MINING.

Lake County Press, Issue 981, 26 September 1901, Page 2

MINING.

VINCENT EXTENDED COMPANY. An extraordinary meeting of the above was held in Dunedin last week. The Chairman explained that at the last meeting it was decided to issue debentures to the extent of £1,500, bearing interest at the rate of 20 per cent. Of the 215 share-* holders’ on the register only sixty-five had applied for them, amounting to £1,020, which would just about meet the liabilities, the debts (including everything) amounting to £1,035. It was for the shareholders to now decide whether they would take up the remainder of the debentures or go into liquidation. Ho thought they had now turned the corner, for last week the return was 350z. and there was every prospect of returns remaining as good. They had a telegram from the man in charge of the dredge, who said that the prospects were good, but that the drift was a little troublesome, and the uredge-master was present, and would probably give some information. They had been bothered the whole winter through with a high river, and had they known three months ago what they knew now they would have shut down the dredge. They could, however, never foresee these things. The dredge-master said he was on a different quality of gold, and thought it was lead gold. The week before last he bad got some 13oz in the last two or three days, and he was on a soft pug bottom. The dredge was dredging about 50ft. That was over 40ft of stuff to lift and pass through the machine ; so that it was by no means child's play. She was turning over 100 tons per hour, which meant over 2,000 tons a day, or 12,000 tons a week. Thy dredge was a capable one, and all they wanted was to get gold, and. as he had said, they had now got round the corner. It was, therefore, for shareholders to rally round and take up the balance of the debentures. If shareholders would send £5 tuey would be putting down £5 to save £SO; but they seemed utterly indifferent wheiuer the company sank or swam. Mr Von Haa-:. the dredge- master, said I th:: he -till trK.i.at the claim would pay L. rif-: The vhtie trouble had been tie ::s ~'rr. 5: -is ntneit •:£ Hi ground, and t—’iT hi i reen. nr if w* xw c-war a t-i:C tin teen.-m. Tin trutigj Wfcs rxn-y~n-.z<::ih~r am m du iuo limi til* ihuvi to i. iJnnigj /a :iiu rjjw itm iad .nan ess lr eai.iges. jij iiiii inn/ rlihtk tuun ziere hat. )b»ju s -stinintun. in- intw lUtih ;‘''i loura. fa l»ah Hsasii mn> •.i.v*U!u. ‘TO i gi/i/u /‘mw fu nm-nui/tju ttii sihi ■ ■•)«! tJuutgi ti*s it{ti*UJti -s/inn YCl.V.is '"ait -lu tin /in n ?m v.HiHJi. tUtli y.ititt vie : it yj mscrihf siiiwjuwiu nuijt,vrgs 3'.o;c» line .tiissr'tnyju' with v.>.'.•.ess: j,' V'.T'liJig n lit •il'aigya hi.i s TxV.j i: ;*vy./y *■ t/ur nicy, but. ir hi.:, -v/ivl 5...:, iy 'iwxttm )» finuivt; ibi cvv.'.t tgcau " bncv/tn tyaii I'.-. - srleviki teex-as bun i» taunt. h.si.vces tb< was oatu.. H* wetre or, .'.vvra :h _ Idor a week, butt this wxs ’.early always got ir about two da vs. L*st: week the gold began to get tLwtr. but cine prospects had beeu pretty steady, and tins return was root. This week he did ".<■ t think they would get as much, but i e thought they ought to get over 300,5. and if the weather kept favorable he did not see why they should get less than 30o' in the future. He was only working half ,ue width of the river, because if he went right across to the other side the paddock became siited. .mi A. James did not suppose that tie idea u> wind up the company was seriously shall holders had lost confidence in the claim perl aps thev might reconstruct the comp<ny and leave these shareholders out altogether. If that suggestion was/not a feasible one a committee might be appohred to interview shareholders and endeavor to got tiie balance of the debentures taken up It would be no use to float debentures unless they had sufficient capital in hand to prevent them coming back again immediately to borrow. The debentures now taken u;, would just pay the debts, and leave no working capital. Mi Wilson did not think that there should be any difficulty in raising the additional £SOO if the matter were properly put before shareholders. During the discussion that followed several more debentures were taken up, and at the conclusion of the meeting the chairman announced that there only remained £IOO worth unapplied for, which was further reduced after the close of the meeting. It was agreed that Messrs A. James and A. Sligo he appointed to act with the directors in getting off the balance of the debentures