Winding up of the Golden Crown Gold-mining Company.

Evening Post, Volume XXXIII, Issue 40, 17 February 1887, Page 2

Winding up of the Golden Crown Gold-mining Company.

An adjourned extraordinary meeting of shareholders in the Golden Crown Goldmining Company was held in the Chamber of Commerce last night. About 17 shareholders were present, Mr. James Barry presiding. Mr. Laing asked if tho directors Lad any proposition to make. The Chairman said ho had nothing to state beyond what the shareholders already knew. Mr. Mooller said it seemed hard that, after paying into the company for several yeare, the shareholders should be suddenly called upon to wind up the company. He asked if it was true, as reported about town, that some of the directors or shareholders had made application to Mr. M'Mennamen for a new leaso of the company's ground on their own account. The Chairman— l have never heard anything of the kind. Mr. Moeller— l have. Mr. H. S. Freeman— Will Mr. M'Lean give a straightforward answer to the question ? Mr. M'Lean said he had Bpoken to Mr. M'Mennamen and Mr. Mowbray about granting him a new lease of the ground, and he told them what his proposals were. The proposals he made were these. Supposing he obtained the lease he required he would submitan offer to tho shareholders interested in the Golden Crown Company, or other companies holding areas adjacent to their land, to take upwjthoat payment, except for the bare cost 'of the land, a similar number of shares to those they now held. If any of the shareholders declined to take up on these terms they could drop out, and any others' coming in from outside the same as if they bought shares in a company. He considered this a fair proposal. Mr. Lang— Did you make that offer on your own behalf or as manager of the company? Mr. M'Lean— On my own account. Mr. Lang thought it rather premature to do so before the existing company was wound np. _Mr M'Lean said if the shareholders desired to take up the gronnd on tho same conditions aa he had mentioned, he would be very glad to transfer tho whole right and title to them for sixpence— the amount it had so far cost him. Mr. Freeman said the offer should not have been made till this company was wound np. Nobody had a right to .try and take the company's property from them. The Chairman said any shareholder had a right to do as Mr. M'Lean hod done. The company had been trying to wind np their affairs for the past three months. Mr. Freeman protested that it looked like a desire to rob the company of their property. Tho Chairman said there could be no robbery about it. Mr. Franklyn moved that the company be wound up voluntarily. Mr. Kember seconded the motion. In answer to Mr. Lang, Mr. M'Lean said the calls due only amounted to £45 12s Gd, a very small sum indeed for any mining company in liquidation. Mr. Freeman asked what guarantee the shareholders had that Mr. M'Lean would do as he proposed. Mr. M'Lean said his word was good, but if anyone doubted it he wonld pnt his proposal in black and white. The motion was carried without dissent. Mr. Bennett said he had still faith in the mine, and was prepared to put more money into it. What was required was the abandonment of the surface workings and deeper sinking. After some further discussion, | Mr. Moeller moved that the property of the company, with all outstanding liabilities, be sold to Mr. M'Lean for the sntn of ss. This was unanimously carried, and the meeting adjonxned.