MEETING OF SHAREHOLDERS.

Thames Guardian and Mining Record, Volume I, Issue 199, 29 May 1872, Page 3

MEETING OF SHAREHOLDERS.

The annual meeting of the shareholders of the Central Italy Goldmining Company was held yesterday, at the Governor Bowen Hotel, Owen-street, Grahamstown. There were 32 shareholders present. Mr Sandes occupied the chair. The advertisement calling the meeting was read by the Chairman. The Legal Manager read the report from the directors to the shareholders, from,which we. extract the following Acting on the advice of Messrs Errington and Higgins, the Directors entered mtn an arrangement with the Golden O'.lf G.M.0., (Registered) to make a limns I tunnel from the Monnntairia Creek 1 vel, at, the joint expense of tiro two entnnani* s, up to tlie Golden Galt Company,e and at the sole expense of our Coinany, from the Hidden Calf Company--shaft up to our Shaft: the advantages o such a tunnel are obvious, as it will be a gieat saving in carting, and will also sav» a lift to the engiue of 163 feet.

The expenditure his been in proportion to the magnitude of the work done. Ca Is having been made of 10s. per share amounting to £3,500, of which £469 ss. remained unpaid at date of balance, hut which has now been re ;uced to £145 7s. The expenditure for the year, from Ist May, 1871, has been

Included in this expenditure for engine, there is pumping gear, which has only to be attached to the engine in the event of its being r quired. The Directors regret to report that several forged Transfers of Shares has been made of the Company’s shares, but the Directors trust that the Company will not he a serious loser in consequence. - The Legal Manager read the balancesheet for the past twelvemonths, which showed the state of the funds to be as follows:

Dr.: To debts due to company, £277 15s sd; overpaid calls, £2 10s; capital of company. £35,000; total, £35,280 5s sd.—Cr.: By mine account, £29,354 17s lOd ; calls due, £496 5s ; machinery, £2,112 4s 7d ; tunnel, £165 6s 7d ; profit and loss, £1.148 16s 4d ; shares of company, £2B 2s ; cash, £76 7s Id ; balance of uncalle I capital, £1,925 6d ; total, £35,280 5s sd. Mine Account—Dr.: To estimated value of mine, £28,583 6s 2d. By wages and contracts, £771 11s 8d ; total. £29,354 17s 10. Cr.: By balance, £29,354 17s lOd. Profit and Loss account—Dr.: To timber, carting, rent, advertising, &c. &c., £1,158175. Cr.: By sundries, £ 00s Bd. By Balance, £1,148 16s 4d. Tola!, £1,158 17s. Mr R. McDonald Scott said that he would like to hear some further particulars respecting the forged transfers mentioned in the report: The Chairman explained that as the matter was in the hands of the lawyers it was thought better not to make the matter public at present. This was done on the advice of the company’s lawyer. Mr Fryer proposed that the report and balance-sheet be alopted. Seconded by Mr Jno. Featon, and carried.

The Chairman read the report from the mine manager, Mr Stanning, from which vve give extracts :

After continuing the sinking of the shaft for some distance, lie says : —“ On mature consideration, I came to the conclusion that nothing less than steam-power would enable the company to work the mine economically and expeditiously under the then existing circumstances. I therefore recommended that an engine of about 20 horse power should be procured and erected with all dispatch. This has been procured and erected with as little delay as possible, In cutting a chamber at the 260 feet level a little gold was seen in the reef, and from 20 tons of stone crushed at the Waiotahi Battery, 2oz. ldwt. 12gr. of gold was obtained. Inconsequence of the reef here not proving payable, it was determined to sink the shaft sufficiently deep to he in a position to drive for the Nonpareil main reef, and also to take advantage of any other reef that might be found underlying the main reef. At 360 feet a leader was cut showing a little gold, but on going through if, it proved to he very small ar.d broken, doubtless owing to a hard bar of sandstone, which came in from the hanging wal’. . . The shaft was continued to a depth of 381 feet, when it was thought proper to open out at 320 fed for the main reef, leaving 56 feet in r-alimsß toward the opening up of n th r level, whenever you may think proper. The principal object in opening at this level was for the purpose of intersecting the Nonpareil main reef between the shaft and boundary. If the underlie of the Nonpareil reef continue as it has done, this drive will open up a block of ground on it the whole length of the claim. . • • The level being

opened up at 200 feet, being deeper than the Nonpareil lowest level, will give this company a large Hock of ground on the leaders, and a still larger one on the main reef.. . . The tunnel is

now in 310 feet, and has to be driven 170 feet farther to our shaft.” The Chairman said that the next business before the meeting was the election of a director in the room of Mr Nosworthy, who retires.

The following gentlemen were proposed as directors :—Mr Ruddock and Mr Bygum. None others having been proposed, a show of hands was called for, when ten hands were held up for Mr Ruddock, and eleven for Mr Bygurn. The Chairman explained that, it was desirable that one director at least should live in Auckland, in order to give information at any time to the shareholders living there. With this view Mr Ruddock had been proposed, he being a large shareholder, and a man who had the confidence of the Auckland shareholders generally.

Mr Nosworthy stated that he had not been proposed for re-election, as he preferred to retire in favour of Mr Ruddock, in order that at least one man on the directory should live in Auckland. Mr Fryer, in answer to a question, said that he would guarantee that Mr Ruddock would attend meetings at the Thames if he were elected as a director. The Chairman then declared Mr Bygum elected a director, on a show of hands, whereupon a poll was demanded on behalf of Mr Ruddock. Mr R. Macdonald Scott and Mr J. Fryer were appointed to act as scrutineers. The polling.occupied about an hour and a-half, the number of proxies brought in being something extraordinary, and a great deal of time and trouble must have been gone to in order to get them together. A keen scrutiny took place, and finally the numbers were declared to be —for Bygum 1,G79, for Ruddock 1,996. Mr Ruddock was therefore declared as duly elected by a majority of votes at the meeting. The meeting then proceeded to the election of auditors.

Mr Nosworthy proposed Messrs Wrigg and Woodward as auditors of the company. This was seconded by Mr Mclntyre. Mr Bygum proposed Mr B. McDonald Scott, seconded by Mr Holland. The amendment, that is Mr B. McDonald Scott, was first put, and 7 hands were held up, but 9 being held up for Mr Nosworthy’s nominees, they were declared as duly elected. Mr Nosworthy next proposed that an honorarium of £6O a-year be paid to the Directors of the company, and that travelling expenses be allowed to the Auckland Director, Mr Ruddock, as he would have to attend many meetings during the twelve months. He would propose that £l2 be allowed for these expenses, thus making the total honorarium £72 per annum. Mr Fryer seconded the proposition, which wa« put to the meeting, and was lost oo a show of bands,

Mr Noswortiiy then proposed that the honorarium be £6O a year, which was carried. He said that he thought they had made a great mistake in not allowing the travelling money to the Auckland director, and he thought that it would look very mean in the eyes of the Auckland shareholders, who were very numerous, and that it might cause a great deal of dissatisfaction amongst them. Mr Ruddock would nave to come down, perhaps, twice a month to meetings, and it would most likely cost him more than double the amount asked for as expenses. If they did not mind what they were doing, they would find the office of the company shifted to Auckland in a short time. A vote of thanks to the directors for their conduct during the last twelve months was proposed and carried, there being only one dissentient. A vote of thanks to the mine manager for the full and able report supplied by him was also proposed and carried unanimously. A vote of thanks to the chairman terminated the proceedings.

For Mire. . __ & 1490 s. 9 d. 9 Whim 113 10 10 Engine, House, &c 2112 4 7 Total 3716 5 2