GOLD MINING MEETING.

New Zealand Herald, Volume XIV, Issue 4901, 1 August 1877, Page 3

GOLD MINING MEETING.

THAMES GOLD MINING COMPANY. Tun annual general meeting of shareholders was held yesterday, in the offices of Mr. | Charles Tothill, Shortland-street ; Mr. C. J. Stone in the chair. The Secrktary having read the notice convening the meeting, tho minutes of the last general meeting an 1 the report, the balance-sheet, as follows, was taken as read :— NINTH AN VITAL U»PoiiT or THE I'IUECTor s oFTnE Thames Gold Company (Limitbd) kok Ykaii K >I>Kl> Junk 30TH, 1877. Your directors liavo very much pleasure in being able to r« p «rt that, during the past year, CT'Siderabte adv.ujcs in value- of mining stocks h-ive taken place, owin-' to the rich finds of p in Kfivoral min-s principally the Moiuata'.ari, in which tlii• company ha< a lirs'rt interest. The res lting increased confidence in mining affaire «eii-r.iHy, hai id ice 1 this company in a much better position than it wis last year, so that not only t e heavy nihilities then due have boon paid off, but a f*ir woikinp balance his b en ao'.'iunulited. The annexed financial statement and li?" of the various interests held, will inform shareholders as to tho posit on of the company'* affairs. It will be necessary to elect two directors— one in tfi« room of Mr. Stone, who rjtirt-s in ordinary course, b'it, betntf eligible, offers himself f'»r reel e:ion ; and one in the room of .Mr. Wardrop resigned. C. J. Chairman. Statkmknt of Acctnth to June 30, 1877. Catitm- account. —Dr.: T06.000 shares at £10 z>?r fihur*. £0 K00) ; total. £60.000. Cr. : liy capital call-'d ut> a- d paid. £5S f>ls 4s ; capital called up, unpaid. CI4S4 l'J»; total. £'JO.OUO. Statkmknt or Rkceip n and Expenditure in tiik Ykar knoino June3o. 1577. — Or.: : ividends roceived, £4,20.*> 3> (M : calls received, £3,44S ; received for stock «o d, £910 ss; interest on calls, £151 Is 3d ; total. £S 7;"0 9s f)d. Cr : Balanco, profit an'l los«, 1576, £3.750 lGs 7d ; mining stcck purchased, £578 7s : callb pa d on whirrs, £1.283 1/is Id ; paid on account of L'hiius, £1J 2s 7d ; salaries, £50; general charges — ironmongery, £70 5s 4d; rent, £.1$; law £14 Oj Od ; commission, £24 12s 9cl ; stationer/, stunps, &c . £20 14s Id- total, £b!4 12s Sd : interest on overdraft, £297 8« lOil ; baltnce, Bank of Now Zealand, £2 GUI 7s; total. .25.750 l>i 9.1.— Cdahlm Totiih.l. secretary. Audited, compared with tho company's books and Touchers, and fmin<l correct — Jons* iit'cii a nan, Auditor. Au kland, July 24, 1577. List of- Interkhts ukld bv the Taahes Ooi.d Minimi i'omf*ny v Liiiitei>) Junk 30. IS77.—Ajax. 31'0 Alhurnia. ro I .'paid uj;, 1.04!); Bismarck, resist -red (Corom indel), 84.S ; Black Aiiß-d, r»gist''red, 125 : t'-dedooian. limited ;pald up), 31(»: Cftiedoni-iii. contributing, 31t>), «:3'2 ; City of London, rrgMercd, 270 ; Central Italy, registered. 120 : Dacr.-'s Freehold, limitfil, 1. 12 ; (ioldeu Age, limited, 43f» ; Imperial Crown, limited, (paid up), 'J00; Kurvnui Hdl United. limited. 1.546 : Moanatalari. r«?gi-<tored, s''o ; .>onpareit, registere J, 100; Plu'.'Js. limiteit (C.Tom-inde!/, 3.2. r io; I'ride of Tokatea, reg stered iCoromaruiel). 2,023; Ked Queen, regi-tored. SSS; Shamrock, limited, 2,*>12: Thames, limited, 41) ; Tookev CJuiirfz, liinitCil [paid up), . r »S9 ; Union Heat'h, liuiiteil (- oromandel). 271 ; WwifkiU?!, Hinitrd, 510. b since 3oth June, 1677 : Waiotahi. litnited, ICM. >'olil !>ince 30th June, 1877 : City of London, registered, 10^. The Chairman ; It becomes my duty to move the adoption of the report and balanceshect, but 1 do not know that I need to make any remarks upon them. You will notice that the report of to day is of very different character from that which I had the honour of moving this time twelve months. Then we were suffering from mining depression, and we had an overdraft of £3759 l(ss 7d from the Bank of New Zealand. To day we meet you with a more encouraging report—our overdraft has beeu paid off, we have a balance of .t'UBU-l 7s, which I need hardly say is a good working bahtuco to oarry on with. You will observe by a reference to the lists of f.nterests, that some Blight changes have been made, but on tho whole our list of stock is a valuable one, and one which gives promise of bf.ing continously productive. It will be noticed that two changes have been made since the 30th June ; the Waiotahi has been bought into. This mine held its general meeting only yesterday, and its assets are before the public. It is a mine of considerable promise. \Ye have bought 100 shares in it, and we have sold 100 of City of London. Oar balance to-day stands at about ,I*3ooo. I have 110 other remark to make, but beg to move 14 The adoption of the report and balance-sheet." Mr. James Westwood seconded the motion.

Mr. Stovjn' drew the attention of the Chairman to the amount of called but unpaid. capital, or rather calls. He thought some effort ought to be made to have that unpaid capital brought in. If the calls were brought in, the bcilruice would have been a, very respectable one. Besides, those who had paid oujiht not to be made sufferers for those who had not paid. lie also noticed that ia the list of interests the Point Kussell had disappeared, ile presumed that it had been sold.

The Chairman' : I will answer the two questions put by Mr. Stovin. First, as to the unpaid calls. His remarks have the entire sympathy of the directors. At the same time, I may state that, looking at the depression through which we have been passing, the directors felt loth to take the extreme measure of forfeiting shares. Every effort has been mado by all connected with the oflice to get in calls. A considerable amount of calls has been got in at considerable trouble to those gentlemen who have the care of the oflice. 1 believe the whole of the calls—l think 1 may say the whole--have been got in which can be got in without proceeding to law. Our course has beeu, acting in your interest, not to proceed to law, but it is tlis intention of tlie directors at their lirst meeting to forfeit all unpaid shares. The directors ahvays feel it an extreme measure to do this, particularly when mining business was passing through a state of depression, bud looking to the interest of shareholders and the necessity for taking somo action, they have come to this resolution. With regard to the Point Kussell, it has been sold as a whole to the Moanataiari Co. This company has derived its proportion of the assets from it, but it has now become a part of the Moanataiari Co. It had been dragging its slow length along for a considerable time, but the interest wo purchased witli it has been giving us continual dividends since.

The report and balance-sheet were adopted unanimously. DIRECTORS. On tho motion of Mr. C. J. Stone, seconded by Mr. YVestwood, Mr. J. L. Wilson was elected director. On the motion of Mr, Lknkox, seconded by Mr. Dingwall., Mr. C. J. Stone was reelected director. The Chairman' thanked the meeting for the evidence of their coulidence, of which his re-election was tho proof. He had boen deeply interested in the company from its commencement. He had much pleasure in being able to meet the shareholders with so favourable a report. Nothing would be left untried to continue the prosperity upon which he hoped tho company was about to enter. This concluded the business of the meeting.