DURYEA MINING COMPANY, LIMITED.
The second ordinary general meeting of the Duryea Mining Company was held on Wednesday, the 3rd instant, at the Masonic Hall, King William Street
lhere were between 40 and 50 shareholders preseut. Mr. B. T. FINNISS, M.P., Chairman of the Directors, presided. He stated that, according to the deed of settlement, it was necessary to hold an ordinary general meeting eveiy six months, ut which the Directors should report the progress of the mine during the time they had been in office. Upon that occasiou they would not be able to lay a balance-sheet before them, through their late Secretary, Mr. J. L. Alsop, having neglected to keep up the books properly. Jf they had known that before that morning they would not have called the meeting; and consequently it would be necessary to adjourn it. He then read the follow ing progress report from the Auditors :— 'It is a matter of regret that we are unable to present a duly audited balance-sheet to the sliare nolders at their, general meeting this day, and we feel it due to ourselves no less than to them to explain the reasons of this omission. 4 ? About three weeks ago we received an intima tion that tliB books were ready for our inspection, and we accordingly arranged an appointment for commencing our audit At the request of the late Secretary we deferred our appointment for a few days in consequence of his indisposition, but we subsequently attended at the Company's office and commenced. To our surprise we found that, notwithstanding the recommendation contained in our report of the 20th December last, the hiiiiic cumbrous and undesirable system of bookkeeping was still in use; and upon further investigation it appeared that the dissection of tho mines cost account was altogether incomplete, not a single entry having been made in the dissectiun-hook later than Februaiy 5. 'We immediately communicated with Mr. Alsop, representing that we could not proceed with the audit while the books were in such a state; but it does not appear that anything further was done towards completing the same for several days. 'Mr. Koncke, the acting Secretary, has now completed this work; anil although his want of acquaintance with the details has entailed a good deal of extra trouble upon us, we are glad to report that we find his work perfectly correct. The accounts from November to February, however, are very imperfect and have entailed endless trouble upon us. We have already devoted con siderably more time tlian ought to have supplied for a complete audit if the books had been kept accurately; and we fear that they will still require considerable investigation and adjustment before we can certify to a correct balance-sheet ' Under these circumstances we can but report the position of affairs, and undertake to complete our investigation at the earliest possible moment. ' Jno. Howard Clark. ' Charles S. Poole.'' He hoped that explanation would satisfy the meeting. The Directors had endeavoured to make matters straight ; and although they could not give a correct account of the financial position of the Company, yet he believed it was in a sound condition, lie then read a report of the Directors; but as the figures could not be vouched for, he thought it would be unwise to publish it until they had been confirmed by the Auditors. It was estimated that the balance in hand on the 1st of September was £2,4!W (is. Id., less an account for £35; that 315 shares had been forfeited, and would stand as assets to the Com pany; that 23 tons of saleable ore were at grass, 25 tons at the Port, and 220 tons of inferior quality at grass; that 2(! men were employed ut the works; that the following sections had been abandoned, Nos. 401, 4(HJ, M7, 4(-S, 4«-, CUS, (JUS, 010, 611, 012, and 745, thus effecting a saving of £440 per year iu rent, and relieving the Company of tne further liability of having to expcnd£2,(H« ayear in proving the properties; and that the lease of Section 420 had been purchased for the Company, the Directors believing it to be a valuable one. In conclusion the Cliairnian said the Directors had refrained from speculation in their report and hail inclined rather to an unfavourable estimation of the pros pects of the mine, so as not to raise expectations not likely to be realized. He, however, thought there was sufficient towairant them in expecting the mine to turn out well; and although he could not say that the shareholders would be relieved from paying any further calls, yet within a period of six mouths he thought their 'affairs might ma terially be changed for the better. It would, as he had before said, be necessary to have an ad journment in order to give the Auditors time to prepare the balance sheet. Air. Peake wished to know whether the late Secretary had given security. The Chairman answered in the negative, and said that when Mr. Alsop was first appointed he ought to have been called upon to give security. As soon as new the Directors found that he had not given security, they resolved that he should do so forthwith, but he had not procured it and that was one of the reasons why he had been discharged. Mr. Peake said there was a minute in the pro ceeding of the old Directory to the effect that U12 rate Secretary should be called upon to give secu rities. Sir. Santo, M.P.. wished to know whether tho Directors had confidence in the preseut captajn, The Chaiuma v said the Directors had no reason to doubt the ability, honesty, or capacity of the captain, notwithstanding several runiours had lately been made against him, In answer to Sir. Santo, the Chairman said he had received a. letter from the captain respecting the rumours; but he did not think it advisable to make it public, as it would do no good. Mr. J. Small said it might be a satisfaction to know that the captain' had been caotain of the Kapunda Mine, and might bcjso now, as he re signed at his own wish. (Applause.) j»Ir. Santo thought it would be as. well to read the letter to the meeting. Mr. TiDEMANJf suggested that the letter migut be left out at the office for perusal by any member. Mr. Collet supported the Chairman that it would be unadvisable to make the letter public, but thought that the suggestion of Sir. Tidemaun might lie adopted. He wished to know whether Captain Hawke had been discharged. The Chairman said Captain Mawkc had been guilty of irregular conduct and rinding him to be incorrigible the Directors had discharged him. In answer to Mr. Raphael, the Chairman said on every occasion the Directors had visited the mine they had gone down the shafts. (Cheers.) Sir. France wished to know whether the Secre tary had been guilty of any defalcations. The Chairman said they ccajd not be. certain. At any rate the amount could not exceed £100. The Auditors had exnktfned away £70, and they thought there might be no defalcations whatever. Sir. Alsop had, however, been summoned, in order that he might explain matters. Sir. Santo did not think it was understood at the last meeting that the Directors should purchase anymore property; and he should like to know what amount had been expended in developing the new section, No. 420. The Chairman said the only expense they had incurred was the wages of two men foi about a month. From various favourable circumstances the Directors were encouraged to take out the sec tion, 9? it joined the Kurilla Mine and the Duryea The Directors thought they should not lie con Bidering the interests of the shareholders if they did not purchase the lease when it was put up to auction. SL-. France thought they should not go on prospecting, but should continue the works from which ore was likely to be procured. t S C?u2''^said th?y only Wd the men a tribute of 10s. m the pound. Sir. Peake wished to know the average per centage of the copper that had been raised. T,hvt'-J';UKMAS ^i1 the average of the 23 tons and the 23 top was a-iout 15 per cent, and the 220 tow, after it liad been burnt, realized 3| per cent. Mr. bA.vr.0 should -like the expenses at the tlitterent workings kept separately, so that the cost of the engine shaft might be known. I The Chairman said at the next meeting they i woujd be able to state what had been spent in sinking an.l what in driving. (In reply to Sir. i ranee)— The cost of sinking per fathom was £00, t which was the highest amount they had paid, and that was in consequence of the hard ground. The lowest charge was £35 for work for which £65 was formerly paid. The rates hod been lower since
the new Directory had been in office than they were before. J Sir. France wished to know the rate nt which the sinking had been carried on. The Chairman said during the last 18 weeks they had sunk IU fathoms 4 feet . Sir. Colley moved the adjournment of the meet ing to Monday, the 15th inst. He mightstate that he had just returned from Wallaroo, and he was of opinion that they had a good mine, which only required sinking to become profitable. He did not Lnink there would Iw a dividend in six months, but he thought it would be a fair risk to pay their calls. Mr. Raphael seconded the motion. The Chairman said the report and balance sheet would lie ready before the next meeting. I lie motion lieing carried, a vote of thanks was accorded to the Chairman, and the procccdiiun closed.