KURANUI HILL UNITED GOLD MINING COMPANY.

New Zealand Herald, Volume XVIII, Issue 6054, 13 April 1881, Page 3

KURANUI HILL UNITED GOLD MINING COMPANY.

— « . ADJOTJKNED MEETING. An adjourned meeting of the Kuranui Hill United Gold-mining Company was held yesterday at the company's office, Shortlandstrefct. The special business of the meeting, which arose out of a motion proposed by Mr. Laisbley at the annual meeting, was "to consider tho advisability of making a change in the munagemenh "of the mine." There 'wa3 a modemtely good attendance of Auckland and Thames shareholders, and Mr. T, Peacock, Chairman of Directors, presided. The Chairman said he would make a few remarks in introducing the business, by explaining, for the benefit of those who were not then present, whet had been done at the last meeting. At the last meeting a motion waa tabled by Mr. Laishley that the directors be instructed to mako a change in the management. The directors then stated that they had heard several complaints against Mr. Walker, but on investigating them they found that they had no foundation. Every facility had been afforded for these investigations and it was found that there were no just grounds of complaint regardiug the manager's honesty or competenoy. The mover of the resolution disclaimed any such charges, and on'y moved his resolution in consequence of the manager's want of in finding gold to pay dividends. So the question was nairowed down to that, and he thought it was against reason that they should disoharge the manager on that account. In a mine like theirs, .where a large amount of work had been done, it was important that the manager should have a thoroughly detailed knowledge of the ground, which it would take a manager a long time to acquire. It was now for the shareholders to consider the matter. The reason the directors wished an adjourned meeting was that they thought it desirable that there should be a full expression of opinion from the shareholders. Mr. Hayes moved that Mr. Walker be sent away, .on the ground that according to public opinion, he had too much of a clique in town. The Chairman pointed out that Mr. Laishley'a motion was before the meeting, but Mr. Hayes could support it. Mr. Hates : Then I support it. . The Chairman intimated that Mr. "Walker was in attendance, and could attend to answer any question, or if he chose he could be present as a shareholder. Mr. Stodabt said Mr. "Walker did not deaire to be present. Mr. Bochanan thought that the grounds alleged in the resolution were not sufficient. It was hardly sufficient ground to say that the manager had not been successful, therefore discharge him. If they took up that ground many other managers on the Thames would alee have to be. discharged. He was perhaps an unlucky man, or perhaps he started work on a Friday. (Laughter.) Mr. Walker had been si long time ] in the mine, and his experience was consider- I able. He (Mr. Buchanan) had frequently been down the mine, and so far as the work of the mine waa concerned, it wa» carried on systematically. Not so with the tributers. He had seen tke tributers burrowing after gold. If the company carried on work on these tribute sections on a systematic plan, they would have been out of pocket. Aβ far as the disputes between the tribeters and the manager were ooßcerned, these had been investigated by the directors, and he came well out of them. The shareholders must, .have something more definite before them than merely the statement that the manager's luok was out before they should be asked to adopt that resolution. Mr. Lennox said he sympathised with many of the remarks of Mr. Laishley. They knew that in many mines where some had been unable to find sold that when a bow man was yut in ehargo he found it. When a manager was unsuccessful it might be desirable to change him, but, as", shareholders, he. thought it would be ungraceful of them, when they hada Board of Directors in whom they had the fullest confidence, to pass a resolution directing them what to do. Hβ would suggest that the best course would be to leave the matter in tke hands of the directors. If they found that Mr. Walker was likely to be successful, then let them retain him, and if not, let them make a> change. The reason they ought to get gold was that the company's property included the Long Drive, Barry's, City of .Glasgow, Junction, and other rich elaima. It was improbable that all the gold had been got ont. There must be gold somewhere, and they wanted tho man to find it. His feeling was, that the matter should be left in the bonds of the directors, and he would move accordingly. Mr. Boohanan seconded the amendment, and said that was the proper course. : filr, Hates said that public opinion said that the manager was and that he was joined with a clique. ■ Mr. P. Nolan said he must strongly object to the remarks made by the gentleman opposite (Mr. Hayes). He was conversant with the Kuranui mine, and was competent to form an opinien, and he considered that the mino was well worked, as far as the manager -was concernod, but, na had been remarked by another gentleman (Mr. Buchanan), not the portions in the hands of the tributers, for the tributers burrowed after the gold. With regard to the other remarks made about scratching, ho (Mr. Nolan) had worked in the low levels of the Kuranui and United Pumping Association, and would say that no more systematic pospeoting had been done in any part of the field, and he thought a change of management at present would mean winding up the company. Mr. Hates asked if Mr. Nolan was working in the mine. Mr. Nolan said he had worked in the mine —but that was three years ago—as a contractor. Public tenders wers called, and his was accepted. He was under no compliment to Mr. Walker, and it waa only in justice to the shareholders, the company, and Mr. Walker, that he was present. Mr. W. McGollouqh said he could corroborate all that had been said by fllr. Nolan. It was very wrong that any remark should have been made of incompetency. If the manager was unfortunate, that did not provo he was incompetent, A body of shareholders, met as they were, was scarcely competent to judge, and it was not complimentary to the directors that they should pass the resolution proposed by Mr. Imshley. Every practical man would bear out what was said of Mr. Walker's competence, and no practical man who eaw his work could say he was incompetent. The Chairman reminded the meeting that it was unnecessary to introduce the question of competency. Tke question was narrowed down to whether it was desirable to dismiss the manager solely on the ground that he had been unsuccessful in findi iy gold to pay dividends. Mr. liAiSHLGT, replying on hia motion, said it appeared to him that some of the meeting apprehended that this was a vote of want of confidence in tho directors. He distinctly disclaimed this now as he had done at the last meeting, and expressed the fullest and most complete confidence in them, but he must still urge his motion. Mr. Walker had been manager for 11 years, and that should be a fair test of his success or non-success. In this he thought the manager's most ardent friend would not say that he had been successful. Last year, and even recently, they had paid calls, and it was quite time thez-r< should be some patent results. Until within a few minutes since, he had never seen Mr. Walker, and had never hud any conversation with him.'so he had no personal interest farther than the good of the mine auj the benefit of himself. It was for the shareholders to consider whether they should go on making calls, or have a chance of receiving dividends. Mr. Lennox at the last meeting had referred to the good effect of changes in many instances. He thought as business men they must come to the conclusion that unsuccessful men are unsafe men to deal with and wore better avoided. They had often come across such men, whoso integrity was unimpeachable, but in their personal affairs they would avoid them. Why should they be more lax in a company concern. He would give an illustration as he saw so many accountants present. If an accountant makes up his balance it; sometimes happens that there is a small sum, a shilling or a pound, deficit. He may go over the accounts for weeks and yet be unable to detect the .error. Yet if a fresh accountant, even an inferior man, is brought, he will detect the error in an hour or two, for he brings a fresh eye to bear. His mind does not run in the same groove. He applied the argument to the Kurauui Hill. The present manager's mind was in a groove which prevented him from seeing anything but his , own ideas. They wanted fresh ideas. They

could not be worse off than they were, and might be better off if the mine was worked m? for the benefit ot the shareholders And not to the benefit of Mr. Walker. The amendment w<43 put, and carried on the voices. The names were then taken, and the voting was—l 4 for, and 5 *gainsfc. A vote by shares was then taken, the directors refraining from voting. It resulted a3 follows : —For the amendment, 805; against, 671. The amendment was therefore declared carried. A vote of thanks to the Chairman concluded the proceedings.