Masterton Coal Propecting Association.

Wairarapa Daily Times, Volume X, Issue 3155, 16 March 1889, Page 2

Masterton Coal Propecting Association.

A special general'meeting of the Association -Was held in the OddI fellows ; Hall, Parry-street. : . 'Eight 'members :were" present' "Mr : ; j; lorns;was ; votj/dlo' theohair, and; the minutes /of .tholjast'meeting, were read and oon&e'd. • / / : . ■/. "■.:.-■■■ ■1 The; they, must all he awerethat their prospects werehot enjjbraagingl ;y They; haa'determined tbree;rnbn ths i;agb' to gis \% %£iM. furt]ier trial./ They •liad: done J bo without making anybe'tter, , and-had deoided last week to callthe present a ;:; y'iew.- to Mndingjlip. the' S .*'; |;| ; TJ»;.^^.^^i^[^

that 'Mr Sullivan the man in oharge of the.dnll had been in, The drill was down 180 ft and broken off in trying to and connected with the broken pipe, and theio had been another breakage in the connection necessitating a new top which wa9 ordered to be made. The pipes had been lifted about 6 inches by hydiaulio jacks,' kindl) lent by Mr Ciowthei, and an extension of time for their use had been graated. The horse power had been returned to the owner,

Mr Hathaway said the material of which tho drill was made was very inferior; the Featherston drill had also broken.

The Chairman said apart from the difficulties they had to contend with by breakages and accidents they were in'financial straits. There were eeveial shareholders whose calls had not been paid and tho liabilities were great. I Mr J. J. Smith moved, that in 'struotions be given Mr Pownall, 1 their solicitor, to piess for payment of all overdue calls. Mr J Petrie seconded the motion The Chairman said it might seem a hard measure to resort to, but it was only fair to the others who had paid up that defaulters should be pressed There was, in addition to other liabilities £l3 due for hue of drill. lie put the motion which was duly carried.

Mr Smith asked if it would be advisable to wind up the Association before they had got the drill np. It was absoluUy necessary they should get the drill up, and they might have to incur great expense in doing bo, and perhaps ha\c to sink a shaft.

The Chairman said the matter of recovering the drill would riot; affect the question of winding up the Asso-; oiation.' Theirbalance sheet showed that-.asum had been set aside for contingencies, and it-was quite competent on the part of Direotprs to decide upon.fresh calls if there was any further excuse, to warrant, it. Their liabilities amounted to. £SO, against wbioh there was only £32 for oalls unpaid., :. '.;'.": Mr Smith'thought the best thing to .be done>was to retnra the drill when recovered arid'sink a shaft-

Instead, of. winding up let ."tliem enlarge their capital by increasing their r shares fifty per cent, and any

shareholder that choose could take up the new shares. It the Germans had-struck coal, which was evident from a specimen ho had Been, why should not the Association do so. The diamond drill was no good. The Chairman said the objeot in view in promoting their Association was to test the district for coal. Let the German miners decide that point, then some others could come in and develop it. Mr Smith asked where the promoters would be in that case if they wound up the Association ? ' / Mr Eton asked Mr Smith if he expected to make a fortune out of his shares when ho took them up. ' Mr Smith said he certainly expected to get £IOO for his £SO invested. ;. Mr Hatbaway Baid he did not. It .would take every penny of their capital to pay the liabilities. He looked upon his £5 as gone. Mr Eton said at tha last meeting the "Directors were in'favor of winding np the concern, arid were willing to lose their £8 10s per share. It new looked like losing the lot. It had cost the Company nearly £9in repairing the Government Drill,', He had sent notices to eaoh member, stating the object of the present ■meeting, / .'.. : ' --, Mr Hatbaway'Said if a resolution was* passedtbat night to wind up the Association, it would not take effect until the confirmation, at a subse quent; meeting, speoially oalled for that purpose. Mr Eton said the. Directors had donetheirbest for the Association. No money had been' wasted. Only £3lßa had been spent in incidental expenses daring the six months they had been in existence. Ho did not think any of the shareholders' would throw the blame of the failure upon the Directors, The Chairman said the fact of the absence of so many shareholders from the present meeting showed their confidence in the management. Mr Smitli suggested the more probable reason was that there was no dividend for them to share. If

