49

C—3

Collingwood. Bed Hill Company. —This company was floated in England with a capital of £150,000, in 150,000 shares of £1 each; but out of this 34,450 shares were not issued, thus leaving 115,550 shares actually issued. The company have acquired properties in the vicinity of the Bed Hill, Collingwood, for which they paid £100,000, of which amount £2,000 was paid in. cash, and the balance was given in 98,000 shares fully paid up. Such is the position of this company as stated in the Nelson Colonist of the 19th February last, which adds: "The company thus started with an available capital of something under £18,000, and had the fond dreams which were indulged in turned into veritable facts, the sapient business people of London who so willingly joined in the speculation would have had about one-fifth of the profits to divide amongst them, while those from whom they purchased, and who are nameless, would have pocketed £80 out of every £100, made without any risk." In three years it appears that £11,764 7s. lOd. was spent in New Zealand, of which amount £4,695 had been expended on a water-race, £2,117 on plant, £1,012 on contracts, £1,164 on wages, £808 on salaries and honorarium, £119 on cablegrams, and, amongst other items, no less than £410 on travelling and miscellaneous expenses. Machinery was purchased in London for £2,401 05.6d.; but this was reduced to the extent of £690 by £600 claimed by the Hydrogen Amalgam Company and £90 for machinery sold. Current expenditure, including £4,416 brought forward from 1888, is set down as £6,083, the largest items for the year being £1,200 for directors' fees, and £1,144 in connection with office-expenses and interest on debentures, &c. These figures are taken from the annual balance-sheet made up to 31st August, 1889. According to the report published in the Money Review of the 7th December, the chairman stated at the meeting that, as serious dissensions had broken out among the local board of management, the directors sent out the secretary of the company, Mr. Cousins, who is a Fellow of the Chemical Society, and was at one time one of the instructors in the Boyal School of Mines, to examine and report on their ''property; and on his arrival in the colony he found affairs in almost a hopeless condition - — work at the mine suspended, creditors clamouring for payment of their accounts, miners for their wages, law-suits impending, leases not kept up —in fact, the company were in serious danger of losing their property, and the local managers at daggersdrawn with one another. Mr. Cousins, in his report to the directors, states that the companv has 7—C. 3.

District. Number of Tons 'of Quartz and Mullock crushed. Yield of Gold. Average Yield of Gold per Ton. .>• Thames — 1st April, 1878, to 31st March, 1879 1879, „ 1880 1880, „ 1881 1881, „ 1882 1882, „ 1883 1883, „ 1884 1884, „ 1885 1885, „ 1886 1886, „ 1887 1887, „ 1888 1888, „ 1889 „ *1889, „ 1890 41,917 33,017 32,405 30,698 25,867 ,34,228 31,496 35,998 34,827 32,819 47,363 60,753 Oz. 57,207 59,576 53,154 45,803 43,311 54,878 37,705 61,540 38,142 35,949 35,796 33,817 Oz. dwt. grs. 17 7 1 16 2 1 12 19 1 9 20 1 13 12 1 12 2 14 4 1 14 4 1 1 22 1 1 11 0 15 3 0 11 14 Totals 441,388 556,878 1 5 6 Ohinemuri — 1st April, 1887, to 31st March, 1888 1888, „ 1889 1889, „ 1890 2,388 3,795 4,773 3,406 3,679 18,564 1 0 1 8 19 15 13 9 21 Totals 10,956 15,649 8 14 Te Aroha — 1st April, 1883, to 31st March, 1884 1884, „ 1885 1885, „ 1886 1886, „ 1887 1887, „ 1888 1888, „ 1889 1889, „ 1890 4,262 11,042 6,552 4,743 7,166 1,381 4,894 4,629 9,506 4,489 3,658 2,918 1,113 120,416 1 0 0 0 0 0 4 1 17 13 15 8 16 3 17 5 17 10 3 3 10 Totals 40,040 46,729 1 3 8 Grand totals from North Island 507,485 675,487 1 6 16 * This includes 29,595 tons of mullock cru: t The gold obtained includes £3,000, value { The value of the bullion obtained from T shed last year. of ore exported, at 'e Aroha was lis. 6c £1 7s. 6d. per ounce. I per ounce.