THAMES GOLD MINING COMPANY.

Auckland Star, Volume II, Issue 502, 19 August 1871, Page 2

THAMES GOLD MINING COMPANY.

Cue annual general meeting of the Thames Q-old Mining Company was held yesterday afternoon, at 2 o'clock, in Mr. Haley's public rooms, Exchange Buildings, Queen-street. There was a very large attendance of shareholders, the room being full. This room is the one best adapted of any in Auckland for gold mining companies' meetings, being in tbe Exchange, where those interested are mostly congregated, and being properly furnish ed with a view to these kind of meetings, it will doubtless be largely patronised. C. J. Stone, Esq., occupied the chair.—The Manager read the advertisement calling the meeting, after which the minutes of la9t annual meeting were •rend and confirmed. —The following report and balance-sheet was then readI*— '' Third Annual Report of the Directors of the Thames Gold Mining Company (Limited), for the year ending 30th June, 1871. " Your directors have much pleasure: in buing able to meet the shareholders with a satisfactory report. The remarkable development of the Caledonian mine, and its enormous yields, have fully justified the confidence your directors liavo always felt in this property—a bonfidenco which has been shewn by their acquiring and holding for the company 1)48 shares in thin productive mine. During the year the iucoiuo of the company, from dividends on stock, has been £132,813 15s 6d. Of this sum, £131,250 has been paid to the' shareholders in dividends, being equal to £21 17s 6d per share for the year ending 30th Juno, 1871. In the past year your directors i have disposed of stock held by the company to the value of £2418 11s, and have invested the sum of £4381 Os 9d in the purchase of other mining interests. Your directors believe that several very valuable interests have thus been added to the company's property, anil your directors would have invested more money in the purchase of several mining' interests likely to be of great future value, but they felt themselves bound by the resolution of the shareholders not to invest any part of the income and dividends accruing to the company in the purchase of new stock. Your directors believe that this policy should now be relaxed. They deeiri it of the utmost importance from time to time to acquire new interests, so that as the older mine's become worked out the new ones Bhould come for-" ward. No other means will suffice to give the company's stock permanent value ; and your directors request the shareholders' permission to invest, from time to time, a portion of the money accruing to the company, on dividend account. The labor and responsibility devolving on your directors has hitherto been borne by them without any remuneration, but your directors think that the time has. come when the directors for the time being should be paid for their services. Your directors look forward to the comiug year with great confidence. A list of the mining interests now held by the company is attached to this report, and a perusal of it must satisfy those acquainted with the goldfield that this company will continue to pay handsome dividends to the shareholders.—o. J. Stono, Chairman. —Auckland, August 18, 1871. "Balance-sheet to 20th June, 1871.—Dr. Stock, &c, £48,000 ; uncalled capital, £12,000 ; total, £60,000. Cr. Capital, £60,000. Statement of receipts and expenditure in year ending 30th June, 1871:—Dr. Balance profit and loss, 1870, £4269 12s 6d; mining stock sold, £2418 11s ; dividends received, £132,813 15s 6d; transfer fees, £265 4s; tola], £139,767 3s. Cr. Dividends paid, £131,250 ; mining stock purchased, £4381 0s 9d ; calls paid oa shares, £1324 15s 3d ; Lucky Hit machine, £793 2s 6d ; Star of the South Gold Alining Company (Registered), £155 12s 3d j sundry accounts due company, £530 6s 8d; miscellaneous charges and expenses, £723 11s 4d ; to credit of company at Bank of New Zealand, £556 18s S'd ; cash in hand, £5 1 16s ; total, £139,767 3s.—Examined and found correct, Michael Hannaford, A. Boardinan Auditors.—Auckland, Augußt 18, 1871. "List of interests held by the Thames Gold Mining Company, Limited • — Albion Quartz Mxmng Company, Limited, 668 shares • All Nations Gold Mining Company, Ee Kistered, 849 shares ; Alburnia ditto, 416 shares • Caledonian ditto, 948 shares; El Dorado ditto, 600 shares ; Eureka ditto, 899 chares • Golden Age ditto, limited, 435 shares: Imperial Crown ditto, registered, 100 shares[Wnoss ditto 476 shares ; Junction ditto,' 1210 shares j Kuranui ditto, 656 shares Long Drive ditto, 4 shares ; Moanatah-i ditto 250 shares ; Nonpareil ditto, 100 share • i Otago ditto, 400 shares ; Point Eussell a ttd limited, 2000 s Eed Queen, ditto, egLtJed' 105 shares; Shotover ditto, 200 shares ?imTed OC,V tto> 15 r7r *"" t^jJTSS, lunited, b6 shares; Una ditto, re K istered, 80 shares; Wild Missouri ditto, 322 shares -The Chairman moved the adoption of tho X A Ud tI balaUCe- sheet' and *» doing so referred to the great impetus given to mining enterprise by the exertions of the company - I \M' Y lo. r Becoi>-dt'd *»« motion.—A only 66 Thames shares in the name of the company W hen last year there were 116 shares.-Tho Chairman explained that a forgery on the company had been Qu.de to the extent of 50 shares. This hud been met out of the stock in hand, and thus tho company was saved a large amount of lose. The matter

