THE ISLAND BLOCK GOLD MINING COMPANY.

Tuapeka Times, Volume XXIV, Issue 1870, 13 February 1892, Page 4

THE ISLAND BLOCK GOLD MINING COMPANY.

At the annual meeting in London on the 16th December of the Island Block Gold Mining Ootnpahy, Mr Jeremiah Lyon, the chairman of directors, stated that the results were not so satisfactory as could be wished, owing to the want of a duplicate line of pipes. There was an indebtedness to tbe bank of over £3000. If this amount were increased a lien would have to be given over (he property. The amount of sluicing done by the company during the past year amounts, practically, to 21 hours per day, or 6610 hours. The result was 20450z of gold, representing over £7700 in value, makiug, with the gold of the previous year, £12,000 worth obtained from tbe Island Block. There was an actual balance, after paying all expenses, of £1736, but as nothing had been written off for depreciation it was deemed unadvisable to pay dividends. There was, in addition, a deadweight of £6400 — the balance of expenditure brought forward, which ought to be materially reduced before contemplating the payment of a dividend. Work in the past had been carried on in a narrow part of the river bed, and as much as 87oz of gold had been obtained in 47 hours. After passing through this narrow portion of the river it widened out into a very considerable flat, and therefore the trouble has been, during the past few months, in trying to follow the actual riverbed. The working during the past two months has resulted in finding 140oz of gold, after having to remove a top burden of something like 50ft. A telegram from Mr Rawlins announced thin yield of 140oz at an expenditure of 70 per cent. After quoting letters referring to the excellent prospects of the mine, the chairman mentioned that the directors held one-third of tb.9 shares of the company. They had not drawn any fees, and would not until the company was in a position to pay a dividend. Resolutions were passed agreeing to a local register for the sile and transfer of shares in Australia.