COROMANDEL.

New Zealand Graphic, Volume XV, Issue XXII, 30 November 1895, Page 685

COROMANDEL.

BUNKER S HILL In order to ascertain the location of Legge's reef Mr Reelly was engaged by the directors of Bunker’s Hill Company to make a survey. That gentleman obtained permission to survey in the Hauraki mine from Captain Hodge, and completed the task towards tho end of the week. The report and plan were forwarded to Auckland, and shou'd prove reassuring to shareholders, as Mr Reelly strongly advocates the continuation of the present crosscut to intersect Legge's reef, which he believes to be still ahead. GOLDEN LEAD. At a meeting of shareholders in this company held duiing the week it was resolved that the directors be, and are hereby authorised to sell the property upon such terms and conditions as they may think fit. A second motion was carried empowering the directors to execute nil deeds necessary to complete the sale. The chairman stated that preliminary negotia-

tione had been entered into by the directors to sell the pro|>erty on the London market. They had amalgamated with the Triumph and Paul's Creek properties at Coromandel. AMALGAMATION OF MINES. For some time past negotiations have been in progress tor the amalgamation of several small holdings adjoining rhe Hauraki mine at Coromandel. The companies sought to be combined were the Hauraki No. 2, Hauraki Hauraki Extended, Zealandia, and Southern Cross. A basis of amalgamation was agreed upon by the directors of the various Companies, and no doubt the negotiations would have been brought to a successful issue were it not for the fact that shareholders in the Hauruki No. 2 Company thought that property of sufficient value to warrant their working it singly. Just before the time when the meeting was held to empowered the directors to dispose of the property shares suddenly advanced in price, and the natural outcome was that shareholders were averse to amalgamation. A c mmittee was therefore formed by the dissentients, and when the meeting was held this week one shareholder alone held proxies representing 4,0000 votes to be used to upset the proposed amalgamation. The Chairman, however, in opening the proceedings, said that since the meeting had been convened the negotiations had terminated, owing to the withdrawal of the proposal concerning the placing of the properties on the Home market. He suggested, however, that perhaps it would be as well that the directors should have general power to deal with any other proposal that might be brought forward. Eventually, after considerable discussion, the resolutions were negatived by a very large majority. It appears that the scheme for amalgamating these mines has not been abandoned, as a combined meeting of directors in the various cotnpani s was called by circular this week for the purpose of considering upon what basis the properties could be amalgamated. ALERT. At a meeting of shareholders in the Alert syndicate held this week it was decided to form a no liability company with a capital of £7.000 in 70,000 shares ar 2s each, nil paid up. Messrs Clemente, Strahan, Johnton, Tanner, and Fleming wore appointed directors, Mr G. A. Stubbs manager, Mr J. A. Beale solic tor, Mr W. A. K.light auditor, and the National Bank of New Zealand bank to the Cjmpany.