The following report from the directors was presented: —

Your directors beg to hand you their second half-yearly report and balance
sheet.  At the close of last half-year the machinery for the mine had just
been shipped to Fremantle, but owing to the prevailing drought at that
time it was found impossible to transport same to the mine.  To enable the
Company to meet the heavy cost of transporting the machinery, the
directors declared a call of sixpence per share in April, but the call was
so poorly responded to by the shareholders that when in the month of May
abundant rains fell and opened up the roads, the directors were unable to
have the machinery transported for lack of funds.  The directors were
further obliged for the same reason to apply for exemption from the labor
[sic] conditions of the lease, which was granted, and work ceased on the
15th May until 29th August, when work was again resumed.  Notwithstanding
the financial position the directors retained the highest opinion of the
value of the property, and the mine manager having assured the board that
payable stone was available if the machinery had been on the mine, your
board determined to further test the mine by crushing a quantity of the
stone.  The mine manager accordingly arranged to have 100 tons crushed by
the Exchange Company's Huntingdon mill. [sic] with the very satisfactory
result of 206 oz. 13 dwt. The shares forfeited for non-payment of the
first call were sold by auction, but the price obtained was
unsatisfactory.  On the result of the crushing being ascertained the board
determined to resume work and erect machinery, and to enable this to be
done declared a second call in August.  A contract has been entered into
for the transport of the machinery from York to the mine, and the whole
must be delivered within three months under a heavy penalty.  It is
expected that the machinery will be delivered before that time, and be at
work before the close of the year.  The Government of Western Australia
have sanctioned the construction of a new road to the field, and the work
is now in progress.  When completed this road will very materially reduced
the cost of cartage to the field.  Captain Oats has, with the consent of
the board, assume the management of Fraser's gold mine while retaining his
position with this Company.  This arrangement will, it is believed, be in
no way adverse to the interests of this Company.  On the contrary, Captain
Oats believes that the information gained in the working of Fraser's mine
will supply valuable data for the working of this property.  Captain Oats'
report for the half-year is attached hereto."[sic – no opening quotes]

The report of Captain Oats was an epitome of the reports furnished by him,
from time to time, during the previous half-year, of work done at the
mine, the more salient portions of which have already appeared in these
columns.  In concluding his report, the mining manager says: "I wish here
to remark that the water and other difficulties are not greater than might
be expected on a new field, and with care and perseverance can be
overcome.  I have no hesitation in saying (after nearly a year's residence
on the field) that with proper machinery half an ounce of gold to the ton
should pay the working cost.  I have always had a high opinion of the
mine, which only requires a sufficient outlay judiciously spent in
development to give good returns, and, supported by you, I will do my best
to bring about this condition."

The balance sheet for the year ended September 8th showed on the Dr. side
and capital account of £65,811 10s 11d, after making certain deductions on
account of uncalled capital, unpaid calls, and loss on forfeited shares;
and an item of "sundry creditors £404 16s 11d, bringing up the total to
£66,216 7s 10d.  On the Cr. side were £62,000 for mine purchase and bonus
to applicants for subscribing shares; £998 13s. 9d. machinery; £731 5s.
estimated value of gold lodged in bank; £418 5s. 6d. bank balance; £2065
3s. 7d. profit and loss; making the total £66,216 7s. 10d.  The profit and
loss account showed an expenditure of £2799 8s. 7d.,for working the mine
and other expenses of management, against which was set the ...

[Note — clipping finishes at this point.  The remainder appears to have been torn
off and is missing]

to the chair, the following report was read: —

"Your Directors, in submitting the second half-yearly report to the
shareholders, are glad to be a position to assure them that they have
every confidence in the ultimate success of the Company.  It is some three
months since the Huntington Mill was started, and two crushings of quartz
from the Company's claim have been made, the result of the first being 12
dwts. to the ton, and of the second a little under an ounce.  The Mill has
also crushed 100 tons of stone for the South Fraser's Company, and a small
parcel for a syndicate.  Several hundred tons are now waiting treatment.
Operations at the works were progressing so favourably that in July your
Directors deemed it unnecessary to levy any further calls as there was
every prospect of the property proving far more than self supporting in
the immediate future.  It, however, became necessary to send to the
eastern colonies for certain portions of the crushing plant which required
renewing, and owing to the strike in the shipping trade it has been
possible to get them forwarded, consequently work at the mill has had to
be suspended pending their arrival, which is expected within a week or
two.  Operations can be resumed immediately we are in possession of the
required portions of machinery.  In the meantime it has become necessary
to make another call to meet current expenses in connection with the
development of the mine itself.  Your mining manager reports favourably of
the prospects of the mine.  This, coupled with the fact that we can obtain
large quantities of stone for crushing from other companies, warrants your
Directors in anticipating good results for the shareholders.  Your
Directors, Messrs. J.W. Hackett, W.S. Pearce, Chas Harper, H. J. Saunders,
W.E. Marmion, and William Cameron, retire, but are eligible for re-
election, as also are the retiring auditors, Messrs. W.H. Gale and Ishmael
Rogers."  The balance sheet was read to the meeting by the manager, Mr
Mansfield, and this, with the report, was adopted.

