TAIRUA GOLD MINING CAMPANY: EXTRAORDINARY GENERAL MEETING.

New Zealand Herald, Volume XII, Issue 4395, 14 December 1875, Page 1 (Supplement)

TAIRUA GOLD MINING CAMPANY: EXTRAORDINARY GENERAL MEETING.

An extraordinary general meeting -eti .lie shareholders of the Tairua Gold Minixg Company waa lield -yesterday afternoon, an the large roomof the New .Zealand Insaranoe Company's building. Mr. G. S. Graham occupied the chaic, And a .quorum of shareholders being present, proceedings were oom- ! triced by reading £he advertisement con- ' w. the meeting. The .Chairman then aai<i; vj.-.; -lemen, —The positionof the Tairua matters public, it is scarcely necessary on my part to revert .to "them. The public Press baa given almost all the information the directors have, with the (exception of the reports of skilled and parties that we ourselves have sent to examine the mine. These reports we mow lay before you, and as I am going to read them, I will not eater into the exact reasons ;for calling this meeting,, because the regort which I shall read to yon now will of itself give you those reasons. I shall therefore read the report. The Chairman then read the directors' report, a summary of which was published in yesterday's issue.—The reports by the new mine manager, Mr. S. E. .Richards and by Mr. J. vV. Walker were, upon the motion of Mr. T. L. White, accepted as read, as printed copies of them were circulated amongst the shareholders.—Mr Richard b's report gave in detail the workings and the prospects' of the mine, and concluded with the following remarks : —" Seeing your company are committed to the erection 7 of - a twelve-stamp battery, wire tramroad, and other for machinery, &c., all of which are in'a" forward state," together with the fact that the average vslue of the crushing material to be operated on is not determined, and can only be arrived

