SHOTOVER No. 1 GOLD MINING COMPANY.

Thames Guardian and Mining Record, Volume I, Issue 243, 19 July 1872, Page 3

SHOTOVER No. 1 GOLD MINING COMPANY.

The annual meeting of shareholders in the Sliotover No. 1 Gold Mining Company was held in the Insurance Buildings y< s.terday. Mr J. Roberton wa< voted lo the chair. The direcio s’ report and balancesheet of the company were read. The directors regretted that, up to the present, the results have not been encouraging. Under the circumstances the directors, therefore, judged it right to call the shareholders together at an extraordinary meeting to decide on the wisest course to he adopted in 'the present position of affairs. It was necessary to elect directors in the room of Messrs Dixon and Roberton (resigned), and Messrs White, .iogan, and Von dor Ileyde (disqualified). The balance-sheet showed:—Receipts: Received from gold, £1,057 8s 8d ; sale of quartz, £24 9s ; battery returns, £527 6s 5d ; calls paid, £2,179 2s ; total, £3,788 5s lid. The expenditure during the year amounted to £5,415 12s. There was an overdraft at the bank of £220 4s 81 ; unpaid accounts, £598 11s 81. The mine manager’s report detailed the works carried out in the mine.— The Chairman moved the adoption of the report and balance sheet as read—Mr John Stewart seconded the motion, which was agreed le nem. con.— Mr Russell > oved that the retiring directors, Messrs. Robertson and Dixon, be relectod, and that the vacancies at the Board he filled I)}' the appointment of Captain Casey, Messrs. James Williamson and G. B. Owen. —Mr. Williamson said he would be unable to fulfil the duties, as he might not remain in Auckland long. Hu proposed the the election of Mr Russell, who however declined on the ground that ho was a director in so many companies, including two whose interests were said to be opposed to those of the Sliotover. —Mr Russell's motion was carried with the substitution of Mr L. li. Nathan’s name in place of Mr Williamson. —Mr Garlick was re-elected auditor. —This concluded the business of the general meeting.—An extraordinary meeting of the company was then held for the purpose of considering the future working of the mine, and the disposal of the forfeited shares. Mr James Williamson was voted lo the chair. There was not a quorum present, but it was thought advisable to elicit ibo opinion of tbe shareholders present regarding the object for which the meeting bad been called.—Mr T. Russell said perhaps tbe directors bad some suggestions to throw out, otherwise he did not see what the meeting could do. —Mr Leek said the directors bad met that morning, and were of opinion that the Sliotover Company was not justified in prospecting for the whole of tbe Thames. They thought they should close the mine for, perhaps, twelve months, and 11 iey intended to stop the works to-morrow. They could resume at any time, and the shaft would not suffer in the meantime. A proposal bad been made to sell the ground, but they bad preferred to close the mine.— A shareholder said it was believed that the Albion shaft would drain the Sliotover mine : if that was tbe case a short stoppage might result in their mine being freed from water, and it could then be worked much cheaper.—ln answer to a question, Mr Roberton stated that if work was slopped, and tbe mine was not sold, they would have to make a call to pay present debts, which amounted lie thought to about £BO.O. The work they had been doing was of value to the whole field, but especially to adjoining companies, and ttiey had conferred with the directors i f those companies with a view of obtaining assistance in working the mine. 'They had, however, only received an offer which they could not accept from all, with the exception of the K iranui Company, which had paid one-third of the expense of deepening the ;-hatt. —Mr Russell said Mr Roberton had scarcely stated the case 1 airly as regards the action of other claims. The Long Drive and All Nations companies had agreed to pay for putting two drives l;3t)ft Iroiu the Sliotover shaft. This would have prospected the Sliotover ground. —Ml Leek said the offer made would simply have the effect of making the directors contractors ; besides, the sum offered would not have covered the cost of the work.—Mr Russell asserted that the sum offered would not have paid for the whulo work, and the only reason the directors of the Long Drive and All Nations had in making tbe offer in the form they did was in order that there should not he any divided authority ; and tho Sliotover Company should have control of all work proceeding on its ground. —Some discussion between Mr Russell and Mr Leek ensued regarding the cost of the work and its value to the Sliotover Company, when the matter was referred to the mine manager of the Sliotover; who stated that the sum offered would have been sufficient to have completed the drives, if the country did not get harder. Ho had, however, advised the directors not to accert the offer, because if good stuff was not met with in those drives the Sliotover ground would be worthless if offered for sale, while with the prospect of good stuff being met with, the ground wasof considerable value.—The Chairman sympathised with the old directors, lie thought the adjoining companies’ offer to pay for drives to prospect their own ground without making any allowance to the Sliotover for the expense they had previously been at was scarcely a liberal one. It was true it might have benefited the Sliotover Company, hut on the other hand, as the manager observed, it might lms-e tendered the ground of less value.— Mr Hay moved that the directors be instructed for the present to stop all aperations at the mine.—At the suggestion of Mr Bright, an addition was made to the motion, which was passed in the following form :—“ That all operations be at once suspended, and that the directors he requested lo confer with the directors of adjoining companies, with a view of agreeing upon some co-operative system ot wurk.ng the mine.”— Crons, July 18.