MINING MEETING.

New Zealand Mail, Issue 26, 22 July 1871, Page 6

MINING MEETING.

A very largely attended meeting of shareholders in the Morning Star Goldmining Company was held at Plimmer's Barrett's hotel on Friday night last. Mr Gell in the chair. The business before the meeting was to discuss the advisability of in creasing the capital and the purchase of necessary machinery. The report of the directors was read, in which the directors proposed that the capital be increased to £7,500, to be made up out of 3,000 shares at £2 10s each ; that the offer be for the present confined to the preseni shareholders, who may take up an equivalent number of shares to that they at present hold at £2 per share cash, the time for doing so to cease on the sth August. The report also recommended to the shareholders the untiring energy of Mr Gell, the manager, and the interest taking in the success of the company by Mr Bowater, the secretary, who had at various times advanced money out of his own pocket in order to enable the work of the company to be carried on properly. It appeared from the report that the Baker's Hill stream had been gauged by Mr Seager and Mr Gell, jun., who judged it to represent 2| horse-power without damming, which with damming could be made to drive the turbine and 5 stampers eight hours a day. Considerable discussion ensued as to the advisability of purchasing the machine at all, and as to whether the company could make sure of the water right. The chairman said they had every reason to be satisfied that there was gold enough in the claim to pay at least something; and as it was only frittering away time and money to continue driving with merely making pestle-and-mortar tests, the best thing they could do would be complete the purchase of the turbine wheel and battery in which the directors had pay a deposit of £lO. This would enable them to test as they made progress ; and as it could crush about 4 tons a day, would in all probability pay for the working expenses of the claim. As for the water right, they had no difficulty to apprehend in that respect. They were entitled to dam the water on their own ground. The difficulty arising out of Mr Campbell's property had been removed by making an arrrangement with that person ; and as they could secure a fall of over twenty feet oh their own ground, they had no reason to have any apprehensions regarding the water power. It was for these reasons the committee recommended the completion of the purchase of the turbine, which would do all they wanted at present at a cost of about £350. It also possessed the advantage that when they wished to replace it with larger or better machinery, they could always sell it, and by retaining the stampers would merely have to add to them. If they perferred steam machinery they would have to put up with a good deal of delay, and could not place on the ground anything like what they wanted for the same work, as the turbine could do at a less cost than £6OO. A shareholder suggested that it would be better to ask the adjoining claims to amalgamate for the purchase of machinery for their general good; but the directors alleged that it could not be done, as they had tried to work on that system in several other matters but had failed, as it was almost impossible to secure anything like unanimity amongst the parties ; besides, as the Baker's Hill Company were in treaty for the purchase of the Makara machine, they would not require to amalgamate with anyone ; and, moreover, the Morning Star would require a machine to itself. Several shareholders also protested against amalgamation. Some queries were put respecting a certain specimen alleged to have come from the Company's claim, which had been shown at the Independent Office, and were answered by Mr Job Short, from whom the specimen had originally come. He said he would only satisfy the shareholders so far as to say that the seam from which the stone was taken was in the Morning Star claim, and that he could show them stone which would yield two ounces of gold to the ton. The report and balance-sheet were unanimously adopted, and Mr E. Baker elected as an auditor. The next meeting was fixed for the Bth August. Yotes of thanks to the secretary and chairman concluded the proceedings.