NEW ALBURNIA GOLDMINING COMPANY.

Thames Advertiser, Volume XXVI, Issue 7648, 3 October 1893, Page 2

NEW ALBURNIA GOLDMINING COMPANY.

ANNUAL MEETING. Tho eighth annual meeting of shareholders of the New Alburnia G.M. Co. was held on Saturday at the office of Mr D. G. MooDonnell, Insurance buildings, Auokland. Mr J, Friar Clarke, chairman of directors, presided, and there were about 25 shareholders present,

. Thediroctors'ireport and balance-sheet to the shareholders for the year ending 25th September stated that tho progress of the company had been such as to have enabled them to declare and pay dividends amounting to £2483 3s, and it is anticipated that a further dividend possibly of Is per share will be declared by the end of the present month. The.mine manager's report indicates that the Alburnia mine, though years in operation, hns yet a considerable portion of its area unoxplored. The mine manager gives tho value of gold [obtained as somewhat over 34000z, whereas in the balancesheet the return is set down as 22150z lOdwt. This is acoounted for by the fact that tha balance-sheet closed on the 2th September, and does not inolude the gold since obtained, viz., 12920« 4<dwt. The mine manager's report dealt at length with the works carried out in the mine since the 18th November last, also tho works in progross. The managor stated that ho intended to continue, the western drive some 200 feet farther west to a point nndor where some rich gold ivas obfcainfid at the Whau level. The heavily mineralised and somewhat refractory aatnre of the ore in the mine necessitated very careful treatment and more esponaive than is required for one of a freer nature.

Tim balnnco sheet showed the receipts for the year ending 25th September to be £6,417 xh. Of tins amount, £588.135-,6 d was balanco from last year's balanceshoot. Tho othor receipts were:, Go'd £5,665 Qs i,od; tributors, £41 2slod; ijuiliugs, £12219s 10d. Tho total expeu-

diture amounted to £6,386 14s Id, in which is included in dividends amounting to £2,483 3s, leaving a balance to credit of £31 2s lid. The profit and loss ac« [count showed a profit of £1,912 4s 2d. The liabilities were £36 3s6d, andtho assets (cash balance) £312s lid, and 337 unallotted shares.

In moving the adoption of the report and balance sheet the Chairman said the report of the mine manager was &resivma of operations since Mr Dunlop took charge last year. Hβ (the Chairman) had nothing of importance to add to the report of the directors. The directors had visited the mine on several occasions. Personally, he was quite satisfied with the manner in which the operations of the mine bad been carried on, and he was of opinion thab the mine had been worked in the interests of the shareholders. The operations in the mine had not been so remunerative as he had hoped, for he expected that the dividends would have been larger. He hoped that the new Board would be in a position to pay regular monthly dividends Mr Seymour Thome George seconded theadoption of the report acd balancesheet. '

The resolution was put to the meeting and carried unanimously.

An election for the office of directors took place There were six candidates for the five seals. The ballot) resulted in the election of Messrs J. B. Macfarlane (37,234), J H. "Smith (36,608), F. A. White (35,273). Jas. Dickey (33,859), and W. Gorrie (32,317). Mr J. J. Craig was the unsuccessful candidate.

Mr T. A. Menzies was re-elected auditor.

Mr Gorrio moved a vote of thanks to the directors who were compelled to withdraw owing to anew Act preventing aharebrokers serving as directors upon mining companies. .

This was carried unanimously^