The' Chairman said that this meeting was held in accordance with the statutory requirements, but there were no resolutions to be submitted to the m he proposed to gi present a statement of Company at the present ti was' a large outstanding liability by the old Company, but they would be pleased to know that that had been paid off. Enquiries hed been made in Japan and elsewhere, but they had found it quite impossible to dispose of the old concentrates: In O aka, the best price has been offered. viz Yen 3) per delly-red ton. this offer was so small thy hal d: cided to deal with these coaceutrates themselves, and a small plant was put up to treat by the cyanide prove s, The Cumpany's ming engineer exp-ered that thin would yield "shout $50 /6 10 Mex. month. The Chairman wished to give the sharcho'ders as cox an account as possible ut the actual position of the Company's property the present time and he thought that the best thing that he could do was to confi.e his remarks to (he suppl-mentary report of their mining engineer, Mr. Ver-coyle which dealt with: the' work done up to May. At the hundred-foot level there were two distin! shoots of ore, but they had now blocked out the ersd to the handred-fiot level. Th prospects. between the one-hundred and two-hundred foot levels were distinctly good. Mr.jVerschoyle dealt in his report first with the geological formation existing in and around the mino, and then proceeded bat at the hundred-foot level two distinct shoots of ore had been cut. through. These were both cut on the surface and were evidently both going down below the hundred-foot lev. gether and having no connection with one another. From the fact that both the No. 3 shaft and No. 2 winze, which wore cutting diagonally across the shoots, continued jin a good width of ore at point where it might reasonably be oxpected they would be thinning out, it might be concluded that both shoots wore lengthening. They therefore ware led to the conclusion that whether above or below the two-hundred-foot level, they would eventually have one body of ore as outlined somewhat meagre supply of facts; they might prove entirely erroneous; they were only introduced because he wished to show that the expond'ture necessary 10 exploit the two-hundred-foot level was justifiable, a point which he felt the s'iarebvlders must wish to feel secured upon. Tue estimate of ore tonnage ab-ye ti showed that as the at the hundred-foo 3,896.20, $1,989 82, all values in dollars gold. 'This was a result that eft much to Lo desired, 'The cost of milling 1,691 tons in December $126. With certain alteratione this by reduced to $7.88. and Later perhaps lower. Mr. Verschoyle continued The cyaniding costs contemplate trea' ment of concentrates only, or about six per cent of the ore mined. The item "Mining" includ the cost of develop, ment, that is to say. coat of main shafts level, winzer, ete It is obvious that the tonnage and value of ore opened up on, ay, the 20 level mu t be considerably greater than that over the 100/ to make it a payable transaction. Altog ther it will take about 760 feet, some of which is already completed, to open up the 200" level. Taking the May per foot cost at $11 80 the total cost of ths work wil bs $5,968 Mex., exclusive of European silanes and Shanghai offi e expenses. Taking the cost of development at 25 per cent of the total cost of winning and treating the ore (a figure which it should not exesed) the total tonnage developed should value not less than $35,872 (Mex.),
Text read from the printed page and cleaned; old type leaves the occasional error.