FREEDOM G.M. CO.

New Zealand Herald, Volume XXVIII, Issue 8632, 30 July 1891, Page 6

FREEDOM G.M. CO.

The first annual meeting of the shareholders in this company was held yesterday afternoon, in the office of the secretary, Mr. 1). G. Macdonnell, Mr. Adam Porter presiding. The annual report of the directors shewed that the result of the year's 'operations had not been favourable. The work had been well and most economically carried out, and the non-success of the operations was in way attributable to want of skill or economy. A scheme was now on foot for the amalgamation of several claims in the neighbourhood of the mine, and the directors thought it desirable to carry out the proposed scheme. If tho scheme could not be carried out in its eutirety they would advise an amalgamation with the Flying Cloud Company, on terms to be mutually arranged. In accordance with the Articles of Association, two directors retired from the Board. One of these had ceased to be a shareholder, bub tho other, Mr. James Frater, wasj eligible for re-election. The auditor, Mr. J. Young, also retired, but offered himsolf for re-election.

The accompanying balance sheet showed that the receipts had amounted to £1107 6s sd, and the expenditure to £1081 9s Bd, the total value of the gold obtained being about £140. The sum of £59 14s 5d was due to sundry creditors, while the assets amounted to £39 lis 7tl. The Chairman moved the adoption of the report and balance-sheet. He was sorry to say that the mine, like many others started at the same time, had not come up to expectations. This was not due to any fault of management, but was simply because the gold was nob in the ground where it had been anticipated.! There had been a meeting recently of delegates from various companies to consider a proposal to amalgamate a number of them, and he suggested that the directors should have power to amalgamate on the terms which had been arranged. The motion for the adoption of the report and balance-sheet was adopted. . Mr. Jauies Frater was • re-elected to the directorate, and Mr. Hellaby appointed to other vacancy thereon. Mr. Young was re elected auditor. ■ On. the motion of Mr. Hbijaby, seconded by Mr. J. Graham, it was resolved, "That the directors be empowered . to make the best arrangements they can for amalgamation on the terms stated at the meeting of delegates, and, failing that, to arrange for amalgamating with the Flying Cloud Company." ■ ■■■-• ORLANDO G.M. ■ CO. The first annual meeting of this company was held yesterday afternoon in the office of the secretary, Mr. D. G. MacDonnell, Insurance Buildings. Mr. Adam Porter! occupied the chair. , directors' report. , The Secretary read the following report from the directors :— We have much pleasure in submitting to you this our first annual report and balancesheet, as we feel confident that on reading the mine manager's report herewith submitted you will come to the same conclusion as we have, namely, that the company is possessed of a very valuable property, which there is much reason to hope will in the near future be dividend-paying. As the mine manager's report deals very , fully with all operations carried on in the mine, its present and future prospects, we have not thought it necessary to supplement same further than by the remarks above made. The balancesheet exhibits in full a statement of the receipts and expenditure, assets and liabilities, and capital account. It will be observed that the cash assets are £115 fe 6d in excess of the liabilities. In i pursuance of Articles of Association, Messrs. S. T. George and W. Caron retire from the directory, and Mr. J. Young from the auditorship, but being eligible for re-election, offer themselves for same. .■ Adam Porter, Chairman;; First Annual Balance-sheet of the Orlando Gold Mining Company, Limited, for the Year ending 21st J lily, 1891. RECEIPTS. £ 8. li. Netfc proceeds from sale of promoters' shares .. ' .. --.. 420 0 0 Called up 3d per share on 40,000 shares 500 0 0 Gold, 5930z. lldwt. 20gr. .. .. 1587 14 3. Tailings .. .. .. .. .; , 31 14 0 Tributes .. .. .. ~.., 2 0 0 Calliope Company, for repairs to drive 5 0 9 £2,r.1C 14 9 ' EXPENDITURE. £ S. (1. Registration and formation of Company ... 35 0 0 Wages and contracts .. .. .. 1,700 13 7 Timber and mine requisites .. .. 300 1 11 Crushing and carting .. .. .. 170 12,3 Salaries .. .. GO 0 0 Board fees and travelling expenses .. r.S 14 0 Rent of license, survey, etc., .. .. 50 14 5 Advertising, printing, stationery, and telegrams 1912 1 Balance.. _ .. .. «, 133 0 0 £2,546 14 9 LIABILITIES. £ S. d Sundry creditors .. . 18 0 0 Balance 115 0 0 £133 0 0 ASSETS. Cash Balance .. £133 0 6 CAPITAL ACCOUNT. Dr. 40,000 shares at 5s each .. .. .. £10,000 0 0 ' Cr. £ s. d. Called lip 3d per share oil 40,000 shares GOO 0 0 Balance uncalled 9,500 0 0 £10,000 0 0 1 have examined the above and compared them with the books and vouchers, and found them to be correct. J. YOU NO, • July 24, 1891. ' Auditor. MINE MANAGER'S REPORT. The following report was received from the mino manager : — I have the honor herewith to furnish you with a report of the work done during the past 12 months. The first work done was the putting up of a rise 90 teet from our present level to secure permanent ventilation for the mine. The next work taken in hand was the constructing of the new or No. 1 level, 438 feet being driven on the main reef before connection was effected with the workings inside. A little gold was found in several piaces in the reef whilst driving. A trial crushing of 16 loads, which was selected where there was a large percentage of excellent minerals showing through the quartz, when treated yielded the satisfactory return of '2507, lOilwt gold. The only other work done here was the sinking of a winze '28 feet from tho level to prove if the gold went down. A little gold was seen for the whole distance sunk. When the quartz was treated it gave tho return of loz fidwt per load. There is a large block of ground available to be worked on this reef, which is wholly intact to the surface. : Taking into consideration that the roof is fully two feet in width, and the satisfactory trial crushing from the drive and winze, there is proof that this reef is a valuable one. It is my opinion this is one of the best prospects in your mine. Two shifts have been started Here to stope out above the level. I expect to -have *10 or 50 loads to treat from hero next month. One hundred feet was also driven on Carpenter's reef. It was a large body of quartz, and when treated it gave the moderate return of (idwts per loan, which was considered not payable. Still, it goes to prove that the reef is gold-bearing, and may improve when worked on. A crosscut started from Carpeii-

