MEETING OF SHAREHOLDERS.

Daily Southern Cross, Volume XXVII, Issue 4402, 4 October 1871, Page 6

MEETING OF SHAREHOLDERS.

holdara to bo held' at 10th instant, to^•^•«awKhatioh dfWt" coadiict. — Mi*. Keearag hoped that the j directors present would~jttfltify-the coarse they iad,pursued in their underfcakinr in aendiSFouV of taVfedldflyW MaWtfyl* Mr. Northworthyyime «fLi the. directors, »xplained.at some length th/?,(*easoag Jorthfl , course they had tafcen, Thflj^d calefy the rj meeting' at 'Grahamatowp: bfcaujjp i|i yas ( moat convenient ftem, and Jfaa dxd .not . think that the sharehpHers in. ta*?*?? i would have raa^e any objection. . , ? If : tfcf, present meeting appointaaa committee,to go , down to attend th'e meeting at #rahamatpwn v ev«ry attention would be paid tor,thQ y wiafje8 i of the Auokland t 8h^holdere v J?h8 Sectors; d;d »ot know.that'thefo was a larger number, of shareholders 'in , , AuckJ and , { than at, Grahamstqwn,, but he hoped the result pt j the meeting at Grahamatown, would b^satw^, Wtory ''to. allV-^The "Chairman "j Am, I s to; unflerstahfl that' th« 'directors ; w^ero, not awar» before the'y'catied, the meeting at Grahams-, town that in Auckland there, were 4,500, •hares held, and.opjy 2,000 in Grahamstown 7 —Mr. Northwortby ,iaid he did not look at, the register before calling the meeting*— Mr., ft Reesing spoke at some length in auppprt of, t the aptipn iaken by,;, the Auckland shareholders. fy,,yi<!L J W.,pMfc ing had beerx -oalled in con§equ,enc6 of th# notion, which ihe .taeoJo'rihadliien, when fte reef ( was tapped ift m O»m Italy, mine, and, a large floW ,w,ater took, place. The, directors tried, to reduce ,the water by a horse-whin), apd,,fa^pd ( to sp,; and then .decided ppoa ereotii^g • a ateamengine. To de this they instructed , J»he mine manager, to proceed, $o A|elbour.ne to procure the necessary machiuery. JBefqre t"he directors ahoqld have taken that step he thought .they should have oalled a meeting of ,tho shareholders, ,and obtained their vie,wa, of the matter, and also called in a goqd.surveypr, and obtained hie report upon the proper, plan q£ working thq mine. If ( tfris course had been, followed] there would not "Have,, been any need to }ncur the, expenses of sending the manager away to t Bpend money fo^ michinery elsewhere. Tho manager ; was even on board the ship'^on his way, but through aetion taken liy him, in conjunction ! with other Bhareholdors, the was prevented, and taken back, ' and £800 had, bee,n saved i from being spent on machinery m , Melj bourne. Altogether he considered the action of the directors showed , a very .great' want of judgment. — Mr. Stovin spoke at som^ l«»gth fi and .expressed his j disapproval of , condemning the 'directors until the, .meeting heard (Something of their dbings.-T-vThe, Chairman' said the meeting at Gra.'hanistpwn had been called for that purpose, arid he did n,ot know whether the directors present would afford any explanation, or whether they, were ,to be mere onlookers.—Mr. one of the directors, explaihed at considerable^ Jength tho steps taken by the directors. Alter the reef was strack they carried, on vrork for some three week's 'by erectihg,'a horse whim, but could scarcely keep the water under. The cost wa8 8qmo £35 per only some four feet of siuking w»s made' during that time. They saw such, a,, course would jiie ruinous to the mine, and' th'ey advertised for a 12-inch cylinder engine. No response was made to the advertisement, as none were in the market, but 'after' they obtained a report on the mine, they found that a 16-inch or 18-inch cylinder engine would' be required to sink the shaft ' to any depth. They got estimates from Messrs. Maaefield and Co., and from Messrs, Fraaer ,and Tinne, ' but neither of those firms could do thework inless than three mouths, aud Traser and Tinno would not enter into a bond to deliver the machinery at that time. They learned bhat machinery such .is they ] wanted could be had in Melbourne for £270 less than Masefield and Co. wanted, and about' £300 r les8 than Fraser andiinne, and'thedirecterB' understood the machinery conld be supplied in much shorter time from Melbourne'. As tho steamer was about to leave for' Melbourne, they instructed their manager to preceed there, so as not to cause longer delay than necessary, but he had been recalled from Auckland at tho desire of a number of shareholders residing in Auckland.— Mr. J. Wvigley considered the explanation of Mr.' Northworthy no explanation a6 Hf.1l. , Before fclae directors ctecided upon incurring such a large expense for machinery to be placed on the top of the hill, where tho water and stuff out of the mine would have to be lifted, they should first ascertain if any arrangement could be made with the Golden Calf to keep the Central dry. The Golden Calf was working on the " sauio reef that was in the Central Italy, and was placed at & level of 100 feet bolow the Central, and the Golden Calf shareholders were about erecting machinery of their own. He thought it showed groat want of tact and judgment in not seeing whether arrangements could be made with that company to keep the mine dry before running into so great and useless an expenditure. — Mr. E. B. Dickson, Mr. J. 9. Firth, Mr. Stovin, and various other speakers followed, and several resolutions were put, amended, and carried, when, on the recommendation of the Chairman, the several resolutions were all put into one, as follows : — "That a committee consisting of Messrs. Beetham, Euddock, James Fryer, and Keesing bo appointed to attend the meeting at Grahamstown on the 10th instant, and represent such shareholders as may desire to give their' proxies ; and to act at that meeting as may; appear to there desirable, especially -with a view to an amalgamation \iith the Golden, Calf, the Nonpareil, and other neighbouring, claims. That this committee inspect the! mine, aud decido, in conjunction with the 1 Board of Directors, pa the best course to be pursued for the future and immediate working of the mine ; and, if it is thought neces-j sary to obtain machinery, that "arrangements! be made without delay for procuring the' same. That this committee havo power to call in any experts,, and obtain all assistance 1 they may require, and, thfit' the directors b^ requested to meet the cost of such as-' • oistance, and the expenses incurred by^liis, committee."— The amalgamated motion was 1 then' put to the meeting, and agreed to unanimously. — On the. motion of Mr. J. C.j Firth, a vqte of thanks was passed to thej > Chairman, ■ after .which fctha shareholders present handed in their proxies to the committee, and the meeting separated) , <

