ISLAND BLOCK EXTENDED GOLDMINING CO.

Tuapeka Times, Volume XXIV, Issue 1902, 4 June 1892, Page 3

ISLAND BLOCK EXTENDED GOLDMINING CO.

The annual meeting of the above company was held in the Criterion Hotel, Dunedin, last Tuesday evening, the directorate being repre sented by Messrs J. Hyman (chairman), J. Liston, and P. M'Ardle. The directors' report showed that the value of the gold obtained during the year was £3,328 23 9d. Thft returns from the mine had fluctuated very considerably, and this led to the conclusion that the main run had not yet been reached. In July the directors deemed it advisable to place the working management under the s:>le control of Mr D. Weir. The company had every reason to be satisfied with Mr Weir, who had proved himself a thoroughly competent man, and in every respect careful of the company's interests. The dam, which has been raised to a height of 20ft, had provided an almost constant supply of water during the dry months. The working expenses, while not above the average of similar companies, have been large ; and the expenditure on plant which was necessary to efficient working had also been considerable. The amount raised by the issue of debentures fell much below the guarantee, two of the largest shareholders being quite unable to meet their engagements in this respect. The guarantors, having taken the matter fully into consideration, have unanimously resolved to request the shareholders to devise means whereby the directors may be freed from these personal liabilities, and the whole of the property transferred to the company, instead of being, as at present, mortgaged to the chairman and others. The chairman, in moving the adoption of the report, said that the company were last year in debt to the amount of L 6.000, and this sear the indebtedness wasL3,ooo. flon1 stant attention W tto race. ha,d had, the effect

of consolidating it and ren dering :t more secure, and less liable to damage by floods, etc. The gold obtained amounted to 8640z 91wt, L3.32S 2s 9d ; and the result of the year's work was Hvit the front of the claim h:d been prns'j;<tcd and vyoiked for a distance of fifteen chains. Mr Borland ( Millers Flat) seconded the motion. In ivply to n question, Mr J. H. Chapman (socrrtarv) siii.l ihafc since the balance-shent lidd bo n in .lo up the liabilities had beeu re duced by L 395. At the chaii :.i i ■ 'a suggestion, Mr T> Weir, the mine manw <r, made a statement as to the claim. On taking charge he found it necessary to supply a good deal of plant. He had done his best, as far as he could to get houest returns, so he supposed there would be a section of shareholders who were not satisfied. The prospects were that the claim could not go back any further, whatever distance it might go ahead. He had proved the ground, which would not give less than 20oz a week, and there was the chance of patches such as thoy hnd had before. Mr J. H. Chapman said that 15oz or 16oz per week would pay everything, and there was the chance of patches of richer ground. Mr J. A. Chapman said that some people were giving out th*t the company had only a square block of ground. That statement he believed to be incorrect; and as it was likely to be injurious to the interests of the company, he desired that it should bo publicly contradicted. Mr J. H. Chapman replied th*t the company had fully seven ty-niue chains of ground. Their firm was 45' i 2r. Mr Listnu s>uid lw had visited the claim four times duriug the year, and was well satisfied with its management. Mr Johu Liffey (Waitahuna.) expressed the opiniou that too many men wore at work at the mi ue, and that they were not fully employed ; that a similar claim at Lawrence (the Local Industry) was worked by two men ; and that on oue occasion the men at the Island Block Extended claim had for six hours pumped water through the boves that were suppos d to contain lOOoz of gold. Mr Weir distinctly denied the truth of these statements. Mr P. Sliiels remarked that most of the people in the locality were satisfied that Mr Weir was a first-class man, and that the claim was capably worked. Mr John Thompson (Lawrence) said that the Local Industry was but 10ft deep, and the Island Block was 60ft. He did not think there were too niany men on the clAira, and was satisfied that the mine was admirably managed. After further discussion, the motion for the adoption* of the report was put and carried unanimously. Mr John ' Thompson moved that a hearty vote of thanks be accorded to the directors and the secretary.— Carried unanimously. The following nominations were received for election to the directorate in the place of Mr Rawlins :— Messrs Hagan (Waitahuna Gully), Charles Thomson (Waitahuna), John Thompson (Lawrence), and Peter Shiels. All the gentlemen having withdrawn from nomination with the exception of Mr Shiels, he was elected. A loug discussion took place with regard to I the last clause of the report, in reference to the directors being relieved of their personal liability, and it was finally moved by Mr T. K. Harty, seconded by Mr John Thompson (Lawrence)— " That the shareholders agree to pay 2s per share, in calls of not more than 6d per share, and that the shareholders advancing such money be secured by a mortgage over the company's property for such advances."-— The motion was carried unanimously. The Chairman said that the directors had received a letter from Mr Chapman resigning his position as secretary, and they had come to the conclusion to elect him as a director of the company. Mr Chapman having consented, his election was unanimously agreed to.