THE DUN MOUNTAIN COPPER MINING COMPANY.

New Zealand Spectator and Cook's Strait Guardian, Volume XII, Issue 1288, 5 December 1857, Page 4

THE DUN MOUNTAIN COPPER MINING COMPANY.

[From the Australian anil New Zealand Gazette, July 25.] The first general meeting of the Dun Mountain Copper Mining Company was held at the London Tavern on Wednesday, 22nd July, Alexander Morrison, Esq., of Austin Friars, in the chair. The report and accounts stated that a superintendent and manager of considerable experience and attainments had been engaged for three years, and Mr. Thomas Ridge flacket, the gentleman in question, would sail in the -screw steamer Istanboul, and should reach Nelson at the best season for commencing operations. Believing that the mo«t practical as well as the cheapest road that can be made for the transport of the copper ore from the mines to Nelson will be a light railroad not requiring locomotive power, the directors have ordered an adequatesupply of tools, other materials, and a portion of rails, which will be immediately shipped to Nelson, to enable Mr. Flacket to proceed vigorously to woik on his arrival. Orders have also preceded him to purchase a convenient piece of land whereon to erect storehouses, and also, when required, a shipping wharf. Every preliminary debt of the company is discharged, and the sum of <£'23,000 remains on deposit in the hands of the Union Bank of Jjondon, in addition to the current balance of £1,436 :19s. There are 5,000 shares to be paid for in New Zealand, and there is a reserve in London of 18,000 shares, which need only be issued in the event of further capital being ultimatelyrequired. Thefinaucial statementto June 30,1857, showed that the amount of proprietors’ capital was£7s,ooo, of which£23,ooo was reserved. The assets are thus given : —By purchase of the interest of Cook’s Strait Mining Company, and of the London promoters as per prospectus, £26,000; preliminary expenses, certificates for shares, advertising and law expenses, £1,394 :55.; current expenses, rent, salaries to date, £l5l : 8: 6; directors' remuneration, £73:105.; office furniture, £158:17: 6d.; cash at bankers, £1,201 : 195.; cash at interest on deposit, £23,000; interest on the same to this date, £235. Total, £24,436:195. In answer to a question inquiring the probable expense of making the proposed railway from the port of shipment to the mines ? The chairman replied that they expected to complete the ten miles for £lO,OOO. It was stated that the company had already a bridle road, and had plenty of timber on the estate, which would considerably reduce the expense of construction. Orders had also been given to the manager to send home ore by every possible opportunity, even if only a few tons at a time. The report was then unanimously adopted, and the retiring directors, with the addition of Messrs. Rogers, Piper, and Mr. Deputy Corney, unanimously elected. A vote of thanks was passed to the chairman, and the meeting separated. [Mr. Hacket, the superintendent and manager, has arrived a week or two ago from home, and the preparations for actively commencing operations at Nelson are in so complete a state that the shareholders may very confidently anticipate a quick return for their investment.]