SHOTOVER TERRACE GOLDMINING COMPANY.

Evening Star, Issue 3890, 12 August 1875, Page 2

SHOTOVER TERRACE GOLDMINING COMPANY.

Tim adjourned annual meeting of the Shotover Terrace Gold-mining Company was held in Mr M. W. Hawkins’s office last evening, the Temperance Hall being engaged. Mr G. W. Eliott presided, and there was a good attendance of shareholders. The Manager (Mr Hawkins) read the following report The Directors and Committee appointed at the meeting held on the 20th April, 1875, have now the pleasure of laying before the slmroholders the result of their investigations into the Company’s affairs. After a consideration of Mr Spence’s first report of 27th October, 1873, it was deemed advisable to communicate with that gentleman again, and accordingly, by his advice, Mr Harvey, one of the Directors, visited the Company’s ground, and, with Mr Hodgkins, held a conference with the neighboring claim-holder on the subject of the proposed water supply—Mr Robert Johnston, the proprietor of a large sluicing claim in the vicinity of Queenstown, and a man of acknowledged skill and iutegrity-and then devoted themselves to athorough and exhaustive examination of the claim, its probable value, and its capabilities for sluicing. With the opinions expressed in their reports the Directors and Committee quite agree, aud they therefore recommend that the suggestions embodied therein should be carried out, and the water-race constructed. If this reeommendation be accepted, the shareholders should pass resolutions to the following effect 1. That the remainder of the capital be called up. 2. That the capital of the Company bo increased by such an amount as will enable the necessary work to be carried out. Shoffifl the public bejasked to subscribe to the increasea capital, the directors and committee are of opinion that the shareholders should, as a preliminary step, reduce the present nominal capital to Llo,ooo, including the amount still uncalled up. This course, although amounting virtually to tho abandonment of L 20.000 of capital, would shew the public that none of thoir money is asked to make good the past losses, aud would, without doubt, give the company a fair start upon a healthy basis, and ensure, ultimately, a handsome return to the shareholders. Tho reports of Mr Harvey and Messrs Spence and Johuslou have been printed and sent to each shareholder, aud are appended to this report.—Duuedin, August 9,1875. Since the above report was framed, further suggestions have been received which, if they are made on a sound basis, will, iu all probability, materially reduce tho proposed expei.diture. The correspondence on the subject will be laid before the shareholders, and it will be for them, if they think it advisable, to resolve that, before any definite action is taken, the suggestions referred to should receive consideration at an adjourned meeting. Geokgk W. Eliott, Chairman. The Chairman said there appeared to be two courses open to the Company—one to work the o d Company to the advantage of the shareholders by raising additional capital from the present shareholders if possible, aud if not, they must ask the public to assist them; the other was to wind up tho Company aud ell its assets. The principal subject was to endeavor to raise capital to bring the water into the claims, and his would coat from LB.OOO to LIU,OOO, perhaps less. At pres nt they had L 2.000 out, on unpaid calls, ami they could easily raise the balance by issuing new shares, Mr Hodgkins seconded the motion, which was adopted nenu con. FINANCIAL STATEMENT. The following is the financial statement as made on 31st May, 1875 Liabilities—Capital in 30,000 shares of LI ea< hj, whereof are 16,000 shares fuily paid up, 1,10,000; 14,000 a ares 17s called up, 1,14,000; le.-s uncalled, L 2,100 • sundry creditors, 1,78 16s 8d; Bank of JNcw Zealand, L 422 Us 9d; total, L 28,421 8s sd.

A pscts— Vitots of oa’ls, L 1,825 In (H ; purchase of mine anti property, L 20,000 ; machinery and plant, L 521 10s 3d ; bills receivable, Ll6l 14s 6d ; sundry debtors. 1 ,27C Os 6d ; costs of summons to be recovered, L 8 1>; cash, L 35 17s lOd ; Queenstown Office—balance in Hank, L 49 0* 4d, and unvouched from last year, Ll4l 18s Id ; preliminary expenses, LBBI 5s 8d ; profit and loss account, L 4.820 18s 91; total, L 28.421 8s SJ.

RECOMMENDATIONS OK THE COMMITTEE. .Mr Hodgkins moved—“ That an extraordinary meeting be called at the earliest opportunity, in order to consider the recommendations made by tho Committee, in accordance with tbo proposal of the Queenstown shareholders ”

Mr Rakbon seconded the motion, which was carried.