THE GRACE DARLING MINE.

Thames Star, Volume XXVI, Issue 8058, 1 June 1895, Page 3

THE GRACE DARLING MINE.

The annual meeting of shareholders in this mine m.n held this afternoon in Mr D. G-. MaoDonnell's office, when there was a good attendance. Mr J. Heron preside a. The annual report of the directors stated that they had to encounter serious dim culties which had been successfully averted. Had the calls been loyally paid, the liabilities would by now have been extinguished. A low level had been put in to cut the reef at the low level, as work bar! to be discontinued iv the winze owing to the inflow of water. The low level had now drained the -winze, and everything fjromised well for the future. A series of exhaustive assays had been made from ore in the winze and low level, with most sat isfactory result*. The reef in the low level was 9ft through. The battery and water rights wtre estimated to be worth folly £4,000. Want «f funds Blone crippled the work of developing the mine. The directors felt it would le aconsisten

with honor not to intimate that offers had

j. ' been made for immediately placing ihe Grace Darling mine conjointly with other adjacent properties ujon the English market. At the flame time it would not be wise at present to £0 into details, hut a special meeting of shareholders would be called as.soon hb required. The balancesheet showed that the assets, exclusive of the value if the mine and 16,655 forfeited shares, were £2,060 11s Jld in excess of the liabilities. The Chairman simply moved the adoption of the report. This was seconded by Mr Swanson, and agreed to. BALANCK-PHEBT.—The statement as adopted showed receipts to be £4,351 15a Id, of which £2,663 7s was from clip, £890 2s 3d from sale of reserved shares, £71 13s Hd from gold, £50 deposit of Brown Brother?, and £676 11s lid bank overdraft. The expenditure £1,889 3? 7d on the mii c, £S/>3 5s 9J battery account, office expenses, salaries, fees and traveilire expers ?, advertising, etc., ins»rance and some c xpenses, bank interest, £282 15^ 5d ; Brown Bros., on account of baUery, £2210 9s 9d j assay plant, £60; plans for battery and water race, £66; miscellaneous, £38. The statement pf liabilities showed :—Bank overdraft, £676 11s lid : judgment crtditore, £791 lls 9d ; creditors, £35 2s 3d. Assets: Battery and plant, £3,166 Is 6d ; balance due on calls, £395 15 9d: total, £3,563 17s lOd ; also 16,655 shares. | "*"^ , JDibector?.—Messrs P. L. Smith and T. S. Lawless were re-elected directors, and Mr G. S. Kißsling was appointed auditor.

Gbatitudb. —Mr Minnie moved that each of the seven guarantors of the debt and directors be awarded a thousand of the forfeited shares. —The Chairman explained that Brown Brop. had no further claim on the Company, as the guarantors hsi paid £750, the judgment debt was being transferred to the guarantors. Mr MaeDonnell eaid the directors of the company had done what he had not known aoy other directors to do for the past 25 Tears. The motion was agreed to.