MINING.

Otago Daily Times, Issue 9546, 30 September 1892, Page 2

MINING.

THE JUTLAND FLAT (WAIPORI) GOLD MINING COMPANY (LIMITED). The second annual general meeting of shareholders was held at the secretary's (Mr Henry Rose) office, Crawford street, on Thursday afternoon. The report and balance sheet were adopted. The retiring directors (Messrs Thomas Brydone and J. H. Morrison) and the retiring auditor (Mr A ; Bartlemau) were re-elected. The directors' report was as follows :— ■ ':R lAedsmE actually commenced on 21st September!^. Ine dredge did not, however, get fairly to work until the middle of November, and profitable work after first opening up did not commence until January. Since then work has been steady, there having only beea short interruptions for overhaul of wearing parts, ifcc. Long stoppages have been obviated by keeping on the ground a stock of spare and renewal plant llie net profit for the year—Ll246 15s 2d--has therefore been earned in about eight months. Ihe claim has been worked in a block, without running after the gold, and it is 'confidently anticipated that, although phenomenal yields are not to be looked for, the returns may continue to yield good results to investors. 'Ihe directors hope in the ensuing year, besides paying fair dividends, to commence building up a reserve or sinking fund to provide for the ultimate return ofcapital to shareholders. "The directors desire to place on record their recognition of the energy and ability of the dredge manager, to whom the company's success is largely due. The dredge hands have also worked zealously and well in the company's interests. A bonus was earned during the latter half of the year, giving satisfaction to the men. Iv view of the good work done under this system, it lias been decided to somewhat augment the men's proportion of suiplus profits in future. "The following details of the past year's working may prove of interest to shareholders •— Dredging wages time for period, 5579 hoursactual dredging during same, 539S hours ; estimated quantity of stuif lifted, 390,721 cubic yards • gold obtained, 1003oz lSdwt 13gr; average yield of ground, l'23gr per cubic yard; average consumption of coal, 10 tons Scwt Kaitangata nuts per week of 144 hours.

I lhe directors regret to say that this company has been selected by some of the Berwick farmers or by their advisers, as a first subject of litigation, which, if successful and persevered with, will entail either legislative protection or else ruin to the whole nnuing industry of at least this part of the colony. This matter is now engaging the serious attention of your directors." The secretary of the Sandhills Gold Mmiii" Oompany reports 14oz Odwt 2gr of gold for the week ending 24th September.