THE GOLDFIELDS.

Auckland Star, Volume XXXVIII, Issue 176, 25 July 1907, Page 2

THE GOLDFIELDS.

JirjLIAISCE.

The manager reported to-day: "Started crashing on Honday- The ore's shaping for a payable return." WA2OTAHI G.il. CO, AXSXTAL MEETING. Toe annual meeting or shareholders In the Waiotairi G-Jl. Co. was called at 11 O'clock to-day in the Chamber of Conimtxce. Aioat 40 shareholders were pre-st-ui, Mr. X- A. Brown (chairman of directors) was oa the platform, but as he was sufierrng from a cohl, Mr. C Hudson did The speaking. He expressed regret that ihert was not a legal quornm to enable a meeting to be held. The articles of association" dated back to 36 years ago. They prvvMed that live shareholders mnst be present, hoifimg at least one-fifth of the shares. Unfortnirately there -was no provision for proxies. There were a*O,oao shares in the ppesejrt company, so they required shareholders to attend the • meeting representing 48.800 shares. As a matter of fact, only 21.411 shares -were represented. Tire meeting would, therefore, stand adjoomed until to-morrow; but he might say it woold be impossible to get a quorum then. Four shareholders owned aalf tiie shares in the company, and they were otrt of Auckland, some being in England. Mr. Hudson then read the speech of tuc chairmasi, for information of shareholders:—"Tie directors congratulate the shareholders oa the splendid result which has been disclosed by the accounts submitted for the past year. Tile payment of £IS3.<AK> in dividends in. 12 months is a record of "which we may well be proud. To sustain the regular returns which, have •been a "Seaiure of the company, has eutailed on our mine manager, Atr. Geo. Wffle, an immense amount of woii, and v.c are greatly ißdebted to him f or conscientious and faithful services. With regard to the future of the muie: X7p to a Jew weeks ago we had every hope of contnuing oar present rate of divedend, bat Qic return from ttoe Sth slope above No. 5 level proved very disappointing. The stope immediately beftwr this" was exceptionally rich, and we had every reason to suppose the eii;hili stope -would prove as rich as the preceding one. It, however, proved to be od;.v snfficieitt to pay one month's dividend, and trnfomsxareiy, from the present iadicatioßE, No. S stope shows no improvement. Tile sudden failure of these stopes, and she fact already indicated, that owing to oar having: reaeaed so far np in the stopes, There is great p-sessore on the reef and tie or has to be ceiaoved with great' caution, and at a slower rate than heretofore, points to the fact that we can no longer tope to keep up the present rate of dividend and shareholders mcsE in Suture expect to see a considerable diminution in the retnrns. fcrploraQon w-ork below No. 6 level and to parts of the mine is still in progress, and we are hopeful that the cominyear may see further payable btocks opened The report and balance-sheet anneared previously. "^ Mr. Bottle suggested the advisability of qSrtSr? Ule Bseaan ° f P27inS The gathering then dispersed.