WALHALLA EXTENDED GOLD MINING COMPANY, (Limited.)

Inangahua Times, Volume IX, Issue 1399, 12 May 1884, Page 2

WALHALLA EXTENDED GOLD MINING COMPANY, (Limited.)

— ♦ -• The half-yearly' meeting of shareholders in the Walhalla Extended Gold Mining Company ; faas held at the office of Mr Geb. -Wise on Thursday evening last. Mr W; G. Collings was in the Chair. The manager submitted the audited balance-sheet of the Company showing the r total expenditure from formation, aivd &!so, in separate form, the Expenditure during the past six months,- ,., Mr. CapJes took exception to the item of -£8 4a 6d, being' the amount expended by the Company in advertising and printing for a year and nine months, and asked for particulars. The manager produced the vouchers showing that the payments had been as follows : — Inangahua Timks £5 l'2s 6d Nelson Mail £1 12s, R. C.Reid and Co., J6l. Mr Caples wished to see the items making up the charge of £4 12s lOd for petty cash during the same period. The' manager produced the petty cash accounts. 7 Mr Caples said hQ. saw in the petty cash account an item; for the purchase of a share-register. He consided that charge unnecessary as the old one could have been used. - The manager explained that the old one could not be used. A discussion then- ensued as to the propriety of the directors engaging the services of mining-, surveyors, Mr Caples holding that. }t was quite unnecessary. He would not give a straw for mining surveyors' reports ; what did mining surveyors know abont the j ground. Mr Clifford said that as one of the much abused directors ne was present that evening lor the purpose of affording the meeting any information they required regarding the past expenditure. A good deal had been said as to the way in which the business of the Cornhad been carried on, and let the meeting now ask for any information and it should be furnished. As regarded the propriety of engaging mining surveyors . ...opinions differed. > The directors did not consider themselves competent to jraake the survey, and instead of acting on their own whim in commencing work they thought it. hotter to act piv ; th>4at a fu>nislies by competent; : m^n^*ktirV'ey6rß, : aticl lie still thought. 1 thS^prsei\iey;purt'ue.d. was , the best; hro^ r^ttjulkfly' as $}e^ directors themselvei x ana a* Section or ' the shareholders w^re; divided in opinion on the subject; sbtiie Being in fayor .of commencing at 6rie°p^>ifit an*6V some at aiiother . If tfcfe dfrrtjtdfs had succeeded not a word of cens'ui'e w wQU.T& . have been raised against thqm-, but because they had failed to get the reef they were everything that was bad. Let the meeting show that any money had been improperly expended. Mr Caples instanced the expenditure of £25 in the erection of a mine manager's hut. Mr Clifford said that if they had been successful in the mine there, would not have been a word of complaint against them. Could tbey show that the funds of the Company had been squandered unnecessarily. There had been a good deal of talk as to how the affairs of the Company had been earned on and it had even been said that the moneys of the Company had boen misappropriated and that He as

one of the directors had drawn a salary of 4>? per week as managing director. These statements where wholly untrue. k He had iwver drawn a sixpence from the Company, And had spent days and garni in the mine. Mr oapleß denied that he had ever > made such a statement. The Chairman said the only charge they made against the directors wa3 that they had fooled the money in the I mine. Mr Clifford Said, the fact was they • had been unlucky. That's where the shoe pinched. If they had got the *, Jtfaf everything would have been all right. . They had, however," done their best, and had been just as anxious to bring the thing to a success as anybody could be. The discussion then dropped. The Chairman inquired whether the directors had resigned, or intended to do so. Mr Clifford said, in the face of the opposition which had been shown to the directors they had resolved on retaining office up to the last moment. Charges were being constantly hurled, and as soon as they were answered and explained away, the charges were either amended or fresh ones raised. The directors were quite prepared to answer anything that could be brought against them, and to enable thorn to do so, they would continue in office up to the meeting night. The Chairman saidrthat he understood that the directors had held a meeting that day. He should like to know what business was transacted. Mr Caples said he had been appointed a director, but had received no notice to attend the meeting in question. Che Manager said the omission was not due to a want of courtesy, but he understood from what Mr Caples said at the last meeting that he would not accept the appointment. In reply to the meeting, Mr Caples said he was willing .to accept the office. A discussion then arose concerning the engagement of Messrs Johnston and Wat kin s, Mr Clifford explaining that thvy had been engaged for a year, as in the case of other companies in the field, but he felt sure that if operations were discontinued in the mine they Would forego the engagement. The manager read the minutes of the directors meeting, which contained a minute authorising the legal manager to publish the mine manager's, and surveyor's reports and balance sheet. The Chairman asked what arrangement the legal manager would make as to future salary. Mr Wise said if the mine was to he hungup, he would consent to accept 15/- per week. He had been manager for the Company for ten years, and the total salary he had received during; that period was JGIOO. Mr Caples considered the offer reasonable enough, and it was, agreed to by the meeting. . On the mot-oii of Mr Wise, seconded by Mr Thompson, that Mr Caple,s wait upon the Company's purveyors, and ask them to consent to the waiver of the ageeement. The meeting then adjousned.