THE NEW ZEALAND ANTIMONY COMPANY.

New Zealand Times, Volume LI, Issue 9138, 8 November 1890, Page 4

THE NEW ZEALAND ANTIMONY COMPANY.

An extraordinary general meeting of the shareholders of this Company was held on August 15 at Winchester House, the chairman, Mr Henry Nardley, presiding. The Chairman briefly stated that the meeting was of a purely formal character, to submit for confirmation a resolution passed at an extraordinary general meeting held at Winchester House on July 30 last. He moved, '“That Sir Walter Bullcr, Director of the Company, be removed from the office of Director.” Dr Rae seconded the motion, which was carried unanimously without any comment. A general conversation ensued, in which the Chairman, in answer to remarks which wore made, said the first thing the new Board of Directors would give their attention to would bo the cutting down of expenses right and left. Steps would be taken to reduce the expenditure in the Colony, and to obtain from the manager more definite reports, which had been often too vague. A specific form had been drawn up which contained a list of queries as a guide upon which he could formulate his reports. Keeping these before him, he would understand the line of information the Directors desired to be posted upiu. The Directors also intended to do away with useless hands, and in other ways to reduce all expenditure as far as compatible with efficiency and the profitable working of the mine. He said the old Directors had left them a heavy legacy in the contract which they had entered into with Messrs Cookson and Co. They would do their beat to get out of it. It was understood that a contract with the above firm had been made by their predecessors to supply for a certain number of years, two of which are still to run, the goods of the Company at a price which resulted in. a serious loss. The Chairman intimated that though the Company were bound by the contract, he had hopes of getting a release. In answer to a question as to future proceedings, the Chairman said the first thing was to place the mine in a substantial position. A gentleman of great knowledge and ability would be sent to the Colony to represent the Company and look after ila interests, and.he behoved that with care and economy there were for the future very good prospects. The amount in the hands of the Directors as capital was LSOOO, and they expected to recover the LI2OO which had been taken from the funds. A.- vote of thanks to the Chairman for the warm interest he was taking on behalf of the shareholders ended the proceedings.