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 ^ APPLIED IIVMGE 
 
 1653 East Main Street 
 
 (7,tt8^2 -'^30^ PHo^:^°^ ^^ 
 (716) 288-5989 -Fox 
 
 Inc 
 
«•, p 
 
 \r in . I 
 
 REPORT 
 
 
 ^ 
 
 / 5-^ I 
 
 /34£ 
 
 O.N 
 
 THE OPERATION 
 
 OF 
 
 f 
 
 ^h:\ 
 
 m iihtm 4 si(; 
 
 COMPANY 
 
 OF 
 
 WESTMORLAND COUNTY. 
 
 •€r 
 
 <CCf, 
 
 srrr^^ 
 
 HAINTJOHX, N. B 
 PRINTED BY BAJiXE.S A: COMP VNV 
 
 PRIXCE WILLIAM STllEET^ ^ 
 
 1H79. 
 
REPORT 
 
 Ho 
 9532 
 
 ON 
 
 H 
 
 THE OPERATIONS 
 
 OF 
 
 |e |efaa |(klik qi §H 
 
 COMPANY 
 
 OK 
 
 WESTMORLAND COUNTY. 
 
 -Qy^e 
 
 SAINT JOHN, N. B. 
 PBJNTED BY BARNES & COMPANY 
 
 PRINCE WILLIAM STREET ' 
 
 1879. 
 
mOARQ OF (LMECTO^S. 
 
 BLAIR B0T8F0RD. President. 
 
 WILLIAM PATRICK, General Manager. 
 MATTHEW LINDSAY, FRANCIS COLLINS. 
 P. W. HALES, D. S. HARPER, 
 
 E. B. CHANDLER, Jr.. Sm^etary- Treasurer, 
 
 1 
 I 
 
 £ 
 I 
 
 1! 
 l 
 
 t] 
 
 81 
 
REPORT. 
 
 <9^ 
 
 Cl^'of S'T."' "' ^"''="'" "' I'''' <''"»P'"'y. •"«" at the 
 
 ,W « , r. • "" ""^ *** •'»y "' March last, the follow: 
 
 mg Resolution was adopted, viz • 
 
 a C— f; .'""" "" ^'"''"^""- *•""««"■ ""'J 8ecreta.y, be 
 
 p^prrc=:ftre«^^^^^^^^^^ 
 
 mailed to each stockholder, accompanied with a not.ce that f 
 
 the'iorwtg':" """ *"' ■"•"*'' '^"'""»'' - ""S '» P«»-t 
 
 wTll'V*"-^"' '" '>"'»n«'"te the said Company was Dassed 
 
 by the Legislature of the Province of Ne* BrunswTck on he 
 
 nth day of April, A. D., 1875. The fl:.t meellng of he 
 
 the terms ot'n^l' "' '"""'' °'''*"="'" '"=™ <="«««■' a-d 
 
 In?? T".'^'' ''''■ '"« ^^-^^^ of the Company wfre 
 adop^, and the following resolution (among oL^)Z 
 
 i8«oW That the following ertract tr:.u the Prospectus 
 
 r.,^irt" "* ?' ^^"™''" ^"'""'^ "".d Oil Company 
 issued by Messrs. E. B. Chandler, jr., and William Patrick' 
 be entered on the Minutes of the proceedings, andTdoptr« 
 the basis of the Company's formation • ^ 
 
 "The Beliveau Albertite and Oil Company's property is 
 situated on east side of Petitcodiac River, five InJinU" 
 
 ■ — *.„« *it-^i viX~ 
 
c., t ,,f AllKTi M,„„. Cupilal, *aK.,00rt. Shares of »1M each 
 
 W1.2.W, or:3J p,. ce„,., is require,! for nnnu^lia,,, „*,;,:^' 
 
 stockholder can b, compelled to respond, Inn in tirevem of 
 
 ties will cea»e. When snfflejent has been called in to niacn 
 tbcMmcn a seIf.sus.aini„K condition, a fm, p„i "„„ ,u c™ 
 corfflcatc will be issue.!, and although only a X Z em 
 m»y^l,ave been paid, a dividend will be given on tlle'*^ per 
 
 wo beg o refer you to Section r, of the Aet of Inconon.tion 
 by wh,eh ,t is provided that i„ the event of „on.paym2 of 
 
 t ,e A,.f„ « """""! ^"^ '"'^"""« 1'"-™''"' ■"■« provided by 
 the Act or By.Ltt«-^ of the Company. Section of the Act 
 
 enacts that " The joint stock and property of the Corpo ail' 
 1 Co^pa:;..^^"'"""""" ""' ""-■ "^"^ ""^ -SageLnt^of 
 
 Ji'wanSpi^x'™' '"""'■ '""• ""' '""-'■■«■«-• 
 
 conditions of the agreement entered into between the nro 
 pnetors or holders of paid-up stock and the hold s of stock 
 
 f orn' P^^"'''''"«'''P™-''^'' '° '""^'"o" «° those ad;p<ed 
 from the Prospectus, as contained in the Resolutions passed 
 at previous meetings by the stockholders, viz ■ ^ 
 
 •• That upon the payment, by the respective stockholders of 
 12} per cent, on the number of .sharesheld by each subscriber 
 no further instalment shall be called for on such shares" nti 
 the whole number of shares appropriated for workinrex 
 pcnses shall have been subscribed for, and the inltaent of 
 i2i per cent, has been paid thereon, unless a majority of ^Lh 
 shareholders who have paid such instalment shall assent to an 
 