tons of stone.  The shoes being light from wear account for not having
more tons through.  In reporting for the fortnight ended 26th July, drove
the bottom level South 7 ft., total 62 feet; lode formation 11 ft; a horse
[sic] of mullock about 3 ft wide in the middle of face, which is not
unusual in big lodes occasionally; I am stowing it back.  Prospects same
as last reported.  Crosscut west from same level, 12 ft.; total 25 ft.
Cut in the end what may turn out the western or hanging wall.  When I can
spare men I intend to drive it a little further to make sure.  Started two
men to rise from intermediate level to surface.  When through will have
good air; also able to use it for a mullock shaft to fill up the ground
when stoping. I am still breaking stone from the north cutting, and will
give it a fair trial.  Put men to clean the boiler out on Sunday night;
will have it finished and the battery to work this afternoon.  Had no
trouble from the battery this last fortnight." [sic – no opening quotes]

FRASER'S G.M. COMPANY.

The following report, under dated Southern Cross, July 28th, has been
received from Mr Wm. Oats, mining manager of the above company: "We have
made fair progress during the last fortnight, both underground and on
surface.  The battery has worked ten days of 24 hours each, crushing 110
tons of stone, cleaning up to-day and overhauling machinery, necessitating
a stoppage of six hours.  Have the tram road completed, with shoot to run
stone on ore floors.  This dispenses with carting to battery, saving time
and money.  I hope to send the gold down to-morrow by the York coach.  At
present I am unable to write definitely on the quality, but I think it
will not be less per ton than the last.  P.S. — July 29.  I send per Mr
Cameron the gold from cleaning up yesterday.  I have only a balance
scales, but consider the weight to be 120 ozs. troy, smelted gold in two
cakes.  The crushing for the fortnight has been 120 tons of stone.  We
have only worked 10 days of 24 hours each.  Average per ton of stone
nearly 1 oz. 2 dwts.   This is in the right direction, and I hope to
fortnightly send down gold, also to increase the output as we advance."
The gold, as weighed at the Commercial Bank in Perth, turn the scale and
120 ozs. 12 dwts., troy.

FRASER'S SOUTH G.M. COMPANY.

A MOST SATISFACTORY CRUSHING.

Yesterday afternoon a parcel of gold was brought down from the Fraser's
South G.M. Company's mine at Southern Cross, which when exhibited in Mr V.
E. Nesbit’s shop window, attracted considerable notice from the passers-
by.  It was a good-sized mass of retorted gold weighing 206 ozs. 13 dwts.,
the result of the crushing of 100 tons of stone.  This gives a yield of 2
ozs. 1 dwt. 7.92 grs. per ton.

Mr Nesbit, the local director of the Company, handed four ounces taken by
chance from the retort cake, to Mr Bernard H. Woodward for assay.  Mr
Woodward reports that it is 20 1/2 carats fine, and is worth £3 13s. 4p.
per ounce.  Mr Nesbit also handed to Mr Woodward, one ounce of the
retorted gold, taken out of the heart of the cake, but the result of the
assay will not be known until to-day.

the carting of the machinery for Fraser's South G.M. Company from York to
the company's claim at Southern Cross.

THE CANDYUP SILVER DEPOSIT.

A short time ago, states the Advertiser (Albany), a parcel of stone from
Candyup was sent to Messrs. Harrold Bros., of Adelaide, for assay.  The
stuff was from the surface.   We are informed by Captain Nicholson and Mr
John McKail that they have received the report of Messrs. Harrold Bros.,
which shows that the stone contains silver in sufficient quantity to
encourage them to proceed with sinking operations.  They have now in
Albany six bags of stone taken from the 30 ft. level, and they will have
this tested in Adelaide before they proceed to float a company to develop
the find.

stone, and stopped to clean up this morning at 4 am.  Retorted gold out by
3 pm.  100 tons crushed for a cake of retorted gold weighing over 200 ozs.
 I have sunk the shaft a further distance of 11 ft making a total depth of
93 ft 6 in., and raised quartz showing gold."

