PAUL'S BEACH GOLD DREDGING COMPANY.

Otago Daily Times, Issue 12418, 30 July 1902, Page 6

PAUL'S BEACH GOLD DREDGING COMPANY.

A meeting of the Paul';; Beach Gold Dredging Company (12 shareholders, present) van held at the registered office of the company, 1 Vogel street, last evening for the purpose of considering the advisability of passing the following resolution: That it has been proved to the satisfaction of this meeting that the company cannot, by reason of its liabilities, continuo its business, and that it is advisable to wind up the same, and accordingly that the company be wound up voluntarily, and that a liquidator for the purpose of such winding up be appointed."

Mr John Wardell (chairman of directors) stated that it was the; general opinion that the claim was a good one, and that, with sufficient capital to give it a fair trial, it would prove a good speculation. The dredge jvas in fair working order, but a small outlay was necessary to replace some of the, buckets. It was for this reason that it was-felt that the shareholders generally would hesitate to find the fresh capital necessary to pay oft the debt and find the money for further requirements that it was now proposed to liquidate, so that those having sufficient faith in the venture could purchase the assets and get the full belief t of working upon a small capital, i Tho Secretary (Mr L. G. Reeves) having read reports from the present dredgemastcr and from Mr Cameron (one of the directors), the Chairman moved the resolution of, liquidation, and it was carried unanimously. Mr C. S. Reeves was appointed liquidator at a remuneration of £15 15s. ' The Chairman then moved, and Mr Todd seconded—" That the liquidator be instructed to sell the assets of the company to a new company for a sufficient sum to pay the liabilities of tho Paul's Beach Gold Dredging Company."—Carried unanimously.