ROSS GOLDFIELDS, LTD.

Dominion, Volume 3, Issue 901, 22 August 1910, Page 10

ROSS GOLDFIELDS, LTD.

A VERY LIVELY MEETING.' (By Telegrapn.-l'resj Association.)' ; . Christchurch, August'2l. I A meeting of Christchurch shareholders ■in the Ross Goldflelds, Ltd., was held on Saturday, "Mr. J. Qrimmond'(chairman'of directors) presiding over, an attendance of about 20 shareholders. Mr. A. Dinnic, mine engineer, was. ill' attendance. The meeting was made a very lively one by. two or three shareholders, who were not at all satisfied with . the past performances of the company. Explanations were demanded in rather heated,tones, and when given were not' received as entirely satisfactory; by.'.the. discontented section. . Tho chairman . read,. his report outlining the financial position of the company.' He said Dr. Neeley. had recently resigned from tho chairmanship, and he (Mr. Grimmond) had- been.elected- to 'the'.dOico. Tho position then was that the company had been working for some time and not paying jexpehses. Tho Government had been asked to, advanco £12,000, but the request had been refused. The directors had two proposals to make—one that the capital bo increased by the issue of shares, and the other, that tho company oiler debentures. He thought it would be a mistake to carry on the mine on borrowed money. He presented several reports'to the meeting regarding the recent accident at the mine (resulting in one of the pumps being lost", and proposals .for its future working. In reply, to „a question, the-chairman said' the directors were getting nothing for their guarantee'to-the bank, but were getting 10 per cent., for money advanced by .them., . ~ . Several shareholders .considered the rate of interest paid .to the directors.on their advances ..was'exorbitant. Tho amount ad-

vanccd by directors. was £865,. of which £200. was advanced by the chairman. Tho chairman retorted that lie would be giad to have his £200 back oven without .-Jtorest. The working of the mine was criticised by some ot the shareholders. They contended that unless gold could be more cheaply produced it was useless to put more money into tho property. One speaker said that there had been some queer reports about labour, and that m-sn were not worked to tho best advantage. Tho chairman said that the present stall wore doing their very best for the company under -extremely adverse circumstances. ■As far as labour was concerned m mines ho did not think that it was what it used to be. A shareholder retorted that it was all a matter of handling the men. He could W, quite satisfactory results out of men he had to do work with, and he did not see why the same should not bo done in tlio mine. Another shareholder said that tho directors should be criticised, not so much about the • working, of the mine, but for having spent so much money on pumps which'had proved unsuitable. Referring to thecxpenscs of working tho mine, Dr. Neeley .criticised the Government for the requirements demanded in regard to the employment of men whom tho directors considered quite unnecessary. The Government conditions were such that the company was forced to have men hanging about simply reading switchboards. A:n explanation was made by Br. Neeley as to the payment.of 10 per cent, to tho directors for their advances. Ho said that it was not out of tho way for the nature' of the risk, and personally he would bo glad to get his £200 back again. As far as his own conduct towards the company was concerned he had had lying at the bank far the use of the company in any emergency £2000, on which he got nothing. He estimated that his eighteen' months'connection with the company had cost him £909 Is. 2d., and .he .would .prove that, at tho Wellington meeting. . This, was. in loss of time, and loss in his private busi-' ness caused through - his monthly visits to Hokitika to attend meetings. A shareholder remarked that Dr. Neeley apparently preferred to place £2000 in the bank for tho use. of the .company; rather than hold shares to. the, value of ; that amount. Ho believed that : Dr." Neeley had sold some of his sharee. Dr. Nceley said that was his business. He had not gone below the'soo shares. which a director must hold, and, as a matter of fact, there. were, now 750 in his name. As far as his sales of shares were concerned he had, .with one exception when he made a small profit, lost consistently. Shareholders risked Dr. Neeley .if it 'was worth while going-on with ;the'mine. Dr. Nceley said that it was; his honest opinion that there ;was a "fair -go" in tho ground. Ho believed from £20,000 to £24,000 would be required./ If they realised on the property now-' they- would not get anything like its value, i The Hokitika Council might give £50C0 for electrical installation, and if it were .taken up. as a confmercial venture to include Greymouth,' the electrical rights might' realise , £20,000. Mr. Woodward moved, and Dr. Neeley seconded,, that shares,be written down ss. per share. The mover said, that! this would mean a call of. 65.-' per share, V'and that it would produce £21,000., This was carried .without dissent. ■[■ A preliminary' meeting of those interested in tho Ross Goldfields. Ltd.. will be held at the Wellington Stock Exchange on August 24, at 4. p.m.'