TOOKEY QUARTZ COMPANY.
The quarterly meeting was held on Tuesday, 31st August, at the Royal hotel, Ballarat; Mr W. H. Barnard in the chair. The director' report was as follows :—> -'We have to report that during the quarter a large number of shareholders who surrendered their first, second, and third issues, and obtained in lieu thereof paid-up shares under the amended constitution, have declined to take up their proportionate new issuo shares. The board much regretted this apathy of the proprietary, and because so few shares were applied for on (4th July) the date fixed for receiving applications, the directors extended the time, and also notified in the newspapers that shares would be available to the public as well as to shareholders. The directors have deemed it prudent not to allot any scares imtil at least three-fourtjis of the full number have been applied for, and have accordingly placed toe amount already received with the application for shares to a separate account, and would now recommend the passing of a resolution authorising the calling of an extraordinary meeting of shareholders to determine on the winding up of the present company, or to authorise such other steps as may be deemed most advantageous for the farther development of the mine at the-400 feet and deeper levels. The annexed report frqm th,e mining manager will in'orm' you 'of the suspension of outlay at the Tookey mine, consequent on the exhaustion of funds and pending the result of invitation to shareholders to subscribeinew capital. Five tributes have been let, and tributers are raising stone from various levels. The income for Uie . quarter from
all sources amounted to £1941 0s 3d/ and the expenditure £167111s lOd leaving a credit balance at comDany's bankers of £269 8s sd.—W. for. Bab abd, Chairman; E. W. Spain. Manager." The mine manager's report, deta/linu the operations for the past twelve months was then read. The auditors reported all correct.' The chairman moved the adoption of the reports and balance sheet. Mr Herman seconded the motion, which was carried. Mr B. Ditchburn moved the following resolution:—" That the propriety of calling an extraordinary meeting for the purpose bf"windTn'g' lup' 5 the company or otherwise be left in the hands of the director!." Mr D. Smith seconded the motion, which was carried, and the meeting adjourned.—Ballarat Miner.
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Bibliographic details
Thames Star, Volume VII, Issue 2094, 20 September 1875, Page 2
Word Count
387TOOKEY QUARTZ COMPANY. Thames Star, Volume VII, Issue 2094, 20 September 1875, Page 2
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