178
THE NEW BALMORAL GOLD
MINING CO., LIMITED.
THE HONGKONG WEEKLY PRESS AND
Mount Macdonald,
7th February, 1898. Eureka Mine. Since last report have driven through the reef at the 300 feet level. Total The General Managers, Messrs. John D. width of reef 8 feet between two good walls and Humphreys and Son, have received the follow-showing gold thoughout. Consider the pro- ing reports from their mining manager:-
Mount Macdonald,
26th January, 1898. Since last report the sinking of Queen main shaft to a depth of 350 feet has been completed and a drive to cut reef started and driven 7 feet. Ground favourable and well mineralised. Contractors for battery making fair progress. Re erecting battery and engine sheds. During the fortnight two men have been prospecting on the Balmoral mine without success, working on the half share and half pay system.
Mount Macdonald,
7th February, 1898. I have the honour to report having cut reef at a depth of 350 feet in the Queen Mine, distant from the shaft 12 feet west, having a alight easterly underlie. I may here state that at 205 feet level the reef has a strong westerly underlie as had also the main wall where passed through in sinking below the 205 feet level. The change may regarded as a good indication, seeing the good shoots of stone near the surface on the Grant and Queen Mines had an easterly underlie.
I can give no defiuite information as to the size and quality of the reef beyond the fact that it is to all appearances a solid and well defined lode. We have broken into it a distance of 2 feet and no sign of being through it. It is highly mineralized, but no gold visible yet, but from the quality of the mineral it contains we confidently anticipate finding good gold in the reef before we get through it and north and south of the crosscut. I may here state that the striking of this reef at the depth stated definitely settles the question re the existence of a second formation, as all the reefs worked in the Grant Mine tailed out before reaching the bottom tunnel, and now by driving south from our present level we ought to cut the second formation of all reefs or shuters worked near the surface.
New Balmoral Mine.-One party of tributors have a small parcel of stone carted to the battery ready for treatment and another party are prospecting on their own account on terms highly satisfactory to the Company.
Contractors for re-erection of battery making fair progress, there being a lot more work to do than they at first anticipated, but it will be a first class job when completed.
OLIVERS FREEHOLD MINES,
LIMITED.
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The General Managers, Messrs. John D. Humphreys & Son, have received the following reports from their Mining Manager:
Mount Macdonald.
26th January, 1898.
spects at this level equal to, in fact better than at, the 200 feet level, there being more clean stone at the bottom and the gold is coarser.
Stopes above the Nos. 1 and 2 levels yielding good average ore as required for the battery. Pushing on the drives north and south at the 150 feet or No. 1 level whenever men can be spared from the stopes. Mine throughout in first class order with an unlimited amount of ore in sight.
Battery-Owing to an unforeseen and un- precedented accident to one of the Watson and Deray pans, and having to put new segments in another, we did not get through near the average quantity of stone. Everything has been remedied and the full 20 head and 4 pans are now in full work, and during the coming fort- night a fair average of stone will be taken from every part of the mine, and we hope to get through at least 400 tons.
Have two men engaged sinking the Eureka B Shaft, making good progress. No other work being done at present.
Messrs. John D. Humphreys and Son. Gen- eral Managers of Olivers Freehold Mines, Limited, inform us that they have received the following telegram from the mines: A crashing of 350 tons of stone from the Eureka Mine has yielded 136 ounces of gold,"
GREAT EASTERN AND CALEDON IAN GOLD MINING CO., LIMITED.
The following report has been received from the Manager at the Mines:-
Mount Macdonald, N.S.W.,
28th Jan., 1898.
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Great Eastern Main Shaft has been extended a further depth of 9 feet, making a total depth from the brace of 120 feet. All timber, ladder stages have been put in position, so that this shaft is complete to the above depth. At pre- sent there is a hard bar of country in the bot- tom, which, however, should pass out in a few feet.
Old Great Eastern drive 50 feet level.-After hauling the broken quartz to the surface, we have started to continue this drive in order to cut the shutes of gold higher up the hill.
Caledonian Main Shaft has been sunk a futher depth of 10 feet, making 87 feet in all from brace. We seem to be getting now into better country, but the shaft is making a little more water,·
Zulu Main Shaft-I am glad to be able to inform you that we have recovered the shute of gold in the foot wall, where we have been look-
ing for it after being unable to trace it in the hanging wall. The reef, after catting out on a floor, has made again, and whilst it was only 9 inches wide above the floor it averages now
[March 5, 1898. DAKIN, CRUICKSHANK AND CO. (IN LIQUIDATIONS
A general meeting of the members of Dak. in, Cruickshank and Company. (in liquidation) was held at the Hongkong Hotel 1st March fat, noon, for the purpose of having an account laid before them shewing the manner in which the winding up has been conducted and the property of the Company disposed of and of hearing any explanation that might be given by the liquidator, and also of determining by extraordinary reso- lution the manner in which the books, accounts, and documents of the Company and of the liquidator thereof shall be disposed of. Mr. F. Maitland (liquidator) presided and there were also present-Messrs. H. L. Dennys (solicitor), A. G. Stokes, E. Jones Hughes, Ho Fuk, W. Hay, R. A. Gabbay, W. R. Loxley, Chun A Yat, A. A. H. Botelho, M. S. S. Sassoon, and Rozario.
