TUAPEKA PROSPECTING AND MINING COMPANY.

Tuapeka Times, Volume XV, Issue 831, 1 April 1882, Page 3

TUAPEKA PROSPECTING AND MINING COMPANY.

At the adjourned meeting of the Prospecting and Mining Company, held in the Council Chambers, Town Hall, on Thursday afternoon, the following members of the Provisional Directory were present — viz., Messrs Herbert (President, in the chair), M'Kinlay, Tolcher, Grieve, Brown, Uren, Dwyer, J. Robertson, Hunter, Walker, and R. Pilling (Secretary.) In introdncing the business, the Chairman said there was a motion and an amendment before the chair held over for consideration from the previous Friday. He called upon The Secretary to read the motion, which had been proposed by Mr G. F. C. Browne, seconded by Mr Geo. Walker, J and was in the following terms — viz., " That a public meeting of shareholders be called for the purpose of placing before them the present position of the ComCpany." The amendment, moved by Mr Chalmers, and seconded by Mr John Thompson, was as follows :— " That the Company be now formed, and that action be taken to allot the shares." Mr Tolcher was of opinion that the Company could not be formed, in consequence of sufficient shares not having been taken up. If the residents of the district would not support the Company by taking up shares, the Directors could not expect outsiders to do so. The Chairman explained that at a previous meeting it was resolved that 2,000 shares would require to be taken up before the Company decided to commence operations. Some 1,853 shares had been already applied for, and the number of

shareholders in and around Lawrence was 173. He considered the Company was in a good position to undertake prospecting operations. Mr J. C. Brown said that, in his opinion, there were quite sufficient shareholders to start the Company, and he suggested that a deputation wait upon the Cunnty Council with a view of getting that body to grant the Company a subsidy. He thought the Company should get £1 for every £2 raised from the County Council, as that body would get all the revenue from the miners in the shape of rates and miners' rights. At Naseby (he had noticed by the paper) the Maniototo County Council had assisted a local Prospecting Company by giving a donation of £100. He also thought that if the matter was properly represented to the Government, the Association would get a subsidy of £ for £. The Borough Council, too, would probably render assistance if appealed to. Mr Herbert said that, with the assistance they proposed to solicit from the County and Borough Councils and the subsidy Mr Brown would possibly obtain from the Government, they might be able to go ahead. Mr Brown said he would guarantee to get a subsidy to some amount from the Government. Mr M'Kinlay was of opinion that the County Council should render some assistance. Mr Tolcher thought it would be the best plan, as they were at present circumstanced, to lay the matter before a meeting of the shareholders, and let them decide what course to pursue. Mr Hunter said the Act provided that when they had so many shares subscribed —he believed two-thirds — they could allot the shares. As at present constituted, they could not do this ; but if they reduced the number to, say, 3000, and allot a number on trust (which he believed was a usual course) to make up 2000 — the required two-thirds — they would be able to proceed. Mr Brown approved of that course. It was usual to allot so many shares on trust, which could eventually be disposed of at a premium. He suggested that a meeting of the shareholders be called, and all that had been done by the Directors should be laid before them. It would then be the I duty of the meeting to decide whether they should advance or remain in their present position. Mr Hunter supported that suggestion. As they were at present situated, nothing was being done, and the shareholders were beginning to get tired of so much dilly-dallying. Mr Tolcher admitted that they had been a long time getting matters as far advanced as they now were, but their efforts had been directed to getting the required number of shares taken up. Mr Brown said that they could allot, as suggested, so many shares in trust, and with what he could get from the General Government, and they might obtain from the County and Borough Councils, he was of opinion that they conld form a good stable Company, and the assistance rendered might induce many more shareholders to come forward. Mr Grieve was of the same opinion. To his mind, if they persevered, they might organise an Association that would be in a position to prospect the whole of this district, and develope much of its hidden wealth. Mr Tolcher said they Bhould be certain, as they were now determining to definitely float the Company, that everything should be on a sound legal basis, and in accordance with the law. The Chairman intimated that it would be necessary to alter one or two of the particulars of the prospectus, as for instance that "calls of 3d weekly" will require to be made "Is monthly," and one or two other items. Some general conversation then ensued as to what would be done in regard to a diamond-drill or something of that sort, when the Company was settled. It was stated that this would be a matter for the Managing Directors to deal with, but probably a chisel drill would be obtained. . Mr Tolcher spoke at some length on the subject of prospecting. He was of opinion that the chisel drill would be a very useful machine, or the Tiffen-drill, of which he had heard such accounts as would justify the assertion that it was suitable for boring all the rocks of this district. After further discussion, the motion, with an addition to the effect that a meeting of shareholders be called for Monday night next (3rd inst.) was put, and carried unanimously. It was suggested that it would be well to have something definite to lay before the meeting on Monday, and after consideration, it was agreed that the shareholders be requested to reduce the capital to £3,000, when they would be able to allot 600 shares on trust, and so make up the two-thirds of the total capital required by the Act. It was also agreed to suggest that the number of Managing Directors appointed be nine, who would name their own Manager and Secretary. Messrs Hunter, Tolcher, and the Chairman were appointed to frame resolutions for the meeting on Monday next, and that being all the business, the meeting adjourned.