Cromwell Quartz mining Company.

Otago Witness, Issue 1652, 21 July 1883, Page 12

Cromwell Quartz mining Company.

The half.>oHrly eu- ral meeting of tho above-men? t'omd Company, held on Fri ay, was attenued by 14 shareholders. Mr H North ccupied tho chair «J^h Oll £T/ Jg te P°'; fc l wa9 BubmittMi to tbe meeting, with the half-yearly ba'ance-ahuet : «« 1 ho Di eetors in placing bef.. re the shareholders this, the fifteenth balance-sheet and report ot the company, have to expres* their regret th.t work for the half-year has not been profitable. The chief cause of this unsatisfactory and unprofitable result must be attributed to th» flooding of the mine, which mishap occurred on tho 13th March, when crushing had to be suspended, and the battery was not again started till the lit of May, a period of nine weeks. During this time heavy expenditure was incurred in con. tmuoufl bailing and pumping, and the manager having to pay off several of the miners, many of them left the district, and when crushing operations were again resumed, mining labour being insufficient the battery could enly be kept going eight or 10 hours a day. On the recommendation of tho mine manager tenders were called for sinking the main abaft and the lowest offer received was at the rate of £s 2s 6d per foot. This was consider, d much too high, and "*«r due onsidur'ition, it wan decided to carry on the a.. "-. d*y labour. This determination has proved Dj Oompany'a interests, a* it Is now bein? bet,t m the >. »>alf thf lowest tender This riia» sunk at little ovet .. -ho Ut 160 ft to reach the ttStt wi 1 require to bo sunk . t0 tbe battery and or present lowest level ; it is v . **,„ mina and '»i^ will, when completed, ao command - "!« u £w X }! 0 such faeilit es that consido able saving will ttec^ v m ttie future working of the mine. Between the bhaft and No. 2 (the prestnt working shaft) the distance is 3001t, and rich btoiie wai crushed from this ground near tho surface. Should the stoae livo to tho 4ioft level a large aiea of ground will benpoiied up, which sh 'Uld givo rho battery work for ytars." Tho haKnco wheet show d an expenditure for the half-} ear of £397 i 2s Bd, of which sum £i9Bi 5s M had been paid in wages The protit and loss account showed the gold return duung the half-year as £2909 13s lid, againot which was a debit of £3898 9i 3d-the sum of £36SU 9 8d figuring as claim and batte. y exponses. On the motion ot the Chairman, the report and balance-sheet were unanimously adopted, and the proceedings closed with a vote o! thanks to the direc tors aud Chairman for their past services,