ACHILLES GOLDFIELDS.

Otago Daily Times, Issue 11113, 14 May 1898, Page 3

ACHILLES GOLDFIELDS.

(From Ctjr Own Goekespondent.)

London, March 25.

Ou the 23rd ic&fc. a apsoial general meeting of the Achilles Goidfields Company was held at Winchester House) ?<lc T. Morton Edea occaj>ying the chair. The meeting was held for the purpose of considering and passing the following resolutions : (1) " That it is desirable to reconstruct the company, and, accordingly, that the company be wound up voluntarily, and that Herbert Watkins, .'of 23 New Broad street, London, 8.C., be, and •he is hereby, appointed; liquidator for the purpose of such winding-up." (2) "That the said liquidator be, and he is, hereby authorised to consent to the registration of a new company, to be named ' The Achilles Gold Mines (Limited),' with a memorandum and artsnles of association, which have already been prepared, with the privity and approval of the directors of this company." (3) " That the draft reconstruction agreement submitted to this meefciag be, and the same is, hereby approved, and that the said liquidator be, and bo. is, hereby authorised, purfiuant to section 161 of ' The Companies Act, 1862,' to entsr iDto an agreement with snch new company, wb«n incorporated, in the terms of the said draft, and to carry the same into effect with such, if »rjy, motJiSoations eg he thinks expedient." The Chairman reminded the shareholders of the sudden emergency which had arisen, and which bad compelled the directors to call the. iuformal meeting of Friday week, when the whole of the extraordinary circumstances in which the ensapauy found itself were freely explained. The object, the shareholders were aware, was U> save the mice from being sold in consequence of the liens the miners had entered against it. These would have enabled them to put up tha mine for sala; it would have been sold.for a mere song, and they would have lost the whole of the property. On an appeal bsjicj? made to the shareholder* they came forward in I » most generous way and subscribed the sum of £4-000 required. It was hoped at the tirna that ■ the money could be borrowed on that guarantee,. i and that id would not be necessary to call upon | each guarantor. . Unfortunately that was found j impracticable, nsd the money was got in a3 rapidly as possible. The whole sum could not be collected in time, and so the directors made up the balance and sent out £4000 last Friday evening. That had been . received at the mine, aud therefore it i might be concluded that the miners' liens had i been paid off, and that the mine could not be sold under those liens.—-(Applause.) So far, he thought the position was satisfactory. The present meeting was a special one called for the purpose of passing the resolutions for the purpose, of liquidating . the present company voluntarily and of reconstructing it. The whole of the debts would then be paid off, and .' they would still have a substantial sum in hand. The shareholders were probably aware that Mr Evans, their late manager, had been i dismissed. The mine was at present under the I care of Mr Turton, a solicitor, who lived near the property. He had done business for them before, and done it admirably. They had the most implicit trust in his judgment and probity. The resolutions were then moved by the chairman, and seconded by ono of the directors. They were carried unanimously, and the meeting concluded with the customary votes of thanks.