MINING MEETINGS.

Dunstan Times, Issue 2091, 20 August 1901, Page 3

MINING MEETINGS.

THE VINCENT COMPANY

A special meeting of shareholders of the Vincent Gold Dredging Company was held in Dunedin on the 12th inst. The Chairman said that as they were all aware for some time past the workings had not been profitable. About four months ago they had to finance the company by borrowing £1,200. At that time the liabilities were something like £BOO. The £1,200 was due on the 16th of next month, and interest brought the amount up to £1.300. Against that they had only £45 in the bank. " The party who lent the money declined to extend the time unless a procuration fee and a certain portion of the monev lent were paid. With regard to the claim, there was a considerable portion **of the ground ahead between the company's claim and the Vincent Extended claim. Then, on the lower side, they had half a mile between them and the Unity's claim. Practically, to a certain extent, this ground had been worked He always had a feeling that the company should not go into liquidation without the lower portion of the claim again being tested. Professor Gibbons said that shareholders should have some explanation as to how the £1,200 liability was incurred. Personally, he never had any suspicion whatever that there was any such outstanding liability. The impression on his mind was that the additional capital was for lengthening the ladder, which, he understood, could not dredge that part of the river. The Chairman: I don't think that is. correct by any means. Professor Gibbons then asked the chairman to explain how the £1,200 liability was incurred, and why the shareholders were not called together before. The Chairman said that it was only necessary for shareholders to watch the returns of the company to know how £1,200 of a liability was 'incurred. At the time the £1,200 was borrowed they owed £BOO, and thev had gone £4CO to the bad since then. If 'directors called shareholders together everv time they were £4OO or £SOO to the bad" thev would frequently be meeting them. They were paying 10 per cent, for the money borrowed. Of course they had to pav a procuration fee. The directors a " joint and severa,," but directors Averc so often called upon to give "io : uis and severals" that if anything went wrong they would be brought to rum. He did not think they should be asked to do this. The directors had done their utmost in this matter. Mr W. G. Stewart said that it seemed to him that the directors had done their utmost to conceal from the shareholders the actual position of the company. He was never aware that the company were in debt to such an extent After further discussion it was resolved that the mattei be left in the hands of the directors to do the best they could to finance the company. The question of making an appointment to a vacancy on the directorate was also left in the hands of the directors.