MINING NEWS

Dominion, Volume 2, Issue 473, 3 April 1909, Page 8

MINING NEWS

THE TALISMAN CONSOLIDATED CO. ANOTHER MEETING. AND SOME APPOINTMENTS. (BT TELEGIIAPH—rUESS ASSOCIATION) Auckland, Ai.ril 2. This afternoon shareholders in the Talisman Gold-Mining Company again assembled in tho call-room of tho Stock Exchange to contimio the consideration of Mr. Noakes's motion to appoint a committeo to look after tho interest* of the Auckland shareholders. Mr. John Dawson again presided, and read tho following telegram from Mr. Whyte:— " Regret that I could not stay for to-da-'s meeting. Sincerely trust Auckland shareholderswill offer no opposition to our proposals. Wo are convinced that they are in tho best interests of the shareholders as a whole, and that , is our aim and object. Wo are not all like ! Mr. Colbeck--ablo to visit tho inino weekly, and we desire a reliable sourco for the information of all shareholders. Tho proposed board are in honour bound rot to traffic in tho shares of the company. While fully recognising the value of the Auckland Exchange, when confined to its legitimate business, we trust that, should a bo formed, it will be entirely freo ' from tho influence of that body." | Mr. J. C. Colbeck opened tho discussion. Ho referred to the allegation that a recommendation from the manager had been suppressed le putting bigger pumps, the result being that the mine had been flooded. Mr. Colbeck said that the truth was that the biggest pump in the lalisraan was put in use on Mr. Stansfield's recommendation. They conld not foresee that tho Crown stop pumping. As to the Wellington committee getting an increased dividend for shareholders, he considered that absurd. Increased dividends were the result of improvement in the mine. He contended that Wellington people were trying to seize the reins of government, and that soon there would be no London Board of Directors, but the companv's headquarters would be in Wellington. lie strongly supported the formation of a committee in Auckland, and he suggested the names of Mr. John Dawson, Captain Jas. Dawson, and Mr. D. B. M'Donald. He supported the appointment of Captain Smith. The advice of gentlemen recommended by the Wellington shareholders would be no use as a board, because they did not know anything about mining. Those three gentlemen would represent, not only Auckland shareholders, but those elsewhere in New Zealand. The members of Auckland Stock Exchange had no wish to interfere, but they wanted to protect the interests of their clients. The proxies sent out from Wellington did not state for what purpose thev were wanted, and he noticed that' the Wellington committee had nominated Mr. Wilson, a sharebroker, to represent them on the London board of directors.

Mr. Slater objected to tlio parochial cry of Auckland and Wellington. If the Wellington committee benefited themselves, they must also benefit the rest of the shareholders.

Mr. Mahony said that Mr. Whyte's speech seemed an attempt to draw a red herring across the scent. Mr. Whyte argued that, Decauso certain brokers had taken action, everything from Auckland must be bad, aud everything from 'Wellington was to bo good. Thero had been continual interference from Wellington for the past 18 months. Ho thought the representatives\in Auckland, Mr. Hanna and Captain Smith, had given every satisfaction iu the past.

In answer to-a question, Mr. E. Anderson said that a motion to do away with the present attorneys in Auckland was proposed uy the nominee of the Wellington committee. Any time that Auckland suggested starting a committee of shareholders, representatives came up from Wellington to prevent it. Had not Auckland shareholders a right to have a committee as well as Wellington? The motion, to appoint a committee was then adopted, Messrs. Dawson, J. C. Colbeck, and Captain Jas. Smith, being nominated. Mr. G. L. Peacock, in explanation, stated that ho had not acted against the interest of the Auckland shareholders. The Wellington committee commanded the majority of tho votes in New Zealand, and must, therefore, represent many Auckland shareholders. There w;ere many matters, .connected with, the mine management

that he considered could be reformed.' For instance, Mr. Stansfield could only report' to Messrs. Bewick anl Moreing, and not to tho board of directors. Mr. Peacock added that he thought that the directors should have a copy of all reports sent to Messrs. Bewick and Moreing. The allegation was not that tho London board was not aware of the stato of affairs before tho low level was flooded, when

the Crown stopped pumping, but that, had they f known all that' Mr. Stansfield had reported, 1 due provisions:might- been,.made.. . The t advisory board would be of uso in the busi- 1 ness management of the company, but thev j would not recommend anything connected, with j the actual mino management. He was tlior- , oughly in accord with the proposal to appoint i Captain Smith oh the company. Ho was ad- ] vised that the Wellington people had nothing i to do with the proposal to do away with tho ] services of the local attorney 'and ho' was j certain that the suggestion did. not como from ] anyone in. New Zealand, but, strange to say, \ it was supported by all the board. In justice ( to himself, he wished to say' that he never i asked to-be nominated on the advisorv board. 1 He considered that if there were two repre- ] sentatives .for Wellington, there should also ' be two from Auckland. Tho advisory board ! might be useful'to do away with unfounded -, rumours regarding the mine. It was well to ] have a board to refute such unfounded rumours. •■ ■ • " • " • • ■ . ' The' 4 motion • .to appoint;-;the.- committeo.-.as. . named was then agreed to. OUTPUT AT WAIHI. , GRAND TOTAL TO DATE: £7,'420,458. Ini teleghai'ij—rßEss association.) Auckland, April 2. During the period ended March 20 last tho Waihi Gold Mining Company crushed and treated 30,770 tons of ore for a return of bullion valued at ,£73,515. This shows an increaso compared with the return for the preceding month, when 31,428 tons yielded ,£73,135. Tho present returu shows a dccreaso compared with that of the corresponding period of last year, when 31,336 tons were crushed and treated for bullion worth i£7'4,338,. but the latter is tho actual realisation figure, whereas tho present is the estimated return. The total amount won from the rniqe to date is .£7,420,458.