CITY OF LONDON GOLD MINING COMPANY.

New Zealand Herald, Volume XIII, Issue 4484, 28 March 1876, Page 3

CITY OF LONDON GOLD MINING COMPANY.

The annual general meeting of the share- , holders of the City of London Gold Mining Company in Mr. Garland's office, Wyndham-street, at noon, yesterday.—Mr. W. Westori took the chair, and a quorum! of shareholders. being present, the advertisement convening the ' meeting was read, and the directors' report and balanfeesheet submitted for their approvall— The directors' report, and balance-sheet were as follows :—" The directors have pleasure in submitting to the share- , holders a statement of the receipts and expenditure for the past year, and a balance sheet showing the position 6t the Conj|)any on the 29th February last. The returns from the mine from the ! lst March, 1875, to the 24th 'December, when work was suspended in consequenee of the stoppage of the Bright Smile pumps, tamqunted to 8,751 oz. 15 dwts., from 13,510 tons of quartz, or at the irate of 13 "dwts to the ton, out of which the directors were able to divide amongst the shareholders £7,500, or £1 10s a share, leaving a balance of upwards of £3,000 to carry forward, and wliich would have been available for dividends, had it not been that the sudden stoppage of the pumps to which this company was cheerfully paying a large contribution under agreement with the Directors of the Bright Smile Company required your' Directors to keep an available reserve, with which to meet any emergency. After the collapse of the Bright Smile Company, it was evident to your Di-" rectors that some comprehensive scheme for the efficient drainage of the. Waio-Karaka district, in which this Company would bo required to take a prominent part, would have to be devised, and then. approved of and adopted-by. the proprietors of the various mines benefited, before, there could be any guarantee, against another such disas- • . trous.-interruption to the ; working of the mine; and it was only after long and ; patient enquiries in which, was enlisted the experience and professional skill of most of ' the leading gentlemen on the field, to whom the directors of this company acknowledge , their great indebtedness, that a scheme was ', put forward which had the .merits, of fairly ' satisfying the many conflicting interests; ' and it finally resulted, after much negotia- ' tion, in your directors agreeing to purchase • ! one-third share of the Bright Smile pumps and shaft, for the sum of £2000, provided , the machinery is proved of adequate power ; to drain the ground, and the shaft is found j to bo in good repair. The cost of ; maintaining the pumps will be'borne by the mines ■ benefited, according to a scale which' forms' ' a portion of the scheme. Your directors ' hope that there will now be no further delay ! in starting the machinery,' and that it \ will be found adequate for the work. When the mine is imwafcered and well opened at the : low levels, they look, forward with confi- : dence to dividends of equal, amount to those J which for some time prior to the stoppage ! had been regularly paid to the shareholders. In accordance with a provision in the articles ■ of association, Messrs. W. C. Wilson and A. ] Wardrop retire from the directory, but offer ' themselves for re-election. Your directors 1 recommend the appropriation as honorarium ' for the current year of the same amount as paid last year.—Warwick Weston, Chair- ; man."—Thebalance-sheetshewedthereceipts for the year to have been £24,733 9s Id, of ! which £23,032 17s 9d was for 87S1 ozs. 15 dwts. of gold, the proceeds' of 13,510 tons of ] quartz. The mine expenditure for the year 1 amounted to £12,566 15s 2d; machinery ' account, £127 3s od : quicksilver, £232 10s ; ' dividends, at 30s per share, £7500; ac-..' counts due to the company, £63 193 (3d: ' total, £21,544 4s 9d. Balance in Bank of .1 New Zeaiand, £3189 4s 4d.—The Chairman, • in moving the adoption of the report and ] balance-sheet, said that they had waited long and patiently for the removal of the drainage difficulty, and he thought this was i about to be satisfactorily accomplished, '• under the scheme referred to in the report. ' The adoption of the report and balance-sheet 1 was secorded aDd carried. —Messrs'. W. C. ■ Wilson and A. Wardrop were re-elected ] directors, and Mr. W. S. Laurie was again i appointed auditor.—This concluded i the ' business of' the meeting. . ■ 1