MINING MEETINGS.

New Zealand Graphic, Volume XIX, Issue XXIII, 27 November 1897, Page 716

MINING MEETINGS.

Hanraki Associated Mines. —The last of a series of meetings called by local shareholders in this company was held during the week and was of a more satisfactory nature than the former ones. The chairman. Mr J. M. Lennox, said the Committee had done all possible. but could not get a balancesheet from the Home people. It was thought that they were waiting for the accounts from Auckland, which were now closed, before adopting finally the balance-sheet. With reference to the local directors borrowing money at 20 per cent, over the battery he thought it was only fair to them to state that the people in the Old Country could not get the money at any price. The local directors, therefore. did the best they could under the circumstances. Mr Hampson had to sell his own shares to pay the amount of cash to the original shareholders in the Pride of Tokatea. He thought the meeting should make representations and ask that the cost of Honte management, amounting to £BOO per annum, should be reduced until the mine was a dividend paying one. Mr Pollock, who had acted as honorary secretary to the shareholders’ committee read a letter received

from Mr De Lissa, a London shareholder, who stated that the power of attorney to Mr Hampson from the Pride of Tokatea Co. was free and absolute. There was no underwriting done, and no balance-sheet of accounts had been issued; that £1,764 had been paid in London for machinery sent to * Auckland; that £4,173 had been remitted to Auckland ; that £350 had been paid for the Rising Sun Extended special claim, in addition to a commision of 1,150 shares to Mr Hampson ; that the London shareholders had taken up 262,624 shares in the reconstructed company ; that the Home directors were quite unable to raise money at any price, and so fell back on the Auckland attorneys to do the best they could to raise the necessary money. The appointment of Mr A. Heather as a local director of the company was approved. Mr Heather spoke very favourably about the prospects of the mine and said the company's battery was a very complete plant. A vote of confidence in Messrs Niecol and Porter was subsequently passed and tendered to them by the chairman and also in Mr Heather. On the motion of Mr Johns it was resolved to recommend to the London office ‘That the Home directors’ fees shall not be more than £4OO a year in the aggregate until the mine has paid £4,000 in dividends.’ European. —At an extraordinary meeting of the shareholders in the above company held this week it was resolved ‘That this meeting endorses the action of the directors in appointing Messrs Reid, Lush, and Halstead as a committee with power to takelegal action to have the company's register rectified in the Supreme Court ;' also, ‘That the said committee have full authority to take immediate legal steps to recover all back calls from shareholders who have illegally transferred their shares to the forfeited list, and if necessary to arrange for liquidation prior to the re-formation of the company under the No Liability Act.’ Royal Sovereign.—Shareholders met this week and confirmed the action of the previous meeting in passing a resolution voluntarily winding up the company. Conquering Hero.—The half-yearly meeting of shareholders lapsed for want of a quorum. The statement of accounts showed the receipts to havebeen £334 14s, and the expenditure £313 18s 9d. leaving a balance of £2O 15s 3d. Sheridan.—A meeting of shareholders in this Tapu mine was held at Napier, at which the mine manager, Mr Rich, stated that in one section of the property there are numerous small auriferous veins which would pay to crush. An average of five out of eight pannings showed payable gold. At No. 2 level there were indications of free gold. During September 45 men were at work on the mine. He was fully satisfied with the future prospects of the mine. It is expected that the present crushing, although more of a battery trial than a test of the mine, will pay all November expenses. and that this mine will henceforth be self-supporting. Germanic. —At an extraordinarygeneral meeting of shareholders resolutions were passed authorising the winding-up of the company and the division pro rata of any surplus cash on hand. Royal Shield.—A proposal was made by the directors of this company that it should go into liquidation, but at a meeting of shareholders, when some 30,0(10 shares were represented, it was resolved unanimously : —‘That- a defence fund of £SO be formed to resist the action of the directors in placing the company in liquidation.’ Waihi Beach Syndicate.—A meeting of shareholders interested in the above syndicate was held at the office of Mr Seering 11. Matthews this week, when it was decided to form the syndicate into a no-liability company with a capital of £7.500 in 150.000 shares of 1/- each. 20,000 shares to be held in trust for the company. The following gentlemen were appointed directors : Messrs E. T. Dufaur, Thos. Morrin, N. Alfred Nathan, G. Vessey Stewart, F. Moore, J. R. M. Stewart, and A. Cassels. Mr Seering H. Matthews was appointed legal manager. The property comprises the Waihi Beach, Ocean Beach, and Ocean Beach Extended claims, with a total area of 296 acres.