HAWKE’S BAY GOLD-MINING COMPANY.

Hawke's Bay Times, Volume 14, Issue 715, 6 September 1869, Page 2

HAWKE’S BAY GOLD-MINING COMPANY.

[limited.] A Public Meeting of persons intere*ted in the formation of the above Company was held on Thursday last, 2nd September, in the Council Chamber, and was numerously attended. The Deputy-Superintendent, Mr J. Rhodes, occupied the chair. Mr H S. Tiffen gave the meeting a very full explanation of the scheme which had been prepared for their approval. The intention in forming the Company was thoroughly to pro>pect the Kaimanawa ranges, and other places where indications of gold had been observed, and it was originally intended to raise a capital of £I,OOO, in 200 shares of £5 each; but on Saturday, news having been received that the specimens of quartz submitted to Dr. Hector hyd been tested and found to be very promising, the scheme was modified—the capital to be £5,000 in £I,OOO shares of £5 each, £1 per share to be paid on allotment, and the balance not to be called for unless very satisfactory results were obtained by the prospectors. The only difficulty he anticipated was from the fact of the Kaimanawa country being the property of rebel natives. He then read vhe prospectus, and the names of the proposed directors :—Messrs J. Rhodes, J. D. Ormond, H. R. Russell, S. Locke, J. IST. Wilson, J. Chambers, J. G. Kinross, T. K. Newton, and J. Cuff. Legal Managei,H. S. Tiffen.

Some objection having been made to the fac+ of the directors having been appointed without consulting the public, Mr Tiffen explained that the appointments were only provisional, and would be subject to the approval of the shareholders. The word " provisional " was ultimately inserted in the prospectus.

Mr Tanner proposed that the prospectus be adopted. Mr Cailyon strongly opposed the adoption of the prospectus as a whole, t king special objection to the part providing that the whole amount of capital would not be called up without the consent of a general meeting of the shareholders. He said this was deluding the public, that they were liable for the full amount of the shares, and that this clause did not in any way relieve them from that liability. Where was their secm-ity 1 ?. Mr Wilson said their security was in the names of the directors. Mr Carlyon moved, and Major Carlyon seconded; " That whatever be the capital of the proposed company, the shares be paid up in full upon allotment." After some discussion the amendment was negatived. Major Carlyon complained that after having agreed to take certain shares, on the understanding that the total number would be 200, the prospectus had been altered, and the number increased to 1,000. He therefore withdrew his name. It was then resolved ; 1. "Thata company be formed, to be called the 'Hawke's Bay Gold-Mining Company, Limited,'" 2. "That the share list remain open till the 7th inst., up to which time shares, not exceeding five to each applicant, shall be allotted according to priority of application, provided chey pay the deposit, and that on that day a meeting of shareholders shali be convened to elect directors and transact other business," 3, "That 200 shares be reserved for the purpose of remunerating the acting prospectors, and for other purposes." It was explained by Mr Cuff, the mover of this last resolution, that the number of shares intended to be reserved for the prospectors was 100, but that a larger number was asked lor in order; that they might be given to the native owners of the land for liberty to dig. Mr Tiffen read a memorandum from Mr Ormond, to the effect; that he had been authorized by i)r« Featheraton to negociate with the native owners of the Kaimanawaj country situate in the Province of Wellington. Tlie following rewlu-, tion was then proposed by Mr Tan-j ner, and carried:—4. "That thej Directors named in the prospectus be elected provisionally, and that MM Tiffen be elected provisional Treasu* rer and Legal Manager; and s*m

Directors have power to take all oS&vy steps tor registering, the Lpany, and promoting its intera vote of thanks to the airman, the meeting adjourned to jesdaythe 7th (to-morrow) at 3