Kuranui Hill G.M.Co.

Thames Star, Volume XVI, Issue 5108, 1 June 1885, Page 2

Kuranui Hill G.M.Co.

The annual meeting of shareholders in the Company was held in tbe Chamber of Commerce, the business being to receive the report and balance sheet, and to consider a resolution for winding up the company. Mr T. Peacock, M.H.H. presided, and read the annual report, and the Secretary read the balance sheet. The directors expressed regret that success had not attended their last year's opera* (ions. Work had been principally carried on in the levels from tht» 80-feet level upwards, and in no case had the lodes come up to paying point. Their Secretary had to resign owing to monetary embarrassments, and an examination of the books showed certain irregularities in the register book to the disadvantage of the company. The directors felt that there was nothing to warrant them in withdrawing from the course which they had reluctantly agreed upon, namely, to call the shareholders to consider the question of voluntarily winding up the company. The receipts for the year were:—Calls, £1.491 15s; gold, £115 Us lid; tribute, £582 18s 6d ; overdraft, £1,673 10s 10J ; total, £8,863 19s 3d. The expenditure, £2,337 63 6d ; overdraft, £1,521 4s 8d ; cash in hand, £5 8s Id ; total, £3,863 19s 3d. The Chairman 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 due to the bank of £1,673 10s lOd, and the calls due and likely to be recovered were £1548 14s; but there were other 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 ia other cases there was a duubt whether the calls could be recovered, as a second call had been made before the first was paid.—Mr L. D. Nathan sard he would urge that all calls should be enforced.—The roport and balance-sheet were adopted, and Mr Nathan's suggestion put as a resolution, was carried.— The Chairman moved that the com* pany b? wound by voluntary. He said the directors thought it wise to recommend this" course, 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 Monte's process was tested. Although proposing the resolution, he would not be averse to holding over until they made farther efforts to recover the calls due. He would leave the matter in the hands of the shareholders. They might go on a little longer, and let the mine more largely on tribute. —Mr Barstow would like the opinion of the manager as to whether letting the mine on tribute would lead to the injury of the working part of the mine.—Mr Crawford said it would not interfere; it would be the duty of whoever was ia charge to see that tha works were not injured. They might let to better advan> tage ata lower percentage and in blocks of ground, instead of so many feet on a lode. He believed they would let readily he had received many applications, and he believed by this means they may be able to accumulate money to carry on other works. —Mr Barstow considered it would be most desirable to let as much of the mine as possible on tribute, for by that means they could keep their battery going.—Mr Aiekiu moved, as an amendment, "That, the question of winding up the company be posponed for a year, and that the mine' from the beach level be let on tribute," and Mr Morpeth seconded the 'amend* ment.—Mr Leanox wuld support the amendment if Mr Aickin added a clause empowering the directors to expend a sum not exceeding £500 to prospect tbe foreshore portion.—Mr Crawford said be would recommend letting all the old portion of the mine from tbe 80ft. level on tribute, and Mr Aickin amended his motion to this effect.— The* Chairman suggested that a resolution of this sort would meet the matter " That the com* 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 fifroind when they thought it desirable." He withdrew his original motion, and Mr Aiokio withdrew his amendment, and the suggestion of the Chairman was put as a substantive motion and carried.—A vote of thanks terminated the meeting.