The adjourned annual general meeting of shareholders of the Sheridan Mining Ca. was held on Thursday (lst ult.) at the office of the Secretaries, Messrs. Drysdale, Ringer Ca. There were present Messrs. G. J. Morrison (Chairman), H. Morriss, T. Wood ima A. McLeod (Directors), J. Jaques, S. Morris, E, Jenner Hogg, J. G. Purdon, Gls, H.R. Kinnear, A. Burman, Cashny. jarburn, F. M. Gratton, V. Bentance, Douglas Jones, W. Lamond, W, Buchanan, J. Buchanan,. F. Thompson, C. Reiss, J. Danenberg, 'R. G. Gzle, W. H. Clarke, J. Cooper, C, Cromie, W. A. Gulland, W. T. Phipps, E. W. Rice, and C, Dowdall (Legal Adviser). The total nunaber of shares represented was 1,41 Tie notice convening the meeting having been read, The Cuamuay stated that the mee had been adjourned from March dist because the accounts which were then presented in connection with the Sheridan and Mendota mill were not ina form approved by the shareholders present. The accounts had since been put in form and audited, and had been in the shareholders' hands for some days. The only criticisms ho had heard with regard to these accounts were two-—first, that the directors' fees had been charged twice (laughter), as they apred in the working account' and int the balance sheet; and second, that dividend hud Leen paid out of the sale of shares on this side, As to the first criticism, the fees of course appeared in the working' account because they were x proper charge against the working of the past year; and they appeared in the balance sheet' because the date of waking up the accounts they had nyt been paid. They were not yet paid, because the directors did not consider their fees were payable until the accounts were passed; so that instead of the fees having been paid twice they had not been puidatall, 'The other criticism was an entire misapprehension. The capi 300,000, and debentures ing a total capital of Tls. 325,000. Adding tw this the premium on shares which were issued, and which item it was considered ought' also to goto the capital account, this would make ubout Tle. 347,000 raised on capital account. On looking at the thor side of the account it would be seen that 367,000 or thereabouts had been P spent on actual works, and Tls. 18,000 was in haud 5 consequently, so far from having paid dividend out of capital, they lad executed a considerable amount of work out of the profits, After some further remarks, the Chairman moved That the report and accounts of the sheridan Mining Ca. for the year ending 31st January, 1890, as printed and now presented to the ayecting be approved and passed.
Mr. A. McLeop seconded.
Mr. J. Becwaxas pointed out that the Ca 's_ manager, Mr, Waters, was Menduta tame only. received $3,600. It paid THs, 5,80, while the manager of the
looked as if either Mr. Waters was paid too much or the other manager too little.
The Cuatraay said Mr. Waters worked under a special agreement by which his salary was fixed and he had permission to do outside work. The question whether the salary paid was too much or too little would be a fit one for the Directors to consider when the present agreement ex-
The resolution was carried unanimously.
The Cuarnwa proposed, Mr. McLeop seconded, and it was agreed, That the accounts for the Sheridan and Mendota mill for the term ending 31st Dec. 1889, as printed and now presented to the meeting, be approved and passed, On the motion of Mr, E. Jexsex Hocc, seconded by Mr. J. G. Pexwos, it was re:
That Messrs. G. J. Morrison, A. McLeod, J.-M. Ringer and H. Morriss be elected Directors for the year 1890.
On the motion of Mr. Krsxear, seconded by Mr. Sextaxce, it was resolved—That Mr J. A. Taylor be elected auditor for the year 1890.
Mr. Burway asked whether the mining laws of Colorado limited the liability of the shareholder to the face value of the share, whether the amount had been actually pai or the stuck watered up to that amount.
The Caarkwax suid he would answer the question as well as he could at the extraordinary meeting, to be held in a few minutes.
The business of the annual meeting then terminated.
An extrrlinary meeting was held immediately after the conclusion of the annual meeting, to consider a proposal for consolidation of the Sheridan, Mendota and Smuggler Companies and to make certain alterations for that purpose in the deed settlement of the Sheridan Company.
Text read from the printed page and cleaned; old type leaves the occasional error.