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The Queenslander 4 May 1892

The fifth general meeting of the Raub Australian Syndicate, Limited, was held in the registered office, Queen-street, on Monday after noon. Mr. M.H. Black, M.L.A., presided.

The report of the directors stated that a little delay had occurred in the issue of the balance sheet, the troubles at Raub hindering stock taking; but latent advices stated that the disturbances were practically over, and that crushing had been again commenced. All assets had been taken at valuations made on the ground.

It was satisfactory to find that, in spite of the difficulties inseparably connected with the development of a new property, there was every reason to have confidence in the great prospective value of the mine. The balance-sheet for the six months ending 31st December and the mining manager's report for the same period accompanied the report. The Chairman moved the adoption of the report and balance-sheet. In doing so he said that the property of the Syndicate was more than a gold mine—it was a gold field, comprising twenty square miles of country in the concession, the title to which was now satisfactorily settled.

Since commencing operations two and a-half years ago, no less than £18,452 worth of gold had been taken out of the mine, notwithstanding the very great difficulties in the way of developing a country such as that was. Taking everything into consideration, the syndicate had certainly reason to be satisfied; they were the possessors of a most valuable property. It was never intended that the syndicate should develop the whole of the property themselves. It had always been intended that a section of it should be sold, thereby furnishing capital for the further development of the land which remained the property of the syndicate.

All mining enterprise had been very much depressed during the past eighteen months; and it had not been possible to get any syndicate or anyone to make purchases such as that, especially in a country of which so little was known. The directors were now of the opinion that the resources of the Raub district had been proved beyond any possibility of doubt, and it was proposed to take stops at the earliest opportunity that presented itself to dispose of a portion of the concession.

Shareholders Meeting

If that were accomplished it would put the syndicate, he believed, in the position to pay a very substantial dividend to the shareholders and also leave sufficient capital to develop the rest of the property.

The whole of the property had been more or less prospected, shafts had been sunk, and tunnels made, with uniform success all over the concession; and Mr. Bibby in one of his letters plainly stated that there was equally as good if not better country a little way off than that they know existed where the Raub workings were being carried on. The policy of the directors had been to go slowly. Taking into consideration the many disappointments met with in mining, they did not think themselves justified in sending to the mine a large quantity of machinery until they got practical results as to the value of the concession. Every crushing which had taken place had been attended with more or less satisfactory result.

The very small crushing, of which a report had just been got, although not equal to previous crushings, was, when the surroundings were borne in mind, fairly satisfactory. The mine had been flooded, and when the water had been pumped out the mine was, as Mr. Bibby reported, full of debris, and there could not be any doubt that in taking that out a lot of stuff of little value was carted off in order to save any gold it might possibly contain. The last cablegram which had been received was of a most encouraging description. It had been forwarded in reply to one asking' for the latest information regarding the condition of the mine. It was as follows: —" Western lode crosscut from No. 2 level is driven 75ft.; the crosscut has cut the lode. Formation 25ft., crushing stuff 15ft. wide; gold plainly visible. Raub Hole: The total depth of shaft is now 70ft.; gone through loaders carrying good gold. The character of the rock necessitates constant blasting. Rough clean up of battery yielded 880oz. amalgam. Estimated quantity of stone crushed for this 450 tons, and was taken from the stope above level No. 1 in western lode.

The war continues with increasing vigour." For the large crushing which they had recently, and which yielded 1900 oz. of gold, Mr. Bibby informed the directors that about three-fifths of the formation was taken from the eastern and western lodes, and about two-fifths from the valley.  

The average  yield was 2 oz  to the ton,  and had proved that they were not dependent on little patches of stone to keep the mill going. The directors some time ago decided to send to Raub an additional crushing plant.

   They had forwarded another ten-stamper battery, and the machinery had already arrived on the spot where navigation in small boats commenced. The £18,000 worth of gold had been obtained by a small ten-stamper battery, and when everything was considered the shareholders might be very well satisfied that they possessed a valuable property which only required patience and perseverance to develop it.

The capital was extensive, nearly £1,000,000; but he believed that those who had bought in even at the highest prices, would be repaid and something more. The total expenditure on the property had so far been about £24,000 and £18,422 worth of gold had been obtained, while they possessed a large and splendid property, machinery, &c. That was very satisfactory, and he considered the syndicate would be perfectly justified in offering that portion of their property which had already been proved for Sale in London, on the most liberal terms.

Any syndicate would be at liberty to send the best mining expert they could find to Raub for six months, and if they did so he was sure that the report of that expert could not be otherwise than favourable. For this portion of the property to which he had made reference at least £120,000 should be realised.

In conclusion he acknowledged the service which the Malay Peninsula Prospecting Company, Limited, had rendered the syndicate in the matter of assisting to pump the flooded water out of the workings. Mr. R. Philp, M.L.A., seconded the motion, which was agreed to.

The retiring directors, Messrs. Philp, Black, Johnson, and Macpherson were re-elected, and the vacancy on the board was filled up by the appointment of Mr. De Burgh Persse. Messrs. Price and Whitaker were re-elected auditors, their remuneration being fixed at 20 guineas each.

A cordial vote of thanks was awarded to Mr. Bibby and his European staff. This concluded the proceedings.

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