GOLDEN POINT MINE

Evening Post, Volume CXII, Issue 124, 21 November 1931, Page 16

GOLDEN POINT MINE

The first animal meeting of Golden Point fiold and Scheelite Company was held in Christchureh on 10th November. The annual report referred to the mining operations for the two months, during which 2030z ]9dwt of smelted gold and 120oz of gold in the concentrates had been secured for 41 days worked. The first bar of gold sold realised £5 7s 3d per oz. The directors had decided to install additional plant, and to meet this charge and meet remaining liabilities it had been decided to ask shareholders to subscribe the balance of unissued capital of £3000 in 60,000 8 per cent, cumulative preference, shares. The balancesheet showed v debit to profit and loss of £505 14s. At a special meeting it was proposed that £3000 of unissued capital be issued as preference Is shaves, bearing 8 per cent. interest. A number of shareholders expressed thcmselfcsstrongly in favour of debentures, which could be redeemed ajK any tinic^ ■when the promise of successful .returns' was realised, whjsveas" preference "erm/es would be permanent. It was proposcdfKs an amendment that the board issuo-pA bentures up to £5000 in denomination of £5. bearing interest, at the rate, of 8 per cent. The amendment was curried unanimously.