NEW NUGGET AND CORNISH QUARTZ MINING COMPANY.

Lake Wakatip Mail, Issue 1110, 13 March 1879, Page 2

NEW NUGGET AND CORNISH QUARTZ MINING COMPANY.

An adjourned general meeting of shareholders was held at Eichardt's Hotel, Queenstown, on the 6th instant, at 8 o'clock, p.m. (Mr Black in the chair.) The chief object of the meeting was to endeavor to make arrangements with men who had, after working the mine under certain conditions, struck work; and also to devise the best means for carrying on the Company. Mr M'Kibbin and Mr B. Rogers, two of the late workmen, laid before the meeting a solicitor's opinion of their case, and offered to accept free of further demands, a sum of money therein stated.

After some discussion it was resolved, on the motion of Messrs M. J. Malaghan and R. Roberts—That a sub-committee consisting of Messrs T. Hicks, R. Black, H. Law, J. Hatch, and the mover, be appointed to confer with the men to see if an amicable arrangement made with them. The meeting then adjourned until 11 p.m. On resuming the sub-committee brought up a report—That, after due consultation, with the representatives of the mines in connection with their claim for wages, no definite arrangement could be arrived at; it was therefore suggested that, without any prejudice to any point at issue, an offer be made of £SO each, amount to be paid within one month from date of acceptance, in complete settlement of their claim. The Committee also suggested, in the event of this offer being accepted, that a levy of 2s per share be paid within the same date, to provide for liquidation of claim and reduction of other liabilities.

The report was adopted. The following is the body of a telegram received by Mr Law, from Dunedin, that day, and showing the result of a testing of two samples of quartz sent from the mine :—" Smaller parcel (from cross-cut, high level) at the rate of loz 3dwts per ton ; large sample (from shaft below the lower tunnel) contains gold at rate of 16dwts per ton. Both contain much free arsenic pyrites, which tend to cause flouring, and thus lose fine gold." After some further discussion the meeting further adjourned till the 7th instant, when the wages men refused to accept the offer suggested by sub-committee, but the meeting was again adjourned till Monday last in order to allow the workmen another opportunity of accepting the offer. At the adjourned meeting on Monday, a document, dated Bth instant, was read from the workmen, who agreed to accept £SO each in full of all demands. The offer was accepted, payment to be made within one month from date.

It was ordered that a request from the men for £2O to cover expenses lately incurred be left to the discretion of the directory. It was resolved, on the motion of Messrs Roberts and Rogers that a circular, of which the following is a copy, bp sent to each shareholder :

Queenstown, March 10th, 1879. Sir,—l beg to inform you that, at a General Meeting of the Shareholders in the New Nugget and Cornish Quartz Mining Company (Limited), held to-day, at Queenstown, it was clearly shewn that the Company is in debt to the extent of £I2OO. This has arisen through various causes, principally the loss caused by the floods, the death of one of the wages men, and the refusal of the wages men to work any longer in the Mine. It is now absolutely necessary to raise immediately the sum of £ISOO to paj the debt and carry on the mine. Failing, the Directors being able to manage this there is no other course left than to let the Mortgagees sell the Claims and Plant, and if this is done it seems clear that there will be nothing left for the Shareholders. A number of the Shareholders are willing to make a voluntary call of ss. on their shares, and if this is done by all the Shareholders it will yield a sum of £ISOO. If this sum is raised there is no reason to doubt that the Company will be able to carry on the mine prosperously, and 1 now wish to know if you are willing to join in the voluntary call. You will oblige by sending me an answer on or before the 17th instant, stating whether you will agree to this voluntary call or not. Should you not send me a reply before that date I shall take it that you decline to entertain the proposal. T. Francis Roskruge, Legal Manager, New Nugget and Cornish Quartz Mining Company (Limited). A resolution was passed, on the motion of Messrs Tripp and Rogers to the effect that, should the invitation of the above circular not be duly responded to it will be advisable for the mortgagees to sell the Company's property. A vote of thauks to the chair terminated the meeting.