The Arizona sentinel., 1891-03-14


 was held st Room 47, Winchester house, on Thursday, "for the pur- pose of receiving the report of the directors and statement of accounts and of transacting the ordinary business of the company"
 James Hastings, Esq, lchairman of the company presided.
 Mir. Charles Goodyear (secre- tary) read the notice of meeting.
 A REMARKABLE STATEMENT.
 The Chairman. Gent lemep, the pleasure which we feel iR meeting you today would have been ex- perienced at an earlier date, but that our articles of association stipulate that the accounts of the company shall be made pp to the 31st of December in each year. We have, therefore, done our best to conform with that condition, and the report and statement of accounts have been sent to you all, and I hope carefully and pleasur- ably perused. Before l move the reception of the report and the adoption of the accounts, l will, as is usual with the chairman of a company, make a few remarks up- on the past and present history of this fine mining property, and state what 1 think are its pros poets. The directors report tells you that the transfer of the prop erty took place on the 18th of Aug ust, 1889, the company having been incorporated on the 9th of May previously. Using all the ex- petition in our power, we were not able to get the 30-stamp mill fairly started until the 17th of Decem Der of that year, but since then, with the exception of a short period when 1t was shut down for altera- tions and additions, it has done it's work well. It, however, soon be- came evident to the manager and directors that further milling pow CT was necessary to do justice to the mine. The result was that we last year added 20 additional stamps, making 50in all, and this mill s now crushing an amount of ore, which represents gross pro- duct to the company of 5000 pounds a month, or 60,O00 per an- mum. Of this amount more than one half is proht, and 1 shall be greatly mistaken and disappointed, gentleman, if this Is not the small fest return we shall ever have from the Mammoth Mine. We are now, and have almost all the time been crushing ore of under $i4 per ton in value, and We have every reason to believe that this is the lowest grade ore VIC shall mine. Of in s ore we crushed, up to the last day of last year, 17 ,342 tons. In No vember last it reached 2,004 ozs., but it contained a considerable amount of silver. Now you will see, gentlemen, from our report that in July last, the board decid- ed to commission one of their number to proceed to the mine to make a personal examination of the company's property, to study the treatment of the ore, and to ascertain what further steps could be taken with regard to additional plant, etc.
 SUITABLE PLANT SECURED.
 The directors are now in a posi- ton to state definitely that the ap- pliances for the treatment of the crushed ore are suited to yield the most economical results. The bodies of ore of the character and value at present being treated with such great profit, amounted at the time of the directors visit to over 5O,QQ0 tons, ready for cheap ex- traction, and in addition extensive bodies of lower grade ore, which will be held in reserve. The d. rectors have also been enabled to give specific instructions with a view to the further development of the higher grade ores, and the re- ports since received of this work are satisfactory. The work of the mine is in the hands of trustworthy heads of departments, as shown by the fact that the estimated cost of naming and milling viz: $4 per ton, has since the examination been actually confirmed by the returns. This is very good work, and reflects much credit on the management.
 RICHER ORE BODIES EXPECTED.
 We have not been picking and choosing, but have taken the ore as it comes, and although we shall be rejoiced when we get into richer bodies, which we confidently ex- pect to do, and very shortly, 1 think We ought to feel well satis- fled with the immense deposits of ore of the present value, which we know we possess, and which has enabled us to show at the outset a net profit at the rate of over 3o,000 pounds a year. If l am