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SHOTOVER BIG BEACH GOLD MINING COMPANY.

0 An extraordinary general meeting of shareholders was held this afternoon in the office of Mr Thomas Callender, secretary. There were twenty-two shareholders present or represented. The chair was taken by Mr James Gore, who said that at the annual meeting the question of raising more capital was raised, and the directors then suggested that there should be an issue of 300 new shares amongst the shareholders; but since then the position of the company had altered, both as to the extent of the claim and as to its known value. Since then also the directors had acquired two other claims, one of which had proved to be of considerably more value than was at first anticipated. The directors had spent a considerable sum in testing these claims, and this had proved so satisfactory that they now felt warranted in recommending that four more dredges be put on. The question was how to raise the money, and after full consideration the conclusion the directors had como to was to call the shareholders together and ask them to authorise the directors to sell the assets to a new company in order to raise more capital. The Evening Star and Morning Star claims comprised twenty-six acres, of which only five and a-half acres had been worked. The claim above that, below Shady Creek, consisted of twenty acres, believed to be equally rich. Th 9 claim below the Big Beach claim, extending from below tho Big Beach and taking in tho upper and richer part of Tucker Beach, consisted of forty acre?. The total acreage held was 200 acre?. The proposal he now submitted was to float a company of 80,000 shares at L2 each. He might add that the present dredge had not beon a success, as it wculd only sink to a depth of 14ft. Those present wcu'.d be glad to know that Saturday's amalgam was 58oz. That was for Friday and Saturday, and the yield for the fortnight was lOloz Sdwt of retorted gold. The shareholders might congratulate themselves upon having a very good property. The directors had just declared another interim dividend of LI per share. Ha might say that Mr Sew Hoy and Mr Blair had acted most loyally to the company instead of making a good thing for themselves, as they might have done. On the motion of Mr E. A. Joel, seconded by Captain M'Callum, it was unanimously resolved, after a short discussion—" That the directors be authorised to sell all the mining properties, rights and interests, machinery and plant, and appliances of the compauy, and the claims (hereinafter mentioned) of Mr John Blair and Mr Sow Hoy, who authorised them to be sold as the property of the company, including the company's claim known as Sew Hoy's Big Beach claim 178 acres; the Evening Star and Morning Star claim twenty-six acres (held by Mr John Blair) ; the claim below Shady Creek, about twenty acres (held by Mr John Blair); and the Upper Tucker Beach claim (held by Mr Sew Hoy), about forty acres, for such consideration and upon such terms as the directors may think fit, to a company proposed to be formed for the purpose, among other things, of acquiring and working these claims; and in particular tho consideration may be wholly or partly paid up in the company proposed to be formed; and these shares may be allotted to tho present company or its nominees or to the shareholders of the present company in proportion to the number of shares held." It was suggested by Mr Benjamin, and tho proposal was unanimously assented to, that Mr Sew Hoy's name Bhould in some way be associated with the title of the company ; and the chairman intimated that the directors would take it as a recommendation to call the company " Sew Hoy's Big Beach Gold Mining Company." Before the meeting separated the Chairman announced that 6,500 shares had already been subscribed for.

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https://paperspast.natlib.govt.nz/newspapers/ESD18890902.2.31

Bibliographic details

SHOTOVER BIG BEACH GOLD MINING COMPANY., Issue 8001, 2 September 1889

Word Count
663

SHOTOVER BIG BEACH GOLD MINING COMPANY. Issue 8001, 2 September 1889

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