CLYDE DREDGING COMPANY.

Otago Witness, Issue 2437, 28 November 1900, Page 21

CLYDE DREDGING COMPANY.

[&.n extraordinary general meeting of shareEolders in the Clyde Dredging Company wa's held on the 20th inst in the Dunedin Stock Exchange. Mr T. Brydone, who occupied the chair, said (referring to the circular published, which the secretary, Mr E. R. Smith, had read) that they would see that everything had been done in order, and in a legal, manner, so that they were now in a position to pass or otherwise the resolutions which had been read. He did not think it was necessary for him to enter " into'any lengthy explanation of the reasons that 'had led to the shareholders being brought together on that occasion. They all knew the position, as well as the board did, and the circular* sent to shareholders gave the actual position of matters as they now stood, and there had also been a notice in the Otago Daily Times that, morning in regard to the same, which explained everything. Of course, it was the intention of the directors, after the resolutions "were passed, to take time to decide what should 1 be done with regard to getting a dredge. If • "they saw a chance of getting a new up-to-date . dredge, they would 'probably purchase it ; but " it would have to be a special dredge, the ground "being deep and the current strong. What was required was hot necessarily a large dredge, but j. ,a powerful one — one that 1 would go down 45ft. They had' consulted the dredge manager as to . ' -the utmost depth to be dredged, and he thought _» ladder to" go to a depth of 45ffc would be suffi- , cient. With reference tc the issue of shares, the intention was to issue them at such a premium as might be thought proper, being guided by the market .price, to some extent, at the time the shares were issued. They hoped it would not be necessary to issue 4000 shares, as it was thought that something between, 2000 and 3000 would be sufficient .to put on the niarkei at the start. They expected to get a fair premium on them, and so Taise money in that way. After the second dredge was on the ground they woiild have two dredges going, and .they would be the better able to pay dividends. The new dredge would be kept upon the deeper ground xmtil it was worked out. When the two ■ dredges were at work they should be able to get more than double what they had got, and j consequently to pay higher dividends. . j Mr T. Black moved and Mr D. Crawford' j seconded — " That the capital of the company be increased to £8000 by the creation of 4000 new shares of £1 each." Carried unanimously. Mr J. Blair' moved, Mr C. E. Haughton seconded, and it was also carried unanimously — "'That if the directors elect to purchase another dredge, they are hereby authorised to pay for the same by the issue of fully paid-up shares in full payment or by paying for the 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 irr terms of clause No. 27 of the articles of association of the company." - -The meeting then closed.