NEW ORIENT GOLD MIXING COMPANY.

Otago Witness, Issue 2565, 13 May 1903, Page 25

NEW ORIENT GOLD MIXING COMPANY.

' A meeting of shareholders in the Ne-,v Orient Gold Mmm? Comon^v was held in Mr T. Chalmer's office on Friday night. Mr H. Stokes presided, and there were 10 shareholders present. The circular convening the meeting stated that a resolution to go into voluntary liquidation would be submitted to the meeting. The Chairman explained that the directors, acting on a telegram recehed from the manager in Western Australia, deemed it desirable that they should send one of their number to see the actual position of affairs. lie was deputed

to go, and .arrived there on April. 16 last. The mine manager had started the pump going some days previous to his arrival, and it took about a week to get the mine clear of water. He made a thorough inspection of 'he property, and in respect to the blork of stone reported on as being in sight whe:i the company was formed, it was found that a very small portion of it contained heavy gold. A considerable quantity was taken out and thoroughly tested by " dollying." but the conclusion arrived at was that it would not be sufficiently payable to warrant crushing. After that they decided to go on sinking, and it was expected to strike the reef at POft. As the capital was getting almost exhausted it was decided to put in a drivj of lOSft. After making a thorough inspection, and taking everything into consideration, he could not recommend the shareholders to put further capital into the venture. That was the reason he sent a wire asking the secretary to call tho shareholders together, and to include in the notice; a Tesolution to go into liquidation. Since then the secretary had received the following telegram from Mr H. F. Moxton. the mine manager: — " Strongly advise postpone going into liquidation until you receive our letter of the 27th." Probably Mr Morton had come to some arrangement with the loca! people to continue operations and test the mine more completely. Mr Stokes thcu read a letter from Mr Morton dated April 16, in which he st.ited the mine was not tested yet, and that not enough work had been done at the lOSft level. In order to dp this further driving and other work would require to be done at an approximtit? cost of between £2000 and £3000. He trusted that the company would se.o its way to carry out this work, and that they would not attach any blame to his name should anyone in the future try the mine and meet with payable stone, as view that the shaft was sunk it only remained for anyone else to pump the mine out and go straight to work in developing the property. He had conscientiously carried out his duties as mine manager and had done his best to bring the mine to a success. He was exceedingly sorry that their capital was so limitad, and they were in the unsatisfactory position of having an unproved min3 with" no capital available for further exploring. Some discussion then ensued on the position of affairs, one or two shareholders criticising the way in which the prospecting had been carried on. Eventually it was decided to adiourn the meeting for a week till Mr Morton's letter was received, and then come to a decision as tc the future of the company. | RISE AND SHINE COMPANY. The third annual meeting of the Rise and Shine Gold' Dredging Company was held on Monday, when the chairman of directors (Mr W. Fenwick) presided, and 11 other shareholders were present. In moving the adoption of the report (already published) and balance sheet, the Chairman congratulated shareholders on the progress the company had made during the year. The directors would, of course, very much have preferred to pay dividends, after having started so well, but tho necessity of utilising the second claim sooner than had been intended rendered this course out of the question. It would be remembered that last year the company secured a valuable area of 42 acres adjoining the or ginal claim. The terms were that six weeks of l'2O hours should be given in payment for the new claim, but it was found that the dredge did not make such good time in the beginning as was expected, and hence too long a time would have been taken in making up the fix 120-hour weeks; so, after considerable negotiations, in wh'ch the vendors met the directors very liberally, it was agreed to make a cash payment of £800 for the area. The question of a second dredge had then to be faced. There was no intention in the first place to put on a second dredge until funds had accumulated sufficiently ta warrant a purchase being made, and the new area had been thoroughly tried by the first dredge. With this object in view, an application for protection for the original claim was lodged, but unfortunately the warden could not see his way clear to grant this. It then became necessary to take step 3to obtain a dredge. The ground being heavy, it was necessary to secure a powerful dredge, and, after carefully considering all in the market, it was ultimately decdied. to purchase the Arthur's Point dredge, as being the most suitable. After lengthy negotiations that machine was at last secured for £1650', the dredgemaster and engineer having reported that the dredge was sufficiently powerful to work the ground to advantage. A number of alterations and additions were found to be necessary, and the pontoons also had to be strengthened; the lowest tender for the work of dismantling, carting, altering, and re-erecting being £2794. The outlay was, of course, unavoidable, a3 the claim was too valuable to run any nisk of forfeiture through non-compliance With the regulations. One acre of the new claim had been worked in the up-cut of the present dredge, and the result was uniformly good, and when the second dredge started the directors hoped to begin where the other left . off, and to get good results from the start. The local director had sent in an excellent report on the progress of work on the new dredge. The framework was up, and there was every reason to believe that the work would be : finished to contract time (July 31). A great many alterations wore also required on the old dredge, and the winches, which had proved ' inefficient for the work required of them, had to be discarded. The winches from the nhur's Point dredge were placed on the Rise ar.d Shine dredge, and had given every satisfaction from the beginning. New winches would be | required on No. 2 dredge as a result. It had j originally been intended to light the dredge ! with electricity, but after consideration it was decided to instal an acetylene gas plant, and this wis being done at a very liiuch less cost, with the further advantage that it took no power from, the engine. The cost of the plant was £22, and probably £30 would cover the whole cost of installation. There were nine lights, and work could thus be carried on almost as satisfactorily during the night as the day. The local director (Mr Scott) spoke most highly of the dredgemaster. engineer. a;:d crew. The •dredgemaster reported that for the past 12 months the amount of gTound worked was five and two-fifth acres, and the depth 47ft or thereabout. Good gold was cbfaiued all the way, but the wash being tight there was heavy wear on the buckets. The motion for the adoption of the report and balance sheet was seconded by Mr Burns, and carried unanimously. Me=srs Scott and Milne were re-elected directors without opposition, ar.d Mr T. Ciialmcr was reappointed auditor. Votes oi thanks were accorded the directors, dredgemaster, the engineer, and the crow, and a vote of thanks to the chair concluded the meetii.'g.