Sir Henry Loch Company

The Sir Henry Loch Company was a gold mining company in Redan, <1884-1894>.

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.

December 1884
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.

February 1889
The report to shareholders in February 1889 showed the company in a strong position. The board contained some well known Ballarat names, such James Coghlan (Ballarat Brewing Company), T. D. Wanliss (newspaper proprietor), Thomas Stoddart (donated the marble statues to the Botanical Gardens}: "SIR HENRY LOCH COMPANY. The following is the directors’ report which will be laid before the shareholders at the meeting this evening —“ Gentlemen, —We have much pleasure in being able to report that the operations at the mine have progressed satisfactorily during the past half-year, and that the lode in the various levels at work continues to open up well. The battery which was in course of removal and re-erection at the shaft, at the date of your last general meeting, was completed and put to work about the middle of October last and has since then worked satisfactorily During the time the battery has been at work 2399 tons of quartz have been crushed, which have yielded 2010 oz 12 dwt 6 gr of bar gold for which the sum of £8341 1s 5d has been obtained. This result has enabled your directors to pay off the entire cost of removal and re-erection of the battery, besides providing funds for opening up the mine, and also the payment of a dividend of 1s per share. The mining manager's report, which is hereunto annexed, gives details of the works performed during the past six months. In accordance with the resolution passed at your last general meeting, application was made to the property holders for a reduction in the amount of royalty, but your directors regret to say that the request has not met with satisfactory results, as no concession has yet been made. The legal proceedings taken by the New Kohinoor Company against you company has led to a committee being appointed from the directory of each company, with a view of arriving at a settlement in order to avoid what may prove to both sides to be tedious and costly litigation. Shortly after your last general meeting Mr John Donaghy resigned his seat at the board, and Mr T. D. Wanliss was elected in his place. Latterly Mr Williams’ seat at the board has become vacant, and Mr Thos. Stoddart was elected in his place. During the half year your directors have held 14 meetings, and they have also paid every attention to the works in hand. Messrs Goller, Wanliss, and Stoddart now retire from the board by effluxion of time, but are all eligible for re-election, and at your meeting to be held on the 28th inst, you will be asked to elect three directors for 12 months, and two auditors for six months. JAS. COGHLAN, Chairman; W. M. ACHESON, Manager.”"

August 1894
"SIR HENRY LOCH COMPANY. The half-yearly meeting of shareholders was held yesterday at the Edinburgh Castle hotel; Mr Jas. Coghlan presiding. The directors’ and mining manager’s reports have already appeared in our columns. The reports were adopted, together with the financial statement, which showed the receipts to have been £11,59S ISs 7d, including gold account (2488 oz 7 dwt—£10,302 15s 8d). The expenditure totalled £11,120 11s 11d, leaving a balance at bank of £478 6s 6d. The amount paid in dividends was £3600, and in wages £4014 7s 5d. The general balance - sheet showed the income to have been £188,933 2s, and the disbursements £185,454 15s 4d. The assets were stated at £18,390 9s 7d, and the liabilities at £500. In answer to Mr Lyons, the chairman stated that the efforts of the directors to secure a reduction in the amount of royalty had proved futile. The retiring directors and auditors were reappointed."

The People

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