O.P.Q. (WAIPORI) GOLD MINES COMPANY. [From. Oub Own Correspondent.! LONDON, March 27.

Otago Witness, Issue 2565, 13 May 1903, Page 24

O.P.Q. (WAIPORI) GOLD MINES COMPANY. [From. Oub Own Correspondent.! LONDON, March 27.

Yesterday afternoon a special meeting of the O.P.Q. (Waipori) Gold Mines Company was held at 3 Laurence Pountney Hill, when the following resolutions—which were passed at a meeting held on the 11th March—were confirmed:—" (1) That each of the 15,000 shares of £1 each (the balance of the unissued capital of the company) be divided into 10 shares of 2s each, and that the said shares be numbered 1 to 150,000 (inclusive). (2) That these 150,000 shares be called preference shares, and that the holders thereof shall bo entitled pari passu to receive the whole of the net profits of the company until an aggregate amount of 2s shall be paid out of such profits in respect of each of the said preference shares. (3) That when and us soon as an aggregate amount oi 2s shall have been paid out of the net. profits of the company in respect of each of the said preference shares, the holders thereof shall be entitled pari passu to receive 50 per cent., of the net profits of the company, and the remaining moiety of the said net profits shall )>e divisable pari passu among the holders of the ordinary shures of the company. (4) That in case the company shall be wound up before an aggregate amount of 2s shall have been paid out of the net profits of the corui>ar.y on each of the preference shares to be issued as aforesaid, the surplus a3sets (if any) of the company shall be applied in the first place in paying to the holder of each such share such a sum as shall, together with the aggregate amount of net profits (if any) received in respect of such share, make up the sum of 2s, and the residue (if any) of the said surplus assets shall bo divided among all the members in proportion to the nominal amount of capital held by them re- I pptctively. But in case the company siiull be wound up after an aggregate amount o£ 2s shall havo been paid out of the said profits on each of the said preference shares, the holders thereof shall not ba entitled to any preference or priority in the distribution of the surplus assets (if any)' of the company. (3) That holders of the said preference shares shall be entitled to ono vote for every share held by j them. (0) That the directors be, and they »re hereby, authorised to issue the said 150,000 preference shares to s-uch persons, to be paid for by such instalments, and in such manner as the directors may determine." In a circular to the shareholders the directors stated that a letter had been received from I^r Indcr, the company's manager, in which he stated:—"Of 24 heads of water for which wo have a right, two head-s will lie leased to the Upper Waipori Company, and, say, two heads required for milling, leaving 20 heads for power purposes. Ido not anticipate that more than 12 heads will b» required to develop sufficient power for tuo mill. The mine can be opened up to produce large quantities of ore of different grades, and the cost of producing and treating will alone determine what can bo treated profitably and what is to be left untouched. The wwka that should be carried out at once are the sinking of the main shaft to cut the lode, driving a level from the shaft along the lode, the extension of Eaton's tunnel, and the sinking of a winze from Eaton's to prove the mode of occurrence of that body cf stone which was worked on in