THE CENTRAL CHARLTON DREDGING COMPANY.

Otago Witness, Issue 2467, 26 June 1901, Page 22

THE CENTRAL CHARLTON DREDGING COMPANY.

All PxtiaoTiDinaiy genpra.l riecti""* of the Central Caarlton Diedgirg Compruy vras held on the IStli at Ihe company s officrs, Eondi street. Ihe Chairman (Mr A. S. Ad? rat) presided, and there was. a good attendance of shareholders. The Chairman explained that a judgment having been obtained against the company fo» £200, a bailiff had been put in, and the directors had taken the extreme step of filing a, petition. g£ the oiUj means pi protecting tko

shareholders. The bailiff had been withdrawn, ami the secretary had been appointed provisional liquidator, so that the company was now under the ahelter of the court pending arrangements being made to carry on. Unless, however, the shareholders came to the rescxie, the winding up would become a reality. The prospects ■were decidedly brighter than at the last meeting. The dredgemaster had reported by -wire: *■ Eeturn, 1602 6dwt for week; wash improving." This was the first really satisfactory return the company had had, and it came in the nick of time. Up to the present 600 preference shares had been applied for, and he ■would like to emphasise the fact that if the preference shares were pioportionately taken up there would be no particular hardship to any shareholder. He moved — " That the reFolution passed at the extraordinary meeting of (the company on May 28, increasing the capital of the company by the- creation and issue of 2400 new preference shares of £1 each, be confirmed." JMr Marshall seconded the motion. In reply to questions, the Chairman stated that the total liability of the company was j£l4oo, and that unless the vendors of the claim ■were paid'iiOO, or arranged with, they could stop the working of the dredge at any moment. Mr Mitchell, as representing the Oamaru shareholders, inquired whether the directors conld, with i-easonable confidence, recommend this step as the best in the interests cf the company, and also whether the directors weie prepared to take up their quota of the preference issue? -On reserving satisfactory assurances on these points, Mr Mitchell tumounced, amidst applause, that he was authorised to state that the bulk of the Oamaru shareholders were prepared to take up their preference shares. -Messrs W. E. and L. H. Reynolds having spoken in support of the motion, Mr Binnie said that no one could expect good returns from the ground already worked. The dredge ivbs now getting into good ground, and next •week they might expect 20 ounces, as they were getting nearer the old river bed. Eventually, after further discussion, the motion was carried unanimously. Some 800 shares were taken up in the room, the Chairman announcing that he hoped that the total preference issue would be siibscribed in the course of the next few days.