TALISMAN COMPANY.

Auckland Star, Volume XXX, Issue 279, 24 November 1899, Page 4

TALISMAN COMPANY.

A meeting of shareholders in the Talisman G.M. Co. was held this afternoon in the Brokers' room, N.Z. Insurance Buildings. Mr A. Ilanna presided and read the report of the committee appointed by local shareholders to look after their interests. It was as follows:—"On the■ 10th of July we wrote to the Talisman Company in London informing them that a committee was appointed, and that power of attorney was being prepared in favour of Messrs Melville and Mercer. On the 19th July we cabled London re appointment of Committee and asked what was being done as to appointment of manager, ar/d in reply the company cabled asking our opinion regarding the desirability of reappointing Mr Curtis, and after careful enquiries the committee decided to recommend Mr Curtis. The' committee were influenced in their decision by strong reasons, which need not be stated here, but they are sure that all shareholders were relieved when it was announced that Mr Curtis would resume the management, and that the office of' the company would be removed back to Auckland. On the 7th August, power of attorney representing 34,000 shares " was forwarded to London, and subsequently three further powers were sent—a second one from Auckland and one each from Wellington and Christchurch. Altogether about 45,000 shares are represented by our attorneys.

Broadly the Committee's instructions to the Attorney are as follows: — 1. That an immediate, dividend of 1/ per share be declared, and, if practicable, further dividends every four months. 'If regular dividends were paid the shares would soon reach par value when any increase of capital could be obtained from the shareholders. 2. Colonial shareholders to have two representatives on the- Board in London;. 3. No amalgamation proposals to be brought forward without giving Colonial shareholders an opportunity of discussing them. 4. Strongly condemning the proposed site for a mill at Mackaytown, some three miles from the mine. 5. That, as the mine has not yet paid any dividends, the honorarium paid to Directors (which is, we understan_l, _. 1,000 a year) Ishould be corusidcrably reduced. 0. Pointing ovii v,'lhat the " Company's books are closed at the end of June, and the general meeting of the Company does not take place until the month of December. Consequently, by the time Report and Balance-sheet is distributed to Colonial shareholders, the information contained therein reads like'ancient history. The Company have acknowledged our cable advising that, tlie Committee was appointed, and the Secretary advises that he has been instructed to say that his directors will be glad to confer with Messrs Melville audi Mercer on any matters of importance.' It is rather premature to say what will be the effect of the Committee's recommendations, but from advices from our Attorneys by last 'Frisco mail we learn that that Company have acknowledged receipt of our Powers of Attorney, and that the various questions alluded to in our correspondence will be brought before the Company on the return of the Chairman of Directors to London. But the question of funds has to-be considered, as the initial call of 10/ from each shareholder signing ithe. Powers of Attorney has been exhausted, and, if the' Committee are to Continue their labours satisfactorily, it will be necessary 'to make a pro rata call on till shareholders.

Cables :rtre an "expensive item, but it has beenmecessary to send several, and probably we shall have to provide a small sum for London expenses. The committee have made themselves personally liable for the amounts expended '{n excess of the sum collected, feeling sure the shareholders signing the powers of attorney would assist them in- their efforts to bring about a change in the management of the N.Z. Talisman Gold Mining Company's affairs. We do not think it will be necessary to ask you to put your hands in. your pockets again if all of us here agree to, pay, say, kl per share on our individual holdings. The committee are doing a. lot of work without asking for any remuneration, and they are confident their labours will result in the affairs of the Talisman Company resuming- -a more satisfactory condition than lias' hitherto prevailed." ■ Mr Hanna said he estimated that ■the eo__rp_Tny must- have £ 15,000 in hand; whether it was being held for the purpose of increasing the crushing power he could not say." Another question for consideration was whether, after ill,-it would hot be better for the coinpatiy to secure the Talisman Extended, property, and.thus get a suitable battery site. .At., present they were pe.ddling along with small crushing .power,... and he was quite satisfied, .the, directors, in London did not know,how to m;anage : the company. Somp ; of them had only, the requisite share qualification, and. yet they took ,-.1000. per annum in fees. He -.considered- the present, condition of the,mine.was due almost entirely to the directors' system of managing the company. The committee would require funds if they were to continue active. Already .about £13 had been expended, and some money.must be sent Home to the attorneys' j Mr Gillies thought the committee' should be kept going, and said he was willing to pay his share of ithe expenses. Captain Smith said he also would pay his share. Colonel Burton moved that a call of so much per share be made upon shareholders. Mr, Bailey seconded the motion, which was agreed to. The Chairman said -of course this was purely a matter of honour, for shareholders could not be compelled to pay. This concluded the business. j