The annual meeting of shareholders was held on Tuesday, the lst March, 1891, at the office of the Secretaries, Messrs, Drysdale, Ringer & Ca, There were present. Messrs, G. J. Morrison (Chair= man), H. Morriss, A. MeLeod (Directors), W. J. Clarke, R." M. Campbell, J. Marshall, G. Wheeler, son, E.G. Low, R, Hough, C: Vincent Smith, J. Jacques, S. Morris, A. Thurburn, A. Cushny jr., J, Beattie, Arbuthnot, C. Cromie, F. Huchting, A. J. How, J. A. Taylor, F. B. Aubert, E. J. Hogg, J. Danenberg, P. ¥. Smith, Douglas Jones, H. A. Ritchie, G. R. Corer, A. Thompson, H. H. Joseph, W. Lamond, Burman, J. F. Cheetham, A. O, Schuffenhauer, H. Pullen and 'T, Wood (Secretary) representing 1,515 shares.
The notice convening the meeting having been read, The Cuarnmax said:—Gentlemen,—As critical period in the life of the Sheridan Mining Company has now been reached, it has occurred to me that it would be interesting to those present, and especially to the newer shareholders, if I were briefly to run over the main points in its history. The Sheridan Mine was first offered to the public in Shanghai in November, 1883, and the company was formed on the 15th. March, 1884, with a capital of Tls. 300,000, Mr. J. H. E. Waters being appointed En: inoer and Manager. By January, 1885, 280,000 had been subscribed, and the company was in a prosperous condit In March, 1886, the difficulty of dealing with the ore led the Manager to recommen the construction of a mill at the mouth of the mine for the purpose of concentratin, the ores there, and some debentures were issued in order to supply funds for this purpose. Mr. Waters, however, soon came to the conclusion that it would be better to construct the mill in the valley and the debentures were repaid. In March, 1887, the mine was leased to Nicholas and Fisher at 90 per cent. royalty. "In April, 1887, it was decided to run a tunnel in from the side of the hill so as to cut the vein at a lower level and -so avoid the necessity of raising all the ore up a shaft and then carrying it down the hill. In February, 1888, Mr. Waters suggested ing inclines to convey the ore to the valley and a mill to crush it. It was eventually decided that the inclines should be commenced at once, but that action regarding the mill should be delayed. At this time also the shareholders decided that
Text read from the printed page and cleaned; old type leaves the occasional error.