MEETING OF SHAREHOLDERS.

Thames Advertiser, Volume VII, Issue 1914, 9 December 1874, Page 3

MEETING OF SHAREHOLDERS.

Queen of thr May G-.M. Co.-r-The half-yearly general meeting of shareholders of tho Queen of the May G-.M. Co, was held at tho Mechanics' Institute yesterday afternoon. Mr S. Turtle occupied the chair. The minutes of the last meeting having been confirmed, tho directors' report and balance-sheeet and the mine manager's report wero read and adopted. The directors' report alluded fo the arrangement which had been made with tho Oily of London Company for winding at tho rate of Is 9d per ton up to 200 loads per week, and above that quantity Is 6d per loud, lho City of London agreed to take over tho windinggear ordered by the Queeu of the May* the latter allowing $J0 for necossiry alterations. The City of London would not permit an opening to the shaft ut the

270-feet level, and, in consequence, it became necessary to sink a winze an additional 80 feet to the lowest level of the City of London, but the company would now have the 270-feet and 350-feet levels to work on, which will enable the mine manager to crush a considerable quantity of quartz weekly. The report then alluded to the right which the directors, jointly with those of the City of London, had secured to the water in the Waio-Karaka Creek and to the Waio-Karaka road, to the making of which the company had contributed. The report then alluded to the arrangement which had been made regarding drainage, they agreeiug to contribute £20 a month. Tlio directors hoped that a start would be made in January with the City of London machinery. The balancesheet showed the liabilities of the company to be—accounts, £114 17s; City of London, £12 10s; overdraft, £277 7s lOd; loss on engine, £10 2* 10.!-£420 17s Bd, The assets were-Calls, £75 16s; refund from road subscription, £72 —£147 lGs, leaving a deficiency of £273 Is Bd. The mine manager's report gave details of the present state and future prospects of the mino. Messrs Turtle and Garvey, the retiring directors, were re-elected, and Messrs James Home and Alex. Hume were appointed auditors, and a vote of thanks to the Chairman j terminated the proceedings.