MEETINGS OF SHAREHOLDERS. BELFAST COMPANY.

Daily Southern Cross, Volume XXVI, Issue 3960, 2 May 1870, Page 5

MEETINGS OF SHAREHOLDERS. BELFAST COMPANY.

A meeting of shareholders in this company, convened by Mr. Robert W. Hammond, "on behalf of a large number of shareholders," was held on Saturday, at the office of Mr. Tothill, Shortland-street, "to take into consideration the general management of the property, and to submit proposals to the shareholders for the better working of the same. " Twelve or 14 shareholders, including Messrs. Chapman, Alexander, and a third director, were present. Two proposals of a chairman were made, but the gentlemen named declined to act. Without a chairman having been appointed, Mr. Hammond made a long statement. He said he was th« second largest shareholder, and he had no desire except to see the company's affairs managed in the most economical and effective way possible. Since he purchased in November, there had been expended — (as shown by the books) £562 6s. 6d. in wagea ; £201 6s. 7d. in iromncr^eryv blacksmith work, &c. ; and there was an outstanding account of £24 13s. Thus, the expenditure had been £788 6s. Id. ; and, so far as he could ascertain, all the work represented by that expenditure was the driving of a winz© 60ft., so that the cost had been £12 or £13 a foot. The so-called manager was subject wholly to the instructions of the directors, and they were advised by a mining surveyor. That gentleman was not an experienced practical miner ; and what ought to be dons was to appoint an experienced practical man as manager, and to make him responsible for the working of the mine. — During Mr. Hammond's statements, Mr. Chapman flatly contradicted several of them ; and Mr. Hammond said that he had been most improperly refused information by Mr. Chapman. To prevent irregularities, Mr. T. B. Kersteman accepted the position of a chairman. Mr. Alexander and Mr. Chapman said that more work jthan had been stated had been done since November, and that the cost of the winze, judging from the manager's reports, had been but £2 a foot. Various books and documents connected with the company were produced ; and there was a long conversational discussion, the meeting lasting for just two hours. — Mr. Hammond moved, "1. That it is the opinion of the shareholders that the services of a mining surveyor are unnecessary, and should be dispensed with. 2. That the operations of the mine should be carried on under the control and direction of acompetent manager, who would be responsible for the management, 3. That any works of magnitude, such as stopinjj out quartz, tunnelling, sinking shafts or winzes, should be carried out on the contract system. 4. That the rules of the company, limiting general meetings to one only in each year, and that fixing the term of office of directors, with others of minor importance, should be amended. " — Mr. Cameron seconded the motion. — Mr. Jamea Wilson objected to a vote of censure on the directors and officers, without their having an opportunity of explaining ; and he moved as an amendment, "That the directors be requested to call an extraordinary general meeting as soon as is possible under the rules. " — Mv.R.Luskwouldsecond the amend- - ment, if there was added to it, "for the purpose of considering the management of the company's works and affairs generally, and the advisability of altering the company's rules." — Mr. Wilson consented. — Mr. Chapman &aid tliat, if the amendment was accepted, the directors would be perfectly willing to call a legal meeting — which tho present way not — and fco give all possible information. — The amendment was put as against resolution No. 1, aud was negatived, by the chairman's vote, three others voting on each side. The four resolutions were adopte 1. — Mr. Hammond moved, and Mr. Cameron seconded, "That a copy of these resolutions bo forwarded to the direotora for their consideration." This was agreed to, as was the following, moved by Mr. R. Lusk, and seconded by Mr. Aitken : — "That the directors be requested to call an extraordinary general meeting for considering the management of the company's works and affahs generally, and the advisability of altering the rules."