O.P.Q. CRUSHING COMPANY, LIMITED.

Otago Witness, Issue 747, 24 March 1866, Page 4

O.P.Q. CRUSHING COMPANY, LIMITED.

(Fiom the Daily Tims**, March 19 )

The annual general meeting of the shareholders of the company "was held at the works, Waipori, on the 16tn inst. There were present — Messrs Gerrand, Farrer, Stewart, Mann, Foxcroft, (Directors) ; Barron and Grant, Cooper, Mackenzie, and Sholl. Upwards of three-fourths of the capital was found to he represented by shareholders present, and by proxy.

Mr H. -N". Gerrand, one of the directors, was called to the chair. Mr Daniel Hunter, manager of the Company, produced the notice convening the meeting, and at the instance of the chairnan, read the following reports and statement of accounts : — First Annual Report of the Otago Pioneer Quartz Mining and Crushing Company, Limited. To the Shareholders: —

Gentlemen — In coming before you with their first annual report, your directors are much gratified ia being able to state that the Company is in every respect in a thoroughly safe and prosperous position. The machinery is in first-rate working order and condition, works well and is thoroughly adapted for its purpose; the mine is being wrought in a systematic, creditable and workmanlike manner, and the yield of gold has been of late, and still continues, highly remunerative. In all these respects your directors see cause for congratulation, and the fact that the dividend declared sinceNovember last — ape iodof three months and a-half — have amounted to no less than L 9 15s per LSO scrip, or equal to about 50 per cent, per annum on the present subscribed capital, will doubtless enable you to participate in the satisfaction they feel at the present position, and future prospect 3 of the Company.

As it will be your duty to-day to appoint a new Board of Management, your retiring directors desire to place on record their opinion on some matters connected with the Company which have come under their consideration, and which it has been deemed

desirable to reserve, to be submitted at this meeting. The manager is deserving or every favorable mention for the highly creditable ond efficient manner ia which he has conducted the mining operations under hia charge. By his improved management, he has consiierably lessened the cost of extracting the ore, has reduced the under-ground water to a much kss quantity than previously, and has overcome other great difficulties which impeded his progress when first he undertook the office. Your directors therefore recommend, both as a matter of justice and policy, that his piesenfc salary be increased, and that the residence lie has built adjoining the works be purchased b/ the Company. The question of enlarging the machinery has been considered by the Board ; but they would not at present recommend asy outlay for that purpose, as the water power at command is not more than sufficient during six months of the y^ar to work the present number of stampers. An increased supply of water would be in the highest degree advantageous and profitable to the Company, and your directors recommend that steps be taken to discover and obtain any available stream that can be brought in connection with the present race. Should such efforts be successful, the advantage of increasing the number of stampers would be solf-evident. It would aho be advisable that a more liberal remuneration be awarded to directors for their attendance at the works, as the di3tance of travelling, and the inhospitable nature of the country, have a tendency to reduce the attendance belcv the number fixed as a quorum. In conclusion, your directors refer to the manager's report, which will give further particulars of the works in progress, as well as the accounts and balance sheet of the Company, which have been carefully audited by gentlemen unconnected with the Company, and properly qualified for the task. (Signed) Alexander Stewart, M.D. N. id. Gerrakd. W. E. Farrer, Chairman. "Waipori, 16th March, 1866. Manager's Report to the Directors and Shareholders. Gentlemen — At the time of the incorporation of this company the success of the undertaking appeared decided. The new machinery had been erected and in working order for about nine months, and the adit level had been completed, which would drain the surface water, and thu3 prevent it interfering with the workings below. The pn sent shaft had also been commenced and sunk about 50 feet below the surface. Up to that time the quantity of gold obtained was 1773 oz, 8 dwt and 15 gr. Since then the shaft has been sunk 110 feet, and at the depth of 9 4 feet a plat was cut, and a level driven upon the reef both noith and south, to a length of 60 feet in each direction. In sinking the shaft a smill vein had been cut through, which we determined to explore further ; and accordingly, after driving the level the said distance, we commenced a rise or mill, in which we broke into the vein, which proved to be highly auriferous. Since then we drove two cross cuts to thoroughly test the vein, and subsequently drove 120 feet on what proved to be a reef equally rich as the main portion of the reef — this is now called the '• top stone," from its overlaying the lower stone, at a distance of six or eight feet. At the upper level, these two portions of ths reef unite, but diverge below, so that at the lower depth, there is consequc-mly a much greater quintity of stone to be obtained. Since this discovery, all our workings have been en this "upper stone ;" a rise or mill was driven to the upper level, to the south i-ide of the shaft, and from this stopes were taken north and south to a length ot 30 feet each way— the stopes at this point are now worked out to the upper or adit level. About a month ago a new rise or mill was commenced on the same " upper stone " to the north of the shaft, which is now complete. The reef for the lower 40 feet averaged 6 to 9 feet thick, and yielded 142J- ounces of gold — viz., the crushing from the 2nd to the 16th of last month— so that, presuming that was a fair avemge of the reef, it being taken from 1 to 40, we may expect that the whole of the reef in this part of the mine is equally rich. It is to be observed that the stopes on the upper stone have only absorbed the part to the south of the shift — an equal portion to the north being still available. The whole of the lower etone, or main reef from the 94 feet level to the adit level, is still I intact, so that our raisings for a considerable time are thus 6ecure. The dam has lately been raised 5 feet;, by which a more constant supply of water is secured. I have to congratulate the shareholders that there has been no accident or breakage of any moment since the commencemeut of my management, and the whole of the plant and machinery is in thorough working order. : As regards the future working, I would ' recommend the shareholders— Ist. To continue the shaft to a further depth of at lea«t 50 feet, so as to secure a continuous yield of stone for a lengthened period. 2nd. To commence operations at the north end of the claim, where we know the reef to be auriferous and promising. Should these workings turn out as satisfactory as I have reason to expect, I would then suggest the addition of ten heads to our present battery of stampers, which could at least be worked for a part, say six months ,of the year without further outlay for water. The following is a retnrn of quartz crushed, viz :—: — 2354 tons, which produced 1612 ozs. 5 dwts. 18 gr3., and realized £6198 19 5

