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6 <br />Provision for Depreciation. <br />It is proposed to write off ~IS,ooo for depreciation of plant for <br />the year, this amount being approximately Zo per cent. of the estimated <br />value of the Machinery and 1;9utPment as at the IZtb May, 1902• 'The <br />Manager advises that this amount should be written off the first year, <br />but that, in the future, Io per cent. per annum will be sufficient. <br />Consulting Engineer's Report. <br />The Annual Report by Mr. John Hays Hammond, the <br />Company's Consulting EngmeCr, is Presented herewith, accompanied <br />l,y the yearly Report of Nlr. NNrilliam J. Cox, the General Manager, <br />together with plans and longitudinal section. The attention of the <br />$bareholders is especially called to these Reports. <br />~ Development. <br />The development of the Mine has proceeded very satisfactorily, <br />a tutd of 6,425 feet having been driven, raised, or sunk, in the various <br />workings. <br />The must important developments dwheretthe SighLiscovery <br />place in the western portion of the Mine, <br />stope has been extended to a height of t 7c ft. above the second level. <br />The inteYmediate drift at 1 So ft. above the same level has been <br />driven 95o ft. in payable ore ranging from ~ fe. to i4 ft. in thickness. <br />The First Level, ISo ft. above the Intermediate and 30o ft. above <br />the Second Level is now also being driven in payable ore. The <br />iiin 111s boon cut by the Chicago Tunnel, 415 ft• above the top <br />