THE CENTRAL EXTENDED G.M. CO.
And extraordinary general meeting of the shareholders of the above
Company, was held in the Mechanics' Hall, last evening. Mr. W. E.
Marmion, M.L.C., Chairman of the Board of Directors, was in the chair, and
there was a very large attendance of shareholders. The meeting was called
to consider the position of the Company, and to empower the Directors to
make arrangements for satisfactorily carrying on the Company, and to raise
money by way of security on the property; also to discuss a scheme which
was to be brought forward by the Directors, for the reorganisation of the
Company.
The CHAIRMAN explained, at some length, the position of the Company, and
read a report which had been furnished by Captain Oats to the Directors,
with regard to the prospects of the mine. Captain Oats stated that the
Company had what he considered a good property, and expressed a hope that
the shareholders would not scruple to spend the necessary amount to prove
it. The Chairman pointed out the various ways which were open for
developing and working the property, and suggested, as the most suitable,
that the Company should be voluntarily wound up and a new one formed, the
47,921 promoters' shares having their face-value increased from 20s. to
25s. each, the increase being payable by calls. A call of 1d per share
together with the money now in hand, would be sufficient, it was stated to
enable machinery to be erected on the mine.
A prolonged, and at times, personal, discussion ensued, in the course of
which it was pointed out that the notice calling the meeting was not
sufficiently worded to enable such a resolution to be carried, and also
that the motion must be carried by a two-thirds majority both in value and
number. Ultimately it was decided, on the motion of the Chairman, that
the Directors be empowered to call and extraordinary meeting of
shareholders to pass a resolution to voluntarily wind up the Company, with
a view to forming a new Company to take over the property and assets of
the old Company. Several other matters for discussion at that meeting
were arranged, and the proceedings terminated with a vote of thanks to the
Directors. A fuller report is held over.
THE EXCHANGE G.M. COMPANY.
Mr Edwin S. Mansfield, legal manager of the above Company, informs us that
the Huntingdon Mill has completed a crushing of 70 tons of quartz, on
account of Mr Walter Blackborne, and that the cleaning up was to have
taken place on the day the mail left the Cross. Stone from the Company's
claim is now being put through the machine.
ADELAIDE MINING QUOTATIONS.
[Note: - Clipping finishes at this point]
more...
