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<br />I <br />~' <br />t <br />t, <br />i <br />I~ <br />;~ <br />j1 <br />S! I <br />;~,. . <br />I <br />I `i <br />?, : of development, renewals of equipment and betterments, a nett profit has been <br />earned of £33,456 17x. 2d. Of this profit two dividends, each of ls. per Share, <br />have absorbed £30,000, leaving the sum of £3,45(1 17s. 2d. to be carried foncnrd <br />i` <br />to next account. <br />Particulars na to development, ore reserves, milling, &c., will be found in <br />~ f iVlr. Hsnnox's Report, from which it will be seen that the appearance of the <br />• ~ property, particu]arly in the loner levels, is distinctly favourable. A table is <br />~ appended giving the results of crushings for the period under review. <br />~i <br />~,` As the Manager's Report extends only to the 30th June last, the Directors <br />'' deem it desirable to acquaint the Shareholders with the developments which have <br />taken place since that date, and which have been of ct sntisfactmy and enconrngin~ <br />character, purtirularly ns regards the 300 ft. Level East, and the i00 ft. and <br />800 ft. Levels, as will be seen from the following extracts from \fr. 1Ieanos's <br />` letters :- <br />II <br />ii _ <br />E I ~~ <br />I <br />i <br />1 <br />t ~ .~r-i <br />i <br />~~ <br />'~t <br />`~ <br />.r <br />~' <br />I, ~~ ~; 6 <br />~Ith Aagust, f900.-" The encouraging [catures o[ this development work ore, <br />" First, tha finding of good ore in the :500 [t. T. Fo. 8•I liaise. It now seems ns it this <br />" oro is a continuation of the ore-Cody found first in S•I Paise, from which gee bare <br />" obtained some very high-grade ore and which seems to be pitching easterly indepth. <br />" IE this be the ease the trill find it necessary to extend all our <lrifts farther to the <br />" Enst. Second, the discovery of the fact that u•e emt obtain a considerable tonunge of <br />" g00d Oro nndCC the Aoor of tho ~00 ft. Level in the extreme westorn purtimi of the <br />" dline." <br />"One of tho surprises of the month's work has Ueen the i00 ft. East drift. On the <br />" G00 ft. Level, the vein in this territory, while very strong, contains no quarts. The <br />" i 00 it. however, has note about 13 tt. of ore, trhich, while low grade, is being milled. <br />" I nm very anxious to see what the 000 ft. Level will show. The indications nrs thst <br />" the vein will be wider, and that the can expect to find more oxidation thou in the <br />" upper levels. <br />