THE MOANTAIRI MINE.

New Zealand Herald, Volume XXV, Issue 8987, 27 February 1888, Page 3 (Supplement)

THE MOANTAIRI MINE.

This well-known property has now been floated on the London market, a cablegram from Mr. P. Comiskey having been received on Feb. 15 to the effect that the terms submitted by the Auckland shareholders have been accepted. The arrangement, as we ' have previously stated, is that the new com pany shall consist of 75,000 £1 shares, of which 50,000 shall be fully paid up, 25,000 of these being allotted to the present shareholders in lieu of the 13,500 now held by them. 25,000 paid-up shares go to the London syndicate, who also take up the remaining 25,000. The liabilities of the old company, we believe, amount to about £5500, which will be immediately liquidated. Ten shillings per share will be paid up at once, and the balance as may be required, so that there will be £19,500 available for working the mine. Our Thames correspondent wires on Feb. 15 as follows : —" The floating of the Moanataiari Company is generally hailed with pleasure as being the first step in the introduction of English capital." A meeting of shareholders of the Moanataiari G.M. Co. was convened to be held on Feb. 20, but as recent transactions with regard to the sale of the mine have been closed the meeting was unnecessary, and therefore was not held ; and the reason was this: - The mine was under offer to an English syndicate at a fixed sum. Mr. Comiskey, who was negotiating, cabled to the directors that the syndicate objected to the terms, and the directors cabled in reply that they ■would not close _on any other terms and allowed five days in which to close or the negotiations would cease. Under these circumstances they convened the meeting of shareholders which was to have been held on Feb. 20, but on Feb. 17 the directors received ?, cable message to the effect that the syndicate had closed with the company's offer. The directors, having been previously empowered to act on these terms no meeting was necessary on Feb. 20, and it was accordingly allowed to fall through, although there was a good ■ attendance of shareholders.