ARROW FLAT HYDRAULIC GOLD MINING COMPANY.

Otago Witness, Issue 2400, 1 March 1900, Page 19

ARROW FLAT HYDRAULIC GOLD MINING COMPANY.

The directors, in the second annual report, congratulate shareholders on the completion of the "work of bringing in the water to the claim, it being expected that the elevator will be at work shortly after the issue of the report. The undertaking has proved a heavy one, and the expenditure has been considerably in excess of the original estimate. This is owing mainly to the • directors having determined to make a thoroughly good race at the commencement, and thus avoid the delay and expense of repairs and maintenance. Accordingly, pipe 3 have been used across August Gully, where originally it was proposed to cut the race, and a long siphon of 1609 ft was laid across New Chum Gully, cutting off 1 mile 67 chains of race cutting (which would have been expensive to maintain), and gaining a considerable amount of fall. T-ha following is a summary of work completed: — Fotir siphons have been made, and main line to claim laid with 2_sin and 18in steel pipes. ■ The total leUgth of pipes being 67 chains 53ft; do do race cutting (2ft x 3ft), 2 miles 57 chains 33ft; do do fluming (2ft x 3ffc), 77 chains 28ft; total length from intake to claim, 4 miles 42 chains 48fi. In May last Mr J. H. Martin was_ appointed manager, and the directors place on record their appreciation of the manner in which the work- at the claim has been carried out under his supervision. At the close of the previous year there were 5375 shares on the register. Of these 1530 shares, held by 90 shareholders, were forfeited for nonpayment of calls, 1035 shares have been sold during the year—and there now remains s, balance of 1120 unallotted shares, which the directors have in the meantime withdiawn from, sale, as they are strongly of opinion that, as all dead work at the claim is now completed, a substantial premium shouM be placed on all unissued shares. Calls and deposits paid on forfeited shares (£ll3 6s) have heen placed to the credit of preliminary expenses. It was considered advisable to purchase for £100 Mrs Miller's right to eight heads of water; and the company has now the right to the whole of the water in Billy Creek, which In itself is a valuable asset.