MINING.

Star (Christchurch), Volume LXVI, Issue 20219, 1 February 1934, Page 13

MINING.

Meeting of Shareholders in Skippers, Ltd. The statutory mteeting of shareholders in Skippers, Ltd., was held in Christchurch yesterday, the chairman of directors, Mr W. F. Tait, presiding. In moving the adoption of the directors’ formal report and statement of receipts and payments, the chairman said that in addition to the necessary statutory ltetaals lie would like to give the shareholders a general review of the progress, present - position and future prospects of the company. Shareholders’ minds were often wrongly influenced by unwarranted fluctuations of a company’s shares on the market and at that stage he wished to state that while the company was still in development stage such fluctuations did not in the JS! 1 the true state of affairs. the , which was believed to t.jwisL in tae bnoxover at the time of suddenly vanished from the D*enirt" *1““ a , n - vUu “S umorbVen happened to debar the company irom carrying out its programme? If such was directors were unaware of H-.'-.r ± fh2 V ? S pleaßt ? to be able to state hid 1 i£fiJ arSe - ma Jority of shareholders Lad fully maintained confidence in the company and in the scheme of develrs.s ich had bee “ *»& r r ns coi^„v°s dea,, r T/;U a,d , that „ this Question was aeau with at length i n the prospectus but during the six months ot preparatan«*e a mor ® intimate aequain-vtr-o-i.U.h *T ciaim had considerably tiengthtened the belief as to the minimum values deposited In the rYver. f. rmore - 5"‘ ,Ie there bad been crltiof workl,,t K ; l s? t ,°. the Proposed method ... rking the claim, no one acquainted \\ itli the* Shotover had denied the pre- *»“•<* considerable wealth in P t h e nin J th! d ', a m e actual scheme for winno flood in ti, WH ? simplicity itself and ? °’ s U resourt-es r or ° inipair' P itstaensineers e Sf r nirt llmie brothers, both wide experience and high nlan lffl *s? t V*. nB * cor dially endorsed the with ?iL M?® ' company’s engineer, and U co-operation Q f the advisory clirtector, Mr A. E. Smith, who had an knowledge of the Shotover it suL Tf/hil 0 ent u r Y pon the Production "Jfnin a short tune. knn h w ar *S ers would also be pleased to Know that exptnditure on capital b*fow n th WaS ,n a numb er of instances * 'j th f Prospectus figures and it was tbo estimated funds would A csmnSm nt to cover all requirements. P . e, : s, Y sy ? tem of accountancy had bten introduced, which would pera,ll expenditure to be subjected to the closest scrutiny. chairman then detailed the work which had already been done at the Particulars of which have been previously published. He said that confident as the directors had felt all through the history of the company, j bej . r were never more so than now as to its bright prospects and assured future He hoped that when the shareholders met again later in the year, sufficient results would be at hand to - show that fie directors views had been borne out by actual results. Mr A. E. Smith, the advisory director addressing the meeting, explained unit it was first proposed to start workmg the claim at Maori Point Beach. He nunsetf before the company had taken over lii.s claim, had been working there and had got on to what he b<=liteved to be a very rich run of gold. Unfortunately he had been unable to control the water and had been forced to abandon the paddock He had shown the tetigineers the spot and with the methods the company proposed using he would be 'cry disappointed if somewhere about IOGO ounces of cold were not won within a few weeks of commencing sluicing. Tn answer to a question, Mr W. Morgan Gimson. the company’s engineer, stated that it was hoped that sluicing would be commenced about the end of March. After further discussion the report was adojited. All thte retiring directors Messrs W F. Tait. S. P. Cameron. w’. G. M*Donald and Dr K. C. Hayes were re-elected unopposed. Mr Cameron said that shareholders might not realise that the happy position the companv was in in having its development work so far advanced was dute in a large measure to the Mining Wop.se (N.Z 1 T Id . the general managers of the companv. This firm had advanced the money, before jf was available fmm ‘•alls, to place the ord-r for the «uming at the earliest possible date.' Those associated with the Mining House were

of much more than average abiltty and tlve ultimate success of Skippers, Rtd.. about which he had no doubt, would be largely due to them. Central Shotover. DUXEDTN, January 31. The Central Shotover wash-up, the final for the paddock, was I9ooz. The total from the paddock was 49Soz, valued at £3275. Golden Point Gold and Scheelite Co., X.td. The mine manager reports as follows for the week ended January 27: Home Reef—Rise to connect with intermediate adit level advanced 13ft from 68ft to 81ft in ore, and connected with the dip workings in the end of the intermediate adit level. A good current of air is travelling and effectively ventilating the low level, crosscut No. 4, and home reef workings. Now that the home reef rise has connected with the intermediate adit level, which is already connected by a rise with the home adit level, sufficient ventilation for development work is assured without having to run the fan, except for short periods after blasting operations. In the future, when it is desired to commence stope development on the dip reef from the intermediate level, a regulator can be put in crosscut No. 4 to circulate a suitable quantity of air through the dip leef section. Assays.— I have had time to do only two assays during the week. The assays were done in duplicate and the values are as follows:—Home reef rise at 60 feet. 9dwt 14grs. width of 44in. Home reef rise at 70 feet, ltdwt 9grs, width of 64in. Free gold has been observed with the naked eye, in the quartz near the end of the rise. Sampling lias been at sft intervals, and the assaj-s will be completed next week. I have the faces in the Old workings of tlie intermediate adit level to do also. The mine manager also reports that he arranged a contract for driving 100 ft north on the home reef and is putting on six additional men to extend No. 4 crosscut.