COOK'S STRAIT MINING COMPANY.

New Zealand Spectator and Cook's Strait Guardian, Volume IX, Issue 854, 8 October 1853, Page 3

COOK'S STRAIT MINING COMPANY.

A Public meeting was held on Wednesday, the 7th inst., at the Wellington Athenaeum, pursuant to the advertisement issued by Mr. Wrey, which appeared in Wednesday's Spectator. A number of the Wellington contributors to the preliminary fund and others interested in the undertaking were present. After the delay of an hour.to give time to the public, Mr. Wrey made a statement of the present condition and prospects of the enterprize, the most important features of which were that several additional lodes had been discovered, that the projectors had obtained a promise from ' the Government to increase the quantity of land to be included in the lease to 2 miles in length by half a mile in breadth, and that a practical railroad for mineral purposes could be made from the mine to the harbour. The preliminary fund of £1000 had been paid vp — £500 had^ been contributed by residents at Nelson, Wellington, and elsewhere—he had taken the other £500 himself. Trustees had been appointed ; the company was formed provisionally, but the complete establishment of the company would be formed in England ; the contributions to' the preliminary fund entitled the contributors to three one pound shares for every pound .contributed. He explained the*~mbde of obtaining shares. He had obtained a letter of allotment for £1500 shares which he was prepared to offer to the public on advantageous terms. To distinguish them from ordinary, shares and preliminary fund shares he had termed them preference shares, and he would sell them for 1 3s. 4d. each here though certain of obtaining £1 in England. In answer to questions put by Mr. George Hart, Mr. Wrey stated that the projectors had not obtained a lease, but the promise of a lease, from Major Richmond, (no letter or correspondence was produced.) No persons had^been appointed by the contributors to make all payments and arrangements with the projectors as provided by the original" prospectus. The trustees had been appointed by the projectors. In reply to questions by Mr. Robert Hart, Mr. Wrey referred to a book on the table as containing an account of the preliminary contributions from Wellington settlers at the one end, and the contributions from Nelson settlers and residents elsewhere at the other end. Mr. Hart observing that the total contributions did not appear to exceed £560" or JES7O, Mr. Wrey said that was not the correct account, the accounts were all in Nelson. The money contributed was paid into the bank. It was the fact that these 1500 shares were allotted to him to defray his expenses of going home to England to raise the capital and he had not paid for them. He did not think of mentioning in Nelson that he would offer these shares in Wellington at a lower price than ordinary shares, thus depreciating the stock of the Company. t - Mr. Hart then protested against this advance to Mr. Wrey of 1500 shares- enabling him if he should succeed, to raise £1,000 for services yet to be performed, and before any available capital had been raised, - ~ • ; A conversation then ensued daring which it clearly appeared from Mr. Wrey 's statements and manner, that in his opinion', the proprietors had attained a position from Which they could proceed as they pleased without regard to the interests or opinions of the contributors. No accounts whatever were produced. ~ Mr Revans said this was not a question merely affecting the contributors to the present undertaking. There was no doubt that New Zealand possessed extensive mineral resources, which as they were discovered might require English capital to work them, and it was of the utmost importance that this the first undertaking in the Southern settlements should be carried on in good faith. Several parties with whom he was connected were desirous of taking shares in this mine, and he had attended there for the purpose of getting the necessary information. From all he had heard he was convinced that at the very outset of the undertaking they were met by a breach of faith which would not only prevent him from contributing, but wou'il preclude him from recommending his friends to contribute ;' and further, unless this were remedied, he would use his utmost efforts to crush the undertaking. . . It was then moved and secondediethat Mr. Revans should take the.chair, whereupon Mr. R. Hart moved and Mr. Catchpool seconded the following resolution :—: — " Duo Mountain Mine." That ibis meeting

has nt> confidence in the scheme from the manner < in wbitti'tlle proceedings connected with it hive been condutiet?,. a'ml especially from the conduct of Mr. Wrev in the bnsimss. Carried. Moved by Mr. Aliz'dbi i r and seconded by by Mr. Burgrss :-^- s ' That a Committee' be formed* to investigate the proceedings in connection wtth the Bun Moun- •■ tain Mine, and to protect the interest! of the contributors and the public Carried. Moved by Mr. Burgess, seconded by Mr. <fohn M'Beth. That the Committee consist of Messrs. Alzrforf, Burgess, Catch pool, R. Halt, G. Hart, Plimmer, Revans, and J. Waflare. Carried. Moved by Mr. Hart, and seconded by Mr. Catehpool : — = That the above resolutions be published in the Wellington newspapers. A vote of thanks was then passed to the Chairman, and the meeting separated. It is understood the Committee will meet at the Wellington Hotel/ on Saturday evening, at half past 7 o'clock.