CALEDONIAN GOLDMINING COMPANY.

New Zealand Herald, Volume XXVIII, Issue 8501, 27 February 1891, Page 6

CALEDONIAN GOLDMINING COMPANY.

ANNUAL MEETING. * The annual meeting of shareholders of the Caledonian Goldmining Company was held yesterday at the Chamber of Commerce. There was ~a good attendance, and Mr. J. M. Lennox presided. The advertisement convening the meeting was read, and the minutes of last annual meeting were confirmed. DIRECTORS , REPORT. , The directors' report was read by the secretary, Mr. Young, as follows :— Your directors in presenting their annual report regret the result of the year's operation has not been more successful. Several blocks of promising ground have been explored with anything but satisfactory results. From the mine manager's reports, it will be seen that he is now working at No. 2 and No. 3 levels, right underneath the shot of gold that made the old Caledonian so famous. He is in good hopes that an important discovery will be made here. Should his anticipations be realised, our shareholders will doubtless be recouped for the great outlay already incurred. The falling off of supplies of comSany's ore, and finding that public crushing id not pay expenses, your directors accepted an offer of £800 made for the battery, and are now paying for their crushings at one of the batteries. After consultation with several of the larger shareholders, it was thought advisable to increase the capital of the company by the issue of 26,000 new shares of 5s each, 2s paid up, 3d per share upon application, 3d per share upon allotment, with a further call within three months of 6d per share divided into two instalments. The above shares to be issued to shareholders only pro rata. Should thie arrangement be agreed to, the proceeds will enable the company to pay off existing liabilities and give facility to further prospect the mine with more vigour and it is to be hoped with better results. BALANCE-SHEET. The balance-sheet, which was taken as read, was as follows :— Balance-sheet to ifEURUARY 26,1891. DR.—Creditor;*, £256 13s ; ditto, old Caledonian, £502 10s lud ; capital, 24,000 shares at ss, £fjOUO ; Bank overdraft, £755 10s 11s : total, £7544 14s od. Cβ.—Property, mine, £650; pump contribution, £77 ; shares, 24,000, 2s to call, £2400 ; unpaid calls, £310 17s 6d; mining account balance, £410(317s 3d : total, £7544 14s 9d. MINE ACCOUNT. Dr.—Expenditure, £3180 iss sd—less old Caledonian, £43 (is 2d, £3146 9s 3d ; creditors, by balancesheet, £28(513s : total, £3433 2s 3d. Balance, £2"02 10s 3d; balance February 26, 1890, £2104 Is: £4106 17s 3d. Cr.—Gold, £540 7s 7d : tributes, £60 5s 8d ; naulage, £110 0s Ud ; quicksilver, £15 9s ; sale of battery, profit, £200 ; battery working, £11)1 2s Id; creditors on February 25, : 1890, £094 Is 2d : balance, £2002 lCs 3d : total, £(433 2a 3d. Balance, £4106 17s 3d. BECK!Pis.—Cash in hand, 1890, £7 0s 6d; callsbalance of 2nd call, £110s ; 3rd cull, £2773.56 d ; 4th call, £GOU; sth call, fcOOO ; 6th call, ii2S!) 2s 6d — £1767 10s: sold, £540 7s 7d ; tribute, £60 5s Brl • haulaße, HazelbanJr. £119 0s 6d; quicksilver, £15 f)s; sale of battery, £300; battery working, £101 2s Id ; balance, £755 10s lid : total, £4100 12s 3d. KXPEXDITOKE.—Bank balance, I*9o, £97616s 10i1; mine account—manager's salary, £16'); wages, £1340 16s 8d ; requis tes(Sir.ith and Co.), £128 5s 6d ; timber, £182 4s 10d ; rope, £14 8s 4d ; crushing, £30 Us 2<l—£l9oo Is Ud.; battery—wages, £73 11s 10d; repairs (J mid), £122 Is 4d ; Smith and o.'s account, £72 11s 4d ; water, £02 IDs 5d ; μas, £7 7s 6d—£33B lls 6d ; drainage, £240; rent, £19 10s; directorsfees, £51 14s; law, £433 2s ; interest, £60 6s 3d ; property tax, £12 18s 4d ; Old Caledonian account, £43 Us 2a; sundries, advertisements, &c, £29 2s 9(1 ; auditor, £3 3s ; secretary, £52; total, £4166 12s 3d. An encouraging report from the mine manager was also read, and laid on the table for the information of shareholders. In moving the adoption ot the directors' report and balance-sheet, The Chairman eaid the report really said all that the directors had to say. Mining was made up of mingled feelings of hope and disappointment, but if ever men deserved to be rewarded it was the Caledonian shareholders. It was most satisfactory to the directors the manner in which the shareholders had paid their calls, and with the exception of the last call there was not a penny outstanding. During the year they had worked on many promising reefs. The last worked on was the Hazelbank reef in which their manager had previously worked as a tributer in the Albion with good results, but unfortunately it proved a disappointment. He was now working under the rich run of gold, and had great hopes of getting something good. Lfe might say that if he (the Chairman) had not a share in the company, he would like to see the shareholders rewarded tor their courage and perseverance. He had great pleasure in moving the adoption of the report) and balance-sheet. Mi , . Dickey seconded the motion, and it was carried unanimously. DIRECTORS. On the motion of the Chairman, seconded by Mr. McDonald, Messrs. J. Dickey and J. R. Gray, the retiring directors, were reelected. AUDITOR. The Chairman moved, and Mr. R. SPItATT seconded, " That Mr. D. B. McDonald be re-electod auditor." Mr. J. King proposed as an amendment, "That Messrs. J. Waymouth and Son be appointed auditors for the company." Mr. Powkix seconded the amendment. The show of hands was in favour of Mr. McDonald, but Mr. King demanded a poll. Messrs. Dickey and Spraxt were appointed scrutineers, and announced the result of the poll as follows : —Waymouth and Son, 7-189; Mr. McDonald, 2684. Messrs. Waymouth and Son were therefore declared elected. The Chairman informed the meeting that the directors had the Cassel process under consideration, which they thought might enable them to save the very light gold which was new carried off with the base minerals. He thanked the shareholders for their continued confidence in the directors. SPECIAL MEETING. A special meeting of the shareholders was then held to consider the question of increasing the capital of the company. The Chairman moved the resolution of which notice had been given, as follows : —" That the capital of the company be increased by the is?uc of 20,000 new shares of 5s each, which shares shall be considered paid-up to 2a per share. The shares shall be offered to shareholders only, upon the following terms, namely, 3d per share upon application, 3d per share upon allotment, and a call of 6d per share to be made within three months after allotment, made payable in two instalments of 3d each. He said the idea emanated from Mr. Craig, who was a large shareholder, and whom ho was glad to see present at the meeting, and the Board thought the idea a very good one. r?y issuing these shares the company would bo relieved of debt, and be able to carry on operations more vigorously, and if the shareholders or any of them did not wish to take up the new shares, they would be offered to others. Mr. J. J. Craig seconded the motion, and it was carried unanimously. The Chairman then moved, "That in the event of the shareholders not taking up the whole of the shares, the directors shall be empowered to dispose of the balance in such manner as they shall deem advisable in the interests of the company." This motion was also seconded by Mr. Craig, and agreed to. A vote of thanks to the chairman terminated the proceedings.