The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-05-25

claims, upon which We have spent some
600 or $500 In exploring work. Win the
hope Of striking a vein; but 40 the pros
poets thsrs wee not very pronounced. ~
have suspended operations here AZ we'll:
The net profits on the Empire. after all
working expense had been paid and the
cost of developing and prospecting wns pus
to the revenue account. was 47,O46. When
We found that the parties owning the I'D
joining property had increased the price 20
that there was NO possibility OF dealing
with them, We began to look round to ace II
was within our means, and which We
could obtain without making nm additions!
call upon tho SHAREHOLDERS. We succeeded
in getting the Bell Boy property, about ons
and a half miles from the Empire. we
raid for that $40. 900 In cash. The entire
working expenses of that property to the
end of the year were els. 620. and We have
obtained from it ZIG, 41O. thus leaving US
with only e2. 200 short Of tho entire pur-
chase money OF the property. and Tor shat
amount Of money there ia ne much ore IN
sight as will make up our balance. We are
very hopeful. as advised by our manager
that the mine will continue to be valuable.
which has been a very unfortunate one for
us. and / regret to say that nothing has
occurred calculated TO change our original
opiaion with iegard to it. We have author
lied our manager to submit to as any cash
offer tina 10 made for it. We have endeav-
ored to reduce our London expenses as much
as possible, and we have e~conoinissd ~
much as We possibly could. There has,
however, been an item of $500 incurred in
law expenses in connection with the secur-
ing OF the titles of our property; but ! am
pleased to tell you that the titles of all our
properties are now in perfect order, and NO
difficulty in that direction can possibly
arise again. Our present position Ia ono
which causes considerable anxiety to the
board, and, after II consultation with our
manager in December last, we are of opin-
ion that the best course TO pursue 10 to
acquire another property in the neiRhboR-
hood; bat in acquiring such q property We
are anxious to avoid a further call. think
VIC may be able to do SO. especially whom l
tell you that at one time We required and
obtained assistance from our bankers to
have paid off; but we have reason
to believe that the same bank
will assist US in a similar way if we Mould
make n prudent purchase. Now comes the
point as to how We stand. Am happy to
tell you that at the present moment, and
within in ten minutes. We could put onr
hands on 412. 900 in cash, which would be
equal to something approaching n divi-
dend of IL. per share; but o cannot OK
pe ct us to pay that out before acquiring .
property. It's, however, for you. as tho
shareholders, to consider which would be-
the most advisable course to pursue
whether to pay cut the money In hand as
a dividend or to purchase another property.
That is a question entirely for your CON
sideration. In the meantime, l beg to
move the adoption OF the report and
accounts.
Mr.. j. P. Ball seconded the motion.
Mr.. Hay asked whether it would not be
the better plan for them to dispose OF their
properties. and to get Others which wore
more remunerative?
The chairman replied that he was under
little for their present properties.
Mr.. Lasker entered in some detail into
the acconnts, which he vigorously criticised
az revealing an unduly heavy expenditure
on the part of the company.
Mr.. Nuttall denounced the directors q
being unworthy Of the high salaries they
were d.awinR-some 600 a year each
been entered. against the company for up
wards of e1,37O for non-reRistration of thu
share capital.
Mr.. r. Smith advocated the keeping o
the Bell Boy property and the disposal o:
the remainder of the properties.
Major Cotton asked whether the chair
man had had voted to him in the previous
year 6u 0OAOtu1ANSh Va wv &AAA0oos uhI
whether the !G2. 600 pounds OF sundry cred
its at the mine included the sum OF 81, 90!
advanced upon the Bon accord mine, i'm
mediately adjoining their property. in whiol
the chairman, Mr.. Thompson, and thsi
manager were interested? II such was th'
case, ne considered ii disgraceful. H
strongly advised the necessity of having
small committee. rep, sentative of tn
largest shareholders of the company, TO in
vestigate its affairs.
The Chairman described the claim o
G1,3 300 and which had been entered agains
them as being due to their then solicito 9
and to no fault on the part of the board
mid a scene of some excitement and con
fusion, oceasioned by the remarks of tn
shareholders and the repeated intsrrup
tions of Major Cotton, the chairman pro
ceeded to say it WAS true that he had be-
voted q matter of $500 by the directors TO
OK incurred in connection with hi
| visit to the company's property. 1t Wal
however. quite true also that he had sine
visited the property at not = farthing O
cost to the company. 1t was untrue the
money had been advanced by that com
pany TO the adjoining property of the Bo
Accord, In which it was perfectly true thu
both he and Capt. Thomson were interested
What had occurred was this--that certAi
purchases had been made by the nsi9hbor
ing Bon Acoord's manager from their mnn