MOANATAIARI GOLD MINING COMPANY.

New Zealand Herald, Volume XV, Issue 5180, 24 June 1878, Page 6

MOANATAIARI GOLD MINING COMPANY.

The tenth annual meeting of the shareholders of this company was held in the large room of the JSew Zealand Insurance Company's Buildings on May 30, at noon. The attendance of shareholders was very meagre, and was another instance of the apathy displayed by Auckland investors when there are no dividends to declare, and everything progressing satisfactorily, that is, without making demands upon their pockets for calls, the expemses of the mine being recouped by the output of gold. Mr. U. B. btoue, chairman of directors, was called upou to preside, and introduced Mr. F. A. White, the secretary. The latter read the minutes last annual meetiarg, held in May, 1877, which were confirmed. The directors' and mine manager's report and balancesheet were then read. In moving the adoption of the various reports, the Chairman apologised for the absence of three of the directors—one by sickness, - one in the South, and one away in Australia. He was glad to state that from the reports just read, the financial position of the company was exceptionally good, there being a reserve fund of £5442 10s ; while there was a balance in hand of £308 19s 9d. The total receipts for the year wore £69,120 18s lid; while the expenditure had been £68,811 19s 2d, of which £37,083 15s had been paid in d'ividends, and the reserve fund increased by £1442. The output of quartz was 12 188 tons, yielding 19,9360z5. 2dwts. of melted gold; while the tributers have produced 5672 tons of quartz, yielding 79310z5. Bdwts. 15gr8. He drew attention to the tribute system at work in the mine—a question which had always been one of great aaxiety to the directors. So far they had no cause to regret throwing open sections which had been previously worked by the company, and although on paper the yield of gold obtained by the tributers appeared large, yet the men averaged only 35s each per week, while the company had netted in percentage the sum of £4670. The Ingersoll drill had proved a good iu vestment, —the mine manager stated that it effected a saving of 30 per cent, iu the amount of work done, and 100 per cent, in time. Mr. Comer, the manager, being present, would answer any questions regarding the mine. No interrogations being forthcoming, the chairman formally moved the adoption of the report, which was seconded by Air. J. L. Wilson, and assented to by the meeting. On the motion of Mr. Alexander, seconded by Mr. Jas. Reid, the reelection of Messrs. R. Keals and J. L. Wilson as directors was agreed to. The retiring auditors, Messrs. Fraser and Way. mouth, were re-elected, the remuneration being £20. A vote of thanks to the chairman and officers of the company concluded the business. The following is ihe tenth annual report of the directors :— The directors again congratulate the shareholders in being able to present another satisfactory balance-slieetand profit and loss ac-count, trom which it will be observed that, after in-c-a^gthe reserve fund to £5142 10s, ami paying £1395 16s 6d for cost and erection of rockdrill, 4,164'J for the purchase of Red White and Evening Star, and Golden Age Mines £1033 4s lid for extending main tunnel; the shareholders have received ia dividends the sum of £37,083 15s, being £2 15s per share. The mine-manager's report shews that the Ingersoll drill has been a great acquisition to the company, and, during the eight months it has been in operation, the tunnel has been extended 715 feet, which only cost a little over 25s per foot to drive ; and now that the tunnel is up 50 feet past the point where the winze is being sunk to connect with same in Point Russell section of the mine, we shall soon be in a position to open up an en tirely new section of the mine, and from which we expect to obtain good results. The area now of the company's mine contains 198 men's ground, and with so large an extent of ground, and having an efficient battery of our own, as well as being able to take ou; and

crash our quartz cheaper than any mine on the Thames goldfield, the directors confidently shareholders nifty look forward %• realise a good return for years to come. In accordance with the amended rule passed at the extraordinary meeting of shareholders, two of the directors retire by rotation. Messrs. B. Seals and J. L. Wilson retire this year, andj being eligible for re-election, offer themselves accordingly. The directors recommend that the usual honorarium of £250 be appropriated for their services during the past year. It is also the duty of this meeting to elect two auditors for the current year, and fix their remuneration. Messrs. Fraser and Waymouth being eligible, offer .themselves for re-election.—For the directors, C. B. Stone, Chairman.