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THE BLUE SPUR CONSOLIDATED.

[F»«m Obr London Coksespondent.l London, May 31. The chairman of the Blue Spur Company has convened a general meeting for the 4th Juno, at three o’clock, for the purpose of considering the desirability of abolishing the local board in New Zealand. Should the shareholders decline to do this, the London Board will, I understand, resign e?{ masse. Sir Walter Bailer has given as much publicity as possible to the improved reports from the mine, but general confidence has been so completely shaken in the concern that they have done very little good. It is hoped, however, that when the public realise that " little Brown, who is straight as a die,” has been shunted, they may recover hope, if not faith. Shareholders are still a good deal puzzled as to the precise part Sir Robert Stout has played in the business, though they admit that he has saved their mine from seizure by the mortgagees. The special meeting will also consider tho advisability of purchasing the mining rights of the Blue Duck, Fidelity, North of Ireland, and Morrison’s claims. The circular addressed to shareholders states, inter alia: —

The Board have come to the conclusion that in order to ensure better management for the future, it le desirable to abolish the local direction and to take tho entire control into its own hands, appointing managing agents at the mines who will be directly responsible to the London office. This can only be accomplished by the removal cf the local direotois, as provided for by section 88 cf the mtioles of aseodation. As to the abandonment of options, I am allowed to quote the following paragraph from the inspector’s report, dated February 5, 1889 In my opinion tho value of the amalgamated companies’ property would be in no way depreciated were tho options not exercised In the oases of the Blue Duck, Fidelity, North of Ireland, and Morrison’s claims, as none of them oim bo worked without the water cf which the Amalgamated Company has command. No effort should bo spared to secure all tho water which can f ossibty be brought on to the works.” It is important that tho question cf exercising those options should now be determined, inasmuch as Mr Brown is, by his agree, mont, responsible to tho company for the cash deposit Eaid thereon, the 6,000 shares to which ho is entitled aving been impounded, by consent, pending a settlement. It is the desire of tho directors to convene the annual general meeting before the end of the current month. But although the managing director, Mr Brown, was written toon the Oth January last for tho necessary accounts and vouchers, so as to enable the accountant to mike up a statement and balance-sheet, he has not up to the present time furnished anything of the kind, and it is impossible therefore at present to fix the date lor suoh meeting Since the date of my last circular tho following message (in eode cipher) has been received from the mines Lewder, mining engineer, has examined and confirms report. Has great confidence in minelooks very favorable. Stout’s letter will give you full particulars. Drainage accident has delayed, Partial clean up. Gold, April, 640." The telegram does not state whether the figures (610) mean weight or value. Mr Brown has been asked by telegram to explain. I may also state that Ur Rawlins, a mining engineer now visiting New Zealand, and who is noting quite independently of the company, has tolegraphed as follows to the largest shareholder in this country; — ll Please Inform Bft Walter Bullet I have examined the mine. It has been opened out and is working all right. There is an immediate prospect, lam certain, of 10 per cent, on LIOO 000. Must not sacrifice. You will be quite sate. Wrote fully by lost mail.” Mr Rawlins’s report, when received, will be communicated to the shareholders.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/ESD18890717.2.21

Bibliographic details

THE BLUE SPUR CONSOLIDATED., Evening Star, Issue 7961, 17 July 1889

Word Count
652

THE BLUE SPUR CONSOLIDATED. Evening Star, Issue 7961, 17 July 1889

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