Untitled

New Zealand Herald, Volume XIII, Issue 4485, 29 March 1876, Page 3

Messrs. Samuel Cochrane & Son will hold an extensive sale at the Land Mart, at noon to-day. Amongst the properties to be sold are valuable villa residence sites, and cottage and buildings at Lake Takapuna, also a valuable improved farm ("Fernside") at Ohaupo, Waikato. Mr. Buckland will hold an unreserved sale of dairy cattle, valuable horse stock, carts and harness, &c, on the premises of Mr. S. Morrison, Three Kings Farm, to-day, at noon. The annual meeting of shareholders of the Onehunga Perpetual Land, Building, and Investment Society, will be held on the sth April. An important notice signed by the Commissioner for Lands at Levuka, JFiji, appears in our advertising columns. Messrs. E. & H. Isaacs will hold an unreserved sale of brushware, &c, at their rooms, this day. The aunmial meeting of the Parnell Football Club will be held on Thursday evening, at the Alexandra Hotel. "We are desired to call attention that tendere for the Three Kings Estate will be received till to-morrow (Thursday) at noon. Mr. Dornwell notifies that he will remove nis business to his new premises, near the hot Theatre, on Friday next. Tenders are required for the construction of the Mount Eochfort Railway Westport Station contract. Tenders are requested by Mr. Wrigley, architect, for addition to a house in Parnell. Alaravilla Cocoa.—Taylor Brothers, London having the exclusive supply of this unrivalled Cocoa invite comparison with any otlier Cocoa for purity— fine aroma—sanative, nutritive, and sustaining power. One trial trill establish it as a favourite beverage for breakfast, luncheon, and a soothing refreshment after a late evening. Jlabaviila Cocoa.—The Globe says, "Taylor BROTHEE3 , Maravilla. Cocoa has achieved a thorough success, and supersedes every other Cocoa In the iPfcrkftt. intire solubility, a delicate aroma, and a rare concentration of the purest elements of nutrition distinguish the JlaravUla Cocoa aboveall others. For consumers of Cocoa, especially Invalids and Dyspep tics, we coma not recommend a more agreeable or valuable beveraje." For further favourable opinions vide Standard, Morning Post, British Medical Journal, &c, &c. Homcsopathic Cocoa.—This original preparation, which has attained snch a world-wide reputation is manufactured by latioe Brothers, under the ablest homoeopathic advice, aided by the skill and experience of the inventors, and vrill be found to combine in an eminent degree the purity, fine aroma and nutritious property of the fresh nut. Soluble Chocolate, made in one minute without boiling. The above articles are prepared exclusively by Tatxob Brothers, the largest manufacturers in Europe, and sold in tin-lined packets by storekeepers and others all over the world. Mustard.—Taylor Brothers' celebrated "Challenge " brand is prepared from the choicest Seed, by a patent process, which prevents fermentation, and at the tame time retains the pungency and purity of flavour to a degree which no other process can accomplish. The double superfine quality Is sp«aially recommanded. Steam Mills: Brick Lane, London. Sxport Chicory Mills: Bruges, Belgium;:—[Advt.] WESiMf'a Wizabd Oii.—Have you inflammatory sore throat, stiff joints, or lameness, from any cause part of the body 7 Jf so, vse Westm'i Wizard Oil internally and externally. Many persons suffer with sick headache and nervous headache, usually Induced ty costireness, indigestion, &c Westox-s Magic Pills actspedfically on the Blood, Liver, •nd Kidneys, and produce a regularity of the Bowtlt so essential to health and comfort. Price hatf-a-crown. Sole ageaU—Kempthorne. Proaaer and Co,— Advi.

