MAY QUEEN.

Auckland Star, Volume XXVII, Issue 50, 29 February 1896, Page 2

MAY QUEEN.

ANNUAL MEETING.

SALE NEGOTIATIONS RENEWED.

The annual meeting of shareholders in the above Company was held yesterday afternoon ab fche Now Zealand Insurance Buildings, wiien there was a large attendance. Mr W. S. Wilson presided. Reports were read from the directors giving details regarding tho negotiations for the eale of tho property, and also from tho mine manager giving details ef the pasb year's operations in the mine. The sfeatemenb of accounts showed the receipts to have been as follows: —Calls received, £23 11s; gold won from 6,672 loads of quarfcz, 7,1550z lldwb (including tribute percentages)', Rold for £20,300 3s lid; haulage, £164 16a 3d; refund on cablegrams, £6 9s 2d ; robate from license, £16 2a ; total, £20,511 2a 4d. Tho expenditure was as follows:—Overdraft from last year, £1,293 6s 2d ; wages paid ab mine, £9,446 3s 6d ; general charges, including mining requisites, £4,764 4s Sd ; battery charges, including wages, £1,757 11s 4d!; cash balance in bank, £3,849 16s 7d : total, £20,511 2s 4d. The Chairman, in moving bhe adoption of the reporb, said ib seemed rather unfortunate that; for a second time negotiations for the sale of this property had fallen through, more especially as there was no doubb bhah ib was a good mine, in fact, it was so good thab ifc could nob be long before someono wanted to buy ib. The mine manager thought there was work tor two yoara yet ab the present level with v reduced etafK By thab time the Queen of Beauty would be pumping bhe low levels, and tho May Queen could then open up another levof. Mr Davies seconded the adoption of the reporb, which, after some discussion, was agreed to. "Messrs W. S. Wilson and Col. Burton wore re-elected directors, and Mr G. S. Kis»ling was appointed auditor. The.ro was considerable discussion regarding the negotiations tor the sale having fallen through, but this becomes useless in view of bhe fact thab ab 5 p.m. the following notico was posted by order ot the directors : —" Since the annual meeting held to-day, the directors have received s cablegram from London Btating the negotiations for the flotation of tho company on the original terms are still proceeding. A meeting of shareholders will bo convened for Monday next aba quarter post two o'clock," % A second cable was received this morning from London, and the Direcbora were forthwith called together. In a few minutes the following notice was P°efc»d on the Exchange: —M May

I Queen—Tho following cablegram has been received from Messrs Inglis and Robaon : —«'• The parent company issuing Saturday (February 29th), MayQueon Saturday week, 7th of March. It will bo a great success." • Being interpreted by the directors this somewhat enigmatical message moans that tho parent Company ia a powerful financial syndicate believed to be Anglo-French which was registered on the 25th, and tho shares are issued in London to-day. This is the syndicate that uoderwroto tho May Queon, and the prospectus of the latter Company is to ba placed on the London market next Saturday.