THE CRAIG'S FREEHOLD GOLD DREDGING COMPANY.

Press, Volume LVIII, Issue 11006, 2 July 1901, Page 3

THE CRAIG'S FREEHOLD GOLD DREDGING COMPANY.

An extraordinary general meeting of tha Craig's Freehold Gold Dredging Company was held last night. Mr J. A. Fleaher, chairman of directors, presidhnj./'There were eight shareholders presenter*, d proxies representing 1475 Bhares had been received. .'•*-.' The Chairman said he took it they had all reciivea the, circular (a resume ol which baa already been published) in which the position of the company had been put ciearly-a-d concisely. The directors felt that it was impossible to work the property profitab'y by tribttters with such a heavy loading as 8000 paid-up shares. The amount they had received fro*n the tribnte parties since Sovember last was at the rate of £600 per anniim, and this would only pay about four per cent, on the present issued' capital of the company—2l,ooo shares. The proposals before.tho meeting were, that .either the purchase of the property should be completed, and the claim worked by tribute :* in.the method, at present adopted, or that "he company should go into voluntary liquidation. Whilst, personally, opposed to going on .vith tho company he moved, pro forma, the motion that tho purchase should be completed ani the claim w.orked by tributers. A lengthy and desultory discussion ensued, in the course of which the merits of the different persons who had. prospected or. reported upon tne claim;, were criticised. Mr E. C. Hutton, one of thevendora, was present with another shareholder from Dune.in, representing almost ali the Dunedin shareholders. He ex pressed great faith jn tha property, and advocated that there should be further prospecting to check that done by the Zealand ia Syndicate. The Chairman, had pointed out that Mr Hutton had been tho only vendor who had declined to forfeit his.paid up shares; but_ Mr Hutton stated that he had not been officially approached upon the matter, and that aa he had been to some trouble and expense in putting the property on the market, he waa not willing to throw up all his paid up shares. The Chairman said it would be unfair to astr the contributing shareholders to find the cast to pay for the property, and make the paid up shares of some value—especially as 8s or 9s would require to bo called up. The present directors had paid about £200 in prospecting the property. Mr Faithful's report had been paid for by the vendors. Mr Hutton moved, as an amendment, that the meeting be adjourned for eight weeks, to allow of further prospecting being done. This was lost by 3 votes to 2. On a poll beinj- demir did, the requisite number of rha-e----holders—five—-did not demand it. The motion was then put and lost. Tho Chairman then moved that the company go into voluntary ■ liquidation. - After lengthy discussion, the following amendment was agreed to:—"That the meeting stand adjourned for four weeks to enable the vendors to further prospect tho property at their own expense."