Mr. MAITLAND said-Gentlemen, in accord- ance with the notices published in the Govern- ment Gazette and the daily papers, we meet here to-day for the purpose of having an ac- count laid before you showing the manner in which the winding up of Messrs. Dakin, Cruickshank & Co., Limited, has been con.. ducted, the property disposed of, and of hearing. any explanations from me, as liquidator. have now to state that the original offer, referred to at the private meeting of the shareholders of the Company on 17th Decem- ber, 1896, was made by the purchasers as follows:--$75,000 down; if accepted, the pur- chasers to take of
over every asset and leave a liquidator to meet all the liabilities, but at my own suggestion I got the purchasers to make an alternative offer as under-75 cents per share on the capital of 28,050 shares, if accepted, the purchasers to take over all assets and all li. abilities except capital. For two reasons I ac- cepted the latter offer, for not only did this facilitate the liqidation, but, as I confidently an- ticipated, it turned out to prove a more advan- tageous one for the shareholders, as the follow? ing statement will show :- 28,050 shares at 75 cents per share...$21,037.50 Bank overdraft at time of sale.
London liabilities at time of sale. Local and Amoy liabilities at time
of sale...
Goods not paid for but delivered on acceptances to drafts "documents for acceptance"
29,935.65 11,650.89
10,998.92
4,800.00
$78,422.06
or $3,422.96 at least better than the original offer of $75,000. I might add with regard to this that it was absolutely impossible to get the exact figures. These figures I have agreed on with the purchasers and they are rather under than over, as the liquidator would hare to be answerable for every agreement with the whole staff and, as re- gards the lease and other matters which had not been taken into consideration in these figures. As regards the purchasers, on the
Eureka Main Shaft-Have cut chamber at 18 inches, the width improving with depth other hand, they settled the London liabilities
300 feet level. The reef was struck at a distance of 10 feet from the shaft. 3 feet has been driven into it without any indications of being through it. It is of very promising appearance, solid hard stone, showing gold to the naked eye. Will report more fully upon it when more developed and size ascertained. Stoping is being carried on at back of 150 and 200 feet levels, where large bodies of ore are exposed.
Eureka B Shaft.- Tenders for sinking this shaft a further depth of 167 feet were opened on the 20th-inst., but although there were at the time a large number of men seeking employ. ment the prices asked for the work were much above the estimated cost, consequently none of the offers were accepted. The work will be carried on by day labour at an early date.
Freehold Battery. Owing to the very muddy water we were obliged to use in the boilers previous to the late rain we found that there was a large accumulation of mud, which unless cleaned out would endanger the safety of the Loiler. To guard against this it was necessary to stop for 20 hours, during which time the boilers were cleaned out and tested up to 75 lbs. hydraulic pressure, which is highly satisfactory. Everything is in first class order and the battery „is doing excellent work,
i
which speaks well for the future of this mine, An average sample sent to Sydney for assay gave:
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3 ozs. O dwt. 10 gr. Gold.} per ton
12 Silver
11
a very pleasing result. Owing to the prospect- ing work and timbering we have only been able to sink three more feet, making the total from brace 83 feet.
Prospecting Shaft. This has been sunk a further depth of 12 feet, or a total depth from There is nothing fresh to brace of 74 feet. report from here. The formation is still going down and in very broken country, three open cracks or floors being cut in the shaft last
week.
Rain. We bad two splendid showers and have now ample water
There was a fairly good attendance at St. John's Cathedral on Monday afternoon, when Mr. A. G. Ward gave an organ recital, assisted by Mrs. Vallings as vocalist. The items were nicely varied in character, and Mr. Ward played each with his usual marked ability. Mrs. Vallings sang her solos with excellent ex- pression, her items making a very agreeable variation in the programme.
promptly on much more favourable terms than a liquidator having surplus assets in hand could have done, as would have been the case if the $75,000 offer had been accepted. With regard to the remarks I made on the condi. tion of the Company at the extraordinary meet- ing held on 17th December, 1896, I trust the shareholders will agree with me that it was impossible to continue the concern without fresh capital and some extensive alterations in the management, and I would explain that for several months before the Company went into liquidation there was a talk of selling it as a going concern if it could not be carried on, but no other bona fide offers reached me, although several parties talked of buying at figures consi- derably short of the offer I obtained and accepted. There is one other point I would refer to, viz., at the private meeting above alluded to it was sug- gested that I should advertize the business for sale. This was not done, and I would explain that before advertising I felt it my duty to refer the matter to the purchasers who had made a bona fide offer, which offer ran out on 15th January, 1897, and they replied that it was quite apparent that they would not have made the offer had they been aware that the business was to have been so advertized and that they should not consider themselves bound by their
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