THAMES GOLD-MINING- COMPANY.
The first general meeting of shareholders in the above Company was held at the office of the manager— Mr. Laurie, Custom-house-street — yegterday afternoon. About thirty share- ! holders were present, and Thomas Russell, Fsq., occupied the chair. The Secbetaey read the following report : — First Annual Report. The Directors ot thuThames GoM-MmingCornpany, Lirxtite I, have much pleasure in submiUiu/j to the •h'trehollers their fi<st annual report. There ar* ample materials ia the history of the transactions of the Company iv the past year for writing a long aud intet opting report ; such a report would recount the prejudices, jealousies, and other difficulties in«t with and overcome by patieut an-i continuous efforts, and would redound much to the credit of the Manager aud officers of the Company. But the BUCOSBB of the Compauy has been so grear, the Directors and officers are content with the result. Tha main principle in view in originating; thin Cora puny a-id conducting its operations was uot to invest ths capital in one enterprise or locality, but to acquire a number of mining interests in vaiiom localities ; thus dicniuiahiny; the rink of loss, and obtaining u greater number of ohauce* of success. Thin method ■octned then, and has since proved, the most likely way to eiißure a successful result ; but even after adopting this principle there was still left great danger of investing the Company's funds iv enterprises that might not be profitable. Great oare was necessary in the selection of the purchases. The capital at the dibposal of the Directors w»s £20,000. No more money has been paid up by the shareholders. After much inquiry and painstaking Inspection of the vadous olaitna upon tlie goLlfield that capital was invested in the purchase of a number of mining interests. The Diieotora have as. since from time to time invested the dividends received from the Company's property, and tho profits m de on tho •ale of shares, in the purchase of new mining inter' at* ; BO that up t» lßt June last the whole of the capital, and the earnings and profits of the Company, have gone to increase the amouut of the Company's property. The Company has i»sued to tho shareholders new shares to repreaeut the increased property thus Acquired, The capital is now fixed at £60,000, in 6,000 shares of £10 each, Annexed to this report will be found o schedule of the Company's property, valued at one hundred and eixty^five thousand pounds. For obvioua reasons the Directora do not attach ipeoifio takes to the teveral interests, This list oontaina a (election from olaima that have proved the choicest oa the goldfields, most of them yet but partially developed, and all of them likely to increase vtrjr muoh ia value. The Directors congratulate the shareholders upon th« brilliant 1000589 whioh has thus attended the Company's operations, and upon their now posseb&ing tuck a valuable property. Sinoe the issue of tha new tthtres the Directors have resolved not to re-invest the income and dividend! aooruing to tbe Company. It has been carried to a separate acoount, and this policy will, it ap{>roved by the shareholders, be adopted for the utur». This dividend account will in a few days warrant the payment of a dividend of £1 per share, which, tbe Directors will pay on Monday, the 2nd day of August next. Tho dividend will be payable at the Com* pany's office, in Auckland. J. T, Maokecvie, \ T. Russell, (_.( _. . F. Whitakkb, ) Sohkdoxb of Mining Interbsts, tbe property 0! tho Thames Q-old-Mining Company (Limited)
Interests in claims held by the Company: Otago— one full share ; Harp of Erin— four half sleeping shares and one half share working ; Hand in Hand — two shares ; Blue Reef— two shares j Two houses and land, P'»llen-sfciect, Kbortland. Valued in the whole at the sum of one hundred and sixtyfive thousand poun<l«. It will be observed that nearly all the Company's interests are now in companies, all of which have been promoted by the Thames Gold- Mining Company, Limit-d. The expanse of the management of the Thames Gold-Miuing Company, Limited, ia nearly met by the income derived from the management of other oompauiea undert+lteu by the Thames Company at iShortlaud and Auckland. In moving the adoption of the first annual report, the Chaieman spoke of the difficulties which the Company had had to contend with in the early days of ita history, through prejudices and jealousies, but they had all he was happy to say been overcome by the exertions of the Company, so that they were now in an exceedingly prosperous condition. What they had done had been the means of not only doing much good to themselves, but had also vastly benefited many of the claims with which they were connected. They bad been instrumental in causing many companies to be formed for the proper working of the claims. This had led to discoveries which would not otherwise have been brought to light. In speaking of the value of the various mining intei'ests, he said he was quite sure that they were, if anything, valued at less than their market price. When the next annual meeting was held, he had no doubt that the report would be of a far more favourable character than the one which was now presented to the shareholders. (Hear, hear.) In consequence of the large increase in the company's capital from such highly successful speculations as those in the Long Drive and Caledonian Claims, the value of the company's securities would be proportionately increased. Considering the increased capital of the company during the last twelve months it was not improbable that the profits would be increased in a corresponding ratio during the next year. (Hear, hear.) The Chairman then remarked on the great success which had attended the exertions of the Company generally : they had only commenced with a capital of £20,000, which had been increased t0£65,0C0, as the report would show. Out of the 1,290 shares in the Caledonian Claim, the Company possessed 474 shares, being more than one-third of the whole. The directors had a great deal to do, but they would continue to do their best for the interests of the company gratuitously. Mr. David Nathan seconded the adoption of the report. Mr. Howe concurred with the remarks which had fallen from the Chairman, and made a few observations in reference to the unprecedented success of the speculations in which the company had embarked. A vote of thanks to tke directors and manager was moved by Mr. Tfbrell, seconded by Mr. Goodfellow, and carried unanimously. Mr. Russell briefly acknowledged the compliment, after which the proceedings terminated with a vote of thanks to the Chairman.
Numeof th» Company or CUim. ®§ ®5l la li* liong Drive Gold Mining Co., Reg. ... 1,200 .,. 332 C*!edoni»a Gold-Mining Co., Keg, ... 1,290... 474 illNtttioiwGoia.HißiogOo, l R^, ... 5,400... 976
function Gold-Mining 00. , Reg. ... 7,200 ...1,000 Inverness Guld-Mimng Co., Reg. ...11 000...1 041 Eureka Gold.Mining Company, 1ie?.. ..20 705. ..4,445 Puvertyaud Churleston U.M.Oo.,Reg. 4 160. ..1 012 Dawnof HopeGold-VliningOo., Keg... 5,000 ...1,750 Point Unwell Gold M-uiug Co., Reg.... 530... 334 Lucky Hit G.»ld- Mining Co., Reg. ... 1.000... 284 El Dorado G<«ld-Miaing Co., Reg. ... 5,400 ... 800 Dixon'sNo. 3 Gold-Mining Co., Keg.... 760... £4 Stir of the South Gold-Mining Co., Registered ... ... 400.. 256 Deep Lead Gold-Mining Co., Beg. ... 3 000 ... 206 Carpenter's GoW-Mining Co., Reg. ... 590... 162 Nil Denperandum Gold- Mining Co., Registered ... ... 060... 300 Union Gold-Mining Company Reg, ... 504... 229 Wild Missouri Gold-Mining Co., Reg. 3.600 .. 322 Golden City Gold Mining Co., Reg.... 504... 54
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Bibliographic details
Daily Southern Cross, Volume XXV, Issue 3751, 27 July 1869, Page 7
Word Count
1,253THAMES GOLD-MINING- COMPANY. Daily Southern Cross, Volume XXV, Issue 3751, 27 July 1869, Page 7
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