THE NEW ZEALAND SMELTING COMPANY.

Otago Daily Times, Issue 7542, 20 April 1886, Page 2

THE NEW ZEALAND SMELTING COMPANY.

(Pee United Pjjkss Association.) Auckland, April 19. An extraordinary general meeting of shareholders in the New Zealand Smelting Company was held this morning at the Company's office, for the purpose of receiving the directors' report of the result of smelting operations for the 30 days' trial run. The Chairman read the directors' report as follows: —" The directors, in submitting the statement of the cost of ores treated during the trial run of 30 days, and which, together with the report of Mr Spratt (who was deputed by the Board to act as their representative at the Thames), has been circulated amongst shareholders, regret that the results appear to be unsatisfactory. These are, however, your directors feel bound in justice to explain, to be in' great measure accounted for by the difficulties generally attendant upou trial operations in connection with the treatment of ores in a new field which has not hitherto been subjected to smelting process, and, as will be observed from Mr Spratt's report, a considerable saving in cost can be effected in the chief materials required, influxion, and also in wages, both in matters of experts and ordinary labour. Taking the whole circumstances into consideration, however, your directors cannot recommend the furnace I being taken over, as during the trial it was guaranteed under agreement with the contractor to effect in cost of treatment a saving of 90 per cent, of the assay value of the gold and silver." Mr Spratt concluded his report by saying: " The principle of extracting the precious metal by the La Monte furnace process, now introduced by your Compauy, is far in advance of any method hitherto practised in this district; and I would respectfully suggest consideration of its continuance, believing that eventually it will prove an important factor in the development of our.mineral resources." Tho report showed the expenses incurred in the 30 days' run to amount to £1227 ss. The Chairman (Mr J. M. Lennox) moved the adoption of the report. Mr La Monte seconded the motion. Under the circumstances he felt somewhat embarrassed, as they might suppose. His work was not as well done as he would desire to have seen it. He simply said to the Company that he had not done what he undertook to do, but he believed if he had it to do over again he could do it. Still, he was in the hands of the Company. He was willing to take £4000 instead of £8000 and give up his right and title to his part of the Government bonus. This would considerably reduce the amount to be paid by shareholders. He believed the works would be a success. The process had never failed, and .he did not see why it should here. After some further expressions of opinion, the Chairman put the question of the adoption of the. report to the meeting, anil ii was carried unanimously. Mr La Monte asked if there was any objection to the retirement of a number of shareholders who desired to step out of the Company and their shares being taken over and the Company carried on by others. Several shareholders said " Certainly not." After some further discussion as to what the directors were empowered to do, a resolution was come to—" That the directors should inquire and find out as to the best arrangements that could be made with Mr La Monte, and to report to a meeting to be held on Wednesday next."

We are reliably informed that payable gold has been discovered in several places upon private property in the visinity of Gore—east and west., In one case three men pay 5s per week each for the use of one acre.of ground, and :re bound to leave no holes in the land and leave it with the soil on the surface after it has been worked. Iv several cases it is stated that with ordinary everyday digging appliances £1 per day per man can be made, but the owners refuse to allow men to work the land. On the New Zealand and Australian Land Company's estate a considerable number of men have been working for some months past, and with fair results. That Company, by their manager, is very liberal with prospectors, and it is a great pity that private individuals would not act likewise.