UNFORTUNATE COMPANY

Evening Star, Issue 22810, 19 November 1937, Page 6

UNFORTUNATE COMPANY

VOLUNTARILY WOUND UP NEVIS DIESEL DREDGING An extraordinary general meeting of members of the Nevis Diesel Electric Dredging Company Ltd. was held last night in. the board room, Public Trust Buildings. There was ■a • small attendance of shareholders, Mr J. L. M‘lndoe presiding. The following resolution was. put to the meeting by the chairman: —“ That the company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up, and that accordingly the company be wound up voluntarily. The:motion was seconded by Mr G. Thompson and was carried iafteri verjr.Tittle discussion. ; DmiMftfeS’ REPORT. The directors’ fourth annual report stated: The Cromwell Hydro-electric Dredging Company, Ltd. found it impossible to pay, the instalments, due under its agreement.- After protracted negotiations it became apparent that there was’ no likelihood of its ever be* ing able to carry out the terms of. the sale, so that we were forced to cancel the agreement in May. In all, £1,700 was received, and this, of course,, became the company’s property. In July heavy 'frosts; followed by a sudden thaw,' caused -the seams of the pontoon,to open, resulting in sinking of the dredge. This willseriously hamper -tile realisation of thai assets, as it is not yet -possible to determine what the cost of refloating the dredge will be.' The receiver of gold revenue in . Cromwell ■ sued the company in August for non-payment v of rent, and he'not only' obtained;, judgment,- ; but the i claim was forfeited :also. The for* feiture is not of much moment, howas the claim was more - of an expense than an asset' to the company! Most of the water race licenses _ have been struck out, with the exception of tbe three ;main races, which have been sold; along-with the pipe line and. sluicing plant, for £550. • Prom the foregoing it will be apparent that to wind up the company is the only course now open, and we are very sorry to say that we see little prospect of a dividend for. shareholders, though this, of course, will depend wholly on the amount realised at the sale of the Elant. The history of the company has een most unfortunate, and shareholders did not get even “ a run for their money,” but we can say with confidence that we have done all we could in their interests. We have received nothing in fees, and face possibly a serious loss as guarantors of the overdraft. The report was adopted, GENERAL. A vote of thanks to the directors for their efforts was proposed by a shareholder and carried. Following the conclusion of business a meeting of creditors was held, when it was decided that Mr F, R. Thompson be appointed liquidator. The directors, Messrs J. L. MTndoe, G. Thompson, and J. Scott, were appointed a committee of inspection. SYDNEY MARKETS Press Association—By Telegraph—Copyright SYDNEY, November 18. Wheat: New season’s is quoted at 4s lid; old grain, 4s 7sd. Flour, £ll 10s. Bran and pollard, £7. Potatoes: Tasmanian, £4 10s; others. [ £3 10s. Onions; Brown, £9. Maize: Yellow and white, 4s 9d. OTAGO FARMERS' CO-OP. INCREASED PROFIT SHOWN The annual report of the Otago Farmers’ Co-operative Association discloses a profit of £7,097 for the year’s operations, compared with a profit for the previous period of £4,540. At the annual meeting the directors will recommend the payment of a dividend of 5 per cent, on the ordinary 3s 4d paid shares; a payment at the rate of 5 3-5 per cent, on the £1 paid A preferential shares; and a dividend of 5 per cent, on the 16s 8d paid investment shares. It will also be recommended that the sum of £3OO be transferrd to a staff superannuation fund.