JOHNSTON'S UNITED MINIG COMPANY, Limited.

Colonist, Volume XXXVI, Issue 7679, 11 July 1893, Page 3

JOHNSTON'S UNITED MINIG COMPANY, Limited.

The half yearly meeting of the shareholders of the abovenamed Company was held last evening at the Nelson Savings Bank Chamber, when Mr J. A. Barley presided.

. Mr Bamford, the Legal Manager, read the Directors' report, the mining manager's report, and the balance sheet. The Directors' report regretted that the work done during the past half year had not been remunerative. With regard to the last orashing tha Directors stated, " that in order to reduce the existing liabilities, it was deemed expedient to fall back upon a small reserve of good stone known to exist in some old pillars, which hare been worked out with satisfactory results."

The Mining Manager reported as follows :—

" The greater balk of quartz orashed daring the past hall-year was obtained to the south™ east of No 2 level, and north-east of the old stopes, where the riobest stone wag taken oat some time ago. The atone from this part of the mice produced 113£ ounces of gold, whioh was not payable on the 24th Maroh, the braking gear at the top of the incline beoame unfit for use, preventing stone being sent to the battery, and work was suspended nntil the 6th May, when crashing was resnmed at the battery, and continued on to the let July, when cleaning up took plaoe, the result being 294 oanoes retorted gold from 864 ions of stone. While the ba'ta-y was stopped, the southwest level from No 1 psss was paabed ahead, and more ground opened out for sloping. This level has been driven a distance of 125 feet the last 70 feet of which was throngh the bisos slate, at 270 feet, a rise was put op and eonneoteS with the old upper Deoimal drive above. This has given a fresh road into the mine as well as thoroughly .ventilating it. The level can now be continued on, and the ground lying to the east ol the old Perseverance workings opened up for stopipg. This, is where good stone is expected to be met with. ' "At the battery. 1934 tons of stone have been 'crushed, yielding 407J ounces retorted gold. New shoes and bottoms have been put on, and the paddock repaired. There is a good supply of firewood on hand at tlie battery* In conclusion I must call your attention to the great necessity of opening up rjaore ground to the north-east of the present workings and following the reef down to the dip. The indications are good, and payable stoce may be met with at any time.' 1 The balance sheet showed that the 294 ounces oj gold jast received from the mine would realise $1,102 10s, and would reduce the li&bilitjea of (be CompaDy on. the SQth o(

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Jane to £250 13 i 7d. That from February 25 to Jane 24 £631 8a Id h»a be«n paid in wages ; and from (September let to May 81st £319 Ha 2d for raining goods. On the motion of Mr Pilliet, seconded by Mr Marshall, the reports ani balance sheet were adopted/ Mr Marshall Ojnßidcred that they should do something in the way of cutting down expenses. He proposed that the mining manager's salary Bhould ba reduced txpm £5 to £3 per week, and that he ' receive in addition a bonus of £10 for every IQO ounces of gold got out of the mine. .

Mr T. M. Brown asked if the Directors saw any way "of catting down the expenses. The Chairman Baid they had not considered the question of cutting down the mining manager's salary. He did not think it would be wise to do so. The. expenses had in every other direction been cut down. Mr A. E. Moore oombatted Mr Marshall's statements. He did not think they would get a ootnpetent mining manager for the salary proposed by that gentleman. ' Mr Marshall's proposition hating lapsed for want of a seconder, that gentleman suggested that the mine should be let on tribute. Mr T. M. Brown thought the Directors should consider the question of letting the mine on tribute. A shareholder thought it was a pity that they could not have half yearly meetings of tener, for then they would get more gold. As matters stood it was not a shareholders' mine. Mr A. E. Mcore thought it would be very inopportune now to let the mine on tribute, for in that ease the tributors instead of the shareholders would reap the benefit of opening the present new ground, which, it was expected, would give better yields. , Mr Marshall again expressed his dissatisfaction with the state of affairs. The Chairman said that if Mr Marshall or any of the other shareholders were not satisfied they had then the opportunity of seleot" ing men as Directors who would oarry out their views. Messrs A. E, Moore, E. H. Edwards, J. A. Harley, D. Johnston, George Marshall; J. Shields, and T. M. Brown were nominated for Direotors, and as only five were required a ballot was taken. Messrs Dund&B and W. T. Bond were elected as Scrutineers, and on their counting the votes, the result was found to be :— Messrs J. A. Harley, 6,272 ; E. H. Edwards, 6,172 ; A. E. Moore, 5,757 ; D. Johnson, 5,532 ;J. Shields, 8,539; G. Marshall, 2,390; T. M. Brown, 970. The Chairman declared the retiring Directors to be re-elected. On the motion of Mr C. B Harley, seconded by Mr Newman, jun., the Directors' remuneration (£25) was fixed at the same sum as last half year. Mr Marshall suggested that the paying of this remuneration should be suspended until the mine was paying bettor. On the motion of Mr T M Brown, seconded by Mr Marshall, the Auditors (Messrs A. A. Scaife and J. H. Newman) were re-elected, at the same remuneration. Mr Marshall urged the mine should be vißited every month by Mr Edwards. Votes of thanks to the Scrutineers, and the Chairman brought the meeting to a close.