WAIHI GRAND JUNCTION.

New Zealand Herald, Volume XLV, Issue 13672, 13 February 1908, Page 3

WAIHI GRAND JUNCTION.

MEETING OP SHAREHOLDERS. I MR.. ROTHWELL'S VISIT TO THE j . MINE. ■ ; t [raoii OFB ows cokrbspostoest.] ) ■'■■'■.■ J Lokdov, January 3. ..] At Winchester House, last Monday, the \ annual meeting was held of the Waihi j Grand Junction Gold Mining Company, i Mr. Geo. Rotbwell presided. \ In submitting the directors' report the ■ chairman first' explained the accounts. Tafc- j nig the debit side of the balance-sheet, I the authorised capital remains at £300,000, i in 500,000 shares of £1 each. The issued < capital is 280,000, as against 260,000 shares at December 31, 1905, the difference . of ; 20,000 shares being made up of 1500 shares ' paid in respect of the Waihi Consols pro- ! petty acquired and 18,500 issued to share- ' holders, pro rata to their holdings:■ at a:] premium ot* £1 per share. Of this last { issue there is, in round figures, an amount \ of £18,500 still to bo called up. The pro- | iniuin on shares issued account has been j increased by £24,625 during Uie year, and j when the final calls of the List L-.&US hare ' been made the total amount to the credit j of this account will be £77,585 4s Bd. j Loans and interest consist of the loans of ! £60,000, plus interest, referred to in the J report. Creditors, New Zealand and London, stand at £3427 10s 2d, as against, j £6513 18s 9d, on December 31, 1905, be- j ing ordinary trade accounts. On the ere- j difc side, purchase of property, £114,292 6s j 2d includes £4300 tho cost, of the two I properties acquired—namely, Waihi Con- ! wis and Waihi South. These adjoin our ; Waihi West section, and with it together \ form one block of about 600 acres, giving S a total length of some 6000 ft on the pro"- ; bable line of reef formation. Plant, ma- ! chinery, and buildings, as per last account, : £72,157 9s Id, plus additions for the year, ; £63,665 7s 9J, less depreciation written : off, £9950 Os lOd, now stands at £125,872 i 16s. The expenditure in New Zealand has i risen from £13,885 14s •2d in 1905 to ' £27,584 in 1906. The increase of £13.698 j 6s 2d is mainly duo to the change from a i developing to a producing stage; it in- i chides part of the cost of mining and the j entire cost of touting the 8144 tons of ore j sent to the mill during the period from ■ August 20 to December 31, and is offset by 1 •the bullion realised, amounting to £12,591 j Is. Depreciation of plant, machinery, and I buildings (£9950 Os lOd) has been written i off, as compared with £2904 10* Id the j previous year. The figures are taken on tho revaluation made by the company's re- i presentative in New Zealand. Expenditure I in Loudon is practically (he same as last, i year, with the exception of the item £1467 | 4s 4d interest on loan. On the credit I side we have bullion realised and in transit £12,591 Is, receipts in New Zealand £419 10s Bd, and receipts in London 1 £98 9s, leaving a balance of £27,699 34s I 7dto.be added to the amount of £108,231 14s j 9d standing to. the debit of this account on i December 31, 1905, making a total of * £135,930 19s '4d. b j The Chairman described his visit to the mine, introducing the subject by remarking that- the long delay in the beginning of milling operations and the continuous heavy expenditure being incurred made it very desirable that a member of the board should go out to New Zealand. He continued, "I left London on February 21 last and proceeded to Waihi, arriving "there on April 8. With the exception of a period of about three weeks spent on a visit to Wellington and the South Island, I stayed on the mine until storting on my return i journey on October 25, a period of rather I over six months. Soon after arrival it I became evident to me thai there was room ! for very considerable improvement generally in the conduct of operations, and that too much money had been expended on the surface, especially on buildings" and office©, which are out,.of all proportion to the present magnitude of the undertaking. ■■' The works .were both over-officered and overmanned, and there was an absence of that feeling of cordial co-operation between the heads of the various departments so essential to the successful working of tho concern. Tho development of the mine., notwithstanding the long period available during construction work, was in a very backward state, the area prepared for stoping being altogether inadequate for continuously supplying the lequirements' of the mill, and: it was only by making use of the reserve ore on surface, accumulated during development, that it was kept running. If appeared that Mr. 'Simmons had for-some considerable time past been so out of health that he was not equal to the' worry and strain of superintending operations, and that a long holiday with complete rest was absolutely necessary. He told me that he had not given any intimation of this to the board in his letters, because he i had long - been expecting my visit, and preferred making a personal communication, and he tendered his resignation, which I accepted on behalf of the board. -- The vacancy thus created was filled by the appointment of Mr. P. C.; Brown, whose services I was fortunately able to secure. .For many years ho lias been superintendent in charge of tho Komuta Reefs Gold Mining Company's mines, , an.<£ under the. arrangement entered into' with him ho still retains the position of consulting engineer to that company. Mr. Brown, in addition to a thorough knowledge of mining in all its branches, is especially proficient in ore treatment. Under his supervision the reduction works at Komata have been gradually brought to a state ;of efficiency, both from the point o: view of the high percentage of recovery of ! bullion and low working costs that, taking the character of the ore into consideration, is probably unequalled elsewhere in the world. Mr. Morgan (the mine manager> al*o tendered his resignation, and, I much regret to say, has since died. He had fui many years been a faithful servant of, the company. His place has been filled oy the appointment of Mr. Daly, who for several years past has been in the employ of the company under Mr. Morgan. Mi-. Daly is a thoroughly good miner, with modem ideas, and a keen eye to economy. Under his control the electrics! installation has been an unqualified success from the commencement of operations. Mr. Mc-; Arthur remains as accountant, in charge 'of the mine office—-a position he has held for some considerable time— is most able and' zealous in; the discharge of .his duties. Since Mr. Brown took charge , further changes in the personnel of the staff have been made. He has secured the services of Mr. Noble, who is generally recognised as one of the best qualified men in New Zealand, to take charge of the reduction and treatment works in the place of the two gentknan who hitherto held tire respective • positions of metallurgist and • battery manager. Altogether, I " think we can now congratulate ourselves upon having a most able staff, who can bo relied on to con--1 duet operations with efficiency and eco- ! nomy. (Applause.)

