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GOLD MINING IN WALES.

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GOLD MINING IN WALES. MEETING OF THE MORGAN COMPANY. The first annual general meeting of the share- holdors in the Morgan Gold Mininc Company was held at the Cannon-street Hotel, London, yester- day Mr Hanbury Tracy, M.P., in the chair.— The directors presented a report showing that the total amount of gold produced from the workings of the nuLe for the year ending 30th June wall 5,764oz. 8iwt. 2gr., and it realised J619,755 43 Id. The number of tons of ore crushed was 5,211, and the average yield of gold loz. 2dwt. 3gr. per ton of ore. During the first nine months' operations the directors were enabled to distribute £ 10,500 in dividends, being 5 per cent, on the capital of the company. Unfortunately, owing to the water failing, the mill only ran intermit- tently during the last quarter of the financial year. The Ylirectors thereupon resolved to re- linquish the fees due to them, amounting to 9925. It must be borne in mind that, including the amount taken out by the vendors, the mine from the commencement of its operations in April, 1838, up to the end of June, 1S89, yielded 10,590 >z. 8dwt. 2gr. of gold, of the value of JB54,717 193 4d, ex- tracted from 6,632 tons of quartz, being au average yield of loz. lldwt. 22gr. per ton. Additional machinery was now in course of erection, and ou the completion of these works, by the middle of November, there would he 43 head of stamps in working order, capable of treating 25,000 tons of quartz per annum. The CHAIBMAN moved the adoption of the report. Mr P. MORGAN, M.P., seconded the motion. He urged the shareholders to increase the capital, as thereby the mine could be worked more economically, and stated that, though he some- time ago refused £ 10,000 for the land required, he was prepared to hsnd it over to the directors now for a nominal amount. The company had prac- tically earned a profit at the rate of 5 per cent. for the first quarter of the current year and be was fighting the Crown in the Court of Chancery, aa to whether the company should pay a royalty to the Crown or not. After some discussion, Mr PENDKR, the manager, gave an account of the coudibiou of the mine, urgiog that with more capital and the most ap- proved appliances the mine could be profitably worked but he could not promise to make money under the present circumstances.—The report was adopted. ?_

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