MEETING OF SHAREHOLDERS.

Thames Advertiser, Volume VIII, Issue 2123, 17 August 1875, Page 3

MEETING OF SHAREHOLDERS.

Independent G.M.0., Taibua.—An extraordinary general meeting of tho Independent Gold Mining Company, Tairua, was held yesterday at the company's office. Thero was a good attendance of shareholders, 4,855 shares being represented. Mr Bullock in tho chair.— Tho legal manager, Mr ilorsbrugh, read tho advertisement convening tho meeting. —It was agr.:ed that the number of directors should bo fivo, and that a person to be qualified as a director should bo tho holder of 50 shares in tho company. Messrs P. W. Donnelly, W. Hewitt, J. Stewart, W. Climo, and P. Delahunty were elected directors for tho cusuing 12 months. Tho rules wero then read seriatim. It was decided that the wholo of the directors should rctiro annually, and that fivo should form a quorum (without proxies) at a general meeting. The rules were then adopted. MrGcllion was appointed auditor, and (ho appointment of Mr Horsbrugh as legal manager was confirmed. A report from Mr Bergin, the manager, was then read, as follows, for the information of the shareholders :— "It is now two months since I took charge of your mine at Tairua, audit is my duty to give you on tho occasion of your first general meeting siuce the formation of the company a short report of the progress I have made with tho work during this timo. In accordance with the wishes of the directors, I abandoned the putting in of the lower level tunnel near the north-eastern boundary of tho claim, which was intended to cut tho prospectors'big reef at a depth of 150 feet from the surface, and commenced putting ! down a shaft on tho base lino, north and south, to cut what is called tho prospectors' reef No. 1, or that from which they got the 50oz stone. The situation of the shaft, as may be seen from tho annexed sketch, is within 55 feet of our northern boundary, and about IGO feet from the 60oz shaft of tho prospectors. This shaft is down to a depth of 50 feet from the Surface, md slabbed and- centred tho wholo way. Not knowing exactly tho strike of the lode, I intend, if I cut no. thing in this shaft, to put in cross-drives east and west from tho bottom, ono of which, to tho west, I havo already in about 53 feet.. At a distauco of 33 feet in from tho shaft wo cut a small vein of mullock interspersed with a littlo broken quartz about two inches thick. This seam strikes north and south, and underlies west about ono foot or two. It gives good prospects of fine gold, but too small for opening on it. It is an indication, however, that thero is gold in tho ground, and probably communicates with a lodo, Wo passed through it, and are now in 53 feet from tho shaft, I purposo continuing this drivo to a distance of 80 feet in all, and if wo strike no lodo in it we'will discontinue in that direction for the present, and open another crossdrive to tho east. Ono shift of threo men, including myself, is employed iu this work at tho present. I havo also commenced a tunnel at tho eastern bound ory of the ground in the position represented iu tho sketch. This tunnel is in now about 67 feet, and is intended to intersect tho prospectors' big reef at a depth of 50 feet from tho surface and a length of 100 feet from its mouth. This tunnel is now in 67 feet, partly through boulders of hard spotted grauito, slipped down from tho higher ground, and partly through a grey decomposed granite and saudstono,. tho latter being highly charged with pyrites. If the striko of tho prospectors' lodo north and south continues through" our ground iu the samo direction as it occurs with them, we ought to meet it in the tunnel within tho distanco named above. From my knowledge of tho ground I think if a gold-bearing lodo was found in it, it would be very easily worked. It is highly advantageous for tunnelling on tho eastern side. The rock formation appears to bo of two classes, namely, docomposed granite and sandstone. In conclusion, I may mention that I got Mr Bayldon to lay off tho northern boundary of the claim last week, which brings tho Independent Company's ground within 160 feet of where the prospectors aro getting their best gold. Had I known this beforo we should havo commenced tho shaft 50 feet nearer to them than I have, —I have, &c, Jons Beroih,"