PRIDE OF TOKATEA.

New Zealand Herald, Volume XXXIII, Issue 10084, 20 March 1896, Page 6

PRIDE OF TOKATEA.

HALF-YEARLY MEETING. The half-yearly general meeting of the Prido of Tokatea Gold Mining Company was held yesterday at Mr. Harapson's office, Short.land-Bt.reet, Mr. M. Niccol presiding, There was a largo attendance, and Mr. Ogilvio, the company's mine manager, was present. directors' report.

The Chairman having briefly explained the purpose of the meeting, the directors' report was read as follows: — Auckland, February 29,1896. Your directors have the honour to submit their report and balance-sheet. The company was formed on September G s 1895, and at a meeting of directors held directly afterwards, Mr. A. N. Offilvie was appointed mine manager, whose report on the work done at the mine we have pleasure in submitting to your consideration. Appended is also our balancesheet. It will be in the recollection of shareholders, that at a special general meeting of this company, held oil November 1, 1893, the directors were empowered to dispose of the Pride of Tokatea mine, etc., to an English syndicate, under conditions and terms then submitted. This has been done, but owing to the great slump which then took place in mining speculation in Europe, it was considered advisable by the Homo _ syndicate, who took it in hand, to await a moro favourable opportunity before offering the shares to the public. That time having now arrived, we are daily expecting to receive a cable, stating that the capital has been fully subscribed. As regards the mine, works are progressing very favourably picked stone and specimens are being secured from three distinct places in the mine. We have now some 1131b of specimeus and nicked stone in hand, and nine tons of good averago crushing dirt. This it is our intention to have crushed very shortly. The retiring directors are Messrs. Twentymau and McKerras, and being eligible, offer themselves for re-election. Mr. Carbines also offers himself as auditor for current year. For the directors, M. Niccol, chairman. BALANCE SHEET. Tho balance-sheet) was submitted as follows Statement of Accounts fob Half-year ending FEMI'aHY 29, ISS6. RECEIPTS. £ s. (1. Halo of syndicate shares ... .. _ 750 0 0 bullion „ 42 y 11 £782 9 11 EXPENDITURE. £ 8, d. MineWages .. _ ~ „ _ 351 2 0 Supplies .. _ „ „ .. 75 3 2 S.ilary anil fees „ „ „ _ 63 10 0 Flotation 89 7 7 Printing, advertising, aud stationery.. 1210 8 Sundries .. ... _ ~ .. 19 14 11 001 8 10 Cash in bank.. m „ „ _ 172 3 1 Cash in hand.v „ - .. _ 1818 0 £792 9 11 Profit and Loss Account.

DR. £ s. d. Mine wages .. „ _ „ „ 351 2 0 Mine supplies.. ~ „ „ ~ 73 3 2 Salary and fees _ S3 10 0 Flotation SJ 7 7 Printing, advertising, and stationery .. 12 in 8 Sundries _ _ 19 14 11 Balance _ _ _ _ 191 l l

£792 9 11 CR. £ s. d. Sale of syndicate shares.. „ _ 760 0 0 Bullion „ .. _ _ .. 42 911 £792 9 11 Balance-sheet. LIABILITIES. •£ S. (I. 80,000 shares subset at Is fid each.. 6,000 0 0 Less unfilled capital, SO.UOO shares at Is 6d each 6,000 0 0 Nil Profit and loss balance „ _ 191 1 1 Balance „ .. _ 1,250 0 0 £1,441 l 1 Assets. £ s. d Cash In In ml , ........ 101 1 1 Mine property ........ 1,260 0 0 £1,441 1 1 This Is to certify that I have examined Iho vouchers and books of the l'riile of Toka'e.i Gold Mining Company (No Liability), as per statement above, and find them to he correct. It. J. Carbines, Auditor. MANAGER'S report. The mine manager's report was as follows

