Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1875-06-30
TlnE RICHMOND.
Hall. Yearly Meeting Of tbs share
holders.


In London, during the last week in
May, there was held general half
yearly meeting, of the shareholders in
the Richmond Mining Company. The
full proceedings are published in the
Mining World, but we have only space
in this issue to reproduce the report of
the directors. The president Of the
company also delivered a very able
and elaborate address on the same oc-
casion, from which we shall take pleas
ure in making interesting extracts
from time to time. Following is the
Report of the Directors:
In compliance with tho wish ex-
pressed by the shareholders at the last
general meeting, the directors have
had the accounts made up and audited
for the talf-year ending 18th Febru-
airy, 1875, and have called an extraor-
binary general meeting of the share
holders, to be held at the Cannon
Street Hotel, on Thursday, the Goth of
May instant, for the transaction Of the
general business Of the company. The
operations of the last half-year have
been In every respect satisfactory; the
total number Of tons of Richmond ore
slnelted amounts to 1893 tons, and of
purchased ore to $3.50 tons, together pro-
ducing 3,l9S tons of base bullion and
10 silver bars, of the aggregate valne
Of e222, 4O4. Or reference to the rev.
enue account, 1t will be seen that the
net revenue for the half-year amounts
to CSC, 300 lss. 3d.; the net revenue for
the year ending 3Ist August, 1874,
amounted to ESQ, 59l Is. l0d. The
working expenses for the half-year are
at the rate Of 66X per cent. on the
gross bullion returns, and for the year
ending 3lst August, 1874, II per cent.
The profit per ton Of ore smelted dur
ing the six months was SO, and for
the year ending 3lst August, 1875, Sl3.
The average yield per ton of ore for the
six months was $50 70, and for the
year ending 3lst August, 1874 f5s 9e.
This satisfactory result is due to several
causes principally to the improvements
introduced by MIR. Probert, the in
creased value of the ore a. the mine
develops, and the continuous running
Of the furnaces during the half-year.
This is the more satisfactory, as the
economies expected to be effected by
the erection OF the refining works do
not, in consequence of the delays in de-
livering the apparatus, come into the
present accounts. During the half
year al0,6326s. lOd. have been expended
upon the refining works, sinking the
Richmond shat, purchase of land,
erecting buildings and machinery, and
other items coming under the head of
Expenditures on capital account"
This amount has been provided out of
revenue, so that the capital at the pres
ent date stands at the original amount
OF 2270,000. After deducting the two
dividends paid in the half-year,
amounting together to R26,09S l6s.,
theve remains, out Of Ahe net revenue
ofthe half year, q balance OF 2i2,67s
lis. 3d., which, with S5,135 los. Id.
brought forward from the last account,
makes . total Of E47 ,Sl4 los. Cd. stand
ing to the credit Of the ac-
count on the 2Sth Of February. Of
this sum the directors have set aside
ESQ toward the erection of a re-
serve fund for contingencies and work
ing capital. The whole of the capital,
viz, G270,00O, having been expended
In the purchase and defense of the
company's properly, and a working
capital being essential to the proper
carrying on Of the company's bust
mesa, the directors think that the time
has arrived for this step to be taken.
Out OF the balance, viz: a22,S14 los.
3D., they propose, to declare in the
present month a dividend Of Is. Cd.
per share, which will absorb R20, $50,
leaving q balance of e., 564 los. Sd.
to carry forward. During the six
months extensive Developments have
been made, and large reserves Of high
grade ore opened up. The Richmond
SHAFT is now down to a depth of GOO
feet, and siuking is being continued as
fast a. possible. The directors had
hoped that Clarence King would have
been able this Spring to make anoth.
er examination, and report upon the
present condition and future pros
poets and working Of the mine for
tho information OF the board and the
shareholders generally. Since his last
report such great developments have
been made that the directors would
have been glad to have again availed
tbepselvcs OF his great experience In
these matters; they regret, however
TO say that at present he Is not able t.
20 to Eureka, In consequence OF i'll
-