MINING

Nelson Evening Mail, Volume LXVI, 21 December 1933, Page 12

MINING

AO-TEA-ROA PROSPECTING COMPANY ANNUAL MEETING

The annual meeting of shareholders in the above company was held in Christchurch on Monday night, Mr C. Welsford (chairman of directors) presiding. The directors’ report stated : During the period many claims were investigated and reported upon by the company’s engineer, only two of which were considered, of sufficient value for this company to sponsor. The two properties dealt with were the Bell Hooper claim at Cromwell, and an area of approximately 94 acres adjoining the Bell Hooper claim on the Santa subdivision. The Bell Hooper Cromwell Gold, Limited, has been in operation for about eight months, mainly on development work, and during that time has won nearly 500 ounces of gold. Negotiations in connection with the Sarita block were protected, owing to titles. These were eventually settled in our company’s favour, and we have now disposed of this area at a satisfactory figure. The profit on this sale does not appear in the accounts for the last year, but will appear in the next annual accounts presented to you. The profit for the year as disclosed is £2053 2s Id, and the directors decided to declare a dividend of 50 per cent., absorbing £2OOO, and to pay it by transferring to shareholders one share in Bell Hooper Cromwell Gold, Limited, for every two held in our company. The directors considered this course better than realising on the shares and paying the dividend in cash, as the shareholder can now realise or hold as he deems best in his own interests. We regret to report the resignation of our engineer, Mr George Pettigrew, from whom we have at all times had the most loyal and efficient service. Arrangements will be made in the New Year to appoint an engineer in Mr Pettigrew’s stead. During the year Mr W. 11. H. Peppier retired from the directorate. The finances of the company are in a very healthy condition, the amount paid to the vendors in fully paid shares, for options, lias been written off, and the whole of the capital is now represented by valuable assets.

The chairman, Mr C. Welsford, detailed the activities of the company up to date. He stated that the company had disposed of all its properties and was now prepared to handle any proposition which after submission proved to be a payable one. Shareholders complimented the directors upon the success attained during the year, and voted the sum of £2OO as directors’ fees for the last year’s operations, and a minimum of £IOO for the. present year’s fees, 'subject to such further sum that may be voted at the next annual general meeting. Mr W. R, Crompton (Christchurch) was elected to fill the vacancy on the directorate, and Mr 11. J. Quarrell was re-appointed as auditor.

GOLDEN SANDS DIVIDEND

The directors of Golden Sands, Limited, have declared a sixth interim dividend of 5 per cent., payable forthwith, instead of at the end of the month, as is tile custom. The directors, in view of the smaller expense involved, have decided to pay future dividends quarterly instead of monthly.

BELL HOOPER REPORT

The mine manager reports on the mine for the week ending 18th December as follows:

No mine development work was done during the week, all the men being engaged on either preparatory stoping and timber work or on blocking out work. The centre stope through block N advanced 19 feet, and the centre stope through Block L advanced to the western side of this block, and was continued to a distance of 12 feet into block K. These two centre-block stopes will be completed next week. Blocking out work was in progress in block K, block G, block F, and block D. Two men were engaged on preparatory timbering work for blocking out in block B and block A. Mr Moye, mine manager, visited and inspected the mine on 12th and 16th December and reports satisfactory. Three men were employed on regrading and relaying rail track in No. 2 tunnel; this work will be completed next week. Two men were emnloved on prospecting shaft on section 37, Sarita. and to date are down to a depth of 25 feet below the ground surface. The wash-up for the week was 39 ounces 4 grains. Owing to the number of requests for the inspection of the mine during the holidays the directors have decided that the mine will be open for inspection between the hours of 12 and 1 each day.

PADDY’S POINT DIVipEND DUNEDIN, 19th December. .The Paddy’s Point Gold Mining Company has paid a second dividend of 5 per cent., making 10 per cent, for the year. At the annual meeting the chairman said that the company had certain commitments to face early next year, and the directors could not see their way to make a payment of more than 5 per cent. MATAKI DREDGING RETURN AUCKLAND, 19th December. The return of the Mataki Gold Dredging Co.. Ltd., for the week was 27 ounces for 135 hours.