Amalgamated Waipori Deep Lead Gold Mining Company (Ltd.).

Otago Witness, Issue 1891, 1 May 1890, Page 12

Amalgamated Waipori Deep Lead Gold Mining Company (Ltd.).

The statutory general meeting of shareholders was held at the company's office. Manse street, on Monday ; Mr T. M. Wilkinson in the ijhalr. A large number of shareholders Were present or represented by proxy. The following directors' report was read by the Seoretary (Mr T. T.Ritchie):- " Your directors beg to report that the several properties, as datai'ed in the prospectus of the compmy, have been taken overon tho terms as originally arranged. "In consequence of the severe and protracted drought having considerably curtailed the company's usually abundant water supply, the directors considered it advisable in the first instance to take steps to increase the supply. This was aceimplished atan outlay of about £200 nnd fiver sinoe the company has had plenty ot water at its command, notwithstanding the continuation of the drought. A further outlay of £100 will add considerably to the large volume oi water now lit the company's disposal, besides making a largo intake dam. " Tlie capital of the company not having been all subscribed, the directors did not find themselves in a financial position to uudertake the briuglng in of water to work the ground on the hydrauho elevator principle " With a view of inspiring confidence in the vilue of the company's property, it was decided to test on a large scale the ground comprised in O'Brien'u claim, so as to determine its richness and tfie correctness of tho eeveml examinations which hud been previously made by expert 8. A paddock has been opened out 90ft by an average of 54ft, and the uravelhaulrd up by asf earn winch. This work has now been in progress for six weeks, aud the last 10ft from the main bottom, which is the actual goldbearing mark, having been reached, there is every Dr< spect of Jarge returns being got daily during the next 14 days. " The gravel already treated has proved the approximate correctness of the several tests made, 18oz of gold having been taken off the false bottom and 2toz from the poor gravel beto-v the falßebottom Had the hydraulic elevator been at work this gold would have btjen secured in six days at a coat of six men's wages only per day of three shifts. This clearly shows the large returns certain to be obtalue'd when the lull water mpply, with a pressure of nearly •I* ft, his been brought to bear on the gravel. " So soon as the present paddock has been bottomed, it 53 proposed to stop the present mode of worldi g.and to take the necessary steps for bringing in the water in pipes to the claim. That, the claim will prove snnond to none in the colony when wrought by tho hydraulic elevator is the opinion of all practical men acquainted with the ground. "To enable the work of bringing in the water to ba entered on p« o«o", it is proposed-oo soon as the pr « P -.« p !■ „ wrought out-fcn offer thoun-

