FERGUSON'S MINING SYNDICATE.

Auckland Star, Volume XL, Issue 203, 26 August 1909, Page 7

FERGUSON'S MINING SYNDICATE.

SOME EXPLANATIONS. The adjourned meeting of shareholders in the Ferguson Mining and Smelting Syndicate, to hear and consider a reply from the directors to a report presented by a committee of shareholders at a recent meeting, was held yesterday afternoon at the Chamber of Commerce, nearly 100 shareholders being present. Before the chairman of directors (Mr. G. Knight) had opened the proceedings, Mr. A. Dewar rose to move that Mr. Ji B. Graham should take the chuir. He objected to Mr. Knight on the ground that, being a director, he might burke discussion. Mr. Knight notified his intention of retaining the chair, however, as the meeting was but an adjourned one, and it! was .the place for the chairman of directors so long as he remained in that position. He had no de.sire to burke any questions or discussion, but woukl not be guilty of such cowardice as to Jeave the chnir at that junctiire. Mr. Dewar contended that he did not say that Mr. Knight would burke discussion, but maintained that they should have an impartial chairman. The meeting decided in favour of Mr. Knight retaining the chair, and the s<*o retary then read the report of the directors in reply to th« strictures of tho committee. The directors confessed to having made mistakes—mistakes that were made every day in business life, but they maintained that they had always worked in the best interests of the company. Several of the properties had not turned out as satisfactory as had been expected, but the utmost economy had been observed throughout. One of the shareholders asked why it waa that the item in the committee's report, stating that £0000 had in all ■been expended on plant and development, and the remainder, amounting to about £11,000, had gone by way of salaries, etc., had not been referred to in the reply? It seemed to him that a very big amount hod been wasted. The secretary explained that an oxpert smelter had been obtained from America at a salary of £ 1000 a year, while £300 a year had been paid to the clerk of works, £30 a month to the superintendent, and £2 a week for a time, and afterwards £4 a week to the secretary. Wagea, materials, taxes, travelling expenses, etc., made up the rest. Vouchers for every item had been certified to by the auditor. 'jlie same shareholder repeated that an expenditure of only 45 per cent on development and property and 55 per cent on general expenses did not teem to show v«ry careful management. The secretary stated that the total expenditure on salaries had been £4300. Mr. J. St. Clair believed they bad the flux at Whangaroa right enough, and that with proper management the properties would pay, but there had been big mistakes and indiscretions in the past which must be brought up with a round turn. Some scheme should be devised to remedy these past defects. iSome confused discussion followed, but it was finally decided to adopt both the reports of the directors and of the committee. The committee were thanked for their efforts, and voted £1 1/- each to cover their expenses. It was also decided that the shareholders* committee confer with the directore and representatives of the Southern shareholders in arranging a reconstructive scheme.