QUEEN OF BEAUTY EXTENDED GOLD MINING COMPANY.

New Zealand Herald, Volume XVI, Issue 5634, 6 December 1879, Page 5

QUEEN OF BEAUTY EXTENDED GOLD MINING COMPANY.

The ordinary general meeting of the shareholders of this company was held this afternoon in tho large room of the Now Zealand Insurance Company's buildings. Mr. John McC-sle presided. There was a good attn: - dance of shareholders, and ' the secret try, Mr. D. G. Macdenald, read tho report and balance sheet, which inn approved o F , and on the motion of Mr. Canning, seconded by Mr. King, w re adopt'd. The acting directors were tin n elected, aud also the auditor, .Mr. T. L. White, and a vote of thanks to the dinctors and secretary, closed the meeting. Appended is the principal portion of the direct r's r. port, which .-ets fm-iii the present operations yoing forward in the mine, and the future piospcc's of th» mine : " The statement of the company's financial affairs as exhibited in balarice-sheet, cannot prove otherwise than satisfactory, notwithstanding the fact that til-re is to the deb t of profit and loss account ou the past year's operations a sum of £070 Gs Gd, yet that amount cannot pr -perly be accounted a less, as the operations which entailed that expenditure were of a d-sirable and necessary nature ; such as the opening up of new ground by means of drives, &c , which will be of great future advantage, and the securing of the mine generally against possible damage, which might arise owing to the stoppage of drainage operations. It Will, however, be observed on perusal of the balance-sheet, notwithstanding expemlituie referred to, that the asset-, of the company are largely in excess of it 3 liabilities. The mining operations for the past year have n-ci-ssarily be. u very limited, owing (as po-sibly you are all j aware) to the stoppage or" drainage opera- | tiens, in consequence of w! i ;h no opportunity was afl' rded of f;.rtlur developing the very rich reef so snccissfolly and profitably worked towards the close of iho year IS7S, it having yieldid for seven week's work a profit of near £1000. . . It is estimate!, and we consider fairly so, that the pr.sent funds tn the crtdit c-f the company, will be suflicient to cover tho eot = t of e; l .reieg the shaft down to the pr. sent low level, pay for the turhiii", and complete other wo'ks now in hand. On the reef at present low level being reached, it will be necessary to sink the shaft a further depth of from 75 to 10D feet, b'lt the cost of doing so, will, we exprci, be largely borne by the proceeds from tribute.™ in the surface workings. The prospects of the mine, paiti cularly for the new 1 vel proposed to be opened up are so well and favoiu iMy known that it is scnrcly neee-sary to dwell ou them, we may however ment : on, that the reef at pri sent low lev. lis l.'J f-efc wide, that the stone from it was richer than any ever previou-ly obtained, aud that all the indications lead us to the belief that the goNl returns fiom the mine in the future will < xceed anything in the past, and the results be so profitable tsto enable tile payment of regular and handsome dividends." With regard to the financial position of the company, the la'anc -sheet showed that the directors entered upon their olfice with a credit balance of £-'109 4s /d and that the receipts for the year (including a bank overdraft of £3S Hi Id) ha! amounted to £291)3 4s 11, making a total of £5272 Ss 9d Of this sum there li id been expended £37(iG Gs 5(1, leaving a balance in hand of £1500 2s 4d at the end of the year (lStli JSovemher).