BAY OF ISLANDS COAL COMPANY.

Auckland Star, Volume XXIV, Issue 209, 4 September 1893, Page 4

BAY OF ISLANDS COAL COMPANY.

THE HIKURANSI LANDS.

TO BE SOLD.

An adjourned meeting of shareholders in the Bay of Island Coal Company (Limited) was held in the office of Mr J. B. Gilfidan, secretary, New Zealand Insurance Buildings, at noon to-day, to consider tho question of the Hikurangi lands of the Company. Dr. J. L, Campbell, chairman of directors, presided.

The chairman said ;•—" In accordance with the wishes of shareholders as expressed at tho last general mooting, your directors put themselves in communication with the proprietors of the coal-boaring lands at Hikurangi, adjoining 'those of this Company, with the view of ascertaining what probability there was of an amalgamation of interests and working their respective lands as a united mine. The Hikurangi proprietors, Messrs Rolleston, Smith and Murray, were asked to formulate an offer and name the terms upon which they would join this Company. The result has been the receipt of a letter from Mr James Smith, offering on ' behaif of himself and partners, owners of land at Hikurangi, to amalgamate their land with the Hikurangi lands belonging to tho Company, on terms to be hereafter fixed upon. The conditions are that payment is to bo made half in cash and half in paid-up shares. Tho owners in question, however, cannot see their way to amalgamate their property with tho Company's other lands and plant. Your directors do not see their way to enter into further negotiations, as tho terms named would necessitate the formation of a now company with fresh capital. Your directors consider the question resolves itself into whether tho Company should enter upon now mining operations at Hikurangi, or whether, in vi.w of all the circumstances, it would not be to the best interests of shareholders to authorise the directors to disposo of theso lands if a fan- price can be obtained, failing which, shareholders to bo again consulted when the operations of the present mine were more nearly terminated." After a little discussion, it was resolved, on tho motion of Mr.J. It. Smith, "That the directors bo authorised to sell tho Hikurangi lands belonging to the Company at such prices as they may consider satisfactory and in such manner as they think it, and should they fail to obtain such satisfactory pricos by tho time the operation,, of the present mine are about to cease, they brins the question of the Company working the more readily available coal on such lands again before the shareholders for their decision." This concluded tho business of the meeting. '