Sir Henry Loch Company

The "Sir Henry Loch Company" was a gold mining company in Redan,.

Site
The company operated a mine on what would now be Yarrowee Parade.

Background
The mine was named after Sir Henry Loch, the Governor of Victoria 1884-1889.

History
In December 1884 the mine was in financial trouble, as a number of shareholders had failed to pay the calls on the shares. This meant that mining had to stop as important repairs could not be carried out. An extraordinary meeting of shareholders was called at the Edinburgh Castle Hotel to get permission to raise a bank loan to fund the repairs: SIR HENRY LOCH COMPANY. An extraordinary meeting of the above company was held yesterday at the Edinburgh Castle hotel. Mr C. Seal, chairman of directors occupied the chair, and there was a quorum of shareholders present. The following was the directors’ report:—“The first meeting of the company was held on the 8th August last, when directors were appointed and deed of association agreed to. At their first meeting tenders were called for machinery, and on the recommendation of Mr Peter Mathews, the engineer, Mr Keast's tender was accepted for the sum of £725. Two new boilers purchased from Mr Laird for £390, and new fly-wheel from Mr Brown for £32 10s. Plans and specification's were at once got out, and tenders called for erection of same; that of Mr Edmonds’ was accepted, for the sum of £794. The erection was carried out under the direct supervision of Mr Mathews, the contract completed on the 17th instant, and a more perfect plant is not in Ballarat. Four calls of 3d each have been made, but not responded to as expected, the 1st call being £23 2s 6d short; the 2nd, £121 5s; the 3rd, £184 16s 3d; and the 4th call is still being collected. A number of shares have been forfeited, and bought in on behalf of the company, and shareholders are now asked to authorise directors to dispose of same. In consequence of the calls not being paid as anticipated, arrangements have been made with the City of Melbourne Bank for a small overdraft, and you are now called on to authorise the directors to mortgage the plant by bill of sale or other wise for a sum not exceeding £1500. Had the shareholders paid as the calls became due, this meeting would, not have been required. This is a matter of great regret, as a small sum would hare repaired the shaft and enabled the company to raise stone from the 780 feet level, which from reliable information given by men who have worked in the vicinity, there is but little doubt payable results would have followed. — G. F. SMITH, Manager.”

The assets of the company showed: —Machinery and plant, £2250; calls unpaid, 4th, on 8940 at 3d, £111 15s; total, £2361 15s, Liabilities—Keast, £386 18s 9d; Edmonds, £104; Laird, £195; M'Vitty, £40 17s 10d; bank overdraft, £180 13s 4d, totalling, with smaller amounts, £1003 8s 4d. Balance of assets over liabilities, £1358 6s 6d. The receipts amounted to £1506 9s 7d, including balance £177 10s 10d, and the expenditure to £1506 9s 7d. The reports and balance-sheet were adopted. On the motion of Mr Simmons, seconded by Mr Richards, it was resolved that the directors be authorised to raise a sum of money not exceeding £1500, on mortgage of the claim. It was further resolved that the forfeited shires should be at the disposal of shareholders upon payment of the 4th call, for one month, after which period the balance can be disposed of by the directors as they think fit. The minutes of the meeting having been read and confirmed, the meeting closed with a vote of thanks to the chair.

The People

 * C. Seal, Chairman of directors, December 1884
 * G. F. Smith, Manager, December 1884.