EXCHANGE GOLDMINING COMPANY.

Thames Star, Volume IIII, Issue 1740, 31 July 1874, Page 2

EXCHANGE GOLDMINING COMPANY.

SHAEEHOLDEES' MEETING.

The half-yearly meeting of. the Exchange Goldmining Company was held *fc the company's office last night.

Mr. B. C. Fryer was voted to the chair.

Mr. Horsbru'gh the legal manager, read the reports. In reply to Mr. Mclntyre it was stated that the amount called up was nine shillings per share. Mr. Horsbrugh explained that the sum of £94 wa3 a bonus to Mr. Garvey in lieu of wage 9as mine manager. The Chairman moved the adoption of the report and balance-sheet, which was seconded by Mr. Mclntyre and carried unanimously.

Mr. Carrick proposed that the directorship be increased by two; and that Mr. James A. Fryer and Mr. W. Brassey be elected.

Mr. Ruddock seconded the proposition. Mr. Workman said lie thought that the proposition was out of all order, as it was most unusual to elect directors without duly advertising that such was the purpose of the meeting, which had not been done in this case'; he thought that no change could be legally made unleis such notice had been given. As to a change in the management of tho company, the general body of the shareholders did not know that such a proposition would be made. The course proposed would injure the interests of the mine. Mr. Brassey said that he was sure his opinion was right, that the present or any other general meeting, had the power to increase the directorate, and that Mr.. Carrick's motion was in order.

Mr. McDonnell thought that the present proceeding! wore taking the shareholders by surprise, ancl suggested that an extraordinary meeting be called to consider the matter, and moved an amendment to that effect.

Mr. Darrow seconded,

Mr. Foughey thought that no charge of mismanagement could be brought •gainst the late directory. Mr. Carrick denied hayiag imputed mismanagement by his motion.

Mr. Garvey said that a most unusual course had been taken by the meeting. On the amendment being / put it was carried by a show of hands.

Mr. Frassey then demanded a poll. Mr. Workman and Mr. Carrick were appointed scrutineers. The result of tho poll was—for. the original motion—3sls; againstit 1710; the motion being carried by a majority of 1805 votes.

Mr. Workman said if the meeting had the powor to increase the number of directors, they could state the number that would form a quorum. He thought that they would now find that they, had come to a deadlock.

Mr Brassey replied that the directors would arrange that matter.

On the question of the retirement of directors, Mr. Hill proposed that one of those elected that evening retire at the annual meeting.

Mr. Workman again stated that he thought advantage had been taken of the shareholders in not giving sufficient notice of the proceedings, and urged that a special general meeting be called, else the mine would materially suffer in the estimation of the public. During the meeting a good deal of warm feeling was exhibited by those present, as to the business carried out during the evening. Those who had carried the resolutions were of opinion that the addition to tho numbers of the directorate

was necessary; the arguments advanced being stoutly opposed by those against it. The proxies from Auckland were largely in favor of the increase. .

A vote of thanks to the chairman terminated the proceedings.