JOHN O'GROATS GOLD MINING COMPANY.

New Zealand Herald, Volume VII, Issue 1899, 16 February 1870, Page 3

JOHN O'GROATS GOLD MINING COMPANY.

An extraordinary meeting of the shareholders of this company was held yesterday afternoon, at the office of the company, Queon-street. There was a good attendance ; A. Lascelles, Esq., in the chair. The following resolution was proposed and agreed to :—" A majority in number and value of the shareholders present in person or by proxy, at any meeting called specially for the purpose, of which meeting not less than ten days' notice shall be given by advertisement in one Auckland newspaper, and in one Shortland on Grahamstown newspaper, may remove any director from his office, and appoint another person in his stead, and the person so appointed shall hold office during such time only as tho director in whose place ho is so appointed would have held the same if he had not been removed." Four of the Board of Directors having resigned, the following gentlemen were appointed directors:—Messrs. T. Heale, A. Lascelles, W. It owe, and W. C. Wilson.

A meeting, adjourned from 17th January, was then held, when the balancesheet to 31st December, and auditors' report, were laid before the meeting, and adopted. The meeting suggested to the directors that security should be taken from the legal and working managers, and that they also be particularly requested to direct their attention to the very important subject of amalgamation with adjoining claims.

Mr. Howe remarked that, the present system of mining small areas of ground must result 5n disappointment and loss, and tliat no efficient and economical mining could be carried out unless the proprietors of adjoining properties would consent to amalgamate'; that it would be vain to expect permanent dividend paying mines ; at present, in many instances, the money was absolutely wasted. The great want on the Thames at present was oificient mining, that is, mining with a view to the future. At present there we.re half a dozen adjoining claims, with half a dozen windlasses, half a dozen shafts, and half a dozen drives, proceeding simultaneously, when one deep tunnel, one good shaft, and the whole worked from one common centre would reduco the ultimate working cost, in most instances, more than fifty per cent.; and permanent dividend paying mines could not be expected unless this was done— and bis advice to shareholders, for the future, would be, if you do not intend to make your mine a permanent one, then save your money, at present you are wasting it. I have no hope for our mines, at the Thames, unless some means are taken to carry out the mensures to which I have referred. I believe the John O'Groats may be made one of the best properties in the district, if proper steps are taken by the directors. I do not say the returns will be immediate, but they will be both sure and permanent ; but if the work cannot be done more cheaply and efficiently than heretofore, then I would advise the shareholders to keep their money.

Mr. F-iAßceli.es (the Chairman) said that he entirely concurred in the remarks made by Mr. Howe, and that it was just as wise to go down to the end of the wharf and throw their money into the sea, as to work as they had hitherto done.