BRIGHT SMILE.

Thames Star, Volume VII, Issue 2105, 2 October 1875, Page 2

BRIGHT SMILE.

Meeting of Creditors. A meeting of "creditors of the Bright Smile.Groldmining Company was held today to consider the positionofaffairs, a#d the steps to be iaikenunderr the circumstances. A proposition to the effect that the Bank of New Zealand should take possession of the mine and other property of the company was submitted, and discussed at some length, and it was ultimately recommended to the acceptance of the directors. The latter afterwards met and finally agreed to allow theJßank to take possession. It is uncrarstood that the Bank will at once take measures to secure the safety: of the shaft and workings, bul nothing further will be done until some definite terms hare been agreed upon by the surrounding mines to pay^ an equitable drainage contribution. It is also understood that if the directors can see their way to resuming control by forming a new company and introducing fresh capital to retire the liabilities of the company every facility will be afforded to them to do so. The proposition to give the Bank possession was not agreed to without some opposition, as it is looked upon as giving the largest creditor a preference to which it is not entitled. However, it ia to be hoped that the arrangements agreed upon will eventuate in the resumption of operations on a footing advantageous to the company so far as the drainage is concerned. ■