WAGES ADVANCED BY SECRETARY

Press, Volume LXXVII, Issue 23361, 21 June 1941, Page 3

WAGES ADVANCED BY SECRETARY

NOKOMAI GOLD MINING

COMPANY

(P s.S.T DUNEDIN, June ,20. The fact that no less a sum than £9499 had been advanced by the secretary of the Nokomai Gold Mining Company, Mr Kum Poy, for the payment of wages, was disclosed at the annual meeting of the company tonight. Concern was expressed by the shareholders about the financial position revealed by the balance-sheet for the year ended last March. Mr H. L, Gill, chairman of directors, presided, and moved the adoption of the report and balance-sheet. Mr A. McMillan referred to the sum of £9499 advanced by the secretary of the company, Mr Kum Poy, for the payment of wages. He did not think the company was justified in permitting such a position to continue. The balance-sheet, he said, showed that the company was about £24,000 in debt, and against this there was only £5lO cash in hand. He did not see how the directors. could fail to entertain some doubts, and though they had expressed considerable optimism about the future, they must realise that they could not reckon with the unexpected. The chairman agreed that Mr Kum Poy should be more adequately protected. The directors would be glad if the shareholders would persuade him to allow a better arrangement to be made.

Mr Kum Poy expressed his satisfaction with, l the position. If even half the returns anticipated this year were realised, he. said, company would be'able to liquidate all its debts.