DUN MOUNTAIN COPPER MINING COMPANY.

Otago Daily Times, Issue 139, 26 April 1862, Page 4

DUN MOUNTAIN COPPER MINING COMPANY.

A half-yearly general meeting of the proprietors was held on January 30 nt the London Tavern, Mr. .Deputy Corney in the chair. The advertisement convening the meeting having been read, the report of the directors was taken us read. ■ - The Chairman, in moving its adoption, stated that the railway from the mines to the port of shipment at Nelson would, ifc was contemplated, he completed by the end of tiie ensuing month, and everything by that time would lie in working order, and chroma ore in course of transmission for shipment to England. He then called special attention to the fact that the chrome ore had been found capable of producing a peculiarly beautiful green color, without containing those arsenical proportions which have been proved so injurious -to health, and in consequence prohibited by the r-Veneh Government. • The new new pi-ospective value thus given to the chrome ore liad been fully assessed by Professor Musprat, Dr. Medloclc,1 as well ai by the chemical broker of the company, the latter of whom'hail-stated that he couJd readily dispose of between 3000 and 4000 tons annually. Coneerning-the financial position of the company, he was bound to admit that the expenditure incurred upon the property and railway had rather exceeded the calculations which had been made by the directors, in consequence of which they were compelled to ask the proprietors to concede to the board the power to increase the company's capital to a small extent, either by borrowing upon debentures or by the creation of new shares. In addition to thevarious sources of revenue which the company possessed, it had been computed by the company's agent that from the firewood: business alone a profit ot about £1000 per annum would be realised, and by the last in ail the board were advised of the further discovery of a copper lode in the mountain, but peilding'the sliipmeuts of the chrome ore, and the paying of dividends, the directors had ftrbidderi the.expenditure of any more of the company's funds until its financial position was in a more satisfactory state. The town section of the Brook-street entrance to Nelsou was every day enhancing in, value. Amongst the other properties of the company there was an estate of something like six miles ofiorest land, covered with timber sufficient to supply Nelson for many years to come with wood fuel, for which there existed a great demand. The property of the company also comprised beds of slates and. limestone in great, abundance.

The report and accounts having been received and adopted,; the retiring- directors and auditors were reelected. • ' •.■'■."■■'..

A protracted discussion then ensued npon the question of increasing the company's capital, as to -whether it should be raised by borrowing upon debentures or by the creation and issue of new shares. An amendment to the effect that new shares should be issued having been lost by a large majority, the resolution of the directors was carried xmanimously, .authorising them to • raise additional capital'by bonds and by shares, giving the preference to debentures.' A vote of thanks to the chairman closed the proceedings.— Home News. .-.■■■ , j

ABSTRACT OF SALES BY AUCTION,

THIS DAY. ■■ J, DAxrans & Co., at their rooms-General Mer-

.It. 3. Martin & Co.. at the stores of W. C. Young—

Stock in Trade. . „ o i E. De Gable & Co., on the premises of Mr. bolomou

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MARRIAGE.

At Riverfcon, on the 17th inst., "by the father ot the bride, Thomas Watson, Esq., ot the Hank ot New South Wales, ■ lnvci-eargill, to; Sarah Anna, eldest daughter of the Key. L. M'UiUivray.