MINING NEWS.

New Zealand Herald, Volume XLIV, Issue 13481, 4 July 1907, Page 3

MINING NEWS.

TALISMAN CONSOLIDATED

MINE

IMPORTANT ACTION BY NEW Z KALAND SHAREHOLDERS.

[Br TELEGRAPH. —I'RKSS ASSOCIATION.]

WkIMNGTON, Wednesday. | Coxsidkuaiilk dissatisfaction has for some time existed among the New Zealand shareholders in the Talisman mine with the Loudon management, especially in regard to the unusually large remuneration payable to the directors under the articles of association, the tardy and bare reports issued to shareholders, and the non-appointment 'ol a local advisory board in Auckland to supervise the working of the mine by Messrs. Bewick, Mowing, and Company, who have control. A committee, therefore, of some ! shareholders was formed in Wellington last April to circularise shareholders, and to obtain the necessary number of proxies to effect reform in these matters, and also to secure the election to the one vacancy on the board of directors of Mr. G-eo. Wilson, a member of the London Stock Exchange, who was pledged to support the interests of the New Zealand shareholders. Proxies, obtained in about three weeks, and representing over 100,000 shares, were posted to reach Air. Wilson before June 31. This would have been well within time, as the earliest date cm which the annual general meeting of the company had been previously held was June 25. he English board, however, hearing of the movement, called the meeting for May 20. The following cables then passed between the agent or the shareholders' committee and Mr. Wilson. : — Wellington, May 18Have sent proxies for 65,000 and 37,000. London, May Annual general meeting will be held on May 30; when do you expect proxies to arrive? Wellington, May 24.—Proxies for 66,000 arriving oiino 9; 42,000 following; colonial register 220,000- Insist adjournment, unless directors agree stoppage their additional remuneration. Appoint you vacant directorship, also colonial board of independent experts' examination, of mine, alternative special meeting; colonials solid, determined radical changes necessary; date of meeting most unfair. London. May 28.—Will not postpone meeting. Will attend and protest against. London, May Board's reaolntion was carried by majority of 7000. Impossible to •do anything in so short a time. London, June liefer to our letters of May 31 and June 7. Have secured the services of strong committee, who are distinctly pledged to your interests, and met me today, it is most desirable that we must have new board of directors;' decisive colonial vote. It is absolutely necessary. Have sent you special power-of-attoraey; insert the names of George Wilson. Major Frederick Nelson George, and Findlay Cook Auid and H. W. Fo3kett as attorneys. Committee are of opinion that it is ■absolutely necessary to send power-of-attorney. . The action of the English directors has I been adversely commented on here. It is i pointed out that under the articles they I are entitled to divide £1000. also a bonus of 5 per cent, on all dividends declared during the year up to £60,000. For the , past year they have received £4100, as compared with £2400 received by the directors of the Waihi, the second largest ; gold mine in the world, and £1600 by the . directors and chairman in New Zealand of , the Bank of New Zealand. The fait that the working, and control of the mine is undertaken by Messrs. Bewick, Moreing, < and Company under contract, thus relievI ing the directors of much labour and re- , sponsibility, lends additional point to the comparison. During the last 18 months, as , is well known to most of the New Zealand shareholders, very important and valuable , developments have occurred in the mine. No full official information of. these couched in popular language has been issued to the shareholders, who. in some cases, ] have been rendered timid by the receipt of ■ cuttings, posted evidently by strangers, from English financial and mining papers, ] speaking in pessimistic terms of the future of the mine. , Here, again, it is urged that the Talisman might well copy the example of the directors of the Waihi, and take its share- i holders and the public more fully into its confidence. The five Talisman directors 1 hold office for five years, one only retiring in each year. There is no provision in the i articles of association providing that they 1 shall retire if requested to do no by a, special resolution on the part of the share- i holders, although by the articles any director ipso facto ceases to hold office if he lie requested to retire by writing, signed by ' all his colleague:--. "The colleagues then < have power to fill the vacancy. < The New Zealand shareholders now hold ' over 220,000 shares, or more than twothirds of the mine. Their request to have one director at least in touch with them is claimed not to he unreasonable, more especially in view of the remarks of the chairman ■' of the Waihi Company at its last general meeting. Referring to tho fact that New Zealand now held '80,000 out of 500,000 shares in the Waihi Company, he said the ' increase on. the New Zealand register era- ' phasiscd the advisability of having a diree- ( tor who was thoroughly representative of New Zealand. The matter is not to rest here. The * Wellington committee, of shareholders have ' received cable advice from London that a committee has' been formed by some of the ' Talisman shareholders, pledged to loyally co-operate with New Zealand in effecting , changes. This will necessitate the calling , of a special meeting.