MINING COMPANY MEETING.

Thames Star, Volume VII, Issue 2535, 20 February 1877, Page 2

MINING COMPANY MEETING.

Mobntng Light G.M.Co.

An extraordinary meeting of the shareholders in this company was held yesterday evening in the offices of Mi? Hbrsbrugh, the business being to consider the financial position of the company and the advisability of letting the mine on tribute. There, were present, besides the manager, Messrs A. Porter, O'Neill, Dodd, Osborne, Vaughan, Pearce; Smy the, Barrett, and Melhose, and 12 shareholder! were represented by proxies. Mr Porter was voted to the chair, and after ha had read the advertisement calling the meeting the manager read the mine manager's report and the financial statement. The report stated that Mr Thomas Dunlop had been appointed mine manager in ' Sept., 1876, by the company in conjunction with the Smile of Fortune G.M.Co.; a bridge had been erected to the Owharoa battery;.in December, .1876, towards,the cost of which the Government had contributed £40; a crushing had been commenced in January last which had proved inferior to expectations, and on account of,the dilatory manner in which calls had been made the directors had been compelled to stop work; Messrs Stone Bros; had obtained judgment against the company. After enumerating the works done the directors urged that the shareholders agree to pay up the balance overdue and submit to a further call, or else to let the mine on tribute. The statement of liabilities and assets showed that the former amounted £85 18s Bd, and the latter to£llo 11s lOd, made up as follows :—liw bank, £Q 4s 7d ; cash in hand, £19 14 9d;» unpaid calls, £84 12s 6d. Of the cash in hand about £11 had been received that day for unpaid calls. The statement of receipts from July 12, 1876, to February • 19, 1876, showed a return of £414 2s 2d, while the expenditure for ths same time had been £339 7s lOd, leaving a balance iv hand of £14 14s 4d. The' mine manager's two last reports were also read. The report, on the motion of Mr Porter, seconded by Mr Os borne, was adopted. The chairman explained that the expenditure had only been £294 in reality, as when the directors took office there,was money owing which had been paid by the consent of the company, and out of this £294 about £ICD had been spent on the bridge, which was the property of the company. After some questions from Mr Vaughan, as to why the directors had not obtained £100 from the. Government, had been satisfactorily answered (the reason .was that the Government required the bridge to be made according to certain plans which were not suitable to the wants of the Company), it was resolved that 14 days' grace be given to defaulting shareholders,' and - after all shares on which the calls had not been paid' should be sold.- After some discussion the two following' motions were carried, " That the directors put pn men to work the mine when the forfeited shares are sold, if there bo money to do so/ and " That the directors, if they see fit, be empowered to let portions of the mine on tribute." A vote of thanks to the chairman terminated the meeting.