NUGGET GOLD DREDGING COMPANY,

Otago Witness, Volume 02, Issue 2420, 2 August 1900, Page 20

NUGGET GOLD DREDGING COMPANY,

The adjourned meeting of shareholders in the Nugget G-oid Dredging Company (Limited) was held on Thursday night in the Dunedin Stock Exchange room. Over 30 shareholders were present, and Mr R. J. Hudson, chairman of directors, presided. Eesolutions to the following effect were, after consideration of the position of the company's affairs, put before the meeting separately by various shareholders, and unanimously adopted: — " 1. That the directors ask the shareholders to join them in a guarantee to the bank to the extent of £2000. 2. That the directors be empowered, in case the bank will net entertain the proposal for an advance to pay the liabilities of the company, tc issue debentures to shareholders in such form as they may think proper. 3. That the directors wait on Messrs James G-ray and . John Paterson. who are vendors, with a view to get them to join them in guaranteeing the bank, and so obtain for the company the necessary relief. 4. That the directors, after making satisfactory arrangements financially, be empowered to engag? 'a competent dredgemaster to work the' dredge, especially where the good returns were got, and follow same into the banks." In response to the first resolution a number of shareholders — business men of influence and f -od standing in the city — intimated their readimes? to join in the proposed guarantee, and their names were^jiccordingly added to those of the present directors. Most, if not all, of the shareholders present appeared to be very strongly of opinion that the claim had not been sufficiently tested, and many expressed the opinion that, under the management of a thoroughly competent and experienced dredgemaster and by using the elevator, good aiid payable returns could be obtained by working into the flat where leads of gold are known to exist. In reply to a question, it was stated bx_Mr W. A. Smith (representative of the consulting engineer) that the dredge was capable of carrying an elevator of much largtr dimensions than the present one if such should be found necessary, but such a contingency was not at all probable.