THE WEALTH OF NATIONS CLAIM.

Otago Daily Times, Issue 4684, 21 February 1877, Page 3

THE WEALTH OF NATIONS CLAIM.

The following is the annual report and balance sheet of the operations of this celebrated West Coast Company, for ths six months ending the 20th January, 1877 : —

We also present you with an abstract of the receipts and expenditure for tbe same period, on reference to which you will observe the quantity of stone crushed was 4975 tons, yielding 2986<>z. 2dwt. melted gold, averaging 12dwt. to the ton, and value for £11,496 8s 6d. From this amount we have been enabled to distribute to the shareholders the sum of £4875, in five dividends of 3a each.

We have completed the extension of the water race to the main river (Inangahua), making it upwards of eight miles in length, and thus securing a never-ending supply of water equal to any power the Company may require in the future. By the middle of February next there will be four berdans at work reducing the blanketings and tailings. The yield from these we can confidently anticipate will be fully 40oz. of gold per month, and as the expeuae of working the berdans is very little, a handsome profit will be netted from them.

The mine is now well opened out, and the various reefs show a large extent of quartz, which will certainly keep the battery fully employed for a long time to come. The water-wheel and battery are in first rate order, and working admirably. Toe water-race is now in good repair, and we anticipate being able to keep it so for the future at a less expense than hitherto. It may not be out of place to call your attention to the large sum of money realised from the company's claim during the last four years, amounting to £66,209 103 9d. Of thia sum about one half has been absoi-bed by current working expenses, £10,500 fo. 1 battery and water-race, and £21,775 in dividend? to the shareholders—a result which, considering the small yield per ton, must be admitted to Le highly satisfactory. We attribute thia favourable result in a large measure t> the grod management of Mr Thomas Watson, the company's general manager, and we take this opportunity of acknowledging his zealous services in the iuterests ol the company since its foundation.