AUSTRALIAN NEWS.

Hokitika Guardian, 31 May 1927, Page 1

AUSTRALIAN NEWS.

[Australian & N.Z. Cable Association.]

ASSURANCE COY’S TROUBLES

(Received this day at 8 a.m.) SYDNEY, May 30. A writ has ibeen issued out of the Supreme Court of New South Wales against William Northam, Alexander King, Esra Morris, Humphrey John I>. Miller, Edward Sheffield, and AVillougliy Paul, five directors of the Australian Provincial Assurance Association Limited. Miller and Paul are co-opted directors. The writ alleges various charges individually and otlierwise including advancing Rinds of the Association upon insufficient security, using funds of the staff and organisation to secure proxies and asks that the amounts arranged upon alleged insufficient security and expended in the campaign securing proxies he refunded; and that Milter he restrained from acting as director. On November 10 last the directors called a meeting of shareholders and submitted a resolution 'asking tjliem to express confidence in the administration of tlie Association's affairs. All the Stales and New Zealand excepting South Australia were represented. The motion was lost and a resolution asking the directors to resign was adopted. After the meeting the directors were again asked to resign but refused. On January 22ml last an extraordinary meeting of Shareholders was called, which carried a resolution that all or any of the directors bo removed from the Board. ’Hie voting at the meeting on the proxy count was 29,031 against and 17,341 for the directors. As the necessary three hare majority was not forthcoming, the directors continued to remain in office. It is also charged that Miller was not properly appointed a director as the shareholders decided there should he four, not five directors.

X.S.W. POLITICS. SYDNEY, May 30. An anti-Lang caucus of the Labour Part elected Mutch (formerly Minister of Education) as leader ot the Parliamentary Labour Party, in succession to Mr Lang. The ox-Ministor of Agriculture, .Mr Dunn, was elected deputy leader.

AIT. .MORGAN MINE. BRISBANE, May 30. The end of the famous .Mount .Morgan mine as a profitable gold-producing proposition appears in sight. Following on a series of labour troubles and the disastrous fire which occurred in September of 1925, the Directors secured the services of American experts to report on the possibilties of applying the “open cut” methods for extracting the remaining ores. Their report has been received, and states that such methods could not be profitably applied. Meantime the technical staff of the mine hag. been considering whether an alternative scheme is possible should the experts’ opinion prove adverse, but the Board states that no other method of conducting operations can be recommended with a reasonable prospect of success.,.

The directors, therefore, have do-, cided to call a special meeting of the shareholders at an early date, for the purpose of considering the position. In the interval, a considerable body of ore which is available for treatment under the existing conditions will fie dealt with.