TAXRUA GOLD MINING COMPANY. Air extraordinary general meeting of the shareholders of the Tairna Gold Mining Company was held in the National Bank Building, yesterday afternoon. More than a quorum of shareholders were present. Mr. G. S. Graham took the chair, and read the advertisement convening the meeti»g. The Chairman, inhisopeningremarks, said that at the last annual meeting of the company it was intimated to the shareholders that an increase of capital would be required to perfect the works that the company had entered into. Since then the directors had frequently been in consultation with many of the largest shareholders of the company, and he might say that really the majority o£ the shareholders had deemed it advisable, in the place of increasing the capital of the company to wind-up the present company and reform it under a newname. The object to be attained in so doing was that they would thus give the shareholders in the old company s. certain paid-up interest in the new one. The company would thus continue its workings with renewed rigour. The proposed changes would give the shareholders a certain paid-up interest, and if they did not like to pay calls in the contributory interest, their property would be made such that they could part with their contributory, or paid-up interest, as they thought fit. They had entered into contracts that at present their funds would not cover, and if they wanted to finish these contracts they would require further capital, and they now called upon the shareholders for the necessary increase in the capital. The majority of the shareholders agreed that what they were doing was the proper and only thing to be done under the present circumstances to carry out the interests of the mine. He would state that the battery-house was ready to receive the twelve-stamp battery. Any difficulty that had arisen in reference to the conveyance of the 12-stamp battery to the ground had been set at rest by a new arrangement having been entered into to convey the large battery to its site. This work, it was supposed, would be done within the next three weeks. The wire tramway had been finished, and to-morrow would commence working. It was anticipated that from the output above the tramway a good quality of stone would bo obtained. The manager (Mr. Sommerville) and Mr. Neads, who was also working there, assured him that gold had been visible throughout, aad that the prospects were very good. He then read a portion of a letter written from the mine, in which it stated that there were about thirty tons of stone broken from the place he had lately been writing about, and that through the whole of it good prospects had been obtained. As soon as the hopper was ready thirty tons of this quartz would be sent down the tramway. This letter was dated the 24th of March, and he was assured by the manager that they would start crkshing to-morrow. The present directors had accepted an onerous duty, and in order to carry out the works they wanted money. When they accepted the trust there was a large overdraft at the bank against the company. This overdraft had positively been reduced, but in order to carry out aad perfect the works, they required the resolutions about to be placed before the mcetiag to be carried. As business men, he needed not to impress upon them that the directors, having themselves such large interests in the company, had thought over the matter very carefully, and had arrived at the conclusion that the course proposed was the best one. The matter, however, would rest in the hands of the meeting. In order to save time, he would propose the resolutions seriatim. He moved, "That this meeting does resolve and require that the Tairua.Gold Mining Company (Limited) be wound up voluntarily." Mr. Wrigley seconded the motion. Mr. EiIRENFiUED thought that before they went in for a new company they should be done with the old one. He thought it would bo proper to see how much money the directors had received in calls, how much had been expended, and what had been done for it. If the chairman and directors thought this the proper time, he would like to know how much had been spent, and what had been done with it. The Chairman said that he must confess that to him this did not appear to be the proper time for the question, because the matter had long been open to the shareholders, and had been published and placed before the shareholders, and they had had an opportunity of having all their questions answered. He would, however, be happy to hand round the balance-sheet to the shareholders, but rtallly it would be wasting time to go through the accounts again. If shareholders did not call at the office and attend to their own busiuess it was not the fault of the directors. They now wanted a certain thing done, and it was for the gentlemen present to say whether it should be clone or not. Mr. Eurentried then proposed, as an amendment, "That as fresh capital is required for working the Tairua Gold Mining Company (Limited), I herewith put, as an amendment, that the capital of the present company be increased by the issue of 10,000 new shares at 10a each, nil paid up." In supporting his motion, he said that by winding up the present company they would place many of the shareholders in this position, that they must either incur increased liabilities, which they were uuable to do, or to forfeit their property. There were many who had spent almost their last shilling in the mine who would have to abandon their property. Whether anyone seconded his amendment or not, he thought it right to move it, as ho felt sure, if the resolution was carried, a great many men would lose almost all they had. Mr. Stain-es said that the remarks made by Mr. Ehrenfried were likely to create a false impression.

