MINING COMPANIES' MEETINGS.

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

MINING COMPANIES' MEETINGS.

OtD G.M. Co. An extfaptdinary. meeting of shareholders ' in the 6id Galedonian'G.M. : Co. was'held ; on Friday at , the ,Aubkland, Chamber of j ' Commerce,.lb, consider.the present-position and future prospects of the company, v Mr : J,' M. !: 'Le'nnox ; ;.preßided.' ; Mr.Hicka, roanagepm ,prte&nt to answer: any questions regarding the future prospects of the mine. The balance-sheet showed' that the debit baiance i ,pf the ;i company wa9 £644 ;N- : , 15a 2d-r-.-««V'' ./i • - The Cliairman'said although they had a ■ debit . dead ; work .was done, aniia largetlook^wasnow-ready.for ; etoping, and the ;13tons .crushed averaged' v. risks,of miniagj; saidthis• .niay : lead ■ toi a very important find, ; or.mayrun.out,'and.:in' the /winze had' good pr ospeota .'j 'Noon q couldprognosti- : cate what'the ' : reßult i 'would-be. l In Mr Hicks iSe^tiia^ on the'-Tbames/and he hoped. noiv their v : dead woVk'was' dohe/'they woiild'soon!:be in a dividend-payingicondition. They had had.- great difficulties in;getting meetings /• of directors. r TheE!-was.no honorarium, and Mr Stone, up to ihe last twelve months, had been a grea,t . help; to them; but dnri.ng the lak year,;,aud' iip. to the time of his death, he was unable to attend regularly. Dr. Campbell attend, but the other ' four director's present inowi had been most assiduous in thair attendance. . ... A sharehplderjsked'ho.W/it was; that the tributers got 'sPttuoh ;gold[while the company got so Mr Hicks read a statement showing that the tributereP evißnV ; 'ifthe ' were divided amongst 'men instead of - would .only-averageyfivp shillings arid-hinepehce per day.' '' f " : Mr Melyillej-'.]thought ; some; different arrangements should! he made, either to put Mafficks ;pn; results, or have some change' 'in'" the' management of the mine. It was the.invariable, thing that, just;,before ft®*®. w? ; always some brilliant news from the rriipe, which evapdratey ca . j The' Chairman said' Mr Hicks had made a very fair statement. He had opened a large blockj • and. the first crushing was most satiefabtoryj but its;; running poor was a thing! which he could not foresee, and as the dead work was done, it. would not, he thought; : be a good thing for the company to put Mr Hicks on shares. Mr Ke'esing-coincided with Mr Mel- 7 ville's remarks, but thought at the present juneturp : i.t'.would.. be ■:a pity to throw the thing up!",,'A,, -! Vv/ Mr Melville' did , not > urge that ,they ahould v give ,up;;!the ; ; mine,'' but to, put 'Mr Hicks in a different' position. ; The Chairman said Mr''Hicks had given them not only' his talent and time, and more than that, his life's blood, for on the occaßi6n'\6fthe''late!'accic[enthorieked.hiß life in the.!foul! air, and brought,- up man after man, and saved the. property of; the companyi ; .had , 300 shares' m ithe Company, :and if the com-; pany was disappointed, so was Mr Hicks, but it.was,, the opinion 1 of. Mr Hicka' f riendsV'ani 'of hiß - enemies, that a better miner there; was not at.tho Thames, " Mr " strongly object to payments by ; results; as it would, as in tha old days V..l ead ! tp". bad work being :done, leaving!; it ;to: .men "like' Mr,• Hicks who came after them to make, good; what had been done,' and if he was not worth £4 a week to maaage.such a mine he was worth nothing, and the sooner they got rid of him the better.. • . . . - .•!

• The Chairman said that perhaps it would be advi^hte! ; tp"appoint two direotdrs,.say Mr Baratow and Mr Melville/to the directory tofjfitl:; the Vacancies,- and, then they oould question. :: > ' ../ Mr'Brotfh $id< that if gold Ms not got within,, ab'oiltthree 1 "it: would; bo time to'sliut 'up the mine;. bat as to paying it, ; wpuld Joe veryjrodef ' "'lv

Mr : e'od,;With' ;Mr ,Brown'i emarks-'a?iio ■ paying by 'resalts.;Tßi mine matiftger 8houId : be the responsible servant Voopapapy, and / tht mine was kept open and in working order not to put Him' ! into the position of a heac Iributer, ,V: Mr Hioks said it ; would take four week to replace the boiler. If Mr Melville o, other shareholders were dissatisfied with him, he; was willing to; . resign, and . prepared to do it. If ia manager was pat on results, the results would-be tnost disastrous, for the mine would ' be left in such A state that it could not 'bb worked afters wards.' . , ... . The meeting then closed with a vote of thanks to the'Chairraan..; ' ;