LATE MINING.

Otago Witness, Issue 1892, 15 May 1890, Page 19

LATE MINING.

BUSHY POINT BEACH DREDGING COMPANY

(LIMITED).

The first general meeting of the shareholders of the above company was held at the company's registered office, Princes street, on Wednesday Mr Basil Sievwright in tbe chair. A number of shareholders were present, including Messrs Thomas Gillies and J. M. Brown representing the Invercargill shareholders.

The following report was submitted by the d'rectors:—

Tbe requisite number of shares, SCOO, having been applied for, it whs decided to go to allotment., aud the company was registered on uhe 16th ot April. The application ior the Oolden Strand claim, adjoining the Bushy Point, haa been granted since the prospectus was issued ; the company now holds an an area of 62 acres, more or less, all of which ground has been proved to be auriferous and stepi huve been' taken to protect same pending the erection of suit: able machinery. >

Dr William Brown, Mr O. W. Brown, Dr A. J. Fergusson, Messrs W. Gregg, A T. Maxwell, Ji Murdoch, and Basil Sievwright are the first directors of the company in accordance with ti e articles of association. Dr Ailliam Brown has bien appointed chairman of the company, and Mr Basil Sievw right chiirman of directors during Dr Brown's iibsence in England. ,

Mr J. P Spring haß been appVnte J reoretarv to the company. The nirectors having received very satisfactory .eports of the Messrs Gwynne's Invincible Patent Centrifugal Hydraulic Uredgers. decided to take advantage of Dr Brown's visit to England to authoiise him to make a thorough investigation as to jts adaptation for the company s work, obtaiuing (if ho thought necessary) the opinion of tome firdt class laininj; expert, and to order one if such inquiry warranted such action, auhjecb to approval of shareholders These dredges are warranted to lift mud, clay, sand, shingle, baiiast, boulders, &o from almost any depth. One of the many great features in tho Invincible is its great stiength, all working parts being of crucible steel ; the pump being fitted with steel sides, disc and spindle It is specially designed for very severe work, and your directors think that by adopting this method of lifting the material tho many breakages and consequent delay and expense apparently inseparable from all kinds ot dredging now in use here mny be avoided. Should the machinery be supplied by Messrs Gwynne it is probable they will send out an expert to superintend its erection and preliminary working.

Your directors place implicit confidence in the chairman's judgment, and have no hesitation in asking you to confirm their action. By the articles of association the remuneration of the directors shall be determined by the company in general meeting ; but the board has decided not to draw any fees until such time as the company shall have commenced work and its success assured.

If the machinery is obtained from London It Is expected that everything will be ready to start work within four months.

DIRBCTORS' LfABILITY.

The following is the text of a bill introduced into the British House of Commons, to "amend the law relating to the liability of directors and others for statements in prospectuses and other documents soliciting applications for shares or debentures " :—

(3) Every prospectus of a company, and every notice inviting pen-ons to subsc-ibe for shares in. or debe .tures or debenture stock of, any company, shall be deemed to contain a warranty by every person who Is a director of such company at tie time of the Issue of such prospectus or notice, and by every person who is named in such prospectus or notice as a director of such company, or as having agreed to become such director either immediately or af ( er any interval of time, and by every other person who has aufchorls d or is responsible for the issue of such prospect us or notice that every statement of fact in such prospeotus or notice is true, and that every statement of or extract from any report or valuation of any engineer, valuer, accountant, or other expert contained in such prospectus or notice is a true and fair statements or extract from such report, and that such report waß made by the person whose name it beara ; aud that the said directors or such other persons as aforesaid have reasonable grounds for believing, and do believe, that suoh report was made in good faith, and that the person making the same was competent to report on the subject. (4) Every person who applies for and takes from the company uny share or shares, debentures or debenture stook, for which subscription is invired by such prospectus or notice, shall be entitled' to bring such action on the said implied warranty against all or any of the persons who are hereinbefore directed t > 'be deemed to have given such warranty, and recover such damages and other relief ngainsfc him as he would have been entitled' to do if suoh warranty had been contained In a contract for the sale of such shares, debentures, or debenture stock by the person or persons deemed to have given such warranty as aforesaid and tbe per. on so applying for taking shares, debentures, or debenture stock. i

