Young Colonial, Waihi.

Thames Star, Volume XII, Issue 3981, 1 October 1881, Page 2

Young Colonial, Waihi.

A meeting of tbo shareholders of the Young Colonial Licensed Holding at Waihi, was held in the Queen's hotel, Albert street, last erening. There was a very fair attendance, and Mr Porter was voted to the chair.

The Chairman then gave his reasons for calling the meeting, saying that the prospects of the mine now warranted the forming of the claim into a company, and arrangements being made to erect machinery. He read the minutes of the first meeting which were then confirmed.

Mr Turner proposed " That a company be formed, of 21,000 shares, nil paid up, 6000. to be reserved for the battery and other purposes."—This was carried unanimously.

Be the directors, the Chairman proposed that the number be seven, fire to be elected to night, and two others when the battery was erected.—This was carried.

The following directors were then proposed :—Chas. Alexander, C. J. Stone, A. Porter, R. Harrison, M. Vaughan, and J. Smyth.

Several of the shareholders objected to so many Auckland men being put on the directorate, but it was decided that two were not too many. A ballot was then taken and the following gentlemen declared elected :— Chas. Alexander, C. J. Stone, A. Porter, J. Smyth, ; arid It. Harrison, Messrs H. Whitaker and C. Stafford acting as scrutineers.

Mr F. A. White was elected legal manager upon a show of hands.

The ordinary mining company rules were accepted as the rules of the company, the only alteration made being that calls were not to exceed 6d.

The Bank of New Zealand was appointed the Uauk of the Company; Mr A. E. Whitaker was elected to be the company's solicitor, and^Mr H. J. Lee auditor.

The qualification for a director was fixed at 100 shares, and (he day of the annual meeting was fixed for the end of October. All the directors were to resign each year, but to be available for re* election.

The Chairman then proposed that the 15,000 shares to be allotted to the shareholders, be held in trust by the Legal Manager for two months, or. till satisfactory arrangements were made to dispose of the shares allotted to the battery.—This was agreed to. The matter of negotiations for machinery &c, was left in the hands of the directors.

A vote of thanks was then accorded to the Chairman, and the meeting dispersed.