MINING.

Auckland Star, Volume XXXII, Issue 152, 28 June 1901, Page 8

MINING.

WAIHI EXTENDED,

The annual meeting of shareholders in the Waihi Extended Gold Mining Company was held to-day in Mr D G Maedonnell's office, and was largely attended. The directors report submitted set forth that the _a«h statement shows receipts (including £269 17/2 brought forward from last year), £3415 0/5, and expenditure £3259 18/9, leaving a credit, balance of £155 1/8. The report also stated that the directors considered it a inetter for congratulation that the sinking of tbe shaft has been carried out with so little difficulty, and that the work of driving both northwest and south-east from the shaft was now in full swing, and they were daily expecting to meet with the reef in one or other of these two drives. The financial statement showed £3140 4/9 received from calls that £1286 11/7 had been expended in wages, £927 11/2 plant £255 0/7 for coal aud firewood, and £239 10/7 for timber.

The Chairman (Mr A. Wright) moved the adoption of the report and bal-ance-sheeet, which was agreed to. He then said he wished to vindicate his character, the assertion having been made that he had used his position as a director for private purposes. He felt sure all would bear him out that his character was beyond reproach in so far as the management of the company was concerned. He had lost many opportunities of making money by selling at a profit simply because he was a director. (Applause.) As far us the company was concerned he might say that it (the company) was now in a very good position. A week ago he expressed the opinion they were not low enough to get the reef, but he was told that it would be got in the south drive. To-day they had a telegram stating they had got the reef. Ft indicated they had just touched the top of the reef, but that, was better than no reef at all.

The election of directors was next proceeded with, the candidates being Messrs Arthur Wright, J. Malcolm, J. J. Craig and A. W. Chatfield. A ballot was taken, Messrs Johnstone and Grosvenor being appointed scrutineers.

Mr John Young was re-elected auditor.

Mr 11. M. Shepherd asked if any offer had been made for the property? '

The chairman replied that no definite offer had been made, though proposals had been submitted, which, however, the directors would not entertain. These proposals were: That a neAv company be formed of 300,000 shares of £1 each, with £50,000 working capital; present shareholders to receive 100,000 shares paid up to £1, and £8000 cash distributed amongst present shareholders; £5000 to be deposited, which was to be forfeited to company if negotiations were not proceeded with.

Mr D. G. MacDonnell said he had refused to listen to any offer unless it was put in writing, or the principals divulged.

In reply to a question the chairman said there were only 33 unallotted shares iv the company.

A shareholder advocated increasing the capital of the company tj,y the addition of 50,000 new'shares, which he proposed should be offered to shareholders at 3/ each, and thus provide, capital to develop the mine.

The chairman said he was opposed to such a large capital, and he felt certain it would be found that nothing but foreign capital could properly develop their property.

The meeting then adjourned till 10 a.m. to-morrow, when the _-es.ii It of the poll will be announced.

Shares in the Waihi Extended G.M. Company advanced in price to-day on the Exchange, sales being made from 4/ to 4/(1. This was due to the following telegram, received from the manager:—"Cut reef; rather broken in the south-east drive."