JOHNSTON'S UNITED MINING COMPANY.

Colonist, Volume XXXV, Issue 7227, 25 January 1892, Page 1 (Supplement)

JOHNSTON'S UNITED MINING COMPANY.

(From ' The Colonist, 1 Jan. Bth.) The half yearly meeting of the shareholders in this Company was held at the Savings Bank building last night, when a large number of shares ware represented either personally or by proxy, there being thirteen present. Mr W. E. Brown was voted to the chair. Mr Bamford, the Legal Manager, read the Directors' report, balance sheet, and Mine Manager's report, stating that he expected another report to arrive from Collingwood during the evening. The Directors, in their report, said that they had hoped that the yield of gold would prove sufficient to provide continuous dividends, but their hopes had only been partially realised. The total amount of gold received during the half year had been 838ozs 13dwts 12grs, and dividends of Is 6d and 6d had been paid. The new manager, Mr James, took sole charge of the mine on the 17th August, and reported that the Company pos . sessed a valuable property. On the 28th September the wire rope of the incline tram broke, causing considerable damage, and a stoppage of crushing operations for some weeks. During the stoppage the incline Bhaft, incline tram, and low level tunnel were thoroughly repaired, and old timber was replaced. The battery was also attended to ; a Buddie vras constructed to save the tailings, and a new house was built for the mine manager. All this, the Directors added, caused considerable outlay, but it must be remembered that the plant by this expenditure had been greatly increased in value. The mine, as would be seen from the plans, had been well opened up, and a large quantity of ground was available. The mine manager's report, dated the 23rd December, stated that a cleaning up had just taken place, resulting in 940z of retorted gold being obtained from 1056 tons of atone. The balance sheet showed that daring the six months the reoeipts inoluded £3243 10s, in respect of 838oz 13dwt 12gr of gold, snd the expenditure included dividends £1179 2s, wages £1517 9s 6d, battery wages £232 13s 6d, the total expenditure in respeot to working expenses b.^ing £3846 10a 7d, and a credit balance of £328 Is lOd was shown. The statement of assets and liabilities showed the credit balance already referred to and uncalled capital £2079 I3s 9M oh the credit side, and on the oontra outstanding oheques £353 16s lid, and accounts owing, making together £1030 2s, leaving a oredit balance of £1377 13a 73d. The value of the mine, <&c, as represented by expenditure was shown to be £15,500. The report and balance sheet were then adopted. The election of Directors was then proceeded with, and after a ballott Messrs Brown Johnston, Edwards, Harley, and Shields were declared duly elected. Messrs J. H. Newman and H. Hounsell were elected auditors. The remuneration of auditors was fixed at one guinea each, and that of the Directors at £25 for the hall-year. On the motion of Mr Traßk, it was resolved that Messrs Brown and Edwards, as Direotors, and the Legal Manager be instrnoted to visit the mine and report thereon as soon aa possible, their report to be printed and supplied to shareholders. " Votes of thanks were accorded the retiring Directors, the Chairman, and the gorulineers,