The Invincible Quartz-mining Company (Limited).

Otago Witness, Issue 1751, 13 June 1885, Page 13

The Invincible Quartz-mining Company (Limited).

The half-yearly meeting of above Company was held in the Town Hall, Queenstown, on Thursday, Jane 4, whe-i there were present 14 shareholders } Mr C. 0. Boyes in tha chair The directors' report tor tbe half-year ending Juno 4, 1885, waa &3 follows :—

" The directors hare much pleasure in submitting to the shareholders thdr baUrco-f hee& and leporfc, alau mine manager's report, for the half-year ended tno 30th day of M»y last. 14 Ttie battery has, during the whole of tha Mine been kept goiug from stone takon out o( the present level, with tho result that after pa\ ing £ 96d Oa ?d for current ezpenee-;. and writing oflo per cent, or £H6 6s 6d from the machinery, &c., account, and paylog to the aharehildera-- £29i6 in dividend*, tb-y were »ble to reduce duri g the past half -yoar tas inU 1 b*-ed-ness of tho profit and loas account from £1036 2s 3d to £59 4} Bd. fhe outlay dining tho past half-year was heavy, but as the oireotrra do not expect su h heavy expea&ea during the coming season, they think the^ ore warranted in i-ayiog tnat the shareholders may look forward to a prosperous season. "The atone in tho mine continue! to b9 of & payable quality, and when tno '■ ins manager itriHe^ the roe{ in the naachine-Blte level, which he haa no doubt he will aecjmpUah, that, the Btone there wilt at leas!) be of as payable a quality Thtn the directors feel confident that the mine would atill m~re enhance in value The duectora intend to test during the winter months f.ho atone in their lower lease, aud hope to be able to report favourably about it to the shareholders at thti? next half-yeany meeting. The mine manager hai not retorted eiooo the 13th Aptll last, but on the 11th of last month he had 60loz amalgam on hand, which should yield ab ut l&Oo?, and which yield the directors have iucludod in their balance-sheet The yield of gold urn-ing the paßt half-year was £6031 34 3d, and the average yield during the pa- 1 half yeac w&3 lßdwh (Jgr to the ton of quartz, or an improvement of 4dwt 6t>r to the ton on the' previous half-year. 2660 contributory aiid 90Q paid-up shares haye changed hands during tho past half year. 2he directors are erecting a berdan, wh'ch, corijointty with tbo amalgsm barrel, should enable them to save all the loose gold. The shatofcold/ra have been informed, by circular, thai the directors haye entered for five years fi'uin the Ist of October noxt— iato an agreement with the Obago P.yrltss Saving Company (Limited), to let the said Cornparly have all (he}r pyrites aud also tailiDgo, after our Company has extracted the loos* gold, and tha Bfltd Pyrites Company to pay 10 our Company 15 per fent. on the gro s proceeds of tho gold extracted from said pyiites. The directors feel cjnUdent that this wa9 a judicious Btep, as at present the moat is running to waste Esch shareholder wai entitled to apply, up to the tat Inst., for his respective number of shares In tho Otaero Pyritoa Saving Company (Limited). , HIKE MANAGER'S RBPOat. " Gentlemen,— l send you my report for the halfyearly meeting of shareholders. I have kept tho machine running nearly all tbe timo since Chrlbtmas— so much wot weather lately has been a great) drawback to me,' but I have managed to keep the ground pretty well together. Tho returns have not been 80 good lately, still I think they are very fa-r lam getting well up with that block of stone, and not having room enough fot all the men, I have started on top ot ihe main tunnel, going to tbo points, which •re about 100?t in length at bottom, but. it ia Hkoiy to lengthen as I nee on id, & , d if ft ' 6urns out as well as the block r have worked, there will ba S* good bib of yold lo c too it >m it, atid th' re may be more of it than I know of. the frost ia getting hard at ai^ht up here, kad I am not finely to keep on crushi g much lcm^ar. lam in with ibe machine level tuuoul 2-Sit, bu., not tb^e resf, or any i'uiicitiin, 1 hnvo turnod to the I* ft, odd aro driving for tue winze in tho tipper level. 1 im bound to fl>id the Etone, but when 'J canuov tell

••J. S- Davis" Tap 4'irectorß wore requested to orvo a buivu> marfo ol the uadoTjjrorjnd workiugg — three plans -000 to be \ett at tbe mine, ono at the lvgi\\ managor'a office, and the other at some office at Dunediu. In reply to & shareholder,

Tha CnAiRMAN s'-akd that the Company's ruies In regard t j thi ,o .ver of dirac-no'H were an ex '.c v / copy of ta« raj.'lel imes laid down as a guide in tbu Act. I.i ropiy (-.n -a quoatiou why tne battery was so of! en fltof ped for fl:lmg lv the gr >u> d.

A MiAuEtii.'iinKß who works in tha mine state 1 tho battery waa only sto; "ea four days on aect.unfc of the viow and vhreo days for fliling in tho ground, which win unavoidable, on aycount of tho ditliculty ot goUi g oxt-a h%nda.

The legal manasfor wa? r-que ted to ascarfcaln from other comvanios the cir t pjr ton of RpUing qiwrz to their ba'.terles, with a view to ascertaining tne o .>mparatlve co^-t cf same. '

Some shareboldera present eugdjesteJ that tho directors at thdr next mouthly moei ing, Bhould con- > Her the dosiribility, in future, o{ arranging 1 for having 'he gold brought down at times to corr'^p^ud with their monthly moi'tini'S, ia order to aviil the necc3<>i(iy ot holdu g special meetings. A Vute of tti&nka to tha chair closed the mooting.