MINING.

Otago Daily Times, Issue 8793, 1 May 1890, Page 1 (Supplement)

MINING.

' AMALQAMATHD WMPOKI DBliP LEAD GOLD I MINING COMPANY (UMITKD). The statutory general meeting of shareholders was held at tho company's ofticu, Mnnse street, on Monnumber of shareholders were present or represented by proxy. | Tho following directors' report was re.id by the Secretary (Mr T.T. liltehle.):- ---" Your directors beg to report that the several properties, as detailed in Hie prospectus of the company, have been taken over un Mm terms as originally arranged. "In consequence of the severe and protracted drought having e.iusiderably curtailed tho company's usually abundant water supply, t,!iu directors considered it advisable in Llio first lusUneu tri bike steps to increauo the supply. This was accomplished at an outlay of nbout JBJUO, find ever since the company Ims had plenty of water at its command, notwithstanding the continuationof tlwdroiiKlit. A further outlay ol £100 will add considerably to Uio large volume- oi water now lit the company's disposal, besiiies making « largo intake dam. " The capital of the company not having beon nil subscribed, tho directors did nut liud themst-lreß In a financial posit'on to undertake the bringing In of water to work the ground ou the hydraulic elevator principle. " With a view of Umpiring confidence In the yaliib of the company's property, it was decided to teat un a large scalo tho ground comprised in O'Urieu'u claim, so as to determine its richness nnd the eorrectuoJß of the Bovorp.l examinations which had been previously mado by experts. A paddock lws been opened out 90ft by an average of Sift, and the gravel hauled up by a steam wincli. This work lias now been in progress for six weeks, aud the last 10ft from the main bottom, which is the actual goldbearing mark, having been readied, there is every prospect of largo returns being got daily during tho next 14 days. " Tho gravel already treated has proved tho approximate correctness of the BOveral tests made, 18oz of gold having been taken oft the false bottom and aioif.-omtliepoorgravelbelowthofalsebottom. Hud the hydraulic elevator been at work this gold would have bßen secure;! iv six dnys at a cost of six men's wages only por day of three shifts. This clearly shows the large returns certain to bo obtained when tho full water supply, with a pressure of nearly 40'Jft, bus been brought, to bear on the gravel. " So soon as tho present paddock liaß been bot.tomed, it is proposed to stop the present mode of working,and to take tho ntcessary steps for bringing in tho water in pipes to the claim. That tho claim will prove second to none In the colony when wrought by the hydraulic elevator is the opinion of all practical men acquainted with the ground. '• To enable the work of bringing in the water to be entered on at once, it is propaied—so soon as the present paddock is wrought oufc-to offer theuualiotted shares pro rata to the present shareholders ; any ihares not tnkon up will not be offered to the public unless at a premium. "All the directors retire at this time, but being eligible for reelection, and if tho shareholders are satisfied with tbulr action in tho past, arc willing to continue in oflice for tho remainder of the year, with the exception of Captain I'earse, who, being about to leave tho colony for a time, does riot offer himself for re-election." The Chairman, in moving the adoption of the report, 6aid: Gentlemen, on this our first meetine slnoj the formation of tha company, and beforo we proceed to tho business that has call d us together—viz., the election of directors,—l have much pleasure iv moving the adoption of tho report just read, and with your permission will supplement tho sainu with a few remarks. It is well known to you that as only 4145 shares were applied fur out of the 6350 shares offered for subscription, we were not In a sufficiently sound position, monetarily, to warrant us ordering the pipes for lifting the gravel by water-power. We therefore determined, at a meeting of directors held ou January 13, to purchase a steam winch and take out a largo paddock, and thus prove the value nf tho property for the satisfaction of all before going to the larger expense. Our manager, Mr Hilgondorf, who has shown great skill and energy from tho tirm of his appointment, immediately set to work formings water woe from theNardoo Ilmb.Rdistance of about two miles, and had very nearly completed this before his machinery was ready for a start. This nice is acknowledged by all who have seen it to be a moßt splendid piece of workmanship, and reflects great credit upon all concerned in the construction. It is constructed to bring in 22 Government heads of water at an elevation of 400 ft, and is more than sufficient for us to work, not ouly our Deep LevJ, but also lit the same time that part of our claim known as lbs Laramcrlaw Flat, which )s also highly aurlf -roue. It is estimated that four weeks would complete t.he race, and construct a dam which would give us ample water all the year round, even in a season of excesiive drought, tucli as we have juit passed through. Before