KURANUI HILL G.M. Co.

Thames Advertiser, Volume XVI, Issue 5182, 1 June 1885, Page 3

KURANUI HILL G.M. Co.

The annual:' meeting o£ shareholders in the Kuranuij Hill Gold' Mining Company was held in the Chamber of Commerce, the business being to receive the report and balance 'sheet,: and : to consider a resolution for wioding up the company. Mr T. Peacock,'. Chairman of Directors, presided, l aiid read the annual report, f>nd the Secretary rejid the balance-sheet. The directors expressed regret that success bad not attended' their last year's operations. Work liijd Been principally carried op in the leypls from the 80-foot level upwards, and; in" no. case had the lodes come up to paying point/ Their Secretary had to resign lowing to monetary embarrassments, and • an f examination of the books'.showedicertain irregularities in the register bock, to the disadvantage of the company. The .directors .felt that there was nothing tp.warrahtthom in withdrawing from the pourso which they had relunctantly agreed upon, namely, to call the shareholders to consider the question of volbntaHly 'wihding up the company, The receipts 1 for the year wero i—Calls, £1,49115sXgold; £115 14s lid; tribute', : £582 ps f 8d;;: 10s lOd ; total, ;-^3,863 198\3d,!-The expenditure £2,337 6s 6d'; ir o'verdraftj £1;521 4s 8d; I

cash in hand, £5 8s Id; total, £3,863 19s 3d. The Chairman, in moving the adoption of the report, pointed out that the business was of a twofold character, and he recommended that they should first deal with the portion of the business referring to the report and balance-sheet. There was a balance duo to the bank of £1,673 10s lOd, and the calls due and likely to be recovered were £1548145; but there were calls, in regard to which there were doubts'; as to whether they could be recovered, one reason being that shares were registered without, calls being paid, and. in other cases there ,was a donbt whether the calls could be'recovered; as aseoond'call had been mide before the first was .paid. <•» .;<■'' ■' ■ Mr Howard I 'seconded 1 the adoption of the report and balance-sheet. , r , . , Mr :li.' D. Nathan ; said before the accounts.jivere passed he,would urge that all calls should be enforced, :

" The reported ,'ahd balancO;sheet were then adopted, and Mr Nathan's suggestion, put as a resolution, was also carried. The! Chairman thon ' moved . thai, the company be wound up voluntarily. • He said ;tlio directors only, thought 'it wise to recommend , thia courae, as they had experienced a'great disinclination on the part of 'the shareholders to pay up calls, but it might be desirable to postpone the winding up until' Mr La Morite's process was tested. Although proposing the resolution, he would not be averse to holding over until they made further efforts to recover the calls due. He would leave the matter in the hands, of the shareholders. T)iey! might ' go, on'alittl'e longer,and let the mine more largely on tribute. ' Mr Barstow would 'like the opinion of the manager as to "whether letting the mineion tribute would lead to the injury ot the working .partyof'lhe minei.;; : ,; Crawford',said! it would not interfere, forit would-be the duty of whoever was in chafge; to' see/that: the not injured. They. ; might let ito : better advantage.':at a; lower percentage and in blocks of ground, instead of so many feet on a lode, 7 ! |Hp believed they would let readily; foKhe had-'received' many applications', and he believed by this means •"they, might be flble to accuaiulate • money: to carry on other works. • :

: _ Mr Barstow considered it would be moßt desirable, to • let as much of the mine as j possible on-tribute, for by that means they could; keep their, battery going.. . Mr; Aickin moved, as an amendment, " That the question of winding up the company b'e c postponed for a year,: and. that the miue from the beach level be let on tribute," and Mr Morpeth seconded the amendment. Mr Lennox would,support the amendment jif Mr Aickih' added a clause empowering the directors to expend a sum not exceeding £500 to prospect the foreshore portion. Mr Crawford said 1 ' he would recommend letting all < the' old portion of . the mine from the 80-feet level on : tribute, and Mr Aickin amended his motion to this effect. ''The; Chairman suggested that a resolution of this sort would meet the " That the company be not wound up at present, and', that the-directors be empowered to let the upper portions of the mine on tribute to as large an extent as possible, and resume, prospecting, new ground When they!-thought it desirable." He withdrew.his original motion, and Mr Aickin withdrew his amendment, and the

suggestion of the' Chairman was 'put as a substantive motion, and carried. A vote of thanks to the Chairman terminated the meeting.

, MOANATAIARI G.M. Co. The: annual meeting of this company, which was. to-have been held on Friday at Mr' P.; A. White's office, 1 lapsed for want of a quorum.' /