MEETING OF SHAREHOLDERS.

Thames Guardian and Mining Record, Volume I, Issue 216, 18 June 1872, Page 3

MEETING OF SHAREHOLDERS.

The half-yearly meeting of the shareholders of the Queen of the May Goldmining Company was held yesterday evening, at the Mechanics’ Institute. Mr Mclntyre, chairman of the directors, occupied the chair, and nearly twenty shareholders were present. The following report from the directors was read; — “ Report of the Directors of the Queen of the May Goldmining Company (Registered) to the Shareholders at meeting, June 17, 1872. “Your directors have the pleasure to report that, since last half-yearly meeting, the mine lias been progressing steadily, and they have the satisfaction of reporting that a crushing of about 40 tons of quartz taken out of a roof at 150 feet level yielded 18oz. 14dwt. 2gr. of melted gold, which, valued at 575. per ounce, amounted to £sl 17s Gd. Since that, the shaft has been sunk to a depth of 212 feet, and only requires to he opened up to get out good payable quartz. The directors recommend, for the further working of the mine, that a horse-whim be obtained ; and it will he necessary to alter a rule of the company, so as to he enabled to make larger calls than fourpenco per scrip share, as it is impossible, and causes great expense and delay, not having a larger command of money to develop the mine. The accounts, duly audited, are hereby submitted to you. The outlay for the half year ending June 1, has been as follows :

“ The directors have no hesitation in appealing to the shareholders for furl her means to develop the mine, as it lias now been proved that the Queen of Beauty reef goes through the ground, and, in sinking, the reef improves in quality. They believe that in two months time, if funds are furnished as asked for by the directois, such a return will he received from the mine as would make the company a dividend-paying one, and they urgently require the shareholders promptly to pay a call when mado, and pay up arrears as quickly as possible, so as to got a whim erected, and returns got. The balance sheet was then read and that and the report together were passed unanimously. This concluded tlie business of the halfyearly meeting, and then an extraordinary meeting was held. Mr Stanning proposed and Mr Blundell seconded, that the rule limiting the amount of each call to fourpenco be rescinded. A good deal of discussion arose as to the advisability ol increasing the amount of the calls, but in the end the motion was carried almost unanimously. The Directors stated that it was their intention to start to work at once, to open out on the leader and get stone out at once. This would be done at once if they only got some money to start with. Mr Ludlow proposed, and Mr Blundell seconded, that the calls be limited to Is. Mr Jackson moved as an amendment that the call he not limited, but that it he left to tlie discretion of the directors; seconded by Mr Stanning. The motion was withdrawn, and the amendment was declared carried. After a vote of thanks to the Chairman, the meeting broke up.

£ s. d. Wages and contracts 311 11 4 Timber ... 59 18 2 Carting and crushing 31 4 0 Other expenses 75 4 1 The debts due by company £477 17 7 amount to And the unpaid calls at date 75 1G 7 of balance to 130 2 4 "Which has now been reduced to 82 5 0