MINING COMPANY MEETING.

Thames Star, Volume VII, Issue 2506, 17 January 1877, Page 2

MINING COMPANY MEETING.

Cbown Pbincebs G.M.Co.

The annual meeting of the: Crown Princess Gold Mining Company (Limited) was held <Jn Tuesday afternoon in the office, Bank Buildings, Wyndham street, Auckland. Mr J. W. Stocks chairman.

A report was i3ad from the directors in which, it was stated that "since last meeting the lower levels in the miiie have been tested, and the crushings averaged fair yields. Messrs G. S. Graham and H. G. Ogle have resigned their'seats at the Board; Messrs J. Craig arid J. Young were appointed in their place. The.directors have great pleasure in announcing that the mine is clear of water, and no difficulty is anticipated of its being kept so. The financial position of the company is one that requires the fullest consideration of the proprietors.. There is no doubt it is a very valuable property, but requires development. To this end a reserve capital is necessary, and in their opinion either' an increase of capital should be allowed, or the company reformed on a stronger basis." A report' was read,from the mine manager, Mr H. G. Ogle, which spoke hopefully of the mine. The usual statement of accounts ■ was likewise submitted. The receipts amounted to £6493 4s lid, of which the chief items were:—Nine calls, £2323 2a 6d ; sales of gold, £2645 16s 2d ; bank overdraft on 31st December, £149413s 3d. The statement of expenditure showed that there had been paid for wages and contracts, £209119s Id. On the motion of the Chairman, ge« conded by Mr T. P. Gardner, the report* and balance-sheet were, adopted. At this stage Mr Stocks vacated the chair, and Mr G. S. Graham took his place. Mr Gardner moved, "That it is the opinion of this meeting that each director in rotation should visit and inspect the workings and wants of the mine every fortnight, their expenses being paid.? The Chairman seconded the motion pro forma. On being put to the meeting, it was lost. The whole of the directors were-re* elected, upon the motion of the Chair* man.. The Chairman said that the balancesheet showed that the whole of the capital had been called up, and they would now have to consider whether the capital should be increased or the. company wound-up and reformed. He had brought the subject before the directorate, but as the members were not inclined to take action in regard to it, he had resigned his seat, unwilling that the harmony which had previously existed should be disturbed.. He was of opinion that the alternative they, should accept was the windiog-up and reforming of the company, a proceeding which would be more likely to be attend i with success' than the mere increr sing of the capital. Mr George WiH*amson spoke in a similar strain.

The Chairman then proposed, and Mr Gardner seconded, "That the directors call an extraordinary meet'ng of the shareholders for the purpose of discussing the question, whether or not the company shall be wound, up," , The motion was carried nem. con.,

Mr W. S. Cochrane moved, "That Messrs James Wrigley and W. S. Laurie should be re-elected auditors," but afterwards withdrew his motion in faror of an amendment proposed by Mr George William on, and seconded by Mr Winks, viz., " That Mr W. S. Laurie should be appointed .auditor." The amendment was carried.—Altered from Herald's -Report. '