PHŒNIX GOLD MINING COMPANY.

New Zealand Mail, Issue 473, 5 March 1881, Page 16

PHŒNIX GOLD MINING COMPANY.

A meeting of the promoters of the proposed , Phoenix Gold Mining Company, Terawhiti, was held at the Occidental Hotel, on Weduesday; Mr., Chew'"presiding,"“ There was a large attendance. After a considerable amount of ” routine business had been done, it was agreed that each promoter "shpuld.. contribute £ J to-',; wards the preliminary expenses of - ■floafirig .the company, those falling • to; pay. by Saturday ( . next to lose their interact in the company. ' It was agreed that: all moneys of thq should rest"iri ’Messrs. Waddell and Moeller, whoshould,^with K Mr.'^McLean,jthq legal manager " have power toiriake payments.... Messrs. Mowbray and James McMainamari; were present,; . and it was agreed with them that the company should’pay its! £25 bonus for the additional" claim. to be pegged, 'adjoining the Albion' ’ ground, by Moriday, on,', which "date the. company’s ground must be selected, It, was sub-. . sequently. agreed that' Messrs."Dbwsett,’ Evans, Trotter, Seivers, and McLean, should, .be a , committee’to peg off the' ground,, with'power to employ a surveyor to survey "the claim. Mr. Mowbray" alsoJl made a suggestion, as" to t . the number'of men to be employed on- the ground at., different stages, and this"was promised . porisideration ~ ■' hy " "the ", company. j After discussion'of some other matters, Mr. • McLean reported that the number of shares that had been applied for was 985, and, §333, was the'minimum . .with which the com-: pany could be registered. Upon this, there j was considerable debate, .nearly all present agreeing that further steps would naye to be taken ‘tp establish .' the company. - Seyeral '* speakers said -the. reason more shares.had no,t ~ been applied, for was, that people considered , the "promoters ' had treated " themselves .too ' liberally in allotting themselves 100 fully paidup 'shares earih. Mr.. Waddel said opposed that course all through, and 'he fully - believed it to be the cause of, the fewness of the applications,"as a muinDet*" .of former , intending shareholders had expressed their'dis-;.-satisfaciiori to him. He proposed that thq promoters should have no shares, but should stand on the same footing as the pqblic, and that whatever moneys had beferi expehded hy. the promotera (£3‘ ss. ‘ each to date) should be* " repaid by the -company 1 when floated. Mr." Waddell and several other speakers expressed their firin' conviction that, the" mode suggested ‘ • was the only possible chance of the '' company. After considerable disc|assi6n ! . : the ( ' motion was adopted;"' It was; then agreed 1 that the capital of’ 'the * company"should be £7500 instead of £IO,OOO and that no shares should . be held in trust "for"the company" Several motions" 1 conseqq'erit ‘uponthe foregoing, were passed,'ana it' having been agreed the share list shoiild be kept''open 1 till Saturday, March 19th', the" meeting was then ad-"; jourried til" Wednesday hext,‘at 7-30;, Some of the promoters then applied for a Cbdsiderable , number of ordinary shares in the company, arid the opinion was generally expressed that, the J conditions of floating the coriapariy having been radically changed, it would be'quickly estab- -- fished, as a number of persons were known to . have refrained from applying on the grounds " before stated. "'J." .* , " .