THE GOLDFIELDS.

New Zealand Herald, Volume XXXV, Issue 10835, 19 August 1898, Page 6

THE GOLDFIELDS.

AUCKLAND SHAREMARKET. Yesterday was another dull day on Change, and though a goodly number of' buyers appeared, no sales were reported. Investment stock were in good demand, but prices snowed no material change. In mining there were buyers of Talismans jit 8s Bd, but sellers declined to accept less than 9s 3d. Crowns'were in good demand at 16s fed, but 'sellers held for 17s 6d. Ohinemuri Syndicates were in request .at 2s 6d, Alphas at 2s Id, and Waihi Souths at- 5Jd. Waitekauris were easier, sellers being willing to quit at £1 7s 6d, but there was na demand at this price. Buyers of Woodstocks offered 7s 3d, but sellers held for 8s 9d. In Coromandel lines, Royal Oaks at Is 3d and Four-in-Hands at 5d were in good demand, but sellers declined business at these rates. In Thames lines, May Queens, New Alburnias, and Victorias, and Nonpareils at late quotations. great BARRIER gold and SILVER. Home attention is being paid to this property, which is at present under protection. Recently an inspection of the mine was made by Sir."Foster, on behalf, it is believed, of the financial corporation represented by Mr. D. Ziinan. The representatives of other English companies have also been interesting themselves in the property, and general satisfaction has been expressed at the prospects of the mine. THE I'UHIPUHI SILVER FIELD. It is understood that the Puhipuhi Silver mines are about to be worked by the Hampton Plains Syndicate, and that experiments in the treatment of the ore by means of the thermo-hypherphoric process arc to bo conducted by the Rev. J. Campbell, at the Montezuma Company's reduction works at Te Aroha. If it is ascertained that the ore can be successfully treated at a profit, it is intended to erect a thermo-hyperphoric plant at Puliipulii. THE WHANGAROA COPPER DEPOSIT An inspection of the copper ore at Wliangaroa has been made by Mr. J. McCombie oil behalf of a syndicate interested in the property, and the result of the prospecting operations conducted is, it is said, very satisfactory. Some good specimens of copper ore were obtained on the surface, and the indications are considered very favourable to the discovery of a lode which should give payable returns.

WAIOTAHI G.M. CO.

ANNUAL MEETING.

The annual meeting of shareholders of the Waiotalii Gold Mining Company (Limited) was held yesterday at the office of the company, Chamber of Mines. Mr. J, I/. Wilson (chairman of directors) presided, and there was a large attendance of shareholders. The official minutes were confirmed.

directors' report. The secretary (Mr. G. S. Kissling) read the directors' report, which was as follows : — The directors present the aecountß and balance-sheet for the year ending June 30, 1898, and also tho mine manager's annual report. Tho value of the gold won from the mine during the year has amounted to £4857 12s 9d, as against £520+ 19s lOd, obtained .during the previous 12 months. Dividends liavo been paid amounting to £1050, as against £1500 shown in the last annual statement. The mine manager's report explains fully the position of the mine. Tlio vacancy on tlio board, caused by the death of Mr. James Dickey, has been filled up by the appointment of Mr. N. A. Nathan. Mr. F. A. White having resigned his position as secretary, Mr, G. S. Kissling has been appointed in his place. Tho auditor appointed at the last annual mooting having resigned, tlio directors appointed Mr. W. R. Holmes to act. It will bo the duty of the shareholders to elect two directors in the place of Mr. N. A. Nathan and Mr. J. L. Wilson, who retire, hut are eligible, and offer themselves, for reelection; also, to appoint an auditor, for which position Mr. W. It. Holmes offers himself.—J. L. Wilson, Chairman. mine MANAGER'S lIF.FOIIT. Tho mine manager's (Mr. J. E. Smith) report was as under:—Ono thousand two hundred and forty tons of quartz have been I'ioken out and crushed at the company's battery, for the good payable return of'l77ooz 3d\vt of gold, which realised, when sold, £4857 12s 9d, being the result of last year's operations in your mine, which is not quite up to last year's yield. I should havo done better this year, but unfortunately tlio flood wo had hero last month caused a break in the water-race, which stopped all mining operations for a fortnight, and so spoiled our last month's return. Nevertheless, the U6liel dividend was paid during the year. I am pleased and proud to bo able to say your mino has paid dividends for tlio last 21 years without a break, and I expect you to be able to pay another 0110 before Christmas. I wist the result of this year's operations will be satisfactory to both directors and shareholders. Main shaft: No. 1 level has turned out a fair amount of crushing dirt, and will do so for some lime to como. The quartz is very changeable and patchy, and I havo been disappointed in some of the new blocks opened up in not turning out as well as the indications mot with led mo to expeot. No. 2 level: I have done a large amount of prospecting work on this level during the year oil the largo reef, but so far the quartz is of low grade, though I hope to find a patch of gold m it yet. I have met with a ode, which I tako to lie the Parnoll loader that i have mentioned before. From the prospects met with, and tlio first-claw country for gold, I am of tlio opinion it will turn out a good payable lode, for I get good picked stono from it at times. I am now opening up a now block for sloping, so I hope to <*et something good from this level before long No. 3 level continues to produce good payable quartz from the different lodes being worked, and will do so for some time to come. 3urlace: Your winding and crushing plants tramways, etc., and all connected with name' are 111 good repair and working order, 'flu', luturo prospects of your mine are, I tliinl very favourable for continuing to be a divi-uenu-paying one for some years yet. THE BALANCE-SHEET. „J, he balance-sheet up to June 30 was then read as follows:— WORKING ACCOUNT. , Dr '-M, in o wages, £1851 0s 7d; materials etc., £48+ 2s 9d; battery wages, £389 14s* materials, etc., £168 Is 3d; drainage, £564 8s • license, £16 ; fuel, £87 14s; general oxpendi'- « f°{ 3 „ c1 , ; blknce ' £115 9 133 lid: total, £4885 12s 9d. Cr.-o°ld 177907. 3dwt from 1240 tons, Mini 12s 9(1; interest on fixed deposits, £28total, £4885 12s 9d. ' PROFIT AND LOSS ACCOUNT. Dr.—Dividend, 2s 6d per share on 6000 shares, £750; dividend of Is ner share on 6000 shares, £300; balance, £311 10s: total £1361 10s. '