Coromaudel, March 18, 1890. The directors of Pride of Tokatea Gold Milling Company : Dear air,— starting operations in September last the first work we did was to split necessary timber, in the way of slabs, props, cap-pieces, and sleepers for the train line ; also put up smithy at the mouth of the low level tunnel. The low level drive lias been cleaned out, timbered up where necessary, and tram line laid for over GOO feet in distance. The drive has been advanced another 50 feet, and will require to be driven about '20 feet further to be under the wiifze on the Rainbow End lead in the intermediate level, where there«is now gold showing in the ston3. From this level we have also driven a crosscut 28 feet to intersect the foctwall lead. During the progress of the above works the Grey Eagle tunnel has been opened lip and cleaned out for a distance of '200 feet, so as to be ready for driving on the No. Sand other leads, so as to cut Sweeney's and the Loue Hand leads, in which good gold has been got. Twenty-five feet have been driven on Sweeney's lead, during which prospects have been seen. Fourteen feet has also been driven on a branch of the Lone Hand lead for good prospects. Fourteen feet of driving has been done on the big reef, during which lair prospects were got. On the south lead 25 feet ot driving has been done, and a few days' work done on Kennedy's lead. This is the lead on which the New Tokatea Company are now working and getting their crushing from. This lead varies from one foot to four feet where cut. On the eastern side of the ground a good deal of trenching and prospecting has been done, and some fair prospects got in some good-looking leads of fair size. The intermediate level has been cleaned cut, repaired where necessary, and tram-line laid for a distance of 1100 feet. Just before the Christmas holidays I was fossicking in this level, and got a prospect in what I now call thefootwall lead, and in a very few days got blotches of gold in the stone. For a distance of 50 feet in length we have got more or less picked stone, and specimens every breaking down. We have put a winze down a depth of about 40 feet, and have got good specimens and pinked stone almost every breaking down, with good golden stone still showing in the sides of the winze, which shows there is a prospect of a very good paying block when opened up from the low level. Besides, I believe there is a good lot of ground above the intermediate level still unworked. This lead varies from- two to nine inches in width. We have also continued the drive on the Rainbow End lead in this level for a distance of 20 feet, and have been getting good picked stone and crushing dirt. The lead has ranged from 9to 18 inches in width. We have now on hand 2391b of specimens and picked stone, without reckoning the stone that was crushed lately, and about nine tons of good general dirt. In conclusion, I may Bay this mine only requires a sufficiency of labour, judiciously expended, to be one of the best paying properties on the field.

In moving the adoption of tho report and baltnce-sheet the Chairman explained what was being done with regard to floating the company at home. A cable messago had just been received stating that a company was being formed with a capital of £100,000, of which £40,000 in cash or shares was to go to the shareholders, and tho company was to provide £'20,000 working capital. They were in doubt as to the proportion of shares or cash tho shareholders would receive, but they had decided to ask for further particulars. He had only further to congratulate the shareholders on the prospects of the mine. In 1 addition to the splendid specimens, some of which they had seen, Mr. Ogilvie had good ore to grass, and he would be instructed to have it treated as early as possible. He moved the adoption of tho report and balanco-shoot. Mr. Shakespeare seconded the motion, and it was carried unanimously. DIRECTORS AND AUDITOR. Messrs. Molierras and Twontyman, the retiring directors were, on tho motion of Mr. Robert Oliver, seconded by Mr. King, re elected; and Mr. Bridgewatcr was elected auditor. A oablo message was received yesterday from Mr. Wm. Spencer Hampson, now in London, in relation to the sale of the Pride of Tokatea mine, Coromandel. He says that he has arranged for the flotation of the company with a capital of £100,000 in £1 shares, the shareholders of the Prido of Tokatea to receive £40,000 in cash or shares (as much as possible in cash), the Orona to receivo £500; and the new company to provide a working capital of £20,000. The following telegram was received yesterday in reference to the Pride of Tokatea: —Secured 771b specimens from lead: total, 2601b.