MOUNT WELCOME GOLDMINING COMPANY

Evening Post, Volume LXXXV, Issue 110, 10 May 1913, Page 2

MOUNT WELCOME GOLDMINING COMPANY

LIQUIDATION PROPOSAL REJECTED. (BT TKLEGKAPH— WIESS ASSOCIATION.. AUCKLAND, 9th May. At a meeting of the Mount Welcome Goldmining Company to-day a motion was considered proposing that the company should go into voluntary liquidation. One shareholder objected stating that the mine was ono of the best in Coromandel. The company had £1050 in hand and a Government subsidy of £150. Mr. Hull(sharebroker) said for twenty years they had been bled by these small liability companies. There were twenty others more or less like this, and he would do his best to wind them all up. It was dangerous for small shareholders that such companies, should be able to 'impose heavy calls which had to be borne by substantial men who had supported the industry for years while the knowing ones were enabled to sell out at the right time and make money. The voting for the motion was even and the chairman g^ve his casting vote against. A ballot was asked for and the chairman insisted upon a three-fifths majority. Mr. Hull threatened to appeal to the Minister for Mines. A shareholder stated that one man had' purchased 21,000 shares in the company for one halfpenny 4 gacji. If the company was forced into liquidation he" would make a profit of £200. , The chairmafi agreed to a ballot and the motion to go into liquidation was defeated by a substantial majority.