Balance at June 30,1897, £20116s Id • working account, £1159 13s lid: total, £136 i 10s,

Capital account, 6000 shares nt £3 £18,000; less uncalled capita!, 6000 shares at 10s each, £3000; deposit on option (now forfeited), £750; creditors at balance, £74 4» 5(1; balance, £31110s: total, £16,135 14; sd. Cr.Mine, £10,984 2s 3d; machinery £2000; manager's house, £590; fixed deposits' £1905; petty cash, mine manager, £10 Bank of New Zealand, £646 12s 2d: total, £16,135 14s 5(1.

The Chairman, in moving the adoption of the report and balance-sheet, said lie did hot think there was any necessity to make lengthy reference to either. Though mining generally during the past year had been less active and less remunerative, the Waiotalii Company had pursued its usual steady course, and had paid two dividends darin*» the year, The returns had not been quite as large as they were during the previous year. This was accounted for by the fact that the reefs had not turned out quite so well as was expected, while in addition a considerable amount of dead work had been done. During the year the directors had found it necessary to have an exhaustive inquiry and report upon the state of the funds of the company, but lie was pleased to state that he could assure shareholders that everything was all right so far as the company's money was concerned. The directors, however had considered i f desirable to change the secretary, and that was the reason why the meeting was held in that building. He regretted that the company had lost one of its best directors (Mr. James Dickey) who had been removed by death. No director had taken a greater interest in the company's welfare than Mr. Dickey, and he was quite an authority as to the working of the property. Mr. N. A. Nathan had been appointed to take Mr. Dickey's place, and the directors could assure shareholders that they would have the services of a good man. The reports had been in the hands of the shareholders for several days, and so far as the mine manager's report was concerned the I future was hopeful. -- ' ' j