MINE MANAGERS* REPORTS. Kirikiri: The north drive at the low level has bean extended 7ft, maidntr a total distance of 15ft. The size of the reef is from 2in to 6in in thickness. When breaking down no gold was Been, but the quartz looks.very premising. There is an extra large stream of water coming out of the face. There is every appearance of the reef making again. The south drive has been extended 9ft, making -a total distance of 13ft. The reef in this has split tip into atricgers. Tairua Triumph :• The winze from No. 2 level has been extended a further distance of 6ft for the week. The,lode at this point still continue.? to look well, and shews nice colours of gold distributed through the ore, and an neither the foot or h3ngin£rwfll! is at hand it goes to show that the lode still continues its size as it descends down. The contractors have exlendcd No. 3 level a further distance of 20ft fer the week through a nice mild class of sandstone country. Halcyon: During the west the tunnel on the Halcyon reef has been extended bit. The reef still "remain a fine body of quarts:, and during the week a lev colours of gold were Been in it. A few more colours and dobs of gold were also seen in tiM5 dropper, which has run into the reef again. The country surrounding; the reef is still of a white sandstone nature. The mineral lead is now in a. total distance of 37ft and the country is still firm. Golden Belt: During the week the Xo, 1 level south has been extended 10ft, a:id there has been no improvement in the value of the ore trom here. Owing to the shortage of water sloping operations have been temporarily buslanded. Prospecting on the freehold property is beir.p continued, and Rood dish projects can be obtained from he-re, but *s yet no lode lit* been located. ■■ : •■,...... . ■. „

Sew W«ttek*BTl: No, 6 •lew* ■ north «* Bate's pas.* has fc*e» ■.carried «'teo«r., *Sft».»a<l .«o*t*i»B«» to pwnajwct ■ wry ■ well, %'!»» S*> • & «<*s« sflO'A' tux. ben carried otong »b«it . SOW «*wi »ktt prospects wait. Tfe «re «SQI gctteig very g-oftti ore from the «4opfl wer o'i«c*'«» »wi : ■«• have stadc a «t&rt to gat lbs quarts along ifce ■line fc» the battery. The rtcenfc blush fir** has* caused « little dajefljro to th« Bvoajng; «i rt« water-race through truss falllne acres* if, as<t the water supply to the fc-Jftfcty ha* bStm cut *£ in cocs€<juenc-p." so that ii. bats bcea Isspftttfifefc to 50 on with , ;--> treatJßfcnt (d th* Rafting* until tl/te is-- repaired. Nctt Dart : The <:t#Mseut Is twins' cvmtiiVßed- ZHir«. in* she week we pissed thnmglt « oicedooWfi;? leader stoat 6io taiaS Hint heavily mineralised. Although no sold ha* town *e«n m St is looks very rinjns.isi.og. and is worthy of further development, ib? country in toss Jar.c i* oi a firm'.sand* lone nature. ■ Tairaa Extmded: Purine the week the drive It.-s* I ecu extended Hit, making a Sots', distance of 230 ft. Ttu.rt? is «x stronger rush of water from the face, which probably qprne* frem some ■ lode. '.-."-■" Scandinavian: The drive. r.crtTi no trowrie'* reef has been extended Hi ter th;- week and maintains it? size and appearance. The ssatby level has been cleaned out. arid repairs;! for* a distance of 60ft. Another 15ft will bring; us under the rua of gold, where the winjse is to be sunk. K.iraagahake : During the p»*i week the tow level baa been extended a.:i additional 6ft; total, 461t. The quart* fccming to bund from > this level look* well and allows first-class miliars.!* through the stone, Mil, judging from prtaent indications, pood ' ore should bo «>!>f«hsed when Van main rce! Is :n«.'t with, which may. occur at any time r.-:>w. The witiio twiiii,' sunk «s Use N"o. l" reef is down ■ K3i't. rr&sre*'.-! i* rather »l»w on . account f.i' Uip hard uatiiTC of the iwwu.ry. 'Ibis wet sbowji u cotsskieraWn ini[itovt»tuent, beinj; better defined thitn hitherto. Tim quarts csrrifs more .wisieral and tliou« good "hlfltoUe* of trold most regularly itirougb th« .*to«*;. Tiw •Icri.ll tramway is m.-*- i.-owp!att:d aud works satisfactorily in every way.

