The Goldfields.

Pelorus Guardian and Miners' Advocate., Volume 1, Issue 50, 18 July 1890, Page 2

The Goldfields.

Wakamarina Gorge Mining Company.

.(Times,); : A meeting of.the sharehpldersofthe Wakamarina Gorge Mining. Company was held at tHe Club Hotel'at 7.30 p.m. on' Tuesday ■ evening,' Mr Kilpatrick in the chair. The Legal Manager read the report and balancesheet for the half year ended 30fch June last, which was, 'after considerable discussion, adopted.' There was a large number of shareholders present, in fact, the meeting was the. best attended of any general' meeting since the formation of the Company, and much interest was eviuced throughout. Fully 350 shares were subscribed by those present, and shareholders undertook to canvas members who were not present as well' as the outside public. Several of those present offered to place down sums, in the aggregate amounting to £IOO, to resume work at once, and further test the claim, but the proposition was not carried, as the majority thought it better' to allot the whole of the undisposed shares before resuming work. It was further resolved,. v That, ,so as to enable ..work on '"the-, claim .lo> be; resumed' at an earlier date, shareholders who are willing to pay down £1 per share on allotment, receive at the rate of 11 fully paid up shares for every £lO so paid. Arrangements were made for work to commence not later than the Ist of November next. The Chairman fully explained the position of the Company, and .pqinted out that nothing more promising than the Gorge in the way of mining speculation presented itself in Marlborough, a sentiment which was generally and practically responded to.

Yearly Statements. The Hon. Mr Fergus' " Mining Companies Bill " is an amendment of the Mining Companies Act. Section 4 contains a-much needed provision, l thus 'Section thirty-two Lof Jhe said Act is hereby repealed, and in lieu thereof it is enacted as follows: The manager of every company shall, in the monih of January in each year' make out a true and faithful statement of the affairs of such company up to the 31st day of December of the preceding year, in the form of the Fourth Schedule to the said Act, accompanied by a statutory ; declaration verifying the same; and shall also, in the same month in eaoh year, publish such statement in the Gazette, and send a copy of such statement by post to each and every person whose name appears on the share register. Each director or manager of a company who shall be guilty of any default in complying with the provisions of this section, or who shall knowingly or wilfully, authorise or permit such default, shall be liable to the penalty prescribed by the thirtythird section of the said Act." Another excellent provision is that no manager shaliact as broker. .

According to tho Timaru Herald a blacksmith named Barclay, l in business ab Sefton, North Canterbury, states publicly that " out of 334 customers, only thirty-one paid me within a reasonable time, really only thirteen of that number paid me quarterly or within a month after; then I have 118 that do not pay once in sux months, and 117 that requires twelve months' and some two or three years, and generally when they do pay, it is only a portion of. the amount ovviug. Of these, the last class are the ones that I lose.most by as many of them never pay at a^l.