POST OFFICE CREEK (WAIPORI) GOLD MINING COMPANY.

Otago Witness, Issue 2399, 22 February 1900, Page 19

POST OFFICE CREEK (WAIPORI) GOLD MINING COMPANY.

An extiaordinaiy meeting of the Post Office Creek (Waipori) Gold Mining Company was held in the office of Messrs .brent and Brent on the 12th, when Mr Spencer Brent occupied the chair, and there were five other sharpholders present. It was resolved that rule 4 be amended so as to make directors eligible for re-election. The half-yearly meeting followed, at which the chairman said no .doubt shareholders had perused and digested the balance sheet. He had prepared a short form showing the results of the workings of the paddocks. On May 20 last year, they got from the first paddock 220z of gold which realised £86 5s lid ; on July I, from the second paddock, 530z, realising £206 18s 9d ; on August 25, from the third paddock, 18oz, realising £C 9 ]6s 2d ; on October 18, from the fourth paddock, 13oz, realising £1 17s lid; and on the 4th December, from the fifth paddock, 20oz, realising £70 19s lOd. After this the men, unfortunately, had a fortnight's noliday at Christmas, and no work was going on when there wasXa plentiful supply of Welter. After that the water ran phort, and work had been very intermittent. On the first of this month the paddock was not washed tip, and the men refused to woik any more, because the company had not had a return to pay them ■with. Mr Fulton had been to thp claim on Sunday, and three of the men had promised to turn to again, and it was hoped that there would be a wash-up at the end of the present week. The directors hoped to get 20oz or 25qz out of Jhi/3 jpad4o.ck A and the mine tiiuiiß^er xe-

ported that he had already in hand 4oz. When the wash-up was finished the duectors would have to decide whether it would not be desirable to apply for protection for a month or two, because it was no use having the men woiking there without a continuous supply of water. There weie some months in the summer that the water was a little short. They could not, however, decide as to that until they got the return. Shareholders would notice that the returns had been rather variable. The first paddock was pretty satisfactory, and the second very satisfactory; but the others were shallow and showed signs of having been worked before. The paddock they were working in now was shallow, but it was deepening, and the manager leported it was getting better. They had got altogether 1230z of gold. Shareholders would notice by the accounts that there were some debts owing to the men and oae or two other persons, and, under these circumstances, neither the directors nor the secretary had taken any fees for their services. It might bo that in carrying on operations for a little while the directors might have to make sonic arrangement with the bank, and in caae they had to do that, they would ask the meeting to pass a resolution indemnifying them. Mr Moir asked if it was not the opinion of the engineer that the water race would supply ample water. He understood that a considerable sum had been expended on it. The Chairman replied in the affirmative, and added that they had always considered that in the slimmer months there might be a little difficulty iii getting water, but they thought they would get a supply nine months in the year. In December and Janusay they could not, however, rely on it. Mr Moir: Does the engineer say so now? The Chairman replied that he had been out of town, and was expected to have been present at the meeting. He was a shareholder himself. Mr 11. T. Wheeler, jun., said the directors had always hoped to do better, and had been several times disappointed. There were only two ways out of the difficulty ; either to go on or close tip at once. The directors were loth to do anything hurriedly, but it might be in tho interests to go on. Most of the shaieholdprs weie favourable to waiting a while, and having OKOlher tri"il. The claim could not, however, bo run on air, and it could not be expected that the directors would run it on their own responsibility. All the capital was called up, and the company was £450 to the bad, and the directors felt it would not be right to take any further steps unless the shareholders gave them permission to do so. If the directors found it was advisable to proceed later on they uiusi, provide funds, and must get some guarantee towards it. On the motion of Mr D'Arcy Haggitt. seconded by Mr Moir, it was ultimately resolved — " That the directors be empowered to laise moneys by mortgage, or otherwise, on the pioperty of the company for the purpose of carrying on operations, and the meeting terminated.