N'W Una: The drive east on ttic Duke reef I has lieen worked with two- Khifla dtirlnjr the I week. A faalt comhlsf in J'rctn the b-uigingwatf ; disturbed tb<_» reef 1111U cruirr-d It to coatrjut vlicrbUr, bit; it :io\t Imp the ,it>! v ''".!!:•"»<• of iiiijiroving to its usiud five KiTaltv. l"he <jj»rta : ?ostintie.<t tn eontaia favomabio minerals, »nd ulonjj tb» iu<];'iti(g»vs!i of thy r«el colours of gold lire eontinttalij' feels. \\>.l.-.-luii.ir.: The rUc to ooutiMt with the No, 2 v.ttii'.e hits been advanced a further litvigbt of lift. making a total distance horn tb* b&vk of the drive of 62ft. A further distance rd "b>tt (should see a i-onncation between tbssff twi levels. This will give srofxj vputilation, «id 4iilow us to cut through tba Windfall reef and ascertain its size <u:d value. The Intermediate level tms lnea extended a further distantv of 6ft. The reef etill maintains its size and appear.Mice and chows gold when panned <jtif. Magnet: The north drive on the roef has been extended ;i further disujioe of oft, thus making the total distance from th*3 etatting point, 2'M'i. Tim reef in the fai-'O will aver Age about lOizi of quartz, of (.iromißinf: appecranee, CRrryinii: an t'st:«l!fnt e'afs of in in oral p. The , channel of country is now of a firm white o,!ide*ito c*tun*. interlaced with numerous tnisiur.il veins. Ilj«ing aiij -the junction of (lie reef is ntill in progress, and the quart'/; coining: to hand is very heavily mineralised and of a faroiirnblo character, Tlifl reef will average about, bit in tliWtnew in the Iwck of the viae, and the country mi both walls is of a favourable description. Prospecting on stringers has also been carried out during the week, said when hist broken down a few colours of gold wore seen In the solid stone. Kapowid: The biißh fires b.ive now been extinguished, and the work of repairing the damaec caused by tbern will be carried on as speedily as possible. The rise on the new reef ban been advanced a further di.itjinco of 6ft and prospcstii are fair. * Golden Cross Tile work of extending file main levels (north and Honlh sections) has been carried on during the week, and the firstmentioned ha« been advanced a further distance of lift. Fair progress has been made, with the advancement of the level (south flection), and 10ft have been repaired. This level in now in first-class order for ,1 distance of 593 ft, and it is hoped to send out oro ' from this eeotion in the course of a few weeks, as there me only 177 ft, to go to reach that point. Wnitongi: The ruuigiiißwall drive east on UlO main rein baa been advanced a total distance of 87fl past No. I crosscut. In this drive the branch vein, which in 2ft in width, re , boinjr broken-out, and also a. portion of the main reef. Very little country now separates them, and they should junction in a few feet of driving, whan an .improvement in the. reet nmj' bo reasonably looked for. The hfuigingwall drive west Is-now in 14ft from the main crosscut. In breaking out a portion of the reef on February 8 an improvement was noticeable, the ore showing colours of gold, accompanied by a favourable class of minerals. Work on No'. 1 leader tea been directed principally to rising: close to the foot wall of the main reef. It is still split up into stringers, in which colours of gold are occasionally seen. 1 Taii'titt Consols: During the. past week 0 man has been engaged prospecting • along the cap of biff reef formation show rug on the main range, but so fur nothing of any value has been met, with. Another man has been engaged prospecting tcw»*d« (he south boundarv. A reef a*t>ut lft in thickness has been located and a few feet, driven on it. The reef is encased In a splendid class of sandstone country. Rising 1 Sim : 'Hie drive north on the main reef lias been extended a distance of 13ft for the week. In the winze two men hasn commenced to drive sotrtb on the hnnginjrwatl 2eef, and a distance of 4ft has been driven for the week. The reef is looking well and good oro is coming to hand.