JOINING.

Otago Daily Times, Issue 7777, 22 January 1887, Page 3

JOINING.

GLOBE GOLD MINING COMPANY.

A meeting of Dunedin shareholders in the Globe Gold Mining Company (railed by advertisement) was held at the rooms of Mr D. M. Spedding yesterday afternoon. A letter from Mr Hindmarsh, the legal manager of the company, was laid before the shareholders, enclosing-the following memorandum, making an offer to float the Globe and Progress mines on the.London market as an Amalgamated cbmpahy :—

To the director^ of the Globe Gold Mining Company

(Limited),

Gentlemen,—Being aware that the introduction of foreign capital in the Inangahua district would greatly assist it, we, the undersigned, thought it possible to take advantage of the disposition of L >ndou capitalists to invest in gold mining ventures, and upon due inquiries realised a consistent possibility of'fljating the Globe and Progress properties under one company (limited) in the London t. ...,: 7,„. ■. ...

The proposition Would be to sell half of such properties to a Loudon syndicate for £63,000 cash, of which £45,000 would be allotted to the Globe shareholders, £lo,oooto the Progress shareholders for half of their respective interest in each property, and £ 000 to brokerage. The whole interest would then be floated in London as one company, under the paine of Globe, and Progress Gold Mining Company (Limited)^or any other name, with 60,000 shares of £3 10§ea<.'H,£3"iaidup: Qf„such shares 18,000 will be allotted to the' Globe shareholders in ptiymt it of their half-interest in their property, 12,000 to the Progress for the same cause, and 30,000 to the B Jglish syndlcaie.. ~. ~ It is here thuught advisable not to circumscribe the English shareholders to floating the company ouly in 60,000 share 3, but* to let them use their judgment as to number^f'Shares; provided that the capital be £210,000, £180,000 paid up ; and provided that the Globe shareholders get two-sixths of the shares, the Progress shareholders one-sixth, and the English shareholders three-sixths. We beg, therefore, to place the matter before you ?md ask whether ybu*would consider the proposition ay-durable {and if so, whether you would empower us to. act on such basis ahd take all thenecessary •»teps to legalise the acjlon. Soliciting a prompt reply,—We are, &c, ,■•**.- .(Signed) G. Perotti ■•..--.•■•■•■ (Pro J. Kilgour), T. M'LOUGHLIX,

And others

It was resolved-"-" That this meeting will consent to treat with a responsible syndicate for one-half of the Globe property, but positively refuses to amalgamate with the Progress claim as proposed;.and thatthe directors of the Globe company be notified .of this decision by telegram."

THE PHCENIX EXTENDED COMPANY. (Fbom Oob Own Correspondent.)

V.'" Abbow, January 21.It is reported that the manager of the Phcenix Ig&tended has struck very rich stone, which prtfniiies to be of a permaneiit'nature;

NOTES FROM REEFTOJ?: (From-Oue Own Correspondent.)

Reefton, January 21

A change occurred.in the weather this afternoon and light rain-is now faUing, with every prospect of its continuance. - Morning Star.—lt is notified thot aU defaulting shareholders will' be sued oh Monday next unless the accounts owing are sooner paid.

There is nothing new in mining matters, and business' in the share market is at a standstill. - "2-7'--_. XJ'SxJ^^-^ __