Extraordinary Meeting of Caledonian Low Level Company's Shareholders.

Thames Star, Volume XVI, Issue 5101, 23 May 1885, Page 2

Extraordinary Meeting of Caledonian Low Level Company's Shareholders.

An extraordinary general meeting' of the shareholders was held yesterday at Mr F. A. White's office, Queen street, to consider the financial position of the company, and, if thought advisable, to pass a resolution that the company be wound up voluntarily, and to appoint a liquidator. There was a good representative attendance, and Mr J. M. L?nnox presided. He said that the directors had found great difficulties in making and getting in calls, and so they decided to make a call to cover all liabilities, and to call the shareHolders together to consult them as to what should be done. Since they had commenced operations the company had expended £7500 for driving and crosscutting. He thought it a pity after that expenditure that they should go no further and prospect the fine looking reefs which had been cut. He thought this from hia knowledge of other mines —the Alburnia and others—in which shareholders became tired, and wished to wind up, just on the eve of a great discovery. They had just received a telegram from Mr Dunlop, their manager, that they could get £450 from Mr Larnach if the com* pany would expend £2500, and that they had to thank Mr Brodie for this small sum. There was also another grant of £75. If the calls were paid they would be able to pay all their liabilities, and have £300 to the good. He proposed: "1. That the Caledonian Low Level Gold Mining Company be not wound-up, but that the directors be requested to recommence operations with as little delay as possible, and if possible that the expenses do not exceed £400 per month until payable gold is struck. 2,, That the transfers of all shareholders, who do not wish to pay further calls, be accepted by the company on payment of calls already made, and the, shares be sold by auction as speedily as possible. 3. That the directors be requested to col lect all outstanding calls, so that no'impediment may be thrown in the way of the important work of testing the low levels of this part of the goldfield." He might state further that only a week or a fortnight's work was required to meet the Waiotahi reefs, and in two or three months they would get under the richest nib of the old Caledonian mine, the-old shot of gold, and such men as Mr Workman and their manager were hopeful that here they would do something good. When at the Thames he was shown some fine looking quartz from this level, very promising and full of mineral, and it would be a thousand pities to; abandon prospecting when they might be on the eve of success

Mr C. C. McMillan said he agreed with a great deal ot what had been said, and that after expending such large sums the property should not be put in liquidation before testing the reefs. They had done a great deal of solid work. But there were two classes of people joined in this venture : those who joined it for the purpose of getting good dividends, and those who joined it as well for that purpose as in the consideration that it was a good thing for the whole district to have the Thames prosperous, and all joined to loyally accomplish those ends. He could not understand how it was that certain direc tors had transferred ,their shares—he would not care to characterise it by any other name—but he looked on such directors as those who were appointed to protect the ,interests of the shareholders generally; Yet, as he was informed, some, of them had transferred their shares to men of straw so as to escape all liability. They all knew what " dummying " did in the old days. He would ask the Cbair man whether this had been done, and if the directors had transferred their shares.

The Chairman said yes. They did so because they had too many shares, but it was not for the purpose of escaping liability, as. they hud undertaken, to pay not only calls 7 due, but the new call, which would leave the company £300 in hand. Mr McMillan said he thought it wrong that this should be done. It was a wrong to the shareholders. What protection would shareholders have, if they went on with a new scheme, that a similar thing would not be enacted. He did not speak so much for himself, but it would prevent others from going into legitimate mining, and they were all interested in the prosperity of the goldfield, for the prosperity of the Thames meant the prosperity of Auckland. He wished there was some means to stop this transfer of shares to men of straw.

Mr Lennox asked whether Mr McMillan would object to directors buying shares.

Mr McMillan said bis remarks were about erading liability. Mr Nichol said that he fully endorsed the remarks of Mr McMillan, and asked whether the directors did not transfer all their shares.

The Chairman aaid that a number of the directors and other shareholders found the calls in this and other; companies coming on them too heavily, and it became a question of reducing their liabilities. He himself found that he had 6000 shares in the Queen of Beauty, and he' had to reduce his liability. The shares he transferred he-undertook to pay the last call on, and not only that, but the call which was then, made, which would leave the company. £300 to their credit- --,-/•*

Mr John Brown said he looked upon the remarks made, with regard to the directors, as gross impertinence. Directors had as good a right to sell shares as to buy them, and the shares he sold were sold to men as honest as Mr McMillan, if not so wealthy. He had examined the books hf« fore the last call was made, and found that few of the large holders had paid their calls, so the directors had to make calls to pay their debts, and he desired that they should be free from liability, even;if the company was wound up. Mr Smith seconded the resolutions proposed by the Chairman. ';.".■■

Mr Cheal gave some details of, the interview with the Hon. Mr Larnach at the Thames, and supported the resolutions to keep the mine going. The motion was put and carried. / On * the motion of the chairman, seconded by Mr Morpeth, a vote of thauks was accorded to Messrs Brodie and JDcnlop for the interest taken in furthering the interests of the company.

The p.B. Triumph armed in Auckland yesterday with 2000 tons of coal.

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