THE CLYDE DREDGING COMPANY.

Otago Witness, Issue 2436, 21 November 1900, Page 22

THE CLYDE DREDGING COMPANY.

The following are the essential clauses in a circular issued to shareholders in the Clyde Dredging Company. Actual working has pioved that a larger dredge with a greater length of ladder than the Moa is necessary to successfully work what are now known to be the richest parts of the claim (.which comprise 56 acres in all). During the time that the dredgemaster (Mr Nicholson) was obtaining the recent excellent returns he was unable to bottom with the present ladder, and it is also a certainty that there is very rich gold on the outside of the workings, in ground which has not so far been dredged in any way. Again, at Italian Bend he was, at a depth of 37ft, just able to touch the wash without woiking it, and there are other parts of the claim that cannot be successfully worked by the Moa. The board have therefore decided that it is necessary either to acquire a second-hand dredge or build a new one capable of dredging to &. depth of at least 45ft, and in order to provide the necessary fluids it is proposed to create 4000 additional shares- of £1 each, which shall be at the disposal of the directors, so that they may be in a position either to take advantage of any opportunity that may occur of securing a suitable second-hand dredge or contracting for a new one. The following resolutions will be placed before shareholders to-day: — "That the capital of the company be increased to £8000 by the creation of 4000 new shares of £1 each. That if the directors elect to pin chase another ■ diedgc, they are hereby authorised to p|iy for the same by the issue of fully paid-up shares in full payment or by paying for Ih'e . same wholly in cash, or partly in cash and partly by the issue of fully paid-up shares; and, subject thereto, such new shares shall be disposed of in terms of clause No. 27 of the Articles of Association of the company."