THE INVINCIBLE QUARTZ MINING COMPANY.

Otago Witness, Issue 1933, 7 December 1888, Page 12

THE INVINCIBLE QUARTZ MINING COMPANY.

The directors report for the half-yearly meeting to be held on the 3rd December states : —

During this half-year the tributors have crushed 542 tons quartz, yielding 2020z lldwta 6gr retorted gold, or 7dwt 11 jgr to the ton. The company's 16J per cent, royalty on this goldcame t0320z 7dwt 18gr. The ground out of which they got these 2020z lldwt 6gr, as well as the 131oz 12dwt 12gr during the previous half year has been worked out, and the tributors are directing their attention to the reef below the machine level, -where they sunk 50ft, and then after driving a short distance struck the reef, on which they are now opening out. They are now sanguine of getting good returns from it. This is the same reef which the directors wanted Mr Morrisby to strike in a lower level than the machine level, but on which Mr Morrisby reported, after sinking a short distance, that it was money wasted, also that it was impossible to continue sinking on account of, the abundance of water. The shareholders will now be pleased that Mr Morrisby'6 wish was not carried out to have the company wound up, although he then distinctly stated that the mine was worked out. The directors have agreed with the tributors to extend their time at the end of the lease to such further time as the tributors during the continuauce of this lease have loßt in dead prospecting work, as well as what money they expended on same (the money so expended to be reduced into weeks by dividing the amount by 24, this being the wages of the eight tributora). The balance sheet shows the company's available funds to be £423 17s 8d less £16 Is 8d due by the company, or £407 16s ; to this will have to be added tho company's 16 per cent. Royalty on the n«xt cake of gold which the tributors expect to have ready by beginning of next year, when the directors hope to be able to declare a dividend, 1400 ordinary, and 3800 paid up shares have changed hands during this half year. MrH. M. Adair and Mr John Morgan retire from the Board of Directora, and Mr John Mehaffey retires as the auditor, but all three offer themselves for re-election.

Messrs de Bettencor, Arkle, and Perriam, miners at Five-mile, have (says the Cromwell Argus) again bad their tail race robbed. On the night of the 19th nit. their ditch was washed up and about an ounce of gold taken. Ibis makes

the third visit of the thieves to this party! claim. Fortunately on each occasion the goldy the race was of small amount. |