MINING NEWS.

Thames Star, Volume LXIII, Issue 17695, 20 September 1929, Page 4

MINING NEWS.

TUI GOLD MINING COMPANY

REPORT ON OPERATIONS

The statutory meeting- of the Tui Gold. Mining Company was held on Wednesday afternoon at the office, Victoria Arcade, Auckland.

The report of the directors stated that the number of shares allotted was '46,260, of which 25,000, paid up to 3/per share, went to George Otto Barber as part consideration for the King Solomon, King Solomon Extended, and the Nana quartz claims at Thames. Another 21,260 shares had been allotted subject to payment of the full nominal amount of 3/- per share. The cash received on account of such shares was £999. The expenditure to date totalled £676, leaving cash in bank amounting to £323/7/7. The report was adopted en the motion of the chairman, Mr. L. G. P. Spencer. Mr. Wilkins said a great proportion of the holdings ,were in the south, and were represented by four directors.

It was agreed that in such cases travelling expenses be allowed,, also that 10/- remuneration be allowed to each director attending a meeting, the total not to exceed £6O per annum.

. The chairman said No. 2 reef level had fallen in and needed repairing. They had deemed it advisable to get into No. 3 reef, which offered probably the best prospeet of striking a bit of gold. It had the advantage that it could be worked by contract. It was necessary to put in 1200 feet of air pipes and a sirocco fan, with an engine to drive it. A tramway would also be required to the face. No. 2 reef would probably give good prospects if sunk upon. Of McGregor's battery, about half a mile away from the mine, they had secured a lease, with option of purchase.

The first directors are: Messrs. L. G. P. Spencer. G. O. Barber, R, M. Moorcraft, R. H. Montgomery, Henry Cowan, G. H. Hodd. and W. R. Ross; auditor, Mr. B. L. Bagnall; secretary, Mr. J. W. Nichol.