MINING NEWS.

New Zealand Herald, Volume LIV, Issue 16502, 30 March 1917, Page 3

MINING NEWS.

NEW SYLVIA.

COMPANY TO BE RECONSTRUCTED.

The annual meeting of • shareholders in. the New fciylvia Gold Mining Company. Litd.i was held yesterday altenwon. -Hie chairman ol directors. Air. H. 'Xliorne George, sided. and there was an attendance of 13. holders of 56.395 share;) being represented by proxies. ' , , , The directors' half-yearly report stated tnat 2444 tons treated for the six months yielded £4399 19a 6d. The capacity of the plant was about 1200 tons a month, and the shortage of men accounted alone for the small tonniyje treated. Under the circumstances the small prolit shown, in the balance-shiet was very satisfactory. Considerable alterations had been made to the battery to enable moro of the lead concentrates to be recovered, and the value ot lead in the concentrates now rased as high as 20 per rent. The floods in '.he Thames district in February had damaged the water-race, which would cost about £250 to renew. It had l>e:ome necessary to mute a call of one penny a share, but as this would not suffice to clear off all liabilities the question of raising further capital was now under consideration. The chairman, in proposing the adoption of the report and balance-sheet, referred to the great scarcity of miners. Only one shift was now being worked, whereas had the full three shifts been worked he thought the mino would now be approaching a dividend-payinz investment. He believed tho mino was a, good one, but it was difficult to work. Tha directors intended to ask the meeting to pass a resolution for tho purpose of re-forming the company. Mr. H. T. Gorrie seconded the motion. Mr. P. N. Kingswell. managing director, referred to the asset the company had in tho Norfolk reef, which was now nearly sft wide, and of good duality. _It was in maiden country, with 800 ft of virgin ground overhead, and had been proved for over 160 ft. The motion was carried. Messrs. P. N. Kingswell and W. S. Whitley were reappointed to the directorate, and Mr A. J. Dennistcri was again elected auditor. An extraordinary mating was held imm»i diately after Tne annual meeting. It was decided to re-form the company, under the title of the Sylvia Reefs Gold Mining Co., Ltd. The undertaking and assets of tho company were sold to Mr. P. N. Kin swell for the amount of the company's liabilities, this course being adopted to facilitate th« imrnpdiato transfer of the property to the new company, which will have a capital of £15.000 in 150,000 shares of 2s each.