The Chairman ruled that Mr. Staines was out of order to speak on the motion before it was seconded. Mr. War. Rowe seconded the amendment. He said that he did not concur in all that Mr. Ehrenfried had said, but he believed the amendment was carrying out a much better principle than the one proposed in the original motion, and one that would be much more in accord with the wishes and feelings of the shareholders. He would not have been present at the meeting had it not been that he was conversant with the wishes of the shareholders, a number of whom had expended nearly all they possessed in developing the mine. He could not conceive why the ordinary rule adopted under sneh circumstances had been departed from. Why not increase the capital by the issue of new shares, giving shareholders the option of taking up the new shares, and if not taken up by the shareholders, then offering them upon the same terms to the public ? He j believed a new issue of shares would be taken up, but there were a large number of shareholders who could not take up new shares, and why should they be put to the expense of winding up the company ? He believed it would be the wiser and the safer plan, and the one that would conduce most to the ultimate success of the company, to increase the capital of the company in the way proposed iu the amendment. Mr. Howard said he could not conceive why Mr. Ehrenfried should come forward with such statements as he had made. He had proposed to increase the capital, when he believed, he said, the thing to be a gigantic swindle, and to be quite worthless. ilt. Ehrexfried : No ! Mr. Howard said Mr. Ehrenfried had often said the property was worthless, and a swindle, and every move the directors had made to improve the state of the mine had been thwarted by Mr. Ehrenfried. He had spent as much money in the company as Mr. Ehrenfried had,- and had as large an interest in it, and he thought shareholders should have given their assistance and counsel to the company at a proper time or not at aU. He thought the course suggested by the directors ought to be carried out, and believed that view would entertained by a very large majority of the shareholders. The direttors had everything to lose as well as the other shareholders. He did not think it

right that all their deliberations and care should be overthrown by Mr.- Ehrenfried. Mr. Ehrenfried asked leave to speak. The Chairman said he was desiroue of giving perfect freedom to the discussion. ~ Mr. Ehrenfrted : I think Mr. Howard has done very wrong. Mr. Howard : That is a matter of opinion. Mr. Ehrenfrted : I say these assertions of Mr. Howard's — ! The Chairman :If you expect to be heard, you must address the chair and the meeting. It appears to me that you are addressing Mr. Howard, and if so he mu3t reply. Mr. Ehrenfried said he was addressing the chair, and that he maintained that Mr. Howard's remarks were qnite unwarranted, and he denied them in toto. In the first place he did not believe the whole affair to be a gigantic swindle. The Chairman : Well: but I must restrain myself. , „ , -u , Mr. Ehrenfried continued : But he had said that swindfing had been carried on in the company ; and that if properly worked the mine would be a valuable property. (Hear, hear.) He had been the means ot discovering and exposing what he considered a gi"antic swindle, and what none of the shareholders or directors were cognisant of with perhaps one exception. To say that he had frustrated anything the directors might have done— Mr. Howard -. There is no question about

that. We are in the position we are at present, all through Mr. Ehrenfried's action. The Chairman called Mr. Howard to order, and said that he felt sure the meeting wished the whole matter ventilated, and was gratified in having Mr. Ehreufried get rid of his little bit of bile. • Mr. Ehrexfmed said : Not only had he not frustrated anything the direetors had done, but when asked to take a share in the working of the company when it was in the biggest mess a company eould be in, surrounded by law on every side, he became a director, and worked to the best of his ability to further the interests of the company. He then referred to the closing of the shaft, and said that perhaps it was because he had insisted that the then manager should be punished for his wrongful act, that Mr. Hammond had so expressed himself. The Chairman said that the matter referred to had been fully discussed at the last annual meeting, and requested the speaker to confine himself to the amendment he had proposed. Mr. Ehrenfried, after being several times called to order, concluded by saying that the proposal to wind np the company would inflict a hardship upon many shareholders. Mr Howard: "No! you are wrong.