 :o*TexZ:es."" ''''-' '^- -"^ -" ^^ 
 
 A 
 
 ft 
 
That MO soon as fho Comrnny «hnll ho in a pcsition to do- 
 Cbire d.vulends. the suhscrion-n for stcek appropriated for 
 working expenses shall be entitled to one-half of such divi 
 dends m proportion to the shares held byeaoh. an<l tlie profits 
 
 iHJ d , (led equally Ix-tween the holders of the pdd-up stock 
 and the holders of the subscribed stock; and that up',n the 
 discovery of Albertite or Oil in paying quantities, the share 
 n'mauung undisposed of. shall be subject to the control of a 
 majority of votes of the holders of the subscribed stock (such 
 voting to be taken in accordance with 8ecti<,n XI of the By- 
 Laws), and shall enure to (he benefit of such stockholders In 
 proportion to the number of shares held by each respectively " 
 Section XI of the By-L.ws. above referred to. stipulates 
 hat in voting, each shareholder shall have one vote for every 
 
 beyond fifty, every ten shares shall count one vote, and no 
 
 On the 21st December, A. D.. 1875. a deed from Messrs E 
 R Chandler, jr.. and William Patrick, of the Mining Lease 
 of the property lying in Beliveau Village and Taylor Village 
 was executed in favor of the Company, and at the sam t m^ 
 cert.flcatesfor 1,250 shu.es each of paid-up stock were issued 
 
 ApHiTd T«'f^^^^ On the 10th 
 
 April. A. D,. 18,7. by resolution of the Board of Director** 
 
 the deed was withdrawn from escrow and ordered toberegis'- 
 Pltri^k ^^"-''fi^^^t^^ delivered to Messrs. Chandler and 
 
 The Board of Directors at a meeting held on the 18th May. 
 A D.. 1876. ordered that mining operations be commenced 
 The necessary machinery, hoisting engine and plant, having 
 be n secured, the work of sinking a shaft was^ndertakef 
 wi h the expectation of finding remunerative veins of Albertite 
 m levels proposed to be excavated at a depth of not less than 
 500 feet from the surface. On the 12th of August, the shaft 
 had been sunk to a depth of 52 feet, when operat ons were 
 
6 
 
 IhZf^:- °v *■" ''' O^P^-l-er. 1876, the Board decided 
 that operations be resumed, and that the pit be sunkTo a demh 
 not exceeding 160 feet further, and u^nders f orTe wo* we:^ 
 ordered to be issued. On the 13th February 1877 Tp P 
 dent was dir^ted to enter into a c^J^ct ^i h '^, '';^^'^::; 
 Patnck for the sinlcing of the sh»ft-his offer beinreons? 
 dered the most advantageous for the Company, xfo wo k 
 
 a depth of aS"? ? '."T- '""'"'""■'« -«' «"»" •««--* 
 a depth of 250 feet. In January, 18,d, the South Tunnel had 
 
 been dnven a distance of 326 feet, passing through numero^ 
 
 faults ,n which very small deposits and indications ofAlber 
 
 1;?^ f^ T "■"'^'"''"''K "■« shaiproof of a house-was 
 
 ^fee.Thtd-'";' ''"!'' •T"'"'*' ""^ ''''™" " <""-- o 
 wi^h Thl '°.d'<="'>o»8 simUar to those in the South Tunnel 
 
 with the exeeptton of the anticlinal. The faulte, however 
 
 otZtzz"- '"IT""' '""""=" ^'-'^^ q-n,'ittsr;; 
 
 Of such an mflammable nature, and in such quantity as so^ 
 t.mes to create alarm, but at the same time afford LencX 
 aging hopes of the near presence of Albertite 
 
 In May, 1879, « discovery of Albertite, near the surface in 
 oneof the veins at Taylor Village, induced the Manager' ° 
 
 depth of 40 feet from the surface~the vein passing into them 
 
 1^ » H^ "'Vli'"'"* """ ""^ '"' other vei,sfn this Io»: 
 lity, a diamond borer was purchased from the Goverament 
 
 "ptrof'toT:".? V"" ""«'* <" ^o™""-' '-' " t a 
 depth of 160 feet the borer, at an easterly angle passed 
 
 through 17 inches of Albertite, and was continued dTwn 
 
 through the Shale a depth of 835 feet without agaT triki:; 
 
 the vem. A second bore-hole was started a few feet south 
 
 fZ n ^'T ""^ ''''■ ^' » P^Tendicular dep h of ITO 
 feet, the dnii passed through 49 inches of Albertite, the vein 
 b«ng apparently a continuation of that struck at a depth o? 
 
 a^two^oitsh™' ""-Oole-'hehori^ontal distance between 
 the two pomts being about 15 feet. The second hole again 
 
passed through 14 inches of Albertite at a depth of 210 feet 
 from the surface, or 30 feet below the 49 inches of Albertite 
 and again, at a depth of 302 feet, passed through 2 inches and 
 was continued to a total depth of 325 feet. In view of these 
 interesting developments, and from the fact that the vein ex- 
 tends horizontally along or near the surface, a distance of 400 
 or 500 yards, the Manager was instructed to sink a pit near the 
 vein a depth of 200 feet, and to use the borer to facilitate the 
 drilling and blasting. The estimated cost of the pit, sunk in 
 the manner proposed by the Manager, is from $10 to |12 per 
 foot. From the above state of facts, the correctness of which 
 18 vouched by the Manager, it is confidently anticipated that 
 the shaft will be completed, and a workable vein reached in 
 time to enable the Compapy to export Albertite by the cominir 
 autumn. - 
 
 Pated the 11th April, 1879. 
 
 BLAIR BOTSFORD, Pbesidekt. 
 WILLIAM PATRICK, Manager 
 E. B. CHANPLER, Jr., Secretary-Treasurer. 
 
 NoTE.-The Treasurer will be prepared to furnish each 
 stockholder with a detailed statement of the expen^-^ire up 
 Jo the 31st Ma;jr next, before the Annual Meeting in :ruly.