Mataura Ensign , Putanga 769, 28 Hōngongoi 1900, Page 2
The adjourned meeting of shareholders in the Nugget Gold Dredging Co. (Limited), was held in Dunedin on Thursday night. Over 30 shareholders were /present, and Mr R. J.. Hudson, chairman of. directors, presided. Resolutions to the following effect were, after consideration of the company's affairs, put before',; the meeting 'separately by various sbareholdeis, and unanimously adopted "JJrTHAt the directors ask the shareholders to' join them in a guarantee to the bank to thn extent of £2000. 2 That the directors be empowered, in case the bank will not entertain tho proposal for an advance to pay the liabilities of the company, to issue debentures to 'shareholders in such form as they may think proper^ -3 That the directors wait on Messrs James Gray arid John Puterson, who are vendors, with a view to get them to join them' in guaranteeing the bank, and so obtain for the company the necess.iry relief. 4 That' the directors, after making' satisfactory arrangements financially, be empowered to engage a competent dredgemaster to work the dredge, especially where the good returns weire'got, and follow same into tho banks." In response to the first resolution (the O.D. Times states) a number of shareholders— business men of influenco and good standing in the city— intimated their readiness to join in the proposed guarantee, and tlieir names were accordingly added to those of the present directors. Most, if not all,' of the shareholders present appeared to bo very strongly of opinion that the claim had not been sufficiently tested, and many expressed th". opinion that, under the management of a thoroughly competent and experienced dredgemaster and by using the elevator, good and payable returns' could be obtained by working into the flat where leads of gold are known to exist. In reply to a question it was stated by Mr W. A. Smith (representative of the consult!"" eui'ineoi't that the dredge was capnble of carrying an elevator of much larger dimensions than the present one if such should be found necessary, but such a contingency was' not at all probable. Messrs Collie and Wilson who have been engaged by a local syndicate in testing Messrs Townloy Bros. Wainiumu claim have concluded operations, and forwarded a report which is eminently satisfactory to those interested. Four bores were put down, showing depth's of wash as follow :^-15ft, 12ft, 15ft, and 16ft respectively, tho stripping averaging sft. Tho prospects averaged 9 grains to tho yard. Iv view of the satisfactory results obtained, it is probable that the syndicate will shortly proceed to put on a private dredge to work the property.