KURUNUI HILL GOLD-MINING COMPANY.

Auckland Star, Volume IX, Issue 2500, 29 March 1878, Page 4

KURUNUI HILL GOLD-MINING COMPANY.

The second annual meeting of the shareholders of the Kuranui Hill Goldmining Company was held mMr lotbuis office, Shortland-street, at noon to-day. About a dosen shareholders were present; Mr T. Peacock m the chair. The balance-sheet and report was about to be read, when Mr Cawkwell said that as the printed balance-sheet had just been put into the hands of the shareholders, they liad not time to go over them properly. Dr Lee considered that the adoption of the report and balance-sheet should be deferred to an adjourned meeting. Eventually it was agreed to read the reports, &c.. and then take the subject of their adoption into consideration afterwards. The report was then read, as follows :

DIRECTORS' REPORT. The directors hare now to submit to the shareholders the statement of accounts, balance sheet, and mine manager's report for the p^sl year. The company's operations at the mine have been conducted as in the previous ye ax.by letting the greater part of the upper.and o.der working; on tribute, and reserving tnc work or prospecting at the lower levels to be done by the conipeny. The total amount of quaitz cruahedfro-i all sources in the mine has been 3523 tooa whish yielded 5903 ozs or goid.or^n frevioi year. The revenue from the battery for^c ycru3hiD § 3 shews a decided increase, tSr £'Sto^riretthat f ctwith,tandm^he steady work carried on in the lower levels, they have not as c found gold, hut considering the experience on this tieid in the pa=t, and that some of the richest runs of gold have been found in reefs which a few feet distance there from were barren, they hope that the work now being prosecuted at. these level* *sj*f™: shareholderswill reoogntothe "ffffgrtSe Is p-rUf <? of develoninc; the reefs at the lowei levcm whfle ih'fe pump is at work. In accordance with the rules of the Company Mesm U J. S'one "V" C. Daldv, and Dr Camnbcil retire bj for the year.— Tkos. Peacock, Chairman, Auckland, 29th. March, 1878. v , • The statement or accounts from Ist aaarcn, 1877? to 28th February, 1873, shewed: Receipt* from gnld, £523 12s; tributers. £3,050 3o M , crxi'hin? £2,376 17s lid; fixed deposit, £000 ; allotment money of 1/ on 4.211. shares £212.15; shares sold £2,580; overdraft, £026 103 va, makfn? I total of £10.35 13s lid. The battery expenditure was £2,135 16s lid; mine expenditure. £7,910 5s 2d, with other items, leaving a balance in the hands of the manager oi. £:6. The value of fixed deposit, battery, plant buildings, coal. Sec, was £21,398.123 Id with share 3 belonging to old compauies. £956; unallotted shares. 650 at £1, £6.50; and balance of £16 in hand, a total of £31,850 6s lOd. A report on the mine was a'so attached by Air J. vv. Walker.

Dr. Lee said that the 97th by-law had not been carried out, as a copy of the balance sheet and reports had not been served upon the members previous to the meeting. The chairman explained that the preparation or the report had been delayed ; and it was necessary that the meeting should be held in the month of March ; hence it was found impossible to furnish printed copies. Mr Peacock moved, and Mr Howard seconded, " The adoption of the report." Mr Cawkwell moved as an amendment, " That ten minutes be allowed the shareholders to ' digest; the report." This was seconded by Dr. Lee. On being put to the meeting, the amendment was carried by a majority of oue. An intermission of ten minutes then took place. On resuming, the adoption of the report was carried. The election of directors was tnen proceeded with, the candidates being Mr W. J CawkweU, and the three retireing directors -.—Messrs C. J. Stone, W. C Daldy, and Dr. Campbell. Some discussion took place as to whether Mr Stone intended to be absent from the colony six or eight months. Mr*F. A. White moved, and Mr Morpeth seconded, " That the retiring directors be re-elected." Mr Vickers moved, and Dr Lee seconded : " That Mr Cawkwell be one of the directors of the Company." Mr Cawkwell desired to make few remarks. He wished to know whether there were to be seven directors or five. If it was to be five, ■why not make it so at once ? He held more than 400 shares, and that was as many a3 was held by five of the directors. The number of directors had been reduced to keep him out, although he did not wish to spoil a "happy family." He did not cave if they brought forward the Thames votes and swamped him. A show of hands was taken, with ihe following result: Mr Stone, 7; Mr Daldy, 7; Dr Campbell, 7; Mr Cawkv ell, 5. Mr Cawkwell demanded a poll, which was then taken. Messrs Leighton, Howard, Morpeth, and Dr Lee were appointed scrutineers. The result of the poll was declared as follows : Captain Daldy, 3,923 ; Mr Stone, 3,923 ; Mr Campbell, 3,556 ; Cawkwel), 2,837. The first three were elected. Mr Cawkwell protested, on the ground that his opponents had not paid their calls. Mr Waymouth was re-elected auditor, and the meeting concluded with a vote of thanks to the chairman.