NEW ZEALAND MINES IN LONDON.

Auckland Star, Volume XXXII, Issue 146, 21 June 1901, Page 5

NEW ZEALAND MINES IN LONDON.

THE KAPANGA. BLAGROVES AND KATHLEEN MINING COMPANIES.

PLUNGE INTO THE JUNGLE,

(From Our Special Correspondent.;

LONDON. May 10.

There were three meetings of New Zealand mining- companies held at Winchester House last Friday, and they had many points in common, for at each the shareholders wore asked and consented to join the other Iwo for the purpose of going- into West African »-old mining-, having1 had enough of hopes deferred in New Zealand. The first meeting was that of the Kapang-a proprietors. Mr. Cecil Hartridg-e, chairman, said (hat in February last, the shareholders passed a resolution approvingl in principle of the reconstruction- of the company, with a view to the acquisition of a suitable property on the West Coast of Africa; but it'was only during the last week or two that they had been able to decide upon a properly. That property adjoined the Tarkwa Mansu and the Tarlcwa Whin. The shares of those two companies stood at a very considerable premium on the Stock Exchange, and the property which they proposed (o deal with, namely, block 2, had been acquired under option from the Hold Coast Estates, the shares of which company were dealt in freely on the Stock Exchange at £2 or €3 each. That company had given them the property und^r option for flic moment for a nominal consideration. He did not think the shareholders would do badly by adopting (lie proposal which the directors submitted. With regard to the scheme itself, he said, it,was proposed to amalgamate with Bla^roves and the Kathleen Gold Mining Company, and a new company was to be formed, with a capital of £250,000 in 10/ shares, with a liability of 2/ per share. Each Kapan^'a shareholder would receive one share in the new company, which was to be called the Tarkwa Proprietary. Ltd., and each shareholder in the BlagrovcH and Kathleen companies, whose shares were 2/0 each, would be asked 1o surrender eipht shares for one 10/ share, 8/ paid in the Tarkwa Proprietary. The purchase price would be t:.'">oo in cash, and 125,000 shares would go to the Gold Coast Estate. Two hundred and fifty thousand shares would go to the Kapangu shareholders, .01,071 to the Blag-roves shareholders, and ">4.:!19 1o the Kathleen shareholders. The nominal capital of the three companies wo-uld be cut down by one-half, and the result would be that there would be a net working- capital of £29,000.

"Replying- to a question, the chairman stated that it was proposed to let the New Zealand properties on tribute. As lo the present financial position of the company, they had practically tio funds and no liabilities. The resolutions woro parried. THE BLAGROVE MEETING. Mr. Hariridge wont over tlio old i ground briefly, and then moved "that it is desirable to sell all the properly and assets of this company to a new company, which is about to be formed to purchase such- property and assets and such other properties as may be thought desirable, and that with a view thereto their company be wound up voluntarily, and that William John Lavington be, and he is hereby, appointed liquidator for the purpose of the winding up. The Chairman said with regard to the assets, they comprised the 100 acres of property in Coromandel, all the machinery and such interest as was entered into between this company and the proposed new corn-

pany. The motion was adopted. THE KATHLEEN G.M. €0.

Mr. Hartridge, who presided, said the scheme was to let the Kathleen mine lie dormant until such a time as discoveries may be made in the immediate vicinity which might lead us to reopen the mine. The motion having been passed nem. con., the meeting resolved itself into one of the extraordinary variety for the purpose of considering the resolutions for amalgamation. These were duly agreed to, and Mr. Hartridge was free to leave Winchester House.