UNION BEACH GOLD MINING COMPANY, COBOMANDEL.

New Zealand Herald, Volume XVI, Issue 5495, 27 June 1879, Page 6

UNION BEACH GOLD MINING COMPANY, COBOMANDEL.

Tee sixth annual meetiog of this company was held in the large room of the Insurance Buildings yesterday,—Mr. J. Howard in the chair. There was a fall attendance in number and value. The minutes of last meeting were read ancl confirmed. The Seceetaey (Mr. J. Friar Clarke) read the annual report and balance-sheet. The latter shewed s balance of £17 on hand, besides over £200 calls due. The mine manager's report was also read. It detailed the works done daring the year, and the prospects of the mine on the various levels. The Chairman, in moving the adoption of the report and balance-sheet, said : I suppose most of you present here have observed in the daily papers a notification that the directors are willing to accept transfer of shares to the company from shareholders desirous of relinquishing their interests, that is to say, shareholders who are in no way indebted to the company, and who have paid all calls to the present date. The directors, in coming to this resolution, wish so far as it is possible to check the pernicious and unsatisfactory system of dummying, and filling our register with names entirely worthless, and of no standing or position ; the object of dummying i> to avoid calls and liabilities, but to receive dividends, and sell their shares, when made valuable by the energy and capital of others. Before concluding, I wish to state that the directors have decided not to accept any honorarium this year ; they have cheerfully and willing given their time for the benefit of the company, and will not accept any remuneration until the company, at all events, is in a more prosperous: position. With these few remarks, I beg to move the adoption of the report and balance-sheet. The manager reports that he has cut some nice leaders, which he reports as shewing gold. In saying a few words on the statement of accounts now submitted, I regret they cannot be of a very congratulatory nature, yet there are few companies, if any, carrying on mining operations at the Thames 01 Goromandel, '-".ho are in a similar position M> the Union Beach. We have not a single pctay of liability, a balance of £17 5s 2d to tea company's credit, and about £200 of calls to come in, the greater portion of ■which are considered good : under present ftircumstances, this might be considered by aome satisfactory. The past year's Operations in mining have not been satisfactory, a considerable amount has been expended in sinking for the run of gold, 1 am sorry to say without auccess. You will see from the mine manager's report just read that the run of gold had ceased or entirely disappeared from the portion of the mine opened up at the various levels. We have, therefore, deemed it advisable to let certain portions of the mine on tribute, and although not agreeing with the system of tribute, still, looking at the very great difficulty experienced in getting in calls (although I must say the shareholders in the Beach have responded wonderfully well), the directors have thought it better to adopt this course of letting certain portions of the mine on tribute rather than undertake any extensive operations in the face of the difficulties in getting calls paid. It must not be Understood that the directors have any intention of abandoning our valuable property. There is still an uncalled capital of about £8900, equal to about £10s 6d per share, and a firstclass proprietary; furthermore, it should bo forgotten that the large sum £32,937, equal to £4 5s per share, has been paid te the shareholders in dividends. This, surely, ought to inspire us with confidence in the future of the mine—when circumstances, more favourable than present exist, warrant ua again commencing operations. Our property is of great extent, and certain to contain rich deposits of gold. At present there are three men prospecting on behalf of the company. The Chairman, after some further remarks, moved the adoption of the report and balancesheet. Mr. J. M. I/ettnox said he would second the resolution,' if only as an expression of confidence in the directors. The fact was, that on the condition of the mine must, in a, great measure, depend the confidence in the directors, and the position of director in a company which was not paying dividends was very unsatisfactory. The directors in this instance had, in consequence of the fuuDoial position of the company, foregone their honorarium. It gave him therefore

great pleasure to second the resolution that the report and balance-sheet as presented by the directors should be adopted. Mr. A. Black said he did not considei the directors had been doing their duty, as „ they had not given a monthly report of the e mine, which no doubt tho newspapers would ( j print without ox pen 60 as news. He further ,£ proceeded to criticise the einking of the . e shaft, and the fact that only two of the s directors went to inspect the mine, the e others being, as he -thought, afraid of seae sickness. He also complained of the balancesheet and report not having been circulated e amongst the shareholders prior to the meeting, so that they might have had time to j consider them before adopting them. „ The Chairman explained that they were e economical motives which had influenced 0 the directors in not presenting the report and j balance-sheet this year in consequence of the f financial position of the company. He was 3 sorry that Mr. Black, who professed such an 1 interest in the company, had not found a few 3 minutes' time to go to the manager's office, j and see the papers there, which were •pro 5 bono publico, and review the report. r At the request of Mr. Black, the mine j manager (Mr. W. Stranghan) explained in j regard to the new leader struck, that it was [ on the surface, was about two inches thick; that it contained coarse gold, but . that it had only been struck the previous day, and had not yet been stripped, so that j he could say nothiog moro regarding it. [ The motion was then put to the meeting, »nd carried, there being only Mr. Black as a , dissentient. DIRECTORS, ETC. , Messrs. Barber and Riug, the retiring , diaectors, were unanimously re-elected. , Mr. J, Waymouth was re-elected auditor. [ VOTE OF THANKS. ■ On the motion of Mr. Lennox, seconded by Mr. Co.urTON, a vote of thanks was accorded to the directors for their services during the past year. The Chairman thanked the shareholders for their expression, of contidence, and the rough minutes having been read and confirmed, the meeting terminated.