THE GREAT NORTHERN DREDGING COM PANY, LIMITED.

Tbe first meeting of the shareholders in this compauy was held on Friday last at Queenstown, Dr Douglas in the chair. The Secretary, by direction of the chairman, road the directors' report, which was adopted on the proposition of Mr James Stenhouae, secinried by Mr James Gardner. The report stated inter alia that when io was dpcided to registry 4777 chares had been applied for, aud Mr Charles M'Queen had offered to take 500 thares provided he secured the contract for n steel dredge, estimated to cost £2400. Thedirectom calculated that oven if they were not ahle to dispos.o

of more sbaret , 5277 contributing shares paid up (o 13s lOd would be sufficient. Before allotment, however, they got notice of the withdrawal of 275 shares, and a shareholder owning 50 shares beooming bankrupt, the offioial assignee disclaimed, and the bankrupt's name was removed from the register. Of] the 275 shares concerning which notice of withdrawal was given, 225 were cancelled and the application money refunded. In regard to the other 50 shares applied for by Mr L. B. Grimstone, the direotors decided to ask the shareholders to Instruct them whether this case should be tested, as they think it worth doing so, seeing that Mr L. B. Grimstone is one of those who j took the claim up, who took a leading part at all the meetings before the registration of the company, and thereat exerted hlmielf to have the company registered, by which he now enjoys all the advantages on his promoter's shares ; whilst had it never come to the registration of the company, he, with , the other promoters, would have bad to pay all the expenses. These 325 shares reduce the number of Bhares allotted (if Mr Grimstone's case should go against the company) to 4452, and of these the allotment call was paid on 4157 shares, whilst on 295 shares they are still unpaid, but which the directors think are recoverable ; besides these there are 350 shares held by a Sir J. 0. Arthur, who died, and whose relatives are In Scotland, and on which the company might not now be able to rely. The directors regret also to have to report that, besides the falling off in the number of shares actually 'now to be depended on, the price for a steel dredge asked by Mr M Queen is now £2912 instead of £2400, and even if the company built a wooden bull, the price asked for machinery is £2020, which, with the oost of building the wooden hull and the cartage of the material from Glenorohy to the claim, would come too high on the shares taken up. Under theie circumstances the shareholders will have to decide whether the direotors shall start work on a smaller scale, or whether it would be advisable to pass a resolution that an extraordinary meeting of shareholders be called for the purpose of passing a special resolution that the company be wound up voluntarily. Messrs James Douglas, Lewis Hotop, Daniel •M'Bride, Franois M'Bride, George P. Gibb. John Black, and James Gardner were elected directors of the company on the proposition of Mr James Stenhouse, seconded by Mr Edward Canning. After discussing the present position of the company, it was proposed by Mr James Stenhouse, seconded by Mr B. Canning, and unanimously carried—" That an extraordinary meeting of shareholders of the company be called for Wednesday, the 21th December 1890, at 3 o'clock p.m., at the registered office of the company, to decide the question of passing a speoial resolution to wind up the company." A vote of thanks to the chair closed the meeting.