NEW ZEALAND MINES IN LONDON.

Auckland Star, Volume XXVIII, Issue 256, 4 November 1897, Page 2

NEW ZEALAND MINES IN LONDON.

(From Our London Correspondent;

LONDON, October^ THE KOMATA REEFS AND KOMat* QUEEN AMALGAMATION,^

Did anyone ever knew of an amalgam gamation in Avhich a certain numferf parties of both sides of the question did not consider the terms unfavourable t their interest? I think not. The diposed basis of an amalgamation of tIT Komata Queen and Reef properties was one that seemed equitable enou«h on tnt sent market value. It simplylneantti issue by the Komata Reels of 1275 m shares to holders of Komata Queens However after the Komata Reefs meeth of shareholders had agreed to the nrl posals " a holder of two hundred Komata Reefs " Avrote to the ".FinanS Times" to the effect that he honrf the Reefs shareholders would, notwk standing their having authorised ne»oti&! tions, decide at the meeting held for the confirmation of the resolution to keep tjw Reefs property to themselves. A certain shareholder in the Komata Queen took 1 somewhat different view of the matter however, and in a letter to the " Financial Times," a day or two back, he expressed the opinion that it was the Queen shareholders that were not being done justice to by the amalgamation. His case he argued in the following way:—" lam only & small shareholder in the ilomata Queen Limited, but it appears to me that this Company, if the proposed amalgamation be carried out, will only receive an equivalent dependent on the present market value of the shares of the Komata Reefs Goldmining Company, for 510,000 shares of 2s 6d or £63,750 of its capital of £75,000 have been issued, and it is to receive 127,500 shares of os each, equal to £31,875, which, at os premium (the present price of Reefs), works out at £53,78) whereas if I understand correctly the Beefs' are to receive £50,000 in 200,000 shares of 5s each (share for share) in the new Company, which makes them worth £100,000 against £63,750 of the Queens-thoU the original capital of the latter Company was £75,000 as compared with £50,000—and their acreage is 129 against 79 acres. Moreover, the Queen Company pays over in cash £9,000 to the funds of the new Company, and has an uncalled capital of some £12,000, which would, no doubt, enable it to fully develop the mine."

The annual meeting of the Komata Queen shareholders was held on Thursday, the 23rd inst., with Mr Henry Wilsoa in the chair, and after the accounts, showing a credit of £8,843 and the report of the directors had been adopted, the question of amalgamation was discussed. The proposals were the outcome of the visit of Mr Cecil Hartridge to the colony. It had been suggested that the reason for the amalgamation on the part of the Komata Reefs, said Mr Hartridge atthemeeting,was to obtain the £9,000 in the coffers of this Company, but the real reason was that the amalgamated company would have the advantage of working on the two reefs running from the Reefs property into the Queen property. By amalgamating there would be a strong working capital, and he believed the shares would stand considerably higher than they did at present because the Komata Reef 9 were on the eve of crushing. The first results which came out on the Reefs property had been no less than £4 a ton. He had received a telegram from a friend in New Zealand saying that the prospects of the two companies were1 never better than at present. He did not consider the market value of shares as a true criterion,ofiAe/r value, and in the present case, for sometwo' or three years past, New Zealand had only been awakening out of its sleep in repaid to mining. He was a considerable holder in the shares of both companies, and he was thoroughly in favour of the amalgamation. (Applause). Resolutions providing for the voluntary winding up of the Komata Queen, and the handing over of the assets and property to the Komata Reefs, were thee put and carried without a dissentient voice. ■■'■••

The extraordinary meeting of shareholders of the Komata Reefs Company to confirm the resolutions for amalgamation with the Komata Queen was held last Tuesday. Mr Henry Wilson presided, and after the solicitor had read the agreement with the Komata Queen for the purchase of that company's assets and property, he formally moved the resolution. It .*» unanimously agreed to, as was also a resolution providing for a change in the rules of association, so as to allow the nomination to the Board of two directors by shareholders of the Komata Queen.

WESTPORT TWIN GOLDMINES. \

A recent registration is that of the A)' essport Twin Goldmines, Limited, witha capital of £100,000 in 10s shares. ' lwobjects of the proposed company are:- ---" To adopt and carry into effect an agreement made 19th July, 1897, between I. Laupfert of Westport, New Zealand, of the one part and this company of the other part, for the acquisition of certain mines, mining rights, etc., in"New Zealand, w develop, work and turn to account the same, and further to acquire any other mines, mining, water and other ngnts, grants, leases, claims, concession, options, of purchase, metalliferous land, alluvia ground, etc., in any part of the world, and to carry on the business of amimDg, smelting, and metallurgical company m all ?r any of its branches, to construct, maintain and work rail and tram roads, wharve>, docks, piers, canals, etc. The articles « association provide not less than three nor more than seven directors, their remuneration being fixed at £100 per annum eacn, with the Chairman £120. The signafon* Messrs J. Sargent, H. Baseley, S. »* Chadwick, A. Clalish, E. V. Eobinsonanfl D. M. Chambers reserve the ngnt 0I electing the first directors.