the Asßooiation was wound up-and the thing turned out right after all, someone else would slip in aud take thoiv place. ■■^■^,% Mr .Haihaway :Said,tijiß.ii/bM bbjeot was to flaU iorlH,t;coal^^ji3 : iu the district.;:^W^oeyeivdi4pgyerftd 'it the object of theV|rp]pterai would be gained.*'-.'" "' Mr Smith denied ibat, They wanted to reap a'benefit for promoting the Association, He did not put £SO into the concern for the pleasure of throwing it away. If the Germans found coal, and a Melbourne

syndicate wanted to buy up Falconer's land what position would the Association be in ? As soon as they woundup, the Association would lose the land. If the German's found coal, the Association should have a dividend at once in Falconer's land

which they oould sell to a syndicate, Mr Hathaway was afraid there was little to sell.. Their were plentj of places likelier than the land, whew the Company was prospecting. Mr Smith said there was no neefi to wind up. As Boon as the drill wai recovered they could return it and adjourn all works and-watch thepro gross of events,

The Chairman said for every week until the diamond drill was reobvorod they had an expenditure .of £5 for wages and hire. :'. ; ' ■ Mr Falconer said they,-; bad tried the hydraulic. jacks,-; and had been' unable' to lift the pipes; They had two jaoks each of ten tons power, and they might Biafi a 'shaft of 80ft to below the last break, : and get a new. grip there.-, They could,'.no doubt draw thepipes.provided the latterwere strong enough to stand the atrain,- Perhaps the Government would take delivery of the drill on the ground as it; was. .(Laughter); Mr Hathaway moved, and Mr Eton seconded, That it is advisable, in the interest of the BhareboHers that the Association be wound up. Mr Smith moved, and Mr Falconer seconded, That the meeting 'adjourn sinedie. ■";;■-> : '', AI The amendment was" put, three voting forit.' ■',■/;'- The motion iwas'i'aftorwards-put anddeolared carried on a show of hands, five being held -.up, in it? favor. j Mr Smith claim'ed/his?amendnjent ; was carried; on the' value.of-'ihe shares.-;'- 1 -.:_sltr HathaTOy : shares were not paid up,and he.had no right .to vote./.; ;'„;;-:,/. , N - /:The; ; Seoretary said the calls upon 1 Messrs Smith and- Hogg! five^shiivos■ lMlbeenpaid, -but ;not'M? Smith's private' shares,:'' /■/ * : . '•■■■■' ■-: ; .;/Mr h^'a'contra acconijt :}B^iiiat/thetAssociation lor to wi» for bifiiS" <ii ■%£s%■

tion of wilding up the, adjourned they would be in "a position v> to sell their interest in Mr Falconer's" land ebould the coal prospects of the Germans prove satisfactory. ■* '< JL The Ghaiiman said theie was onejP thing against tho amendment. If • . they adjourned sine die there would i be great difficulty in collecting the ' outstanding calls. He should rule' the motion carried by a majority on, a bliow of hands.^ Mr Smith said' he should protest against the ruling. He was entitled t to olaim the result having a majority' of shares. If they persisted in carrying the resolution he should not attend any moreroeetings, and should object to any more paffcents being made to recover the drill.

The Chairman said they must go i onamTrecover the drill, He would & call a meeting immediately the drill ] was drawn, when it would be com- , petent for Mr Smith to reverse the (resolution of the present meeting as nothing could be done towards wind'mg up the Association until the motion passed that night was firmed. /^m^ Mr Hathaway said he was willing to withdraw his motion if Mr Smith took it so umoli to heart. Mr Eton, the (seconder of the motion, objected to its being withdrawn. He said it had already been put to the meeting and carried. The Chairman Baid there was no ohoice but to wind up, They were virtually bankrupt and could not show 20s in £. It was not fair to the- '' shareholders to go on further than to > recover the drill -The motion he " declared carried." Mr Smith said as this was ageneral meeting he nould tender his ,~ resignation as Director. " '"'.'' The meeting then adjourned,