Untitled

New Zealand Herald, Volume XVI, Issue 5441, 25 April 1879, Page 4

Tii3 meeting of tho AlVunra GaM ilhing Company yesterd.iy afiurLoou .was of a satisfactory natnr?, ■JTnsrt.ileiv as the fi nnciil ; etatpoifeDt for the past year, ;i:i I the prospective poskio i of the uii-io iu .thfl future, ar.j' very encouraging. Fro:u tha former, we glt:<.a'that the company inve produ.'ei 5255uii3..0f gold, .-uid.t'ie tributera ISjGg!., or.:> total of TIOOSz?., ths fnrnn-r yi..-lilin» in value £13 oOS.'aud the latter, in : £332 Pfom th' 7 si' iums the directors hare paid to the shareholders diciHetifls of £6000, or eqnal to 15s per share, while the reserve fund,,stands at. A'3SOO, and a general credit of £250, or t.quil altogether to lOsper share nn the s:oek of the company, exclusive of the va'u-.* <if the battery, mine, &c. During the pnsr. year considerable sums of money have bei-n < xnended in the development of the r.'.inf. »r in what is genenlly termed unpro lueHv- , works, such as new l.'Telo, &c.—works, in the opiuiou of many, ouuhi to h-.ve been carried out long before they -were, or during the time the yield of -old was so large. These, however, are now well advanced, and the nliue, na one of the shareholders put it, is so thor.-iuhly opened up, that for the next twelve months ,->t the very least, th're will h-.- little else tn operate upon bat br.-akina out quartz and sending it to the mill Under .such circumstances the question arose as 11 th-i advisability of retii'ninj so large a reserve fund as £4000. Many sliTirpliolders cunteiid that £2000 is qui» sufficient, as there is no machinery to be kept poiuii, as is the case with the majority of mines, and which, under those cireumafancrs, would prove small onoush. In the present inst.mc ■, however, the mine is producing goid and the opponeuts of t!ic prcs-.iut reserve contend that £201)0 now ilivid.-il amo.ug the shareholders would i)rovo very acceptable. Had there hren .-xiiy capital to call up, then there could have been no objection to the suggestion, but seeing that the whole of t''e capital is piid up, it is de-ir.-iblo that as ntrong a reserve fund as possible should be formed, as mining is so fickle that to-day fie prospect may be very bi-illiaufc, and toniumw gone for ever.'