Coal Prospecting Association.

Poverty Bay Standard, Volume IX, Issue 967, 6 August 1881, Page 2

Coal Prospecting Association.

A meeting of provisional shareholders in the proposed Company was held ill. the Masonic Hotel, on Thursday afternoon last. About 25 subscribers were present, and Mr. A. Graham was voted to the chair. The Chairman shortly stated the object of the meeting, which was to raise funds towards equipping a prospecting party for the discovery of coal, primarily, or any other mineral. In reply to Mr. Webb, it was decided to publish the proceedings, and to admit the Press. In reply to the Chairman, Mr. Allan, the original mover in the project,, said that his services Were at the disposal of the Association. He had cast his lot in with the other shareholders, and was confident of success. Mr. Piesse said the idea was to send Mr. Allan to make such discovery as he could. After that, if successful, a Company would be formed, the present subscribers being in the position of promoters. He had every confidence in Mr. Allan’s energy and experience. Mr. Matthews said he looked at the matter as Mr. Allan being a responsible agent, and as an employee of the subscribers. Bogus Companies Were not wanted. It would be better to start as an Association. Mr. Ratcliffe explained how his firm, took the affair up in lieu of Mr. E. K. Brown. ’ * ? Mr. Dufaufproposed that the name of the Association be the ‘‘Cook; County Prospecting Association.” Seconded by Mr. Webb, and carried. Mr. Gannon wanted to know the radius the prospectors would work in. If coal were found 100 miles from Gisborne, no benefit would result. <r «• Mr. Tattley thought .the area should be unlimited, and it was ultimately resolved to leave this question to the Committee. Mr. Matthews proposed that a Committee of five be elected from among the present shareholders, to form an executive management, to consist of Messrs. T. W. Porter, F. Dufaur, W. Adair, C. D. Berry, and Tattley, 3 to form a quorum. Seconded by Mr. Piesse, and carried.

Mr. Piesse suggested that the Committee meet immediately after, the termination of the present meeting. Messrs. Allan and Malcolm McLeod were appointed prospectors to the Association. Mr. Ratcliffe was elected Ssecrferfy and Treasurer to the Association. Mr. Rosie moved that the prospectors do receive a certain number of paid-up shares in the event of success. Mr. Gannon said. the Association was not in a position to move anything of the kind. He quite agreed with Mr. Rosie’s feeling as expressed in the resolution, but could not agree to the principle of it. Mr. Allan said he left himself entirely in the hands of the shareholders. He should be satisfied with anything they did. Mr. Piesse moved that the pay given to Mr. Allan be £3 a week, and Mr. McLeod £2 10s, they finding their own tools and rations, and the Association a packhorse and saddle if required. Carried. A vote of thanks to the Chairman terminated the proceedings.