QUEEN OF BEAUTY GOLD MINING COMPANY.

New Zealand Herald, Volume XX, Issue 6829, 6 October 1883, Page 6

QUEEN OF BEAUTY GOLD MINING COMPANY.

Aspecialmeeting of the Queen of Beauty Extended Gold Mining Company was held at the New Zealand Insurance Company's Buildings yesterday, for the purpose of re-forming tho company. Mr. J. A. Pond, Chairman of Directors, occupied the chair. The Chairman regretted there was auy necesaity for calling the shareholders together for such a purpose, but the well-being, in fact the carrying-on of company, necessitated this course being taken. The directors had carefully considered, the whole matter, and the above was their proposal. The liabilities of the company at the present date were about £4000. An arrangement had betn made with the Bank of New Zealand, whereby the floating of a new oompany was the only way'to save the mine from the ordinary seizure and winding-up. The bank had agreed that the property be seized by the order of the Sheriff, and sold, which would enable the payment of the whole debt, which would be the upset price when sold by the Sheriff. By the method proposed the company would save_ at least £200 in legal expenses in connection with winding up. It was proposed to form a new .company. The only question was whether there should be £25,000 shares at £1 each, at 50,000 shares at 103 each. The latter proposal had been suggested by the Sharebrokers' Association. The proposition was to form a company at the present meeting, to be called the Queen of Beauty G.M. Co.; 2s per share to be paid up, making £5000. The whole of the property would then be purchased at auction. He was thoroughly satisfied with tho future of the mine. The directors wanted the approval of the shareholders for what had been done; and also the appointment of more directors. In reply to a question, the Chairman said that 3300 shares at 4s (not paid up), would be forfeited by voluntarily winding up the company, equivalent to a loss of £350 On the motion of Mr. Burtt, the action ol the directors in regard to the re-forming of the company was approved. Mr. Burtt also moved, "That a share list be opened to October 19; that the public as well as shareholders be invited to apply for shares in the new company, but in the allotment preference be given to the old shareholders." Carried.- On tho motion of Mr. J. Friar Clarke, it was agreed that no extra provisional direotors be appointed at present; that the old Queen of Beauty directors carry on till the shares are allotted, and then a meeting be called to consider the question of appointing extra directors.