The Chairman said that in opening the meeting he had stated that they had consalted with the shareholders, and had received their opinions, and now Mr. Ehrenfried came and said certain shareholders would be ruined. He would tell them this would not be so. Ho was very sorry to say that a lot of the money of the shareholders had been squandered. Mr. Ehrenfried might get out of it by saying that it was the directors who preceded him had landed the company into difficulties. He believed the present resolutions were in accordance with the views of a majority of i,he shareholders, and, as a proof of that, he had numerous applications for shares in the new company, and two-thirds of the proxies of the shareholders, who acceded to the proposals. After some cross-firing between the chairman and Mr. Ehrenfried, Mr. WniGLEr called for the motion to be put. Mr. B.OVTF. thought it much better to pro? ceed with the business. The Chairman thought so too, and said that his feelings carried him away. Mr. Eowe did not think it was a question for feeling at all. The Chairman : Either this discussion must cease, or I shall continue my explanations. Mr. Howe : I say I have no objection to the discussion of the resolution or the amendment ; but he wished that none should go outside those questions. Mr. White said he objected to being brought there to hear recriminations between shareholders or directors. There was a small room behind in which they might settle their difference afterwards. The proposal was to wind-up the company. He claimed to have little practical experience in the difficulty in getting a majority in number and value, in order to increase the capital; and although this was a subordinateqnestion, it presented a serious difficulty when they canie to consider details. As to the expense of winding up the company, it was no more than the exponse of increasing the capital. Then, again, it was quite a mistake to suppose there was any hardship in the matter. The great advantage claimed for the scheme was that the shareholders would have paid-up capital, upon which he could realise and pay calls. As to Mr. Ehrenfried not having a good opinion of the mine, he had heard that gentleman offer to bet £50 that there was no gold in the shaft. The Chaiejian put the amendment to the meeting, which was lost, and the original motion was carried neni. dis. Mr. Eowe said, in reference to the company's mine: I have examined the property again and again, and am impressed with the exceeding value of the property, and believe that with proper management the properly will not only return the money expended upon it, but will give in future very handsome dividends for the capital expended on it. I make this opinion public, because I should be ver3 r sorry for the impression to go abroad that the Tairua G.M. (Jo.'s xiroperty is not a valuable one. I think it is a very valuable one. The Chairman : I quite coincide with that The Chairman then proposed, "That Henry Burton, Joseph Howard, George Samuel Graham, and George Winter, of Auckland, mining agent, be liquidators for the purpose of winding up the affairs of the company and of distributing the property." Seconded by Mr. T. L. White and carried unanimously. The Chairman next proposed the following resolutions :—"That the said liquidators be and are hereby authorised to sell the property and debts due to the company to the ' Tairua Prospectors Gold Mining Company (Limited),' on the following terms :—All the debts and liabilities of the company to be paid by the Tairua Prospectors Gold Mining Company (Limited). The Tairua Prospectors Gold Mining Company (Limited) to allot to the liquidators, or as they may direct, as many paid-up shares, and as many contributed shares iu that company as there are shares allotted iu the Tairua Gold Mining Company (Limited), such contributing shares to be subject iu. allotment. to a payment of sixpence per share." And "That the said liquidators be.and are hereby authorised to distribute such shares among the shareholders of the company in manner following, or in such other manner as the meeting may determine, viz. : —One paid-up share and one contributing share in the Tairua Prospectors Gold Mining Company (Limited) for every one share held in the company, such paid-up shares not to be giren to shareholders until all moneys due to the' company have been paid by the respective shareholder;). Shares not taken up by shareholders on the day fixed by the liquidators, shall be sold by the liquidators, by public auction, and the proceeds divided among shareholders who have not taken up their shares." s-'econded by Mr. Howabd, and carried without dissent. A vote of thanks to the Chairman concluded the meeting.

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