DEVILS CREEK QUARTZ MINING COMPANY.

Tuapeka Times, Volume VI, Issue 264, 20 February 1873, Page 5

DEVILS CREEK QUARTZ MINING COMPANY.

A special meeting of the shareholders of the above company, for the purpose of considering the advisability of winding up the affairs of the company, was held at the Oddfellows Hall, Waipori, on the evening of Monday, the 17th inst. The attendance was very limited. Mr. Joseph Cox occupied the chair, and in opening the proceedings, called upon the legal manager, Mr- Henry M'Cay, to read the advertisement by which the meeting was convened. Mr. M'Cay aftei wards read the circular which had been forwarded to all the shareholders of the company, giving a statement of the working of the reef from the formation of the company. He also read clauses of the Limited Liability Acts bearing on the winding up of companies. The following report and balance sheet was then read :—: — In presenting their report and balance sheet, the directors beg to state that, in the exercise of what they believe to have been a wise discretion, they decided to wholly suspend operations at the reef on 23rd December last Extracts from the working manager's re port, given in circular of date 18th January last, together with the yield of stone crushed at the Government battery, Dunediu, will, the directors think, supply abundant evidence thai there was no other course open to them as representatives of shareholders in the adventure And it now re&ts with the proprietors either to confirm the action taken by the directois, and la give eifect to their further recommeuda ion that the company should be wound up, or otherwise. In conclusion, the directors have to thank the proprietors of ehayes for the confidence reposed in them ; and especially they have to thank those gentlemen who were anxious that another call shc-nkl be made to further test the reef, bat they have regretfully, to reiterate their belief in the futility of further proceeding with it. — For the directors, (Signed) Duncan Drummond, Chairman. Waipori, 17th February, J873, Abstract statement of the Devils Creek Quartz Mining and Crushing Company, Registered,

liabilities - Nil. Mr. JVrCay stated tbat Lomas and party agreed on the Ist March, to pay all preliminary expenses, but he regretted to say, these gentlemen now declined to do so. Legal advice from Mr. Macassey and Mr. M'Coy had been obtained, wblch favored the idea that the agreement was binding. Mr. Ferguson moved, and Mr. W. H. Cox seconded, the adoption of the report and financial statement. Mr. Taylor moved as an amendment, hat it be not adopted, and said that the greement referred to by Mr. M*Cay was altogether one-sided. He, with the other prospectors, agreed to pay the preliminary expenses on the understanding that they were to receive 2500 paid-up shares; the remaining shares were all to be exposed for sale, and any left were to be placed to the credit of the prospectors. But instead of this being done, at a preliminary meeting of the Provisional Directors, a reserve of 2000 shares was made,, thut in his opinion, canceLlieg the feFmer agreement. Mr. Courtney secoaded I>he amendment. It was then pub to the meeting by .the Chairman, when three hands were held up for it. The motion was put and carried alTpost unanimously* H. €ox mo_ved: "That in

the opinion of this meeting, it is desir able that the affairs of the Devils Creek Quartz Mining Company should be wound up." In support of the adoption of this course, he read the working manager's report, which showed the reef to be only from 2 to 6 inches thick ; and although the color of gold could be obtained, yet still nothing payable had been struck. A number of shafts had been sunk on the different veins, and a tunnel had been driven from the surface to a distance of 100 feet along the course of the vein, but no alteration was presented. With these faots before them, Mr. Cox said, it would be foolish to spend any more money on the enterprise. At this stage of the proceedings, Mr. Taylor and Mr. Courtney asked the working manager several questions, "which were, answered to the complete satisfaction of the meeting. On Mr. Cox's motion being seconded, the voting papers were opened, and showed the following result :— In favor of winding up the Company, votes by proxy, 43, representing 1240 shares ; personal votes, 20, representing 1809 shares ; on the contrary, nil. Steps were then taken to wind up the company. The following gentlemen were nominated in accordance with the Limited Liability Companies Act, one of whom the Warden selects to wind up the affairs viz., Mr. Henry M'Cay, Mr. W. H. Cox, and Mr. A. Ferguson. : A vote of thanks was passed to the i legal manager, Mr. Henry M'Cay, for ■ his unremitting energy on behalf of the Company. A similar vote was passed to the I Directors, for the faithful manner in | which they had discharged their duties. The usual vote to the Chairman closed the proceedings.

Receipts £57U 13 & EXPENDITURE. Preliminary expenses and brokerage - - - 167 8 9 General expenses - - - 242 15 2 salaries and wages- - - JO7 10 0 }alls unpaid, at 2s 6d per share 4 7 6 Jalance at bank ~ 48 12 0 .£570 13 5 Hbnky M'Cay, Legal Manager. We hereby certify that we have examined [he books and vouchers of the Company, and that ihe above balance sheet is correct. (Signed) Joseph Cox, John Vivian. Waipori, 13th February* 1873. IK>SmON OP COMPANY AT DATE. ASSETS. Balance at bank 48 12 0 imoant d«e by Lomas, Taylor and Courtney on account ef prt liminary expenses and brokerage- - - 44 19 0 |3dwt 18grs amalgam, at 68s • 2 6 8 Approximate value of plant 15 0 0 £110 17 8