THE STOCK EXCHANGE OF PERTH

The following are yesterday's quotations: —
Gold— Central, sellers 18s, buyers, 12s; Central Extended, (pro.), sellers
6d; Fraser’s, sellers 4s 10d, 4s 9d, buyers 4s 10d 4s 9d; sales at 4s 10d,
4s 9d; Fraser’s South (pro.), sellers 1s 9d, buyers 1s 7d; Waterhall
(pro.), sellers 2s., buyers 1s; (con) 4d; Yilgarn, sellers 2s.
Tin—Bunbury (pro.), sellers 6s; Floyd (pro), 1s; do.(con.), 4d;
Greenbushes (pro.), 1s; do. (con.) 4d; Spring Gully (pro.), sellers 6d;
do. (con.), 6d.  Investment Stocks—Perth Gas, sellers 27s.

FRASER'S SOUTH G.M. COMPANY.

It will be remembered that in yesterday's WEST AUSTRALIAN, it was stated
that in addition to the four ounces taken by chance from the retort cake,
Mr Nesbit, the local director of the company, handed to Mr B. H. Woodward
an ounce taken from the heart of the cake, for assay.  Mr Nesbit also
assayed a small quantity of it himself.  With reference to the assay of
the four ounces, Mr Woodward reported that the gold was 20 1/2 carats
fine, and worth £3 13s. 4p. per ounce.  A similar result was obtained in
the assay of the smaller piece, and this confirmed by Mr Nesbit's assay.

THE STANDARD AND NEW BISCHOFF T.M. COMPANIES.

The following reports have been received by Mr B. C. Wood (legal manager)
from the Standard and New Bischoff Tin Mining Companies, Greenbushes.  The
mining manager of the New Bischoff advised on the 1st August, that he had
over 2 1/2 tons tin streamed, dried and bagged, ready for carting.

The Standard's telegraphic report received 5th inst., stated that the
manager, Mr C. J. Pearse, had 4 tons tin ready for carting; this quantity
is the result of 15 days washing.

The work on the Standard Company's claim was proceeding satisfactorily.

FRASER'S G.M. CO.

The following report dated Southern Cross, September 19th, was received,
yesterday, from the mining manager: —

I have pleasure in reporting that during the past fortnight our battery
has had a run of over nine full days, crushing 110 tons stone, yielding
118 ozs. gold.  In the water shaft we are excavating chamber to receive
Tangye pump, shall immediately after commence driving for lode.  The
ground at Fraser's shaft continues opening as usual, and the other parts
of the mine are in a satisfactory condition.

FRASER'S SOUTH G.M. COMPANY.

[BY TELEGRAPH.]

(FROM OUR CORRESPONDENCE).

ADELAIDE, September 29.
Shares in Fraser's South Gold Mining Company are quoted on 'Change here.
— Pro 3s 6d, con. 2s 9d.

THE BROKEN HILL PROPRIETARY COMPANY.

[BY TELEGRAPH.]

(FROM OUR CORRESPONDENT.)

ADELAIDE, Sept 29.
It is announced that the 49th dividend of the Broken Hill Proprietary
Company, of a shilling per share, amounting to £48,000 will be payable on
October 15.  It is also explained that sufficient funds are hand to pay
the usual 2s dividend, but the directors have declared that it is best not
to do so.

THE NOR-WEST GOLDFIELDS.

ARRIVAL OF 500 OZS. OF GOLD IN ROEBOURNE.

THE GOVERNMENT GEOLOGIST'S OPINION OF THE ASHBURTON FIELD.

[BY TELEGRAPH.]

(FROM OUR CORRESPONDENT.)

ROEBOURNE, Sept 29.
Close on 300 ounces of gold were brought into Roebourne from the different
finds on Saturday and 200 ounces to-day, including Walsh's large nuggets
weighing fifty odd ounces and sixty odd ounces respectively.  The latest
news from Coongan is not encouraging.  The men are all leaving, some for
Nullagine and others for Pilbarra.  Pontt Bros. have opened a store and
Egina.  There are about 30 men now there and close on a hundred at
Pilbarra, and all are doing well.

The Government Geologist gives a good account of the Ashburton fields.  He
says that the men are only scraping the top and a running from field to
field.  He thinks that the field will prove a splendid one....