TAIRUA G.M.CO.'S GENERAL MEETING.

Daily Southern Cross, Volume XXXI, Issue 5571, 5 July 1875, Page 3

TAIRUA G.M.CO.'S GENERAL MEETING.

Thk first general meeting of the Tairua G.M.Co. was held at the Pacific Hotel, Grahainstown, on Saturday, for the purpose of electing new dhectors, and making rules in lieu of those contained in schedule B of the Joint Stock Act. Mr. Jackson presided, and it having been ascertained that there vras a quorum present, the business proceeded. The reports and balance-sheet were read by the secretary, Mr. G. S. Graham. The di- ! rectors' report stated that the directors in meeting the proprietors at the first ordinary general meeting of the company, have to report as follows : — The balance-sheet now submitted, forming part of this report, covers a period of httle over two months, being from the 17th April to the 2nd July. It will bo seen that the receipts from calls during that period amount to £250 ; preliur'iary expenses subscribed, £200 ; sales of gold, £53 19s. 9d.,» while the payments for wages, tools, machinery , G o vernment fees, andsundry charges, amount to £3b'l 19s. 2d M tearing a balance of £57 l!)s. od. due to the National Bank of New Zealand. The first discovery of gold in the Pakirarahi block by Mr. C. Neves, and subsequent formation of the company is so pub'<cly known that it requires no comment. It is, however, greatly to bo regretted that the Government have failed in fulfilling their promise, and that we have been driven toinakeacoinpromise.andsacrificealargepart of our interests. The efforts of the directors have been unceasing in studying the interests of all concerned, both in opening the nine w .th the greatest economy, and in pushing forward the work. To this end a sma 1 ! battery has been purchased, and is now being forwarded via Tairua harbour ; battery site and water lights have also been secured. The area of the company's ground comprises 4i)\ men's ground. The most extraordinary yield from the tests already made, and the general appearance of the iu'mc, makes them believe this claim will become one of the finest in the district, and i ival some of the best on the Thames. It is to be regretted, owing to the difficulty of yetting the field opened, our operations have been deferred to the winter season, and that thu Government cannot at present assist in making a road to the ground to convey uuchiuciy. This, however, we have endcavomed to remedy m a small way, a» far m e could, by making a bridle track from the Tuirua landing-place to the claim, and the dneetoia soon hope to have the machinery on the ground, and the battery in full swing. In handing you this report the directors retire from oince, and in doing so they have hill confidence that at the next general meeting of the company, their expectation will be realized as to the extraordinary value of the property. The balance-sheet anil in me manager's report were then read, but before they were put to the meeting for adoption Mr. Sully raised the question as to w nether shareholders who had not had opportunity of registermg their transfers might now do so, and take part in tho meeting. — Messrs. Graham, Wngley and Brassey opposed, but a motion, proposed by Mr. Sully, was carried, and the meeting was adjourned for an hour to allow of the transfers being registered. The question of 1,000 shares supposed to be held by tho secretary m trust tor the company, but which he claimed for himself, was also raised, but not discussed to any great length. After the adjournment, a long discussion ensued, Mr. Tyler laying down the law for the guidance of one section of the shareholders, and Messrs. B *assey and J. B. Graham on the other side. With bo much legal talent it is scarcely surprising that a long time was occupied. Mr. Sully was appointed to take minutes "istead of Mr. J. !S. Graham. It ■was agreed that sufficient notice had not been given to enable the meeting to frame new rules instead of schedule B. of the Joint Stock Act. The following gentlemen were proposed by Mr. Cameron as directors : - Me&sra. Neves, Jackson, Sully, Ehrenfned, James, Beeche, Heiiuelly, Perry, Suns, MeCullough, Brown. — Mr. Wngley, as an amendment, proposed the following : " That the dueetois be Messrs. Jackson, Neves, G. S. Graham, J. Howard, C. A'exandcr, Abbott, Flood, Von der Heyde, Hennelly, and the mover." — The question was put to the vote, and those proposed by Cameron were elected by a largo majority. — Mr. Gra ham then resigned the position of secretary. He was thanked for his past services, and Mr. E. T. Wildmun, of Grahams town was elected : i his place ; and a resolution was passed that the oilice of the company be removed from Auckland to Grahainstown. — A resolution was also passed that the directors be requested to call an early meeting for the alteration of rules. — Votes of thanks were passed to the retiring directors and the prospector, Mr. Neves ; and the meeting terminated much more harmoniously than could have been anticipated from the stormy, lowering commencement.