PERSEVERANCE COMPANY.

Nelson Evening Mail, Volume VIII, Issue 88, 12 April 1873, Page 4

PERSEVERANCE COMPANY .

The adjourned meeting of shareholders took place at the Oddfellows-H all on Thursday evening, Mr. A. J. Richmond in the chair. • Mr. Haddow thought that it was not generally known that a debt of £200 ■would remain after the present calls had been paid paid up. He proposed that the minutes of the previous meeting be read. The Chairman then read the following resolutions proposed by the Direc tors: — The experimental operations below the water leVel show no prospect of profit unless the work is carried out on a larger scale than hitherto; and for this purpose it would he necessary to call up all the remaining capital of the Company witbin a short< period. Resolved, therefore, that the mine and plant be offered for sale, lease, on tribute, or otherwise. That it be an instruction to the Directors to prefer the transfer of the stock and claims to any other Company -which may be formed to work work the Perseverance reef, on condition that Shareholders in the. present Company are admitted pn equitable terms.. Mr. Augakde was of opinion, and a number of the shareholders agreed with him, that it was better to stop all expenses at the mine at once. Mr. Haddow felt that there had been great fault in the management of the mine, and that it had not been made the most of, still, he was not prepared to at once accept the recommendations of the Directors. He alluded to the extraordinary statements made in the Manager's report, in which they were told that the mine had not been worked in a systematic manner, and, in order to test the feeling of the meeting, would move a vote of want of confidence in the working manager, who was an interested party in the Decimal mine. The Chairman ruled that the first thing to be done was. to say what should he done with the mine, whereupon Mr. Haddow moved, and Mr. Caster seconded, That all works at the Company's mine shall cease as soon as possible; that the Directors send over two competent persons to examine the machinery, water-race, . and property "of the Company; the said persons to furnish the Company with a correct inventory, and a reUable report of the same. Mr. J. C; Richmond doubted whether any advantage would be gained by pursuing such a coarse, while it would add to the existing expenses. For his own part he should feel more inclined to be guided by the opinion of Mr. Adams. Tbe shareholders were aware what batteries they possessed, and they also knew that the race was decidedly a precarious property. He was not disposed to attach any' importance to the fact that the mining manager had been working towards the Decimal Company's mine, because similar objections might be raised to his working in any other direction. Some discussion then took place, in the course of which Mr. Haddow commented on the useless expenditure upon the pumping gear. The resolution was then put and negatived. Mr. Augarde moved, and Mr. Thomson seconded : — That the mine and plant be publicly offered for lease on tribute, and that all expenses, excepting for the safety of the mine cease as soon as possible after the arrival of the next steamer at Collingwood. Mr J. C. Richmond said that in anticipation of such a resolution notice had already been given to Mr Adams. He would also call attention to the fact that an expenditure of, perhaps, £500, might be necessary before the mine could be placed in a position to be let on tribute. The resolution having been carried, it was further resolved, on the motion of Mr P. Cook, seconded by Mr Wells : — That the acceptance of the offers of tribute be left to the Directors. Some remarks of a complimentary nature to Mr J. C. Richmond on tbe eve of his departure for England having been made . by several speakers, Mr Haddow said that he trusted no more forfeitures of shares would be allowed, aud that at the next general meeting steps might be taken to reduce the number of shares necessary for the qualification of Directors. A vote of thanks to the chairman terminated the proceedings. - 1 — ■