Some consideration has of late years been given towards tjxo growth, of fibrous and , oil-] yielding plants in our colonies and foreign' \ possessions, and amongst tlie latter the euu-i flower. E[eliantnus annus, has been favour-i ably spoken ef. the plant ia largely grown in' Russia for the sake of fche oil ; arf& it is oaidj ' that, under.agqodayjyt'etn of cultivation. »| bushel of, seed will yielcl a gallon ef excellent: oil, which can bV used for burning in lamps,! for Boap^making or painting ; and, if pjoperlyl refined, it makes an excellent table ; oil;. It| is said to;be much used for adulterating ol^vei pjl, and; is exported from St. Petersburg' in! ; large quantities, fetching about 10a. 6d. v peri cw% The refuse, or marc, after th'o* expression of the oil, '^ au fxcellen'^ food for oat'tte. .Ho^aea,, cove's, and poultry- are said to" fatten > rapidlyaffier being fe'dj ■with.taeso seeds', «' Inj many places, in tlussi^ they ' are ' boiled &nd eaten by the people, ( ana; Wjhe^pr'opM'ly .Bhelled and pulverised) tjie'y make goB.d fioqr, whiolb. 1 being aw.eet! t is" V«ty f BJ^Hble .for jaUkM'oakqfl. ' QChe/.dtfed,, Je,avea^arp' gifen to cittle instead oij straw,,, *nd the st«l^s, saifll td ' produce a, Ij^e ( miaritity jpf^l^ati. | One of; the mpiji; receatappliaationB,,|ip^cyer, j tefcfc hw teen advpo^d for tKe* p'f^the* irulifiowe'r jb the manttfaciure £ pf jtaperv !, O°V Bid eruig.tbV ease mth. wBiob. ( t^e plantii Cfh be grown, and tKe qnaatity of seedto ba|h v one producei, it is time, if .they are. 4^fealty »uy usefoi, ,-, ' , ;.*,*■"; a j, r A'dbot'or'smottbij ro^we^>p"p>;«^§« ! . and long «off«riug," ' } ' ' ' l ■ *j