Old Caledonian G.M.Co.

Thames Star, Volume XVI, Issue 5108, 1 June 1885, Page 2

Old Caledonian G.M.Co.

An extraordinary meeting of shareholders in the Old Caledonian Gr.M.Co. was held on Friday in Auckland to coneider the present position and future prospects of the company. Mr J. M. Lennox presided. The balance sheet showed that the debit balance of the company was £644 15s 2d.—The Chairman said although they had a debit balance, all their dead wo/k was done, a large block was now ready for stoping, and the 13 tons crushed averaged loz 14dwts. He said in the winze under the old shot they had had good prospects. In Mr Hicks he felt that they had the best man on the Thames.—A shareholder asked how it was that the tributers got so much gold while the company got so little ?— Mr Hicks read a statement showing that the tributers would not average five shillings and ninepence per day.—Mr Melville thought some different arrangements should be made, either to put Mr Hicks on results, or have some change in the management of the mine. It was the invariable thing that, just before a call was made, there was always some brilliant news from the mine, which evaporated when the call was paid.—The Chairman said Mr Hicks had made a very fair statement. He bad opened a large block, and the first cruihing was most satisfactory, but its running poor was a thing whith he could not foresee, and as the dead work was done, it would not, he thought, be a good thing for the company to put Mr Hipks ou shares, He Uftd

given them his talents and his time, and had 300 shares in the company, and if the company was disappointed, so was Mr Hicks, but it was the opinion of Mr Hicks' friends, and of his enemies, that a better miner there was not at the Thames. —Mr Binney would strongly object to payments by results, as it would, as in the old days, lead to bad work being done. If he was not worth £4 a week to manage such a mine, he was worth nothing.—Mr Brown said that if gold was not got within about throe months, it would be time to shut up the mine; but as to paying on results, it would be very undesirable.— Mi' Barstow agreed with Mr Brown's remarks as to paying by results. The mine manager should be the responsible ' servant of the company, not to put him into the position of a head tributer.—Mr Hicks said it would take four weeks to replace the boiler. If Mr Melville or other shareholders were dissatisfied with him, he was willing to resign. If a manager was put on results, the results would be most disastrous, for the mine would be left in such a state that it could not be worked afterwards.—The meeting closed with a vote of thanks to the Chairman.