THE TERAWHITI QUARTZ REEFS.

Evening Post, Volume XXI, Issue 40, 18 February 1881, Page 2

THE TERAWHITI QUARTZ REEFS.

PHCENIX GOLDMINING COMPANY. A meeting of the shareholders of the Phoenix Goldmining Company was held at the Occidental Hotel last night, to consider the advisablenesß of registering the company and to elect directors and auditors. There was a good attendance, and Mr. Waddell was voted to the chair. Mr. W. M'Lean read a letter from Mr. M'Manaman, offering a lease of 16i acres of land for a period of 15 years, at JBI per acre per annnm, with a royalty added of 2s per ounce on all gold obtained, with a right of renewal for a further term at the same rate, the company to have all the privileges necessary for carrying on their works ; and Mr. Dowaett, who has taken an active part in prospecting operations, was voted a second promoters' share. It was resolved to register the company under "The Limited Liability Act, 1872,-" and that the nominal capital of the company should be £10,000 in jjl shaifes, 2500 share 9 to be considered as fully paid-up promoters Bhares, 2500 to be reserved in trust for the company, and the remaining moiety to be offered to the public. The appointment of Mr. W. M'Lean as legal manager was ratified. A committee was appointed to draw up a prospectus, and Messrs. Downea, Waddell, Moeller, Evans, Dowsett, Chew, Siever?, and Spiers were appointed provisional directors. Mr McManaman, who was present, promised to grant to the Phoenix Company the right to take up 16£ acres adjoining the new reef (now called the Albion Company's claim) after that ground was pegged off, the prospectors having a week to ** peg off " in. The terms were to be the same as those in connection with the Phoenix ground. Mr MoManaman has given up his right to his eight promoters shares, and the shareholders present have agreed to take up contributing shares as well as the paid-up shares. The proprietors of the Albion claim (the new discovery) have been granted a lease of 33 acres by Mr McManaman for mining purposes. A meeting of the subEcribers is convened at Barrett's Hotel to-morrow evening, at 8 o'clock, when probably steps will be taken to vigorously test the new reef.