The ordinary half-yearly meeting of the above, Company was huld at the office, Lyeil, on the 30th April.
Owing to the unchecked expeudi tui>- in tli^- past being considered exc.ssive by the Reefton shaieholders. it waa decided to try and effect some chuiige in lilt; directory and bring about teiortn. The present directory has been in office several years and resented the proposed change, taking all the steps possible to counteract the efforts of the other party. Statements had been circulated that the new candidates wero going to tread heavily on the corns of the employees of the company by causing a universal change. This rumor brought the shareholders working in the minn and their sympathisers, the business people at the Lyell, to the rescue, and a heavy proxy hunt and rounding up of all local shareholders ensued, the consequence being that all the shares in the company except 50 were represented. Messrs Richardson, ColliugH, Bray, Heuer and Ching journeyed to the Lyell to represent the Reefton holders and those who sympathised with the movement;, and with the out" going directory and Lyell residents we if liit; u:ily sliiin'hoidets present.
Mi .Saxtou took the chair and oh~ jectd to several of the proxies held by the Reefton shareholders, and, through iuformality and duplication by the shareholders they were rejected. The first business considered Wftf the
Balance- Sheet, which showed.an expenditure of £6000 for the six months and the quartz trenteH at 5000 ~ton3. Tbo iteni3 of < xpeuditure were con?t^ dared, the first item being a bill discounted. The chairmacC iv stated that this was v joint aud.se veraf promissory note given' i>y the dieeotoifl to the National Bank to jeoiue clw, overdraft, but being further qiK'StioQed and the Bauk pass book being asked for, it was found that it was a,promiHsory note given by the Company on Febinury 17tb for th cc months foi £1000, which the Bauk h;i I discount ted, deducting £22 iuturest ; yet during the past month there had been nearly £600 to the crcrlit of the company and tlie promisasoTV uotc wiw not due until May 20.
Th'isprpte.cding of the direotois was severely cnticiaed by »h-« Ri;efiou shareholders 'as a unique 6peciuieii.of financial ability for the B.mk 3 benefit mi i k deud loss to thccouipmy in borrowing v stated »uiu for three nvouths, when Xh'.y r.quued it on y for six week« in! the i^oid wus *v\A, wh^u ♦ hey conl'i have «ot wh »t money they actually required us an overdraft
The uuxt item gone into wu* the price of the goli but it was found that for the past six mouths the company had ouly received advunces ou the gold, there being, no mint returns of value since October last put in.
The expenditure on the mine was the next I'one to pick, the Ketftou shareholders holding that tho'.costwf getting the stogie Was far in excrsa of that in other mines, and that fewer men should be able to g&t out ;he same quantity and that it shou d be let on contract. As a contrast with the expenses of other mines the following items were quoted-:— Im the Progress in me, the cost of gettiug the quartz and ull other workiu." expenses including crushing, did not exceed 153 per ton, whereas in the Alpine it cost 50 per cent more.
The average thickness of the Alpine reef, as per th« managj'r's sfcopinp plan, was over 12 feet, or neai-iy doub'e the thickness of the Pto^iess reef and no more difficult to work. Even in the lukermau mine, which, would not average mor« th*n 2 fe«t 6 inches thick, the co 4 of breaking the stone on contract did not oxced 17s 6d per ton. though previously on wages it cost a great deal more. .The Dark, with 10 men working on « small block with no uprise, kept 10 head of fa amps goiug working in ground that had to We kep* timberud up cl ose with heavier timber than the Aspine, yet the aver«g^_bay. shet.'t m the A'pine mine carried 40 names aud had gone as high, a? 50. This, the Reefton shart' holder? contended, showed- that either therk. Was bad uianagemeut- in 4,he "miv« or the work wa^ uofe-.dooe in comparison with the wages expended. It was also denied that the present biock (the north one), was bad., to work, the holes bein^ easily.bored.'aud shots effective, while, us to the ground being heavy, there was no set of tim» boi 1 that showed a centre prop and the mine could be filled in any time . it was desired, and any mullock was easily disposed off as filling. The present stope iv the north block showed the reef 40ft wide nnd it should be broken out at a nominal sum. It was also pointed out that what the directors called dead work' consisted in an uprise on quartz which guve over 1^ tons of: quartz .to ; the foot risen, the cost being £2 83 per foot. The only real dead, work was four men driving No. 7 level. '' ' J "
Thuso statenieuts, however, had. no. effect upon the meeting, constituted it it wijs, the proceedings beiilg : oociisi'oiiuliy interrupted by tfne shareholdet liuiding 50 shaies who 19 . workiug. : in: tliti mine bobbing up at iutervaljp to proposß thut the old directors be . re* elected. ' " '
The Rccfion shareholders' being in the minority in v.«un^ pivwi-r, as well as numerically, could scarcely expect to effect a change, and the- other side; knowiug their strength, did not cdhtta*! diet the figures or comparisons, nor suggest in the interest of the Company any remedy, calmly waiting till the Reafton men had exhausted thems BeWes and on their seats to wait for their voting tickets. As a parting ahot a resolution was proposed that when the south block was. to -be. itop(d it .should te let on contract ;■ this was os;rti'd to, but'thu- north block, th<! " big reef," the miuo uiana- i %cv would i not hear of lettiiijg on contract, and lie reckoned that the* north block alone over the iu termed diate i«vei would keep ti»n battery going for the next nine months, arid' that altogether there was four.-yearfl:. crushing 1 iv view oveYhi-ad jn. Nq. 7; level with the north mock yet to come in on thut level and a good reef under* foot in the same level.
The question of fees the directors had been drawing (over £200 ft year) was discussed, and considered by the Reefton holders un excessive amount/These fees had been continued /.i\\l through the time the mint/ was not being worked and when the level wag: the only work, yet the directory _ at« tended even from Nelsou and voted' their fees, whereas in the Grlobe and' Drake the directors fees did not exceed £30 a year. The chairmanhoped the shareholders would come to the Lyeil and visit the mine, .which expression drew from one,, of. the Reeftou holders the reply that if they got the £7 10s the chairman reoeived from tho company for each of his visits then doubtless they could relish' the journey, luit when n shareholder had to spend £3 to cony: to a meeting or visit the mine he could not exactly see the forco of the proposition, though it Wiis uece.s>ary some one should cuuie to protest againdt the in I fluence of the Lyell tradesman on then
directory* which prots9tj^fleemed, to~ ho Vfi little effect;^* VJrr.";; 1 j '. ... Messrt'W.'Richardson, fit. Thoiiu^, W: G. Con-'-^E^firay, ond N. ,Caciice new. nominated^Qß director* m by $ie RBftol^ihircliol^rera Meavs ■-.- Buffer, S%nn(^p, Saxtq«i^.MaUiie»'»tl, "arid r i'e(l'd^t%on,"\he piev}"fttfß directors were also nominatßd .with th • uillow. ing re^ttJl^l&eifon^irfiiwM^iiv^w each ; old directory, 17,602 each. Tht •TBidethe offitte^where iflbst of tm» w^><"men and Lyell business p"op:e li^d assembled, was receivtid with satisfuctoiy expressions resulting in considerable abs<Jfpttp.iVof.*'/}|fisky.,t|jfttE woji'ld give' 7 ' one the' idea 'tiny had escaped an attempt tovrOjjr- ,U\em *«f th«*ir natural 'rights by the Temoval of the Alpine reel to Re^fhfjp • *.
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UNITED ALPINE-LYELL., Inangahua Times, Volume I, Issue 3, 4 May 1891
UNITED ALPINE-LYELL. Inangahua Times, Volume I, Issue 3, 4 May 1891
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