leaving this subject of water, I woul 1 like you to thoroughly understand tha value of your water rights. Yours is the only available race which commands the whole of the Waipori Flat, and this large race, combined with another race belonging to tho company, if let out in small quantities, would pay a haudsome dividend on the capital of the company. You will have, when your race is finished, over 24 heads of water—i» tact, fcakingour present water supply which we are using, you will have 32 headj of water which could readily be let out for a large sum per annum. Iv fact there two claims on the fiat which, could be sluiced out with our water Bupply, with a vory Binall outlay ni pipes. One of these claims bsloogs to a Ohristchurch gentleman, and is known as the "Jutlaud Flat." Having shown you what, a valuable asset wo bavo in our water, I will now proceed to inform you ot tha amount of work we have done in the Deep Lead. Of course we all know that tho present mode ii a very expensive way of working, but btfore offering tho bilance of shares we had no other alternative. If it had not beon for several unforaecn dilTicultiei we should have bottomed the paddock this week, and should have been able to show you a much better return of gold. As It is we are now down to the mark on the plan shown as " Ko. 5," a depth of 32ft, and from the prospects taken the remainder of the paddock is very rich. Wo have shifted nearly 10.0(10 loads of stuff in 3li diys fora return of -lAis of god out of tip boxes and first ripple box ; this with water would have been shifted iusix days with.only one-third the number of men, ami without the coal expenditure. The return thri3 far has fully borne out the pro;p?cts as stated, and had we been financially strong enough to hive «t once put on the pipes there is no doubt but that we slimld have arrived at the anxiously wished for result -vi*., tho dividend paying st,.ige. Tha result of our work 30 far is satisfactory in showing the public and youftelves that you have not bought n " pig in a poke," and that "you possess one of the finest .claims in New Zealand, and I firmly believo that at our next meetiog you will be thankful that, you are shareholders iv tbo Deep Lead Company. We think it Is advisable immediately the paddock iv bottomed, to at once put all hands on the water race and discontinue our present way of working. We intend offering tho balance ot shares to the present shareholders at par, and those not taken by them to the public at a small premium. Arrangements are being made for placing the order for the pipes, and although somo time may elapsa before the whole order can be completed, about two months should sco us at work with water at a pressure of 150 ft brought into tho ground, and this would pay handsomely. The tailings have been repeatedly tried, and we ara convinced that Mr Ililgendorf his so arranged bia boxes that lie iB losing no gold, and in lact nearly the whole of the gold is secured in the tip box. In conclusion I must say one word in praiso of tho secretary, who has been most indefatigable. Notwithstanding that he has been twica laid aside by illness he has worked hard, and to his exertions in connection with tho finance of the company we must thank ourselves for being in our present satisfactory position. I hive uo mere to say, except to hope that we will all for our own good "put our Bhoulderß to the wheel" and take ud as many of the remaining shares as we each can afford. ThisisacWni at your backdoor: auy shareholder can reach the works in six hours from Dunedin, and anyone doing no will hn well repaid for the visit by teeing the workmanlike style iv which tho work thus far has been carried out. I now move the adoption of the rf port. The motion was seconded by Mr C. B. Bbaid, and c.irried unanimously. All the original directors were re-aleoted with the exception of Captain Pearse, who shortly leaves for London, and co resigned. Mr G. Bichardson was elected in his stead. Mr J. Allax, M.H.E., proposed " That work at the paddock bo discontinued until the pipes were on the ground." Mr K. Smith seconded thisyro/omrc. On the motion being imt the mover was the only one supporting it, and the motion was therefore lost. Mr C. B. Biuin moved and Mr Chas. Kobehtson seconded " That, the directors bo empowered at once to order the pipe 3if they saw their way to do 60." This was carried unanimously. The date of the annual meeting v/m fixed for the first week in February in each year. It is intended to finish the present paddock before altering the mode of working, after which no fresh paddock will be opened until the arrival of the pipes on the ground.

UNITED HRHCTJLES HYDRAULIC SLUICING

COMPASS (LIIHTBD). Mr John Monat lias received a telegram from Mr Burton, tho secretary of the company, stati og that Hid washing up which took plane on Monday last yielded 7loz 6dwt 12gr of gold, the value of which ia £2ti7 Do sd. Thii Is for four and a-half days" sluicing. A stoppage was caused by the leaking of one of tlie pipe joints, and the work was stopped for a day and a-haif iv order to repair this, which has now been done.