MINING.

Lake County Press, Issue 980, 19 September 1901, Page 7

MINING.

THE GRAND JUNCTION WILL GO ON

About a dozen shareholders in the Grand Junction Dredging Company attended the extraordinary meeting held in Dunedin en the 12th in "Mr T. Chalmer's office for the purpose of considering a motion to wind-up voluntarily. Mr T. K. Harty, chairman, said' that" at the last annual meeting it was decided to increase the capital by the creation of 2,500 shares, but only 900 had been subscribed, and it was now for the shareholders to say what should be done. It was to be noted that a good proportion of these shares had been taken up by the vendors, who had thus shown their faith in the claim. One of these vendors, Mr J. Horn, of Bannockburn, wrote: —"1 still hold all my original shares, and would remind shareholders that the Grand Junction is the first selection in the Kawarau after the Electric Company's claims. Mr O'Fee has offered to take out his account for cartage of machinery in shares, and as he worked in the Nevis portion of the claim I think he must be very well satisfied the gold is there. All local shareholders have applied for their quota of new shares. I feel confident that a large percentage of the gold in the Lower Kawarau came out of the Nevis and Dowling Rivers, and as they empty themselves right into the head of the claim it has every chance to be rich. If my idea is right the bulk of the gold in the Meg and Annie must have come out of (he Nevis River and Dowling Creek." Mr R. Gilkison, of Clyde, wrote stating that in his opinion liquidation would be a huge mistake ; Mr Win. Laidlaw, of Matakanui, wrote saying that he trusted the directors would exhaust every other means before liquidating ; Mr A. Aitken sent word that he believed the claim to be one of the, best in the district; and Dr Hyde recommended that they should let the venture lie fallow till better times. These opinions were endorsed by other shareholders. The claim, as shareholders knew, was in a good position, consisting of a stretch of the Kawarau below the Nevis Junction and a piece of the Nevis River. The present position of the company was that tkey owed, taking into account contracts entered into and prospective liabilities, £1,828; against which there were calls to come in of £826. Most of the money owing for calls was by " good marks." To complete the dredge the company wanted £2,374. It was for the meeting to decide what to do. A majority of the shareholders were, he knew, against liquidation, but unless something were done there was no other course. It was clear that ordinary shares would not be taken up, but he thought, it possible that debentures might be found to answer. He would move the windingup motion, and if the shareholders did not favor that they could negative if and pass some other motion. —In answer to Mr W. Ridley, the Chairman said that amalgamation "with the (iolden Chair could not be considered, as the Golden Chair was more than a mile distant. A discussion took place, in the course of which Mr Ridley said that the company "ere perfectly sol vent ami liquidation should not lie thought of Their total liabilities were a little over £loo.—The Chairman: We have a deficiency of £1,022, and it will require £1,7)52 to complete erection.—Mr Ridley replied that there were some hundreds of pounds' worth of machinery in Melbourne, and so long as ii lay there there was nothing urgent about It. He would pin as an amendment that, it be a recommendation to the directors to endeavor to amalgamate with another company, and that failing that it be a, recommendation to the directors to endeavor to raise the money required by debentures bearing 15 per cent, interest, shareholders to have the first option of taking up the same.— Mr A. Hlaekie seconded the amendment, and it Mas carried, killing the motion. Mr Ridley and Mr W .Brown were appointed trustees for the debenture -holders.

Phil May has told an interviewer this story: "The other day," said the artist., "I got two new girls to whom 'sit ling' was ;t strange and fearful experience. As usual, they giggled the whole time 1 was sketching them, but 1 only kept ihem an hour, and then dismissed them with five shillings apiece. The news of this evidently got about, for (he next morning a fearful groggy old woman knocked at. my door with the inquiry 'Do yon want, any moralsH'" Amateur v. Pro.— Tommy: "Say, paw, what is the difference between an amateur poet and a professional?" Mr Figg: "The amateur poet, my boy, is (.lie that keeps the. professional starving." The total iength of ocean cable-; is 160.8<12 jiiiles.