(5) No person shall be liable to any damages under this act upon such Implied warranty as aforesaid If he shall prove to the satisfaction of the court (1) that he had not consented to become a director of the company, or that, having so agreed, he withdrew his consent before the issue of suoh prospectus or notice, and thnt such prospectus or notice was Issued without his authority or consent ; or (2) that ho had made every reasonable Inquiry and examination into the statements contained in such prospectus or notice, and had reasonable ground to believe, and did believe, that the name were true, i

THB ORCESUS MINE TO THK KDITOK

Sir,— Be the Croesus mlDe. On behalf of a numbe of the Nenthorn shareholders, I endorse Mr Graham's remarks, aud will be glad to co-operate with him. — I am, &c, Nonthorn, May 13. John Cosan.

Mr W, Sackville Smythe. who has been for nearly three years working with Mr Welman, lias been appointed manager of the Lake Brunton Gold Dredging Company's dredge, and proceeded to Waipapa yesterday to take chirge of the pontoon and plant. The new Welman dredge for this claim is daily expected from Messrs Davey, Paxman, and Co ; of Colchester. The Tuapeka Times states that Captain Pearse intend* going Home at an early date to make another attempt to float the O P.Q mlne», and that he will also be entrusted with the floating of one or two quartz mines at Barewood, It is reported that the Caijt< n quartz mine, which adjoins the O P.Q line of reef, has been taken over by a Sydney syndicate.

'The following Uppjr Waika'a items are by tho correspondent of the Mataura Ensign:- Some of our miners at the WhiLecombulmvedone vo:y well lately In dropping on parches of coarse gold, soinn ot the pieces weighing m much ns loz fidwtatid some being smaller In size. The Inrgoat piece ever got ut the Whitecombe was about fioz. Some grand specimens have beon found lately— nearly Jtilf gold. This allows thero must he nomo good reefa ahout tho Whitecombe. The Waikaia rivor is very low just now. The Chinamen's claims in the river are all turning onf well. Mr John Gilaon will have his large paddock wafhed up at the end of this month: this paddock is 40ft broid by 70ft long and 40ft deep, and is solid ground. I should think this, from the prospects, will turn i ut nbMit SOoz of gold, judging from the great body of wash in the paddock. Mr Gilaon U getting some heavy pieces, some as large as half an ounce, The next claim is Campbell's and Wilson's : this has a grpat body of washdirt and gold all through it. As for the claims on Mie terraces, they are not up to much. At. Potter's the miners will be leaving this month and mn^inp for the Teviot, and there will be a rnig-ati>n from Campbell's a'eo

At a mretinij of tho commiftui 1 chosen to s.'-lect Uip site for thn H'Tioi". rabbit p-eseiving faetoiy, it \vis di ok 3. d to chowe the mill 6ite adjoining the railway station.

With ngard to th<> overdue ship Martborough, the Press saya:— " The M>\rlnorough. ship, 1124 tons. Captnin Herd, was towed to sea from Lyttelton harbour on L 'atu d.ry, January 11. Her car^o consisted ff 13,098 cxrcasPß of frozen mntfi n, 1934 biles of wool, and 2 bundles of skina. She belongs to Shaw, SaviH, and Albion Company, ami tho Natfcoal Mo-tgage and Agency Company were her agents Pheusirricd one p-*sf<engpr, Mrs Anderson. Tho ( ity of Benoreß, ship. 1652 tons. Captain Ingram, a id the Falkland Hill, ship, 1429 tons, Captain Gordon, New Zealand Shipping Company, agents, all sailed for London on the same day. The City of* Benares was repotted as having arrived at London on ADril 11. and the Falkland Hill oa May 2,"