DEVILS CREEK QUARTZ CO.

Tuapeka Times, Volume V, Issue 229, 20 June 1872, Page 7

DEVILS CREEK QUARTZ CO.

The first general meeting of the shareholders of the above Company was held in the Commercial Hotel, Waipori, on the evening of Monday last. The weather being extremely severe, rendering travelling all but impossible, precluded the attendance of many who would otherwise have been present. The object of the meeting was to elect directors for the ensuing 1 2 months, and to draw up rules for the guidance of the Company. When the names of the shareholders present and the number of shares held by each had been recorded.

Mr. Buchanan, jon the motion of Mr. Macledowney, seconded by Mr. H. M'Cay, was appointed to the chair. The Chairman read the advertisement calling the meeting, and intimated that . the first business to be transacted was to fix the number of directors.

Mr. H. M'Cay moved that the number of directors be nine. Mr. Reynolds seconded the resolution, which was carried.

Mr. J. Coxpropssed that a holder of not less than 20 shares should be eligible for election as a director. He thought there might be men who had not the means to take up more than 20 shares who might yet be well qualified to act. Had he been aware that it was intended to make 50 shares the limit, he would certainly have taken up that number. Mr. Johnson seconded the motion.

Mr. 11 . M'Cay moved an amendment that the qualification for directors be not less than 50 shares. He said that any person at all conversant with public companies must know that the more a man had at stake the more interest he would take in its good management. For in-

stance, 9 men with £1 each at stake in a company conld not be expected to take so much interest as 9 men with £50 each, or £450, at stake. He thought the provisional directors had shown wisdom in suggesting that the qualification should be no lower than 50 shares. Mr. Reynolds seconded the amendment.

Mr. S. Henry said he felt inclined to support the motion, believing that there were many men of mind unable to take up 50 shares. The amendment was then put and carried. The original motion was therefore lost.

The following names were submitted by the provisional directors as suitable permanent directors : — Messrs Drummoud, M'Cay, Macledowney, Buchanan, Lonias, Hayes, Webber, Reynolds, and Wright. Mr Ritchie proposed Mr. Taylor, and Mr. J. Cox proposed Mr. Courtney as directors. v - A ballot was taken, which resulted in the gentlemen nominated by the previsional directory being elected.

Mr. Joseph Cox and Mr. John Vivian were elected auditors.

A draft code of rules was then read to the meeting, and, on the. motion of Mr. Cox, adopted. According to the rules, the voting power of shareholders is as follows : — From 5 to 10 shares, 1 vote ; 30 to 25, 2 votes ; 25 to 50, 3 votes ; 60 to 75, 4 votes ; 75 to 100, 5 ; and for every 25 up to 200, 1 vote. No shareholder, however, to have move than nine votes .

Mr. M'Cay read an approximate statement of receipts and expenditure, showing a balance of £4L Is. in hand. Mr. M'Cay explained that a large amount of expenditure had been caused by a mistake in constituing the company, which necessitated it being wound up and registered afresh. It had now, however, been formed properly. On the motion of Mr. J. Cox, a vote of thanks was accorded to the provisional directors. A vote of thanks was also accorded to Mr. Ferguson for venturing across the snowy ridges to report tbe meeting. A vote of thanks was given to the Chairman, which brought the proceedings to a close.