To which are to be added, 4> sundries as per balance sheet 28 0 6 £6226 19 11 Less cost of mining (working expenses) for sa>me period... 3747 11 9 £2479 B_J2' Which has bern applied as follows :—: — Balance to the Company's debit on the 20th May, 1865 £134 16 2 Distributed as dividends between 20th November, 1865, and the sth March, 1866, being three monihs and a-half 2340 0 0 Balance in the Bank of New South Wales 4 12 a £2479 8 2 Daniel Honter, Manager. Waipori, 16th March, 1866. Balance Sheet of the Otago Pioneer Quartz Mining and Crushing Company, Limited. Capital, L 12,500 ; from 20th May, 1865, to 9th March, 1866 : CR. By amount of gold produced and sold £6198 19 5 Transfer fees 17 0 6 Firewood sold 5 0 0 Crushing stone for Canada Bush Keef Company 6 0 0 £6226 19 11 DE. To balance (due by the Company) on 20th May, 1865 £134 16 Wages 2902 12 Goods 844 19 4Dividend's 20th November, 1865, to sth March, 1866 (3 months and a-half) ... 2340 0 0 Balance 4 12 0 Signed, Daniel Hunter, Manager. We hereby certify that we have examined the accounts of the above company,[compare& the receipts and expenditure with the respective vouchers, and declare the above balance sheet to be correct. Duxcan Campbell, 1 . „. John C. Arbuckle, f Audltors - In reply to questions put to the Chairman, it was elicited that the Company's title to the 16 acres of land on which the operations were i being carried on, consisted of a lease of 10acres for 15 years, which had been duly forwarded for execution, and a free grant of 6 acres from the late Superintendent ; that the accessary survey and application had been properly made, and that the title was secured. With reference to the retiring directory, it wag represented that the majority of the town shareholders were desirous of removing the administrative management of the Company from the works to Dunedin, and that it would be nee ssiry to vary the present constitution of the Company to carry that object into effect. It also appeared that the Companywas altogether frea of liabilities, and that shares representing LoOO of the capital were yet unissued and retained as a reserve.

The following resolutions were carried without dissent, viz :—: —

Proposed by Mr Barron, seconded by Mr Cooper — "That the directors' report ' and balance sheet, and the manager's report be adopted."

Proposed by Mr Turner, seconded by Mr Barron — " That Mr Arbuckle and Mr L&ngley be appointed auditors for the ensuing year." Proposed by Mr Barron, seconded by Mr Cooper—" That regulation 44, Table B, of the "Jont Stock Act, 1560," be altered by substituting the words, " by the Shareholders at any annual general meeting," for the words, " by the subscribers to the articles ot Association."

Proposed by Mr Sholl, seconded by Dr. Stewart — " That the number of directors for the ensuing year, be eight."

Proposed by Mr Barron, seconded by Mr Cooper — " That the registered office of the Company be removed to Dunedin."

Proposed by Mr Sholl, seconded by Dr Stewart — " That the fee on transfer of sharee be two shillings and sixpence for each LSO certificate."

Proposed by Mr Sholl, seconded by Mr Barron — " That any shareholder desiring to sub-divide his scrip into twenty-five pound certificates shall be at liberty to do so, on paying the expense of such new certificates. Proposed by Mr Barron, seconded by Mr Cooper — " That this meeting confirms the past acts of the directors, and gives powers tothe newly-elected directors to declare dividends, and to transact any other business which they are empowered to do under the Act, during their term of office."

Proposed by Mr Sholl, seconded by Mr Farrer — " That in consideration of the responsible position held by Mr Hunter, and the satisfactory manner in which he has acted for the Company, that his salary be increased from L 6 to L 7 per week, and that the suggestion contained in the Directors 'report that ha be reimbursed for the cost of erecting his cottage, say, to the extent of L4O, be recommended to the favorable consideration of the new Board.

Proposed by Mr Cooper, seconded by Mr Barron — " That the thanks of the meeting be given to the retiring directors, for their assiduous attention to the affairs of the Company during the past year."

The meeting then proceeded to the election of directors with the following result: — Messrs W. E. Farrer, and Dr Stewart, ("Waipori), Messrs N. H. Gerrand, Wm. M'Kenzie, A. y. Grant, Thornhill, Cooper, TV. D. Iqverarity, and D. F. Main.

After a vote of thanks to the C bairman the Bhaieholders proceeded to view th c works.