WAITBKAURI NO. 2 G.M CO

New Zealand Herald, Volume XXXIII, Issue 10127, 9 May 1896, Page 5

WAITBKAURI NO. 2 G.M CO

An extraordinary general meeting of the Waitekanri Gold Mining Company was to have been held at Mr. W. Clarke's oflice, Insurance Uuildings, yesterday morning, but although the meeting room was crowded to its utmost capacity it was found that there was not sufficient in number anil value represented to pass the resolution for increasing the number of shares, The chairman of directors, Mr. W. E. Bloomflold, explained that according to the statute two-thirds in number and value of the shareholders would be required to carry the resolution, and as they had only 42,000 shares represented and 55,000 wore (oquired, they could not go on. l'he only suggestion he could make would bo to adjourn the meeting for a week in order that additional proxies might in the meantime be obtained. Their property consisted of 46 acres, and the Londonderry from 61 to 68 acres. Recognising the advantage of having a large area to place under offer on the English market to induce capitalists to acquire the property anJ fiud the necessary capital to work it, they had received and considered an offer from the Londonderry Syndicate for the sale of their property, and the directors recommended those terms, namely, the purchase of the Londonderry for 30,000 shares in the Waitekauri No. 2. For that purpose it was proposed to increase the capital by the issue of 35.000 shares, the balance over the purchase ;to be held as reserved shares. The acquis! I tiou of the Londonderry property was recom- ' mended by their mine manager, and also by two directors who had visited the property. This report was read, and in answer to questions the chairman explained that by acquiring the Londonderry they would have an area of 109 acres, and if they should anearth a payable lode it would, with the possession of the water rights and other rights they possessed, be sufficient to induce oapital to enter on the development of the mine, It was finally agreed, on the motion of Mr. Slmkespear, to adjourn the meetiug until two o'clock next Wednesday.