THE GOLDFIELDS.

New Zealand Herald, Volume XXX, Issue 9111, 31 January 1893, Page 6

THE GOLDFIELDS.

[BY TELEGRAPH, OWN CORRESPONDENT. Thames, Monday. Saxon.—Gribble and party, tributers, have crushed 251b of picked stone for lloz 12dwt gold, and Senior and party 101b for 7oz 17dwb.

CROWN (KARANGAHAKE). The following is the directors' report, which was submitted at a meeting of shareholders held in Glasgow, on December 22nd last :— The directors beg to submit their annual Report to the shareholders, together with the balance-sheet and statement of accounts for the year ending 31st May, 1892. The directors have "delayed calling this meeting as long as possible, in order to be alle to give the latest information in regard to the carrying through of the aoheme of operations decided on at the reconstruction of the Company. These operations include the formation of a tramway through the Waitawheta Gorge from the mines to a new battery site on the flat about a mile down the river, and the erection on this site of a mill and plant, designed for the reduction and treatment of 20 tons of ore per day. The directors have the pleasure to submit herewith a general report by the Company's manager, Mr. M'Couuell, giving an interesting account of the work accomplished in carrying out the operations and a statement of the present condition aud prospects of the mine.

With a view to covert!-' working expenses during the construction of the above mentioned works tha Directors decided that crushing operations should be continued at the old battery. These operations were unfortunately interrupted shortly after their commencement, by the bursting of the dam in August, 1891. Under the instructions of the Directors the .damage was repaired as soon as possible, and the battery again started in the middle of January, and working was continued till August last. During the period of working—about sight months— 614 tons of ore were crushed, which yielded bullion to the value of £8270. or an average value of bullion recovered of £3.3 9s 4d per ton. The scheme of operations is being vigourously carried through under the supervision of Mr. McConnell, and though various unexpected causes of delay have occurred, the directors are hopeful that the whole works will be completed an.l the new mill started in the early part of next year. In the meantime instructions have been given to push on with the opening up of the mine so as to provide an adequate supply of quartz for the new mill.

In the most recent communication from the mines, per cablegram dated 22nd November (about three weeks later than his last report) the manager says : —" Conditions and prospects of the workings are most encouraging. Obtaining high grade ore on both sides river." The statement that high grade ore is being obtained on both sides of the river the directors regard as a very important feature, and they confidently expect that when the new mill is started the results will be highly satisfactory to the shareholders. In order to provide sufficient funds for the proper development of the mine, the directors recently decided to issue the remaining shares at their disposal. The offer of the shares, made rateably to the present shareholders in proportion to their holdings, met with a satisfactory response, only a small proportion of those offered to the shareholders in this country remaining unapplied for. To meet the requirements of the Glasgow Stock Exchange, prior to the granting of an official quotation of the Company's shares, it is necessary to make certain alterations on the Articles of Association. The resolutions for this purpose will be proposed at an extraordinary general meeting to be held immediately after the annual meeting as per the accompanying notice. The two directors who retire, iu accordance with the Articles of Association, at this meeting, are Mr. Luuan and Mr. Mercer. Both geutlemen are eligible for re-election. Messrs. Walker and Marwick, C.A., Glasgow, the auditors of the Company, retire at this meeting, but are eligible for re-election.

May Queen.—The legal manager writes as follows :—I have returned from visiting the mine. The reef has not yet been found at No. 3 level. The drive east is being continued through a magnificent channel of country for gold, with a fair chance of the reef being found in the drive. In consequence of the breaks underlying east, the opinion is that the reef is likely to be found by crosscutting to the right, and the crosscut to the right is still being driven with that view. No great time should therefore now elapse before the reef is found.