1869
30 July 1869
The Cudgegong Cinnabar company.
The first meeting of the shareholders of this company was held yesterday afternoon, and the following report was unanimously adopted: -
Report of the directors of the Cudgegong Cinnabar Mining Company (limited) to the shareholders, at the first general meeting held at the office of the company, 20th July, 1869.
The directors have much pleasure in submitting to the shareholders the first progress report of the proceedings since they entered upon office.
The property of the company, consisting of forty acres of land secured by mineral purchase, and about four hundred and forty acres held under lease, has been prospected in several places with the most satisfactory results.
Ten shafts have been sunk to an average depth of about eighty feet, and in nine of them cinnabar ore has been found in greater or less quantities, through a thickness of about forty feet of clay, all more or less impregnated with the mineral.
The operation of raising ore has only been commenced within the last month, and the mining superintendent reports that there is sow at grass ready for the puddling machine about 104 tons of average mineral, and in the mine a considerable quantity of superior ore is stored ready for raising to surface. The quantity of this, however, cannot yet be estimated.
A substantial iron-roofed building, 100 feet by 50 feet, is in course of erection for the purpose of storing mineral, for the reception of machinery the process of retorting, and other operation connected with the reduction of the ore.
A bank of eight retorts with condensers have arrived at the works. Stone is excavated, and foundations for furnaces and chimney, 60 feet in height, commenced. Your directors have every reason to believe that within a period of two months these retorts will be in active operation.
A pug mill or puddling machine, with the necessary washing appliances, will shortly be completed.
A twelve-horse power portable steam engine for pumping and other purposes is about leaving for the mine. Lime for flux, and timber for firewood,is also being stored and collected, ready for the completion of retorts. And as far as lies in their power, your directors are pushing on operations with the utmost vigour consistent with due economy of expenditure.
The company have also in their possession, stored at the works, 1800 iron bottles for the reception of quicksilver, and two large kilns of bricks, all of which are paid for.
The directors have every reason for believing that much undiscovered wealth yet exists on the property of the company, but defer for the present to divert any labour from the works in hand, or incur any extra expenditure for prospection.
The meeting will have to elect a fresh Board of Directors in place of those now retiring, in accordance with the deed, but who are all eligible for re-election, and who are the only shareholders who have given the requisite notice.
The accounts, showing the financial position of the company, are now laid upon the table.
The whole of the retiring officers were re-elected1
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