MINING NEWS.

New Zealand Herald, Volume L, Issue 15298, 10 May 1913, Page 5

MINING NEWS.

MOUNT WELCOME. LIQUIDATION PROPOSAL. EVOLUTION NOT CARRIED. A number of • shareholders in the Mount Welcome Gold Mining Company, Ltd., met yesterday to consider a request ma e y Mr. H. M. Shepherd and 12 other share. holders that the. company bo voluntarily wound up. Mr. James May, chairman of directors, presided. , , The chairman asked Mr. Shepherd to move the resolution as given on the notices calling the meeting : "That the Ol " p^ y be wound up voluntarily, an t a i r. J. B. Sheath, of Auckland, company manager, be and is hereby appointed the liquidator for the purposes of such winding *Mr. Shepherd said that it seemed strange the directors should word the resolution and call on someone else to move it. . He had no part in the drawing up of the resolution as it stood. He wished to simply move that the company be wound up voluntarily. The mine was not a pay-

in one. What little gold had been won had been spent along with the calls. They had understood that the Mount Wo come and the Pride of Tokatea were to bear' an equal cost in the proposed new level, liie Mount Welcome was making three one penny calls, and the Pride of Tokatea had made a call of a halfpenny, which had not been paid. It seemed to him that the Mount Welcome was being saddled with the total cost. It was monstrous that power should be given to any body of men to make unlimited calls. He had had 45 years' experience in mining, and more than, one experience of low levels. Nothing ever came out of them but buttons. _It was useless to waste further money on the m Mr. P. K. McDonald seconded the motl(Mr. G. H. At)Dlei?ate said that there was a good deal of misapprehension in the matter. They had £1200 in hand, which included a Government subsidy of ±/iOU ' When the third call was made they would have £1400. The directors had considered it wise not to depend upon the Pride ox Tokatea. Tliev bad only about 450 ft to

drive to reach 180 ft. of backs. The drive would cost about £860, leaving them £30u odd for contingencies. This was on the money now in hand. He. considered the call in of the meeting preposterous. Mr. Shepherd remarked that Mr. Anplogate had said they had ignored the "fido of Tokatea. It seamed to him (the speaker) that the directors had ignored the shareholders in not calling a general meeting to consider the new level. . Mr. F. Hull favoured the liquidation. Mr. T. Vivian was not in favour of the liquidation. The mine promised well. Mr. T. J. Steele opposed the motion at the present time. Ho would have favoured it three months ago. The resolution was put to the meeting. There were eight against and eight for^lt. Mr. Shepherd and four others demanded a Mr. Hull said that he intended to draw the attention of the Minister for Mines to the fact that 50,000 shares were useless against 30,000. The law should be amended; . , . , ~ The chairman said the Act protected the i small shareholder. • The result of the poll showed that those voting for the resolution held 49.900 shares, and those opposing _it "9,750 shares. As a three-fourths majority of the 89,650 shares represented was necessary, to carrv the vote the chairman declared = the resolution not ; WAIHI. ; ; The attorneys of the Waihi Gold Mining Company, Limited, have received a cableC ram stating that the shareholders meetin? in London passed off quite satisfactorily. The directors' annual roport and " balance-sheet were adopted, and a vote of thanks was passed to the start. DREDGING RETURNS. [BY (TELEGRAPH. —PRESS ASSOCIATION.] BrNEDiJr, Friday. The following dredging returns are to hand:—Karaunui, 220z 4dwt; Masterton, 12oz ldwt: Waikaia, Boz 12dwt; Koputai, 7oz I7dwt.