MEETINGS OF SHAREHOLDERS.

New Zealand Herald, Volume XIV, Issue 4813, 20 April 1877, Page 3

MEETINGS OF SHAREHOLDERS.

Palmerstox G.M. Co.—An extraordinary meeting of the shareholders of the Palmeraton Gold Mining Co. was held yesterday afternoon in the lusurance Buildings, Queenstreet,—Mr. Kirkwood in the chair. About twelve gentlemen were present. The advertisement convening the meeting having been read, Mr. Joseph Newman moved, " That in the opinion of this meeting it is desirable to remove tho office of the Palmerston Gold Mining Co. (Limited) from Coromandel to some suitable office in Auckland, and that the directors are hereby authorised to effect this renaovaL" Mr. Newman explained the reasons which necessitated the change. Only one director (Mr. R. H. Harrison) now'remained at doromandel to watch over the company's interests. Mr. Buckland had reduced the number of the shares held by him, that ho was no longer eligible for the position of director; while Mr. McMahon had removed to Onehunga. The motion was seconded by Mr. McMahon, and supported by Mr. Shailer. Mr. R. H. Harrison spoke in favour of the office of the company being retained at Coromandel, and concluded by moving an amendment to that effect. It was seconded by Mr. Moles worth. On being put to the meeting, it was negatived, and the motion declared carried. Mr. Harrison then handed in a number of proxies. Messrs. J. Brame and Molesworth were appointed scrutineers, to examine them. They were found to represent 2605 shares, which, with the 400 held by Mr. Harrison, made a total of 3005, or over onethird of the whole number, viz., 9000. The Secretary, Mr. J. Harrison, then read the mine-manager's report, of which the following is an abstract : — After following the Black reef 40 feet at a depth of 259 feet a new leader was discovered in the hanging-wall, containing about (j inches of good looking quartz and a quantity of silica, similar to that which accompanies gold in the Union Beach mine. A heavy influx of water prevented him from doing much on this lode, and, although the engine was kept going, the water rose 40 feet in two days. The engine was stopped to allow the water to find ita level, whioh it did at a height of 48 feet. Had he been able to continue, he believed he would have found gold at the junction of this leader with the Black reef. The average width of the latter was IS inches. He recommended a drive from the shaft at as great a depth between the intermediate and SO-feet levels of the Union Beach at as great a depth as the water would admit. He estimated about 40 feet driving would intersect tho Black reef, but lie recommended that tho drive, should be continued to reach the Venus reef and other lodes, the distance to the former being about 80 feet, and the Pacific reef M 0 feet. The junctions of several leaders would be met with, and lie thought the result vould be successful. He would not recommend working the tribute leader on its downward course at present as owing to its flat underlie it could be worked to better advantage in the upward direction.