (who were partners with the Victoria iu the battery) had decided in favor of the present site, the directors had no alternative but to accept it. In the event of the Break o' Day Company being unable to meet its share of the liability, he thought the matter would end by the Victoria Company having to purchase a full half interest iu the battery, which would be a very good investment. The directors were j of opinion that the "value placed on. the stone I at grass was the very lowest at which it ', could be estimated—an ounce to the ton. Mr. Barron referred in very complimentary terms to the manner in which the business of the company had been transacted by both the mine and legal managers, and thought the company was to be congratulated upon the possession of such efficient officers.

After some desultory discussion the motion for the adoption of the report and balancesheet was seconded by Mr. M. Young and carried unanimously. The retiring directors (Messrs. Barron Petrie, Nuding, Evans, Mitchell, Willis and R. Inder) were all re-elected, with the exception of Mr. Mitchell, who declined office, and in whose place Mr. Robert Strong was elected.

Messrs. Hugh Wilson and J. H. Schoeu were re-elected auditors.

Some discussion took place on the question of voting the travelling expenses of directors when on a visit to the mine, and the opiuion was expressed that a couple of directors should pay a visit of inspection to the mine say every two months, their expenses to be paid by the company. A hearty vote of thanks was accorded the board of directors, wh:>se services had been given gratuitously ; and the usual compliment to the Chairmau terminated the proceedings.