Auckland Mining News.

Hastings Standard, Issue 371, 13 July 1897, Page 2

Auckland Mining News.

* [By Telegraph.] (Per Press Association.) Auckland, This day. At an extraordinary meeting of the Sheridan Gold Mining Company the chairman of directors (Mr J. D. Connelly) said the meeting was called for the purpose of winding up the company whose property had been purchased by a Napier syndicate. The new company had been registered and everything was proceeding satisfactorily. The prospects of the company were very promising. It was decided to wind up voluntarily. It was intended to have ten stampers at work as soon as possible, and the low level tunnel to intersect the Sheridan reef will be pushed on as quickly as possible. Pie the Ivapai-Vermont G.M. Company, information was received from Sydney yesterday that at a meeting of shareholders held on the 7th inst. a resolution was passed deposing the old directorate and electing a new board. It was stated that though the original vendors were supposed to receive £IO,OOO cash and 40,000 shares, and the old board had agreed to give £GOOO cash and 6000 shares, commission, etc., on the sale, leaving £BI,OOO cash and 81,000 shares for the shareholders, and for £40,000 cash a two years' mortgage had been given for that at 5 per cent, the first year's interest amounting to £IOOO having to be paid. The shareholders' instructions to the new board were to try and upset the sale or get better terms. A petition has been presented to the Court of Equity in Sydney asking that the company be wound up, and a claim for £IO,OOO commission, &c., has been at the same time set up on behalf of Henry Francis Holder. An opinion has been taken that the sale can be set aside.