KUAOTUNU QUARTZ CRUSHING COMPANY.

Auckland Star, Volume XXII, Issue 83, 9 April 1891, Page 5

KUAOTUNU QUARTZ CRUSHING COMPANY.

An adjournod extruordinnry general meeting of the Kuaotunu Quartz Crushing Company was convened for this afternoon for bhe purpose of considering the financial position of the Company. At a meeting of directors held previously it was resolved to advise the shareholders that the best thing to be done in the interests of all concerned was to secure fresh capital. The majority of the directors decided to double the number of shares held by themselves individually, making in all 500 shares, and they ask the shareholders to take up other 2,000 new shares, by which mean, they believe financial difficulties will be overcome.

Mr Grey, repreeenbing the Secretary (Mr Cook), said he had ascertained that the £44 alleged to have been paid for wages before the battery started, should rightly have been charged to construction account. When Mr Howo and his men got to Kuaotunu, the battery was not completed, whereupon Mr Bull, who was completing the battery discharged all his men and took the others oh to complete the work. With the thousand shares applied for by Mr Crocker, Mr Grey had previously explained that their instructions from Mr Crocker was to soil a portion of his intercut in the Mount Edwards G.M.C., and to take up a thousand shares in the Kuaotunu battery. For a month after that they were confident thab these shares would be taken up, but the sale was nob effected and the rest of the transaction, being dependanb thereon, could not be complebed. A "HARROWING" APPEAL. Ab the last meeting of directors a letter written by Mr Edward Harrow was read, in which he referred to his having been "reduced from affluence to poverty" through certain legal transactions. He wrote: "I am now reduced so low that I have been forced to give notice to the Hospital and Charitable Aid Board that unles- they help me I shall be obliged to discharge, and they will then come on the Hospital and Charibable Board for support, and now I beg bo implore tbe Chairman and directors of this Company to relieve me of these shares that I was in-, duced by false representations to take, co that I shall not be obliged to come forward next Thursday and show up the mismanagement of this Company, to oppose all means of continuing it, and move heart and soul to have it wound up, while there is some chance of a portion of the money we have invested in it being returned to us."