£11,000 OFFERED FOR THE WOODSTOCK. Auckland, March 6.

Te Aroha News, Volume V, Issue 245, 10 March 1888, Page 4

£11,000 OFFERED FOR THE WOODSTOCK. Auckland, March 6.

A special general mooting of tho shareholders of the Woodstock Gold and Silver Mining and Smelting Company was held yesterday fvftcrnoon in tho Chamber of Commcrco, for the purposo of authorising tho directors bo dispose of tho Company's propcity on such terms as they may deem most Mivantageous to live interest of the shareholders. Thoio were present: Messrs W. Gorrie (in the chair), C. C. McMillan, J. Chambers, TJ. C. Carr, ,). Heitman, G. Lemon, J. A. Pond, J. Shepherd, Frost, Haslott, Joshua Jackson, and Tonks, wlnlo all tho other fthaieholdcrs wero represented by proxy. The Secretary read tho advertisement calling Uio meeting. Tho Chairman stated that tho reason why the duectors wished to have the direct powei gi\cn them to clo^e with any u'liei, Mas owing to the indirect oilers they had been having from time to time. They had had ono offer from CapUiin ?\K)iiis, coming through Mr Chambers, of £10,000 for tho mine in £5,000 cash and the balance in fully paid up shares, Inifc this ofier had lapsed, as when made in Xcneinbci last no deposit had been made to bind it. There was yet another direct oft or for tho property, so he undei stood, which tho manager had received, but which had not been opened yet. He would ask Mr MacPonncH to read it. The oiier was from Mr E. C. Hoare, who a short time back visited the mining districts of the Thames and Coi omandel. Mr Hoare wrote stating that hioflcr, if accepted, must be accepted bqfoio March 3rd, as on that day he left Wellington for Enuland by direct steamer, and his offer would not be open niter that. time. £11,000 was what he would give for tho mme — £5,000 in ca^li and the balance in fully paid up shaic*,' and these latter he would buy up at 10s per share >f tho nominal value per share was Cl. He enclOv-ed a cheque for C2OO to bind his oder, which would be forfeited if lie did not dose a' tor it had been accepted by the f-haieholdcrs. He was to have the refusal of the mino up till August, and would, immediately on his arrival in London, float the company to take it up. Tslr Fond considered that tho whole afi.-iir should be allowed to remain in the hands of the directors for them to make the best terms possible. They should be in no hurry to close, as he was sure that theie would be more offers for the property. He theicforc proposed a resolution giving the diicctors full power to sell on the most advantageous teims they could. Mr R. C. Carr seconded. A considerable amount of discussion ensued, from which it appeared that all the shareholders were agreeable that English capital should be employed to develop the mino and the goldtield district generally. Mr Heitman, who holds the tributary for the mine, said he considered they should accept the oiler. There was a lot of hiud driving to do yet ; but he had confidence in the mine and thought the shares would yet be worth £10. Opinions were, however, freely expressed that £200 was a paltry sum with which to bind down such n valuable mine until August. As pointed out, they would miss the benefits of the present mining boom, and the shareholders might expect a very much increased ofFer any day. Mining property had doubled in value since last November, and mitfhfc double again in another four months. It was suggested that the directors should have the deposit increased to £1,000, and that the time should be limited until the Ist of June. Mi Pond's resolution being then put, was naniir.ously carried.