NONPAREIL GOLD MINING COMPANY.

Auckland Star, Volume II, Issue 591, 1 December 1871, Page 2

NONPAREIL GOLD MINING COMPANY.

] An extraordinary generaL meeting of the shareholders in this company was held to-day, in the hall of the Mechanics' Institute, at 2 o'clock.* There was'a numerous attendance, j and Mr. J-. [0. gStovin took, the chair.—The ! Chairman made reference to previous meet- | ings, for the purpose of taking into con- : sideration. a proposal to amalgamate with the Waifcemata Gold Mining Company. It had been considered that this proposal had been originated by the directors for purposes of their own. The men had been taken away from a position where they were working with good effect, and had been paced near the boundary of the other claim, in the hope of arriving at good results, which might render the amalgamation.desirable, and enable the directors to sell their shares in the Waitemata to advantage. This subject was matter of public talk at the time. The legal manager had been applied to for satisfactory information without success, and a like result occurred from an application to the legal manager's partner. It was then proposed to call a. general meeting, but the legal manager refused to act upon it, as the requisition only represented 600 shares. The chairman went on to adduce other reasons why the office-holders should be considered unworthy of the confidence of the shareholders, and should be asked to resign. A shareholder asked whether any proposition had actually been made to amalgamate, ihe Chairman understood it had, and was under consideration. Another shareholder defended the proceedings of the ttireetwrs. —Mr. Wood asked the directors of the Nonpareil whether they had at any time bought a great number of shares in the Waitemata with the vi.w of amalgamating. To this no direot reply was given, except by the mining manager, who said he did not hold any shares in it; but a good deal of stormy talk took place. —Mr. Smith then moved, "That, this meeting sees with regret the great depreciation in the value of the Nonpareil mine, and attributes the same entirely to the unauthorised act of a quorum of the directors, which has been improperly supported by the legal manager, but highly disapproved by the shareholders : such acts, there is every reason to suppose, being carried on from private motives, to the great detriment oj' the property..*' thi-< company"— Mr. Wrigley, a director, said that he was still in favour of amalgamation. The mine would never have been heard of at all if it had not already amalgamated with others. The ground was very small, and an amalgamation on equitable terms would be a great advantage. —The Chairman then said he thought this statement only made matters worse, and that the directors were clearly unworthy of confidence.—Others took part in this discussion. — The motion was then eeconde., and carried by a large majority.—Other business was being proceeded with when we went to press.