allotted ehareil pYO rath to the present shareholders ; auy ( shares, not taken up will not be offered to the ' public unleis at a premium. " All the, directors retire at this time, but being eligible for re-election, i.H it the shareholders are satisfied witti tb&!V action in the past, are willing to contimfa in offiae for the remainder of the year, with thn exception of Captain Pearee, who, being i b jut to 1 aye the colony for a time, does not off. r himself for re-electii'n." Thu Chairman, in moving the adoption of the report, uaidt Gentlemen, on this our first meeting siucj the formation of the comga'i-y, S'rtd bstore we proceed to 6he business 'that has call-d us together — vte., fea oleotion of direc-tors,—-I have touch ftlOAsitrß in moving the adoption of the Report just read, and with your pB r misDi'iil will supplement the same with a few rerrtftifcs. It is well known to yo'i that as only 4445 ! Shares were applied tcr out of the 6350 shares offered for subscription, we were not in ft auffioiebt^y Bound ' position, monetarily, to Warrant \ii 'oraering the ! pipes for lifting fche gfaV6l by wat'er-powe,r. We therefore determined-, at 'b Vne'etiEte of directors held on January 13\ ]B6 bVlrchasS a steam winch and take ' out it 'isifM Paddock, arid thus prove the vnllie of the ', pfopbrty for the satisfaction of ftllbefqre going to the ', fftrgor expense. Our ifefViager. Mr Hiigendort, who ! has shown great skill and energy from the, time of | his appointment, immediately set to, worlf. forcing a Wfttil race from theNardop Bush.ad.iat&nco oi about cwo miles, and had very, nearly completed this before his machinery wao ready for a start. This race is ackno.wleilged by all who have seen it to be a most splendid piece of workmanship, and reflects great Credit upon all concerned in the construction. It is constructed to bring in 22 Government heads of w-iter »t an elevation of 400 ft, and 1b more than Bufficieut for us to work, not only our Deßp te,*d, biit also at the same time that part Of our claim, known as -he Lammerlaw Flat', Which fo aVs'6 highly aurif rous* It Is ostim'ate'd tttfct four weefin would complelo tho rage, and construct ,» ,dara, ivhich would give ns ample tyafce'r.ali the year round, even In a season of 'ekcesiivo drought, »uch as, we have just pasted .thttJ'ufth. Before leaving this subject of water, I would like .you to> thoroughly understand the value of. your water rigbts. Yours is the only available race which rjotamsmls the whole of the .Wafporl . Flat, and this large raoe, combined Mill another race belonging to the oorapany, it let out in small quantities, would pay a handsome dividend on the capital of the company. You will have, when your race is finished, over 24 heads of water— lh fact, taking our present water BlipblV which we are using, you will have 32 heads Of water which could readily be let out for a larie aijni per, ,?iuqurn. In fact there two Otaims 'on the flaj whfc^ could be sluiced ottfc with oYjr water supply", with a VOfcy email outMtyvn pipes. t One "of these claims belongs to a Christchurch gentleman, and is known as the " Jutland P,lat/* Having ehown you what a valuable pssefc wo hive in our water, I will now prooeed to inform you ot the amount of work we have done in the Deep Lead, of coun>e we all know that tho present mode ia n very expensive way of Working, Dut btfore offering the b tlance of shares We had ho other alternative. If it hud not been for several unforsfeeh difficulty we atiouM have bottomed the paddock this wenk, and should have Disenable td show you a muohbotlur return ttf gold. Aa it is we arc -now down to the mark'd'ti/thS.p'&u s,howh as " No. 5," a depti^ ot' 34ft, atid f r'oni the prospects taken the retftaihacr Oi th'e,, paddock,, is yety rich. We have shifted neaHy fO.Oup loads of stu 1 * in 86 days fora return ,of 420z ot gold out ot blp boxes and first ripple box'; ,thjs with Mtor would havo been shifted in 6ix days wftfe 6nly one-third the number of men, and without the coal expenditure. The return thus far his fully borne out the prospt-cts as »tafced, and had v, c beun flnancially strong enough to have at once put on the pipes there is do doubt bub that we should have nrrived ab the anxidualy wished for result - viss , the dividend pa>iog stage. , The result of our Work so far Ib eatls.fftct.ory in showing the publirj and yOurtolveß Wial yoli have nob bought a "pig i»l .a poktej" aiia,thit you possess one.of the finest Maimh in Zealand, find I .firmly b::lievo that at 6ur next meeting you will be thaukftil that yon aro th.Hnii lderq In tlie Deb'p Lead Oompauy. We think it. is advisable Immbdiately the paddock is bjttom'e 1 , to at on&e put all hands on the water race a^d yis"3o)itinne our ptesent way of working. We lutond offering the balance of sbarej to the present ehareholdtrs at par, aud those not taken by them lo the public, at a arnall premium. Arrangomentß ar6 beiug made for placing the order, foV the pipes, and although come tim» mfty 'ellipse before the whole order can be completed, about two months should see ub at work with water at a pressure of 150£b brought into the ground, and this would pay handsomely. The talllttgs have been repeatedly tried, and we are convinced that Mr Hilgendorf has so arranged hia boxes that hQ is losing no fijold, ttud in iftct nearly tho whole bf the gold is 6ecured in the tip box. la conclusion I must say one wOrd in praise of the secretary, who has been most indefatigable. Notwithstanding that he hAs beeh twice laid aside by illneso he hus worked hard, and to, his exertions in connection with the finance of the company we must thank ourselves for being in our present satisfactory position. I h ye no more to say, except to hope that we will all for our own good " put our shoulders to the wheel " and take ud as many of the remaining shares as we each can afford. Thisis a claim atyourback door, any shareholder can reach the worko in cix hours from Dunedin, and anyone doing so will be wtll repaid for the visit by "teeing the workmanlike style in which the work thus far has been carried out. I nbw move the adoption of the report. The motion was seconded by Mr 0. B; BBAID; and carried unanimously. All the original directors were re-eieoted with' tho exception of Captain I*earße, who shortly leaves for London, and so resigned. Mr G. Richardson was elected in his stead Mr J. Allan, M.H.E. t proposed " That work at the paddock b« disconl inned until the pipes were 00 the ground." Mf E. SJtITH seconded this pro forma. On the motion being put the mover was thepnly one supporting ib, and the motion was therefore lost. Mr C. B. Braid moved and Mr Chas. Kobbbtson seconded " That the directors be empowered at once to order the pipes if they saw their way to do so." This was carried unanimously. The date of the annual meeting wae fixed for the first we ;k in February in each year. It is intended to finish the present paddock before altering the mode of working, after which no fresh paddock will be opened until the arrival of the pipes on the ground.