RIVER MOLYNEUX GOLD DREDGING COMPANY.

Evening Star, Issue 11606, 17 June 1902, Page 6

RIVER MOLYNEUX GOLD DREDGING COMPANY.

An extraordinary meeting of shareholders in the above company was held at the secretary’s office last evenin'!. The object ot the meeting was to consider the financial position, and, if necessary, pass a resolution in favor of voluntary liquidation. Mr I. K Harty presided, and about twenty-nve shareholders were in attendance. The Chairman said that he re/retted the circumstances that called them together. Owing to the dredge not striking payab.e gold their work in cr capital had been exhausted. For a considerable time they had to contend against severe drift, which ot the commencement of the season was very bad. That day they had got a little glimpse of sunshine, as the dredge-master wired that ha had secured 20oz. It took 20oz to pay expenses. The dredge-master was at a place where the river was low and where he had beaten the drift, and he had bottomed. They would be called upon to decide whether they would .wind un or not, or whether they would provide the capita’, to give the dredge another trial. He took it from the result of the week’s working that they would give it another tria 1 . Mr Harty then read a letter from the dreffi emaster, who is a shareholder, and, continuing, said from that they would see that they might expect to get some good gold, but the work could not be proceeded with without the matter of or so. It was a pity, he thought, that they did not all put their shoulders to the wheel now that they had got on to good gold. Circulars had been sent out, and the total nnmb r in favor of a 2s levy was 1,755, in favor of a Is levy 1,900, and in favor of liquidation 275, and this represented 4,000 shares — practically half the company. It was, however, for the meeting to say what shape’ the future should take. The company, he mentioned, owed £9OO altogether, and against that there was the 20oz of gold they had been advised of, so that practically they owed £BSO, taking in coal, wages, and everything. After considerable discussion the following resolution, moved by Mr RiddeT, and seconded by Mr J. C. Jones, was unanimously adopted “That the capital of the company be increased by the issue of 1,400 new shares, to be called preference states, and that such preference shares be offered to the shareholders pro rata on the following terms: —10s on application and 10s on allotment, and subject to the following conditions : that after the redemption of the mortgage over the company’s property and the payment of their present liabilities the holders of such preference shares shall le entitled, pari passu, to receive the whole of the net profits of the company until the aggregate amount of 20a shall have been paid but of the net profits of the company m respect of such preference shares; that as soon as the aggregate amount of 20s has been paid out of the net profit of the company in jrespect of each of the said shares these shares shall cease to have any preference as to dividends, and the promts shall then be divided among all the members of the company, parri in proportion to their respective amounts deemed to be paid up on the shares held by them respectively; that in case the company be wound np the surplus amount, if any, of the company shall be applied in the first place in returning to the holders of the said preference-

shares the full amount of their capital of 20s per share, and the residue, if any,of the said surplus assets shall be divided among all the members in proportion to the nominal amount of capital held by them respectively; the capital up on the preference shares shall not oe hable'to cancellation or reduction in respect of loas r :rOr depreciation until 20s per; Share on such shares has been paid in'full; all applications must..be sent to the secretary not later, than the 30th day of June, 1902. : ; It was intimated during the progress of the meeting that 600 of the preference .shares would be, absorbed in Alexandra, and over 250 were-subscribed in the room.