Mr E. B. Dufaur said that before the re rf 'find balance-sheet were adopted, h wished to state that a requisition had bee, not called and he wished the reqmsi rthe'^'ol'ainrtile hnnour , but they all knew how rumour: "Xed strength as they were circulated and some of the rumours had been very wild He could assure those shareholder who lint heard rumours that no money bad beer rnst • the funds of the company were intact and'the directors did not think that am mod would result, or that shareholders woulc derive any benefit, from pursuing the mattei further. The auditor's report was available to shareholders, but the directors did nol think it would be any advantage to the company if it- was read and discussed at a public '"The requisition asking the directors to call a meeting of shareholders, so as to make il l! inquiry into matters in connection with lie financial position of the company, and the manner in which the books of the company had been kept; also the reply of the dreetors that as the annual meeting was about to be held there was no necessity to call two meetings, were read. , Mr Dufaur asked that the meeting should be' adjourned so that the auditor, Mr. Holmes, could be present and afford some information to shareholders as to what bad been taking place in connection with the finances of the company. The shareholders, lie said, had heard rumours, and they wished to know whether these rumours were correct or otherwise. Mr. Dufaur proceeded to refer to these rumours, which were to the effect that there had been very serious manipulation of accounts. He understood that Mr. Holmes, the auditor, had been instructed to examine the books, and it was stated that there had been irregularities in the accounts. The directors, lie believed, had asked Mr. Holmes to continue his investigations over a period further back than the two years covered by the first investigation; but the books had been handed back to the head clerk, and had subsequently been destroyed by a fire which occurred at the clerk's residence at Northcote. Now the shareholders wanted to know particulars of this business, and he asked the directors whether the funds of the company had been improperly used, and if so, by whom ; and whether the books had been falsified, and if so, by whom 1 Before the chairman could rise to reply, Mr. J. Dawson said it had been stated that the reports and accounts had been in the hands of shareholders for several days ; but as for himself he had only received his report that day. He saw several mis-state- > ments in the balance-sheet, and under the circumstances he did not think it wise that . they should adopt it hastily. According to , the balance-sheet the paid up capital , amounted to £15,000, \yhile the amount ex- ; pended was given as £12,984, leaving a deficiency of £2016 on the capital account alone. Last year the reserve fund was stated to be £2000,' besides £590 on the manager's 1 house, and this account had dwindled down, ' and showed a deficiency of £95. Altogether ' the deficiency so far as lie could see, amounted to £2014 7s lOd, and this struck one as peculiar. Possibly the directors could ex- ! plain these items. However, the auditor [ should be present, and he moved : " That the , meeting stand adjourned so as to enable the i auditor to be present to explain apparent . discrepancies in the balance-sheet and aci counts." Mr. E. B. Dufaur seconded the amendment. The Chairman said the auditor had certified as to the correctness of the balance-sheet. He (the chairman) could give shareholders an assurance that the funds of the company at the present time were intact, and any inquiry into the position of the company would demonstrate that fact. Mr. C. C. McMillan took strong objection to the statements made in the requisition presented to the directors, and said the inference was that the directors were not doing their duty. Air. McMillan stated that there had been irregularities in the books of the company, but before the audit examinatign of the books had been completed the money that had been operated upon was returned, and the accounts, as stated by the chairman, were now perfecetly intact. It had been alleged by the late secretary that these irregularities had occurred during his absence in England, and it was decided that the audit should b» extended further back. The books, how even, were handed back by Mr. Holmes t the secretary, because a dividend was to b paid, and the accounts had to be made uj The secretary had handed the books to hi chief clerk to go through them and Tepor to him, and the books had been taken t the chief clerk's house at Northcote, wlier they were, unfortunately, destroyed by fire that occurred there. All actual proof a to irregularities was thus wiped out, but th secretary had resigned, and the office of th company had been changed. So fai as ffi requisition was concerned, he looked upon i as a deliberate insult to the directors. Thehad been connected with the company fo over 20 years, and considering the time am pains the directors had taken in connectioi with the business of the company, he con sidered that the petition was most insulting Had it not been for the fact that the director field a large majority of the shares of tin company, they would have resigned thei: positions, but holding the shares they did they did not consider it wise tc endange their interests by allowing the company t< be managed by those who, comparativeli speaking, held a small interest in the pro perty then again, the requisition was nol a legal document, so far as effecting the ac tion of the directors was concerned. It wai laid down m the rules of the company thai such a requisition should be signed'bv'share holders representing 1200 shares, while thosi who signed the petition only represented 70( shares, lhe directors had done-what thei considered best, and had done all that w possible to conserve the interests of the company, and they therefore looked upon the requisition as insulting to them. Personalis e did not see what shareholders had to gair by the auditor being present. Mr. UfaUr . : I assure 'be directors thai no insult was intended. What I say is that o L S !° fi 1™ taker the shareholders in-t-ion before them? tllC wllo^e P osi ' .J. 1 !' McMillan: There have been irregulanties, but the money has been repaid and * i > CO "nV as the should be J think that should be sufficient for shareholders Mr Dnlaur: Where did the money come K rr'r" "°-E * i J? , ' 'J.™ I" a aiD bringing up ,|„ unfortunate tC ht Unate \ llerl)ap9 more a,., .ft* i'csrni* "® iirec " -s-»£ta£aj3 tips for the D S n or S IJ l W ° Uld ad ™ble certain matter"! A<, l )re scnt to explain, sheet he asked'foiling balaMe was the reserve fund to rvJat S l° w bere meeting) had referred? amual doubtles Chai S D an a v d COuld ' point. ' 8 y explanation on- that

deJlySM ained that Wbat had eri . to reallv +v, Cd Upo ? M a reserve fuwl ! t-Ue-balanL.?wrofSs S a Cit , balanCe ' " ! compared if more'^ttrcSiUl^ year were really £100 moretlf there *<» I th Mr T ? montlls back m than the credi*- balance' at' tli'» r as , eV . ident tllat been looked «n on i», th e.bank had,really ' Mr. McMillan .% u reserve fund. ' count what they liked Cal '- tlle ac " there all the same ' ' the molie >' "as resen'efe; 11 whir? iA " l ear °a 1 you cannot spsak nf ,in . { ? nd ' Surely i reserve fund! . ""expended capital as a

