SHEPHERD'S CREEK DREDGING COMPANY.

Otago Daily Times, Issue 12248, 11 January 1902, Page 10

SHEPHERD'S CREEK DREDGING COMPANY.

A mealing of the sh.ird-.oklers in the Shepherd's Crock Gold Dredpint; Company v.m« lirld in Mi IS. T. Wh-cler'o. oifn-e yjstcrrfay iiiierj'.con to receive the linuidators' iepo;« ;i!:cl account!. Mi 11. Gnthr: ,, presided. Mr Wheeler explained the position o:' affairs, Mid sa. ilihat the staliuory noiiiveimi:H had Lpcu carried out. ■ The Chairman then moved the foMowiiig resolutions, which wor>; xvoikl"!. l>: , Mr <lii".i.■kooA, a:iO. nm\\]:mci:?r ;.don;«l- -"Thai tiic accounts, pre.ierlcrt lotne iiiccliu? by liie liquidators showing the mi'iiiier :n which the liquidation h.is liceii conducted ami ill? properly of the company iVi«nn--?iI o!, In- received anil rdopted. That the" bi.o]:--, accounts, and docunientr, of thi company and of the liquidators thereof lie retained bv the liquidators fur a period ol three mor.lhs Iroin date ami tlion destroyed.' ilr Kyle, one of the niorl«a«ccs, said that he would like to nnke a sLilmicnf for the m'oimation of fnrmer sliinvlioidn--. It was Ihr- intention of the niori'jigees to offer the whole vrqpurly bneit to the original phiimlicHirs upon u condition that th.y ;. : ol buck t!ic i2*M vhich had l>ec:j advant-rd ar.d ihe ex|v\ifes incurred ill gpilin» <>[ Hie drof!«o. For tiic firFt si): weeks Ihe working oi the drouyc resulted in a loss o[ XOU or £70. After that it paid pretty well. A lircspwl-ii WJ!i dnwn out about two months ago, and had it not been that the returns fell off during the last thr-e weeks that prospectus would have bnoii posled to shareholderp, giving the terms on which the company could be reconstructed. As soon as possible that prospectus would lie jcnl out. It ■wan intended that the capital should be halt what it was formerly. The mortgagees had l;ept the dredge in first-class order, and the crew were trustworthy men. The reason the returns fell off was on account of a heavy flood in Sliotiiicrd'n Creek, such as had not lieen expeiienced {ut 30 years. The dredge storied again on lionday last, and there was every prospect that she would do well. The minutes o! the proceedings having ken confirmee!, the meeting terminated. i'ORD'S CREEK OOI.l) DREDfilMfi COM- : PAXy. In BubinUlmg their report and balance shoot for the period ended Hist October, 1901, f>o directors of the above company that the year's operations have not turned out profitably. The dredge was handed over to the company late in December, 1300, and dredging.; was at onco commenced at tV bottom end of the claim; but. unfortunately, for r.bout six months little or no gold was obtained. This had the effect of seriously hamperin;,' the comirany's finances, which ate still in a very unsatisfactory condition. Owing to a serious accident havin;,' happened to the dredge a. meeting of shareholders was held on the 4th October, 1001, to consider the position, when it was resolved to niake an effort to place the 1133 unallotted preference shares, and also to strike a levy of Is per share on all ordinary share*. The committee appointed by the shareholders met the directors, and it was deemed advisable to for the levy only in the meantime. £187 iCm has been subscribed, and promises of somo i>2o more have been received. The dredge has been repaired, and operations were resumed on Monday, the 23rd December, 1301. Tlie retiring directors arc. Captain C. F. Sundstruui and Mr ii. H. Hancock, and the retiring auditor is Mr Chalmer, who offers himself for re-election. THE WEST COAST. (Prom Our Own Cormbpondrht.) . GREYMOUTH, January 10. Report gives 82oz of gold for six days from ihe Hokitika. dredge. There lias been a smart rise in shares in consequence. The directors of the Grey Extended Company, alter ai> inspection of the claim, are well satisfied with the prospects, and, at the suggestion of the dredEemasler, it was decided to at once lengthen the ladder.