LATE MINING.

Otago Witness, Issue 1933, 25 February 1892, Page 21

LATE MINING.

EUREKA QUARTZ-MINING COMPANY.

[Communicated]

The annual meeting of the Eureka Quartz-min-ing Company (Nenthorn) was held in the Chamber of Commerce, Dunedin. on Thursday last. There were about 20 shareholders present ; Mr J. L. Gillies, chairman of directors, presiding. The chairman explained what had been done at the mine since last September, and in the course of his remarks stated that the last crushing of 76" tons, taken from No. 3 shoot, which was expected to yield, at least, something over ioz to the ton, produced only 4oz of gold. The balance sheet submitted showed that capital to the extent of L 4500 had been called up, of which amount L 928 10s 5d was unpaid. Gold had been obtained to the value of L 1287 (5s 6.1 ; while the receipts from crushing were Ll'J IDs, making a total of LIB7B 15s that had been expended in connection with the mine. 'Die result to shareholders was nil. The liability of the company was set down at L 607 11s 2d, to meet which there remained uncalled the sum of Is on 10,000 shares, equal to LSOO. Of that amount only L 370 could be reckoned good, while on L92S 10s sd, of calls in arrears, about L 250 was the very most that could be expected from that source. That left the assets just about equal to the liabilities. After considerable discussion, Mr Garden moved, and Mr J. Moen seconded, a motion to the effect that steps be taken to at once wind up the company. Mr Haynes, in speaking to the motion, pointed out that, as there was a contract at present in course of fulfilment in connection with the mine, and on the completion of which a meeting of the shareholders would be held, if the motion before the meeting was carried, it would only entail additional expense, for a special meeting would require to be called, and he thought it would be advisable to wait the completion of the contract. A meeting would then have to be called to report results, when the question of winding up the company could at the same time be considered.

It was ultimately agreed to withdraw the motion pending the meetiug referred to. A vote of thanks to the chairman closed the proceedings.

According to the Taieri Advocate that pest, the Hessian fly, has made its appoarance in the Maungatua district, and has done a great deal of damage to the crops in that locality.

The Waitaki county engineer reports that the damage on the Kurow road alone by the floods will cost LllOO to repair. The total damage to the roads, bridges, &c. under the couucil's supervision would exceed L2OOO.