:-. Mr. McMillan: To alljS ss * 6 *! .'. . i poses it is a reserve fund, iS-W'jfc '■ i shows an increase over last vmv SW i I take it that it is a reserve V? .%t«sl ' ' : . should returns fall off for »tiJ ? d , ffl H - -■ . fund would be available f O 3 ? hat W,' of the usual dividends. '.- >r^ " Payment ''' i }" Mr. G. Elliot said that •*£ , ■ :» i were given as. £1905, and"**?'f* w W- ' ' ; fixed deposits only amounted to We* '«»' J ; sum stated had been on fixed demsk Ift V ' 3 per cent,, it was evident that a $ *J, - £ , should have been £57. l the ty&{ < : ■* i Mr. Dufaur: Has that money ffi«'" '* , deposit during the year? J een °n filed , ! % ' Mr. «'son said "this and oft. ■'• ; - ' ••" [-to which reference had been !, f . tta Ni L ■> : the necessity for the meetine be^°P^ ;to allow the auditor to be . | i plain matters. , present and.ej. .- -; ■> . j After further discussion it was a •', * ' • put the amendment to the meetL 7'O' ' ■■ on a vote being taken, it was iin» • "^ " . decided to summon the auditor Mi- n? u % ) '■« to the meeting. That gentlenrtuT^ l ** municated with, and shortly after I COlll, • ' appearance Before any question*" l * ! f by shareholders or any explanat«l * M ■"- • made by Mi, Holmes; thepSl^' ; * tives were asked to retire, and the w™' 8 ' I of the proceedingr were conducted in df f I After the auditor had madeS&: ; ; - and answered questions, the reTT 8 '"" 1 ' ■£ balance-sheet as read were adnntii I I motion of the Chairman, second^l k °«* - : - J. Reid. The retiring fi?ftfc' J. L. Wilson and N. A Na£' 3 K - elected, and the auditor (Mr V} R p? *• was reappointed. Votes of thak ° !>1 passed to the chairman and mine ml Wm '■ " : and the proceedings terminated ■ t &*<' ' ' THAMES SHARE.MARKET [BYTELEGKirH-OWN-cOHRESPoi^] Broken Hill, sellers • man, sellers Is 3d; ' Mahara Royal, buyersluT',^ 61 ' Hauraki, sales 5s 4d, buyers 5s pW* '■ talari, sellers 4s; Monowai, selers ?' New Alburn a, buyers Is 6d£l W i sellers. 2d; Tanru Creek, seflZ \f» Victoria, buyers 3idi RalnhVT,, ? • ty Co., sales SsUomat.RtrJ&'oal ■■' New Zealand Crown jfi CJ\f> Waihi Consols, sellers 3d. yWs * newsfeomthHilw'-'-[BYmEGItiPH-OWN-COKKESPoX, i ' Pakroa, Thur4* GRAND JUNCTION. 7 ! the crosscut going northward <. '" shaft at the Waihi West hZ > tk locality where the lodr,hou&V bn ? *• the reef i ? expected any s st? J, ; d of brown country is being penetraM *" : ' ; it is hoped that the reef wiU 2 ' N expectations when intersected S $ to: "■ *' view of the fast that such fiTW the means of still tat esfahilv d}• permanency of WaiiTa gSfett' ■ djcing centre. The air in ffJjSW rather warm until Mr. Evan, 2 V? : pump compartment, it beC foX)., 0 ! * steam was mingling witli tf« T H* The ventilation is iw' ftf">* air. «. The crosscut at the & \\* section is still being vKroil j""*,' and about another 240ft° sfi hN> ' face well up the line of lode kt? fc - sible that the crosscut wiU ** ; further than the Welcome 2 wi,? ■ to cutting a reef passed thffif 2 shaft, at a point about 80ft or 90 ft ft i o^: atiii arias found to work satisfactorily. ' T fe " will now be connected, and until ft.*? ° ? ' becomes sufficiently - of the rock-drills/the plant Sb e r OTAGO GOLD DREDGING '"' T! i- . WNEDIK, Thursdai . Tbe directors of the Golden fenSffi mg Company have declared of Is nar riiL ti d, «dead dation. &e rflu T pan y> *