KING SOLOMON MINE.

Auckland Star, Volume LVIII, Issue 41, 18 February 1927, Page 10

KING SOLOMON MINE.

SHAREHOLDERS MEET,

CHANGE OF HEADQUARTERS SUGGESTED. Fourteen shareholders in the King Solomon Gold Mining Company met at Waikaia to discuss the present position. Mr. R. \\. McCreath was voted to the chair. He explained that a large amount of the share capital was held in the South, yet the headquarters of the company were at Auckland, where also the majority of the directors resided. He considered that if the headquarters of the company were at Gore, nearer the works, they would be irt closer touch with matters. Only two of the directors resided at Waikaia. The chairman expressed the opinion that the board of directors was too distant from the tield to take the oversight necessary to carry out the project to a successful issue. The chairman referred to a statement issued 011 January last that £8033 was the working capital collected, and £6068 9/10 had been spent. He complained there were no details given as to how the money had been expended.

Mr. H. Price said that unfortunately the number of shareholders was not sufficiently strong in the South to transfer the beadquarters of the company to Gore.

Alter a lot of desultory discussion, tlie meeting resolved that Mr. Inder, solicitor, be asked to prepare a letter for submission to the directors at Auckland, embodying the opinion ot those present at the meeting on the position of the company, and to ask the directors to meet Mr. R. \V. McCreath. of Gore, on a date to be fixed, and to allow him access to the books t.f the company in order that he could report to the local shareholders. Mr. McCreath said lie would be in Auckland early in March. He bad no doubt the directors would, as reasonable business men. give him every facility to look into the company's affairs, and discuss the position generally with them. Mr. Kitto said that information was available for shareholders who called at the office. He regretted that just when everything was in good working order shareholders should be discontented, but it should not take long to sink to the depth where boring showed that gold existed. _The secretary of the company, Mr. Kitto. when seen by a representative of the "Auckland Star,"' was informed that the notice issued was not a balance-sheet showing detailed receipts and expenditure, but the one required by the Xlining in which totals only were furnished. Mr. Kitto showed the details of expenditure, ot which £2275 19/5 had been for timber and machinery. He said it took a year to get properly going, and that the" shaft was now down twelve feet. There were some shareholders. he added. who were desirous of shifting the office of the com-i pauy from Auckland to Gore,