WELCOME GOLD-MINING COMPANY.

Inangahua Times, Volume X, Issue 1505, 4 February 1885, Page 2

WELCOME GOLD-MINING COMPANY.

♦- (Daily lime*.) A meeting of shareholders in thia Company was held at Watson's Commeroial Hotel ou Sutorday afternoon, wheu amongst those present were— Messrs W. Watsont (in the chair). T. Bryilone. J. F. Watson, A Bartleman, North, Hunter, G. O'Driscoll, Gregg, and T. Grose. The Chairman said that Mr BrydOoe had received from Reefton a plan of the working, and the object of calling the meeting was to let the Dunedin shareholders see this, and discuss whether there were any suggestions they could make to the directors. He thought the chief point was that they had not been post«*d up with sufficient information as to the mine. The directors seemed to think it proper to keep all information in their own hands. If they had retained their shares, then he did not consider the meeting would have much to find fault with ; but it was as well they should meet to dis us* tie ins and outs of this mine, an I lay before the shareholder* what uifoiuialiou ihey had.

Mr Brydone said the particulars h. liad were somewhat meagre. He hae written to Mr Brennan, the lega manager, asking for information as . considerable shareholder who waf entitled to it; but he had never got a word in reply. The last lettei he addressed to the chairman of direc tors, and that had a little effect, as if brought the plan referred to, and alsc a letter written by Mr Gardner, th. mining manager, to Mr Brennan, thf latter having evidently asked him tc supply some information. The lettei was as follows: — ««To Mr F Brennan, legal manager. " Dear Sir,—l have made a tracing of the workings of the Welcome mine as you requested, and have placed on it the dates at which the different portions of the mine have been worked, which will enable Mr Brydone to see the progress made since 1881, and also to form some idea of the bulk of ground that has been somewhat broken; but I have witnessed similar disturbances in the upper levels, and therefore do not take much notice of it, it being only a question of time when the country with the reef will return to its normal condition. I do not see or know of anything to cause the uneasiness expressed in Mr Brydone s letter. W. P. Gardner. January 12. The gentlemen present then inspected the plan, discussed it, several commenting on the difficulty they had experienced in getting information. Mr North said when he was at Reefton the manager told him there was any quantity of stone, and it was good right through. The Chairman said if there was plenty of stone why were the batteries not kept going 1 He thought while they were about it they might as well ask the result of the berdans. Mr Bartleman said it seemed as if the directors did not want to give them any information, or anything at all — not even dividends. The Chairman said for two years or so it was understood that he was to receive all reports once a month from the Welcome and Keep it-Dark mines, but the Welcome had discontinued this. It was only fair to state that he did not now hold enough shares to be a director, bnt he had offered to still receive reports and communicate them to the shareholders. It was not necessary he should be a director for thai However, they did not think proper to send them Mr North thought there were brokers in town who knew every director, and Icnew exactly who sold shares. If "brokers could get this, why should it be kept from shareholders in Dunedin 1 The Chairman said this was not got, he thought, from the mine manager--but from shareholders. Mr Grose said that, althrough the -■hares had gone down so much none of these people had sold any. Some beld as many as 1500, and had never j sold a share. | The Chairman said that was a great thing. Still, in his opinion there had neon very bad management. The directors had been such a family party that they had got into a certain grove, and no one dared say a word as to the working of the mine. When Mr Hungerford went round to inspect he was not allowed to interfere in any way. Everyone, he thought, must adroit that thousands of pounds had been spent in that mine without any necessity. It had been overmanged altogether. Mr Grose thought itwas only fair to say that when Mr Hungerford went through to inspect the mine for the benefit of the shareholders, his report always was that the Welcome was as good as ever. Yet shares had gone •down from about £8 to a guinea. The Chaii man again expressed the -opinion that there was something -wrong somewhere. After a little further disenssion, it was resolved that the directors be written to asking that Mr Brydone be appointed Dunedin director; that they forward a list of shareholders, the quantity of antimony-stone th_t had been taken out, copies of the mining and battery managers' monthly reports for the last six months, the reason why the battery has been kept idle while they report that there is plenty of stone, and finally, the result of the working of the berdans.