at by actual practical operations, I am of opinion the Jmdst judicious;course forryou-to adopt would be to complete your plant ■with as little delay as possible, and in the meantime open up the face of; the ridge for the purpose •of raising crushing material. Further mining operations must in a great measure be guided by circumstances as they transpire from time to time, and of which the -officer in charge will be able to take advantage. While I feel satisfied with my opinions as herein expressed, nevertheless I am fully conscious of the interests at stake, and would therefore beg to suggest that you , employ some other gentleman for the purpose of inspecting and reporting on your property, after which a meeting of your shareholders might be called, when the whole case could be laid before them, and your future course in regard to the mine, &c, determined."— The Chairman, before moving the adoption ; of the report, gave an opportunity for its ■criticism by the shareholders, and'invited them to question the directors. The matter was one of finance. The company was notin a fix if the shareholders chose to meet the: position they were in boldly. Reports that had been preparedby competent men recommended the carrying out of the works ,that< the directors had entered upon, and it was; for them to say whether the suggestions of the directors should be complied with—that' was, that a 5s call be made to liquidate the immediate pressing necessities of the company, and to continue the working of the mine.—No questions were asked, and the Chairman then moved the adoption of the report—Mr. T. H White asked if the adoption of the ;report-would,,shut out further discussion.—The Chairman : Certainly not.—Mr. Stovin considered that the report was one the making of which had never beencontemplatedby the shareholders.. Those who were unable to pay the call would be placed in. a< very, awkward position,, and it might happen that many who were able to pay would actually be paying for those who could not pay. He thought some provision should be made fey which those who could 1 pay should.receive, benefit for their, payments in distinction to those who could not pay. It was true'that unpaid shares would be forfeited, but of what use would that be if the company for want of funds was unable to work the mine. It, was a serious matter, and it would be better to delay the clause, and endeavour to get on in the : besfway they could in .the meantime rather than force so ' heavy a responsibility upon shareholders with euch a prospect' before them , .—ln reply, , the Chairman said that the directors had 'given the matter their best, consideration, and the aspect of it which he had placed before .the meeting had also '. been thoroughly considered. There would .be a resolution passed by which shareholders failing to pay their promissory notes would not merely forfeit their interests'in the company, but would also be made liable to pay. The Chairman also said that the ss. call would meet pressing liabilities, and before it *was expended they hoped they would have a yield that would anable them to commence .afresh.—Mr. Stovin said that he understood the original prospector of - the mine had something like 1400 shares in it, and if he ■was not in a position to pay hie ■ calls, it .would be a very serious matter. to the other shareholders.-—The Chairman said that he had already answered the question, and that : the * matter might be, discussed when the resolutions he had referred to were placed .before them.—M)\ T. L. White said the company's liabilities were stated at £3443 3s Sd. It struck him to ask whether in.,that amount there was any sum as conting- ■ ent .liabilities, to—meet the event of the late manager having an action at law against them ?—Mr. Howard said .the.action could not be against the comipany though it-might be- against individual ■members of the Board.—Mr. EKrerifried said that if .there was any action whatever :bropght, .it would be likely to be brought .against himself, and he should be quite -satisfied .if legal proceedings were taken against >him.—The—Chairman-said that no -estimate for any contingent liabilities to meet a law suit from Mr. Beeche had been made, and he did not consider there was any mecessity for it.—Mr. Wrigley said that .if the .proposed call was collected it would still 'leave a deficiency of £1,950. How -would'-(that "be provided for--?—The Chairman said that there was a call due at the j? resent .moment, and other calls might be .made. The present call was to meet immediate necessities. It was hoped that more would not be required, but he did *not desire to raise false hopes,— the (whole- of the .capital- might be required. —Mr. .J. "W. Preece seconded the adoption of theireport, which motion was carried item, eoa. —The; Chairman then placed the resignation of rthe .directors in the hands of the meeting.—Mr. .Wrigley moved, "That the retiring .directors (Messrs. Grahanr>, Ehrenfried, Howard, and Jackson) be re-elected." —This motion was -seconded by Mr. Hurst —Messrs. JJaldy, Harst, and Dr. Wright were also .proposed, Aut their names were withdrawn! It was not known whether Captain JDaldy would serve, and the other two gentlemen positively declined to stand.—i Messrs. J. O. Stovin, J. R, Perry, .and Captain Burton were nominated as directors. —Mr. Ehrenfried said he must .decline to act on a directory of which Atr. Jackson was a memberHe thoughtiitiranch the beet in the interests of the company sthat one or other of them should decline (ko stand.—Mr. Howard objected to ±hia matter being 'brought forward, as it was:an injury to the jproperty and an injustice to everyone. —Mr. Ehrenfried continued hie .remarks. He said the directors ought to have found out what the manager was doing, and not to have allowed the public to be .deceived. Mr. Jackson had been at the sriine\weekly, and yet had never reported that the .-shaft was closed, and therefore he -would refuse to sit at the same Board >with him. Of course the meeting ;had jx perfect right .to .elect whom they .chose, but he -.would ask [them not to eject 'both.—Mr. Jaekson, in .reply, eaid that Mr. Ehuenfried had stated that he was very often at the mine. He would ask, was there not another director living on the mine? JTor himself, he Had never had any mining experience, whilst the other directors had. It .was yery unfair for Mr. .Ehrenfried to ibring .grievances before the meeting. He wae to shesv his handihere, but woulfi let the .matter go onto a Court of Ltw.—Messrs. ;A.bfcot and Wingley were appointed aerutinoars, and, ithe votes having been fotken,' the following gentlemen were, declared .elected :—Messuc G. S. ' Graham, Ehreafiaed, .Howard, Jackson, and Captain Burton.—The Chairman then m'avedth'e' following :— J " That Rale No. 2 be exjamnged, <aad, in lieu thereof, tfce following be ad<g)ted": — ■"The directors may'from time to time snake such calls upon the shareholders,, in oeepect of all saoneys unpaid .on,their shares as ithey may think fit,- provided that do call ehaH exceed 5s per share, or fee made within oneaaonth of toe date of the staking .ef the laet-call; andthct seven days' notice at least is given of each .call, and eae& shareholder shall be liable to p»y the amouoi -of calk' so made to persons and at the times and plages appointed by the /directors."—Tbis motion was aecoeded by Mir, Wrigley, ami adopted nem. eon. —The Chairman then proposed the following resolution, which waa seconded by Mr. Jadlcson and carried :—"That a call of 5s per share be made; that on adding bank interest and coat of stamps shareholders' promissory, notes be accepted, as payment of such caos, payable is'per share one month after date ef such call, 2s per share tltree months after date jof such call, .and 2s per share fire months after date of such call; and that if any such promissory note or jjromissory notes be dishonored, ehare» in!re-; spect to the same shall become liable to be forfeited at the option of the directors, iad: "become'the property of 'tne'bomiarivy and the whole or any part of such call shall be recoverable forthwith, by action at law. That no transfere of shares be registered unless payment of the said call of 5e per.

share be made. tliereon. n —Tlic folloTringjre r solution was alqq. moved by the 'Chairmim; Beconded ,by !Jackson, .and. carried'-: ".That" an'., extraordinary general ineeting of shareholders shall be convened for the'l3th of January next." The business of that meeting to be to confirm the pixiceedinga of this 'present meeting, as also to take into consideration the advisability of extending the capital of the company by the issue of 5000 new shares of 20s each."—This concluded the business, and a vote of thanks having been proposed to the chairman, the meeting separated.