WELCOME SILVER MINING COMPANY.

Press, Volume XLVI, Issue 7253, 8 March 1889, Page 3

WELCOME SILVER MINING COMPANY.

An extraordinary general meeting of the Welcome Silver Mining Company was held last night at Warners Hotel, to coneider a resolution to the effect that if any Director failed to attend three consecutive meetings of Directors he should be considered to have forfeited his position as a Director. Mr Williams occupied the chair, and there was a Rood attendance. The Chairman said that there was not much of importance to report. They had been enabled to do without a call for January. The weekly reports from the mine manager would show that although they had not yet struck a payable lode they must be very close to it, and might strike it any time. The Directors regretted that a considerable amount was outstanding for calls, which the Directors hoped to see reduced. A reduction had been made in the wages paid by £9 per week. lie might say that he did not intend to allow any shareholder to take part in the business except all calls were paid. Mr J. B. Fisher said that he thought that the Directors ought not to have taken the responsibility of stating that, on the authority of the mine manager, they niiglic strike the lead at any time. The Chairman said that was his idea gleaned from the weekly reports of the mine manager. Mr Fisher said he did not glean anything of the kind. In reply to Mr H. A. Davis, The Chairman said the Directors who principally attended Directors' meetings, were Messrs Williams, Mace and Marr. Mr J. B. Fisher said that he was always ready to attend a meeting of Directors when there was any business in which he could be of use to the shareholders. Their meetings had been almost always for the purpose of making calls. What he had held was, that as the country had been held out to them as a silver-producing country they should get a scientific opinion as to the existence of stiver. He also wished to call the attention of the shareholders to the fact that the Directors who were most assiduous in their attendance at the meetings were Messrs Mace and Marr, who were interested largely in other Companies holding ground near the Welcome, but who were not working at all, but waiting whilst the Christchurch shareholders' money was used to see if there was anything in the ground. They had been told that they had a reef, but now they found they had no reef at all. He had urged, as Mr Williams would tell them, to get Professor Black to inspect the locality. He (Mr Fisher) had been for twenty-five years connected with gold mining, and ne advised the shareholders to put their foot down at once, and decline to allow a single shilling of their money to be spent further. He thought they would act as sensible men if they put an end to any farther expenditure of their money by Dick, Tom, or Harry, who were merely rule of thumb miners, and knew nothing of silver mining at all. (Hear, hear.) As to the resolution now sought to be proposed, it was aimed at Mr Stringer and himself, but he would point out to the shareholders that it was not the Directors who attended most meetings who did the most for the Company. In response to a request from Mr H. A. Davis, Mr C. Sawtell read the receipts and expenditure to date. The receipts had been £502 10s 3d, and the expenditure £423 7s 6d, leaving a cash balance in the Bank of £79 2s 9d. The statement of assets and liabilities showed a balance of £128 l»s 9d in favor of the assets. In response to a request from Mr J. B. Fisher, the Chairman consented to delete that portion of his report to the effect that they might expect to strike the lode at any , time. The Chairman read the last report of the mine manager giving a description of the work. The mining manager in his report stated that he was more hopeful as he had struck quartz and galena. In reply to a question from Mr De Carle, The Chairman said he believed that they had about three tons of quartz and galena at the mine. Mr Dβ Carle moved the adoption of the report of the Chairman, with the deletion of the sentences referred to. Mr T. L. Smith seconded the motion. Mr H. A. Davis moved as an amendment—" That the report be referred back with a view to the Directors bringing up a report in which they agreed. As it was the report was that of the Chairman only, and not of the Directors. Mr Davis' amendment was not seconded, and the motion was adopted. Mr Lees moved —" That the following be added to the Articles of Association :— That if any Director fails to attend at three consecutive meetings of Directors, without leave of absence, it will be considered that he bad forfeited his position as a Director, and that the Directors are hereby empowered to appoint another Director in nis stead." And in doing so denied that he had any intention of doing what Mr Fisher had stated ; what he wished to do was to get rid of one of the Directors at the mine who had not the interests of the Company at heart. Mr Noding seconded the motion. Mr J. B. Fisher moved as an amendment—"That the new article shall only apply to meetings of which Directors shall have had notice." After some discussion the amendment was withdrawn and the motion put and carried unanimously. The next business was the consideration of the present position and the future operations of the Company. The Chairman said they had put before the meeting the statements of accounts, so that the shareholders knew the present position of the Company. It was now before the meeting to decide what was to be their future operations. The greater portion of the unpaid calls were on the fifth call, due on the 26th of last month. Mr Lee 3 spoke at some length as to the working of the Company, pointing out that they were told that there was a lode under the bluff, bun they had driven and driven but had not yet come to the lode. Mr H. A. Davis said that at first it was proposed to get out five tons of galena, but they were now told that there was only three tons of quartz and galena. He thought the time had now come when they should wind up the Company and thus stop the outlay of the shareholders' money. Mr Fisher—No; stop the works for twelve months. Mr Davis would be willing to do that, and he would now move—" That the mining operations of the Company be suspended until further directions to the Directors from a general meeting." Mr Fisher seconded the motion. Mr R. D. Thomas thought this a step in the right direction. There were a number of Companies round about their property sitting quietly down and waiting to see what the shareholders of this Company were going to do. If these people saw that the Company was now. closing down and did not intend to prospect the country for their benefit, they would then perhaps be disposed to make overtures for united action in getting a scientific examination of the district. If they waited they would have a fund in the Bank, and would be able to go on with any concerted work. In reply to Mr De Carle, The Chairman said replies had been received from Profeesor Black and from the Government to the letters asking whether Professor Black could inspect the property. Professor Black stated that he would be unable to go at present, as he was engaged at Stewart Island. The Government stated that the officers of the Mines Department could not be allowed to prospect the property of private Companies. Mr Davis , resolution was then put and agreed to. This concluded the business.