MOONLIGHT GOLD MINING COMPANY.

Grey River Argus, Volume IX, Issue 604, 30 November 1869, Page 2

MOONLIGHT GOLD MINING COMPANY.

[LYTTELT.ON TIMEJ3., Nov 29J A special general, meeting of share~ holders was held at the offices of Messrs Wilson and Co. yesterday afternoon. Mr W. Wilson, who presided, read a letter from the manager—Mr Wylde—in conformity with which the meeting had been convened. From this it appeared that the directors in Greymouth had resolved to call a.a extraordinary general meeting on Tuesday, the 30th inst., for the pin> pose of considering the advisability of in-cr-asing the capital of the company, and for-which the Christchnrch shareholders were desirod to forward their proxies. The directors were in favor of accomplishing the object desired by issuing 360 new shares, to be allotted pro rota. amongst the present holders of scrip. Referring to the machinery on the company's claim, the letter said that it waa much too small to properly develope the reefs, and the directors proposed to procure twenty head of 6cwt stampers.as. soon as possible, the estimated cost being L3JOO. Advertisements had been inserted in the Victorian papers for a working manager, and numerously responded to. From the applicants, two had been selected by the directors, and Mr Hyndman, of the Oriental Bank, Sandhurst, was to decide which would be the most suitable for the company. The works of the company were going on favorably, and should fine weather continue, the manager expected to have a week's crushing before Christmas. At the meeting to be held on the 30th inst., it would be proposed to adopt the rules provided in the schedule to the " Joint. Stock Companies Act." Attached to this letter was also an abstract of accounts^ which showed that an amount of LSOO was required " to complete present works,'* and must be at once provided for, the original capital of the company being exhausted apart from any consideration of the new machinery. Both these documents were discussed at considerable length by the meeting, which strongly objected to the machinery being ordered until after the first crushing of stone. This it was held would be impolitic, on the grounds, -that should the yield of gold be satisfactory, it would be unnecessary to call up capital for machinery, as it could be pro-* vided out of the balance of proceeds above expenses, and on the other hand, that if. the yield was unsatisfactory, it would be a questionable matter to expend so large an amount in acquiring additional plant. The Chairman alleged that sufficient votes could be sent from this side to. secure a majority on any question brought before the general meeting of shareholders at Greymouth, and the following resolu^ tions were ultimately adopted to meet the* estimated sum (L 500) required to .carry on operations until after the first crushing* "That tHis meeting is of opinion that it is desirable to issue a further number of shares in the Moonlight Company to the; extent of 180 LlO shares, and that the. issue of such shares should be confined to. the present shareholders in proportion to> their, present holding. That a call of: L 2 10s per share be made on the allotment of such shares." "That tnia meeting further desires to recommend that the order for additional machinery should be withheld until after the result of the first crushing has been ascertained." Some conversation also took place rela-. tive to the adoption of the rules contained in Schedule R of the Joint Stock Companies Act, but in the absence of legal advice it was deemed advisable to give a positive recommendation to that being done, and the matter was accordingly left to the discretion of the Greymouth meeting. The meeting then adjourned.