THE CROMWELL QUARTZMINING COMPANY.

Dunstan Times, Issue 1156, 25 April 1884, Page 3

THE CROMWELL QUARTZMINING COMPANY.

(Dunedin Evening Star, April 21st.) An extraordinary general meeting of shareholders in the Crpmwell Quartzmining Company, was held at Watson’s hotel on Friday afternoon. There were about twenty gentlemen present, and the chair was taken by Mr H. North. The Chairman said that the meeting had been called by the directors with a view of ascertaining whether the Company should go into liquidation or continue working. The mine was being worked at present at a very great loss, and there seemed to the directors to be only two or three alternatives open The manager informed them that he had found another reef, which had given them during the last month 72' zof gold ; an I there was some hj pe that the working of this might lead to payable results. Another alternative was to put in a cross cut at the 320 ft level, with the hope of cutting the main reef again. The directors felt a heavy responsibility in the matter,and had therefore called the meeting. Mr Robin said another thing that had been suggested was to sink a new shaft altogether, in order to test the reef at a lower depth than they had hi'her o gone ; but the lowest estimate for this work was L2OO , and his own opinion was that the Company should rath, rgo into t qnidition. Some of the sharehold ts were very sanguine about the prospects of the mine, and if the Oonipiuy weie liqu da'ed they would : be enabled to arrange for the working of it ; he would he on ; y too glad to see them make their fortunes out of it. When he had been led into the affair he thought he was going to make a fortune out of it, hut he ha.! done nothing but spend money on it. The Chairman said the company had during the two years and four months between 1879 and May of 1882 paid LlB 259 in dividends, and on the face of that fact he did not like to take the step of .winding up before i boroughly testing the mine. The directors had brought down ihe working manager, Mr Todd, in order to give the meeting any information required. Mr Todd had suggested to the directors that a main shaft should be sunk 4ofr. to the north of the main reef. This would cost LI 9t'i. Tiie cross-' ut which it was suggested should be put inf would cost about LIOO. Mr Bryn no said it had struck him that before they ecide lon any step they should employ a thoroughly qualified mining engineer to in-pect the mine and report on it. The mine had paid very well in the past, and he thought tha 1 for the sake of a few ahil ■’ g. apeot in prospecting and testing the m . e, it would be a pity to abandon it. For his part he would like it thoroughly tested before they went about closing it. Mr Grose leminded the meeting that in the case of this mine the leef had only been temporarily lost. Mr G. Brown mentioned that the Bank of Australasia held some 800 shares, and these, he believed, were not registered ; and the person in whose name they were held would not be able to pay the call upon one share, let alone on 800. The Chairman remarked that some shareholders had recently sent in their shares for transfer ; but the directors thought ib would he unfair to transfer them just now, and had therefore refused to do so. Mr Reeves, tf e general manager, reported that the bank overdraft amounted to L 1.609 ; while there was J. 253 due for sundry accounts and L 535 for wages, making, a total liability of L 2.400. Mr Todd then produced plans of the mine and explained the position ofaffaiis at the workings Mr Haworth was in favor of sinking a new shaft, at the cost if it would amount to no more than 3s Id per share more. Mr Robin, with a view of coming to some conclusion, moved—" That the Company be liquidated, and that the directors take the necessary steps to put the Company into liquidation,” Since he had been a director of the Company there had been nothing but disappointments, and the hopes of dividends had been growing fainter and fainter every day. Mr Brown thought that they should go into no further expense at present, and would therefore move—" That the working of the mine be discontinued for the present, and that small calls be made to liquidate the liabilities.” Mr John Gray seconded the amendment. Mr Haworth moved as an amendment—- “ That a new shaft bo sunk 4(i6ft, as proposed by the manager.” Mr Baird seconded this amend raenl. On being put to the meeting, Mr Brown’s motion was declared carried. Mr Brydone wished to know if the mine would he stopped nt once, and demanded a poll. of shareholders were iot present, and until such time as they con'd be in attendance, by proxy or otherwise, the matter could not be permanently settled. Mr Hawm th’s amendment was then put and lost by 7 votes to four. Mr Brown wished an adjournment for a fortnight. • After discussion, Mr T. Grose proposed —“That this meeting stand adjourned for a month, and in the meantime the manager proceed with the working of the mine as at present.” i This was carried unanimously.