SEW HOY BIG BEACH GOLD MINING COMPANY.

Otago Witness, Issue 2319, 11 August 1898, Page 19

SEW HOY BIG BEACH GOLD M INING COMPANY.

A. meeting of Ihc shareholders of the Sew Hoy Big Beach Gold Mining Company (Limited) was held at Mr R. T. Wheeler's office, Colonial Mutual Buildings, yesterddv, and \v.i» attended by Mesqrs R T Wheeler (in tiio chair), T. r v. Ilarly, T. Glcndimn^. A. Mdil,».,G», ivd C. Ford.

The Chairman said (lie meeting U.'d i'eon called for Uip purpose of receiving the report and balance sheet from the liquidators m connection with tlio winding up of the company. Ho had to apologise for the absence of Mr Gore, who was confined to the' house by illness. In accordance with a reso'uho>i parsed at a, special meeting he (Mr "Whrcii'i) and AU Gore were appointed liquidators. They I,od taken the affairs of the company in hand, and had found that the liabilities wore considerably more than they were led to suppose. Had they disposed of the plant of thp fovi pany at ihc outset, it would have realised very little, and it was decided to keep the thing on ns a going concern, the result proving that this was the wisest course. Two of the dredges were disposed of for £3200, and a third for £700, and the sundries came to £1060, mak'ng the total receipts £4960. The expenditure was £3100, liabilities of the company, and £1878, dividends at BJd per share. The statement submitted had been audited by Mr James^Brown and found correct. In reply to a question, the Chairman said that the liabilities .were £800 more than stated.

Mr Harty thought that a vote of thanks was due to Messrs "Wheeler and Gore for the able manner m which the liquidation had been carried out, and he moved accordingly. Further, that the statement be received and adopted. Further, that the books be kept three months, and then destroyed by Mr "Wheeler.

Mr Glendining seconded the motions, which were carried, and the satisfactory manner in which the windmg-up had been perfoimed was very favourably commented on. Mr Wheeler, in returning thanks, mentioned that had the property of the company been placed in the auctioneer's hands right away the shaieholders would not have got back 3d.

THE LAKE GEORGE MINES (LIMITED)

The Dunedm Stock Exchange reports tha following for the period ending July 11: —

Mining. — Northern section, Powell's shalt, No.'s 1, 2, 3, and '1 levels. Sulphide ores have been raised as usual , stopes filled and repairs effected where necessary. No. 5 level : A rock drill has been placed in position. "We are now getting the timbers ready, and. will shortly begin to stope ore. No. 6 level: The crosscut has been extended lift; total length, 571t. During the early part of the week the country rock became softer, and later, while boring, •we struck such a strong flow of water as to necessitate the substitution of a larger pump. This done, and after the water had drained oil somewhat, blasting was renewed, and »ue side of the lode exposed. At this point the footwall is almost perpendicular, and •>lt nearer the shaft than it is at the 500 ft leve . Southern section, Bright's shalt, 60ft level, has been driven Bft foi the week ; drive carrying a nice though small band ol porous smphide. Allan's shalt. Fluxes have been mined to meet requirements. Smelting.— l3s4.4o tons have been treated.

RICE RETURNS. (From Our Own Correspondent.) Cromwell, August G. The Alpiue dredge washed up 4802 for the The Electric No. 2 got a return of 300 odd ounces for the wcuk.