MEETING OF SHAERHOLDERS.

Thames Advertiser, Volume VII, Issue 1875, 27 July 1874, Page 3

MEETING OF SHAERHOLDERS.

Waitehata G.M.C. - The annual general meeting of the Waitcmata Gold Mining Company was held on Saturday afternoon at the Governor Bowen Hotel. There was only a moderate attendance. Mr A. Anthony presided. The minutes of last meeting were confirmed after which the directors' report was read. We extract the following: -The directors hare to express their regret that the hopes entertained in the early part of the present year of continuous dividends have not been realised. Your directors have further to observe that with, a view to a more extended and cheaper development of the lower levels, they have used their utmost eiForts during the pas', voiir to effect, an amalgamation, with the Nonpareil Company, and they lake the present opportunity of placing mum record, their strong sense of the'uulnir and unjust terms ultimately resolved upon by the Nonpareil shareholders, which in the interest of this company could not be accepted without sacrificing one-third of the Waitemala shares. Your directors were prepared to recommend the \^ raitomiita'Jompauy to be woundup aihi the whole plant and hooks hand over to the Nonpareil Company upon receiving au equal number of shares in auew amalgamated company. Eurlher than that'lhey could not go, and these terms being refused determined them upou at once reducing working expenses to the lowest possible minimum, with a view to prospecting operations in those parts of the mino not yet developed. This plan is being carefully and steadily carried out, and it is hoped that some measure of success will crown their efforts, and. once more restore the Waitcmata to the vposition of a dividend-paying mine. The gold produced during the year has amounted to 8640<2s 19dwts, the product of 9GO tons of quartz crushed, out of which a dividend of. two share, amounting to £65812s lias been'".lit.. The balance-sheet showed receipts - < '. ilowoi :—Balance from last year, £775 15s lid ;gdd, £2,4020s 2d; calls, £7 0s 6d —£3.184 lfls 7d. Mine expenses, crushing, &c, £2,12<114s 41; dividend, £058 12s; and other expenses amounting in all to £2,930 7s, leaving a balance of £2519s 7d. ihe assets, valuing the mining plant at £700. were £965 6s Id, exclusive altogether of the mine, and the liabilities £8 14s unclaimed dividends. The mine manager's _ report gave details of the works carried out during the year. There were two payable crushing* from the clay leader, and he had good hopes of continuing crushing from the same source, but it was found to be impossible to crush the clay in wet weather. In fact he had the greatest difficulty in getting it crushed in the dryest summer weather There is a large body of the sanv?. clay in the|mine yet which he beliered would pay for crushing in the summer weaf.her, y if he had payable quartz to crush with it. The report then referred to the works in progress and their objects, and eincluded with recoin ueuding that the cross-cut be coutinued through the Sedan ground, as the largest portion of the company's ground lay in that direction arid had never been prospected at all, On the motion of Mr vi elntyre the reports and balance-sheet were adopted. Mr Me Inly re, the retiring director, was re-elected. Mr Wildman was elected auditor for the ensuing year, and a vote of thanks to the chairman terminated the proceedings.