was now in tho bands of the police.-Mr Dyson asked who were the directors, and asked xf they came before this meethr, f or ° election—Mr. T. Euasell said there were ll directors; there were originally only tW but the company having grown so largely th£ had thought it advisable to add to ti • number. The company at first wa,^ private one, having been got up by a V * gentlemen, who never dreamt at £ that it would ever attain to its Pl . e «enf magnitude, an d they then agreed the directors then appointed shouX be permanent; still, if the shareholders wished to have that rule rescinded, the direc tors would have no objection—The report was then put to the meeting, an d' odopted ™ Captain Moms moved, "That the resolution agreed to two years ago, at the annual mS ing, with reference to the purchase of £ stock, be rescinded, and that the directors be authored to invest a part of the dividend, accruing to the company in the purchase of now stock."-Dr. Home seconded.-Mr Howard moved, as an amendment "Thai ten per cent, of the dividends accruing to the company be put aside as a reserve fund, for the purchase of new stock." The director, should nor have too much power, or they might have stock which they would at any if me be able to sell to the company at the* own pnce.-Mr. Earl seconded.-lk !. Eussell replied that the directors never had sold one sixpennyworth of Lheir own stock to the company. He trusted that whatever directors came after ;,hem would come out with as clean hands — A vote was taken; 16 voted for the amendment. The original motion was pub, and carried by a large majority.— The Chairman said that i although the motion had been carried the directors had no intention of investingverv large sums in the purchase of stock, They were all pretty large shareholders, and would be very careful in the expenditure of what was in a great measure their own property,-! Mr. Stone laid bofore the meeting the opinions of the directors as to the payment of directors. They proposed that the directors be paid at tho rate of £500 per annum, com. rnencmg from January 1, 1871, to the next annual meeting.—Mr. Earl thought it hardly fair to pay gentlemen who had elected themselves. If they resigned their seats, and offered themselves for re-election, lie would be the first to second tho resolution of the chairman. — Tho Chairman thought that Mr. Russell's explanation of. the,.origin of the company was sufficient to show how the director* were appointed.— Mr. Ilorne seconded the motion made by Ike - chairman, which was put and carried.—Mr. C. J. Taylor said that if a change in thedirectora were required, this was a very, favorable time to give notice of the desirability of such a change.—Mr. Earl moved, " That the directors be requested to call a general meeting, for the purpose of modifying the present rule as to the election of directors."—Mr. 0. Mays moved as an amendment, "That it is undesirable to make any change in the rules of the company during the present financial year." He thought that if the present directors were not the actual pioneers of the pick and shorel, they were the pioneers ;of capital, and it was due to. their pluck, and' 'energy and capital that this meeting was present that day .The amendment being seconded by Mr. Dingwall, and being put, was carried by a large majority.—The Chairman thanked them for the vote just passed, and stated that the passing of Mr. Earl's resolution vrould have been taken by the directors as a vote of want^of confidence.— Mr. Earl thought the power of sliatcholderj to elect directors should exist. He had to desire to pass a .vote oi-censure. on the* directors, for if they resigned that day h»t would vote for them agaiii immediately.—* Mr. Kussell did not agree with the Chairman in considering the resolution of Mr. "Earl as ai vote of censure. He thought the shareholdaw had a perfect right to have a voice ill' mi election of directors.—After a vote of thanks to tho Chairman, the meeting separated.