CROMWELL COMPANY'S MINE.

Otago Witness, Issue 2006, 4 August 1892, Page 14

CROMWELL COMPANY'S MINE.

Some months ago (says the Cromwell Argus) the board of directors of this company, whose head ollice is in London, fearing that the uncalled capital of the company would not he sufficient to Sink the shaft to a further depth, as recommended by the mine manager, and to piovide new machinery suitable for extracting the gold from the pyrites ore in the deep levels, determined to raise sufficient money for this puriiose either by issuing debentures, preference shares, or reconstructing the company, called a meeting of the shareholders in London to consider the most desirable steps to take. A committee of the largest shareholders in the company were appointed rtt this meeting to act with the directors, and it was decided to instruct the mine manager, Mr Hobkings, to make an accurate survey of the propei ty, showing the various levels, shafts, &c, and then to at once proceed to London, to confer with the dhectors and shareholders' committee. In accordance with these instructions, Mr Hoskings " shut down" the mine and left for London on the 12th May. He took with him half a ton of the refractory ore from the 520 ft level, which he will have treated in London by some of the newly discovered methods of gold extraction ; this stone is worth (by assay) loz Eklwt to 10/< 12dwt to the ton of stojne. When work was suspended there was a considerable quantity of payable stone in sight in the old workings, and the men offered to take the mine on tribute, giving the company 25 per cent, of the gross gold, but on consulting with the mine manager the local directors declined the offer, as they considered it best to rcase all work until Mr Hoskiugs* return, when the battery can be at once started to work on profitable stone. It may be mentioned that since November last 782 tons of quartz has been crushed from the old mine, which gave a return of 7210z Sdwt 22gr of retorted cold. Very full reports on the mi^e and its prospects are now in the hands of the London board, these being the reports of Messrs

lieal, Hall, and Hoskings, all mining engineers of considerable experience ; they all speak in the highest terms of the value of the mine and of its moving profitable to the shareholders. They recommend the deep level adit in Bendigo Gully to be extended, the shaft sunk deeper, and the gold mine to be exploited by crosscuts. Should the necessary capital to carry out these works be subscribed in London, woik will be resumed with vigour in October next, as, all going well, Mr Hoskings is expected to be again on the mine at the end of September.