ter's reef was driven on 46 feet before intersecting the Bendigo reef. One hundred and thirty feet was ■ driven on the Bendigo reef east of the crosscut. The reef varies in size from one to two feet in width. The quartz is heavily charged with copper minerals, also a few colours of gold were seen, intermixed with it. The trial crushing from here yielded 7dwts per load, the gold being all obtained from the blanketings. In haugingwall reef, which is a branch from Carpenter's reef, about 300 feet have been driven 011 towards the Calliope boundary. , A length of ; stopea about '250 feet is now being operated on. This reef will average about one foot in width, and occasionally small parcels of picked stone are selected from the general quartz.. The block available to be worked on this reef is about 400 feet in length, and on an averaee of 160 feet of backs. '» ■ The; highest'point the stopes have attained is 60 feet above the present level. The prospects of this reef are very encouraging, on account of the payable returns, which the, following figures will show, namely (

Date. , . Loads, ozdwtgr at £. s 4 December 8.. 31 " 64' 8 0 65a 4d ' 178 3 4 February 11.. 35 '42 10 0 sfis M 119 0 0 March 18 ... 38 53 0 0-Ms Id 148 12 5 April 30 .. 1.2 • 112.' 6 8 . 51b 3d 307 10 0 June 9 .. 80 < 107 (10 53s 8d 448 % 4 July It) .. 80 135 0,0 53s 4d 3t>o 0 0

Total ii. ... 316 , 674 , 4 8 £1,561 8 1 , The average return per load is loz 15dwt. ■

On the footwall leader 55 feet has been driven east of the junction, and a little gold has been seen through the quartz for the whole distance driven. All the quartz in this leader is included in the above tonnage. A crosscut has bean driven 65 feet from footwall leader to intersect the Bendigo reef at this point. A portion of it has been broken down, and it appears to be a strong body of quartz about IS inches in width, showing excellent minerals, and strong colours of gold were also seen through it. This reef is wholly intact with the exception of some surface workings done in the early days. I consider this is one of the main reefs in the Moanatairri Creek. Very rich deposits of gold have been found in the several claims it passes through. Taking into consideration that this reef travels 1400 feet through your claim encased in a favourable class of sandstone we have every 1 reason to believe that rich deposits of gold will be met with when worked. An intermediate level, 70 < feet in . length, has' also been . constructed to connect I the stopes with the airpass. By so doing the mine is ventilated in all parts. In conclusion, I consider the prospects of your mine are second to none on the Thames, payable gold being found in the three different reefs which are now being worked at present. Also good, gold has been left underfoot in the floor of the drive, which augurs well for the future development of your mine at lower levels. I would recommend for your consideration the advisability of securing a .crushing plant, and also connecting the mine, and plant with an aerial tramway in conjunction with some other company, such as the Alburnia, who . are working on , the same level as we are, at present. ' The passes, tram road, and hoppers are all in good repair. I am. etc., : ■- . • • Charles McLean. - The Chairman, in moving , tho adoption of the report and balance-sheet, said it was * hardly necessary for him to say anything, as the shareholders present were aware that their property was one of the best on the Thames goldfields. The mine was now thoroughly opened up, and they had three reefs which, so far as they knew, were all payable. All the work which had been done . was detailed in the mine manager's report. The , motion was. seconded by Mr. Rkid and carried unanimously. The retiring directors and auditor were re-elected. v