MOUNT LYELL RETURNS. MELBOURNE, March 13.

Otago Witness, Issue 2504, 19 March 1902, Page 22

MOUNT LYELL RETURNS. MELBOURNE, March 13.

The Mount Lyell returns from February r> to March 5 were as follow —21,229 tons treated, al*o 5922 tons of purchased ore. The converters produced 788 tons of biißter copper, containing —copper 760 tons, silver 57,0620z, and gold 167102. NAUMAI GOLD DREDGING COMPANY. An extraordinary general meeting of the Xaumai Gold Dredging Company was held at Wood's Private Hotel on Friday evening and! attended by 22 shareholders. Mr W. Wood presided. The purpose of the meeting was to consider the following resolution — ' lhat it has be-an proved to the satisfaction of the company that the company cannot, by reason or. its liabilities, continue its business, and that, it is advisable to wind up the same, and that accordingly the company be wound up volun"*The Chairman said that the present position had been staring them in the face for some time. They had gone on, hoping for good returns to pull them through, but instead of that they had got deeper into the mire. The total liabilities at the present time amounterl to *2°34 4s lOd. Their money being all done, there seemed no other way to get over the difficulty than liquidation. The dredge had done no good with the engineer who had beeu lunning her at the time of the last annual meeting, and they had got a man temporarily from the Halfway House Company, but th. Iresult was that he d.d no better than the other man, and at length there were ro more funds to go on with. He would therefore move the above resolution, and invited discussion : At a Shareholder's reouest. the Secretary

read the last repcrts of Mt "Williams, the dredgeanaster, just before the dredge closed down, ffho returns when on the good lea-d were S4oz lor 220 hours, 270z for do hours, 16oz for 48 Ihours, and 21oz for 120 hours. Mr M. Brown said he did not think these Reports weTe altogether correct, He had been ton the dredge three days, when they were trying for bottom. The deepest was 28ft, and bottom *v«9 struck only on » little ridge somewhere »bout the middle. f Mr W. Brown said the thing had been muddled from the beginning. It was absurd that a dredgemaster from the Molyneux should Jgo there and say there was no gold in that jfred -wash. His statement showed the dredge fliad got into bad repair, and he estimated the 'cost of repairing it at £300. He thought £500 Would be nearer the mark. He would Becor.d the motion, however, as there seemed no other Wlternative to adopt. 'f Mr King suggested setting up a committee lor visiting the claim and thoroughly investigating the whole thing before deciding. This was pne of the most mysterious claims he had had anything to do with. They had had reports from men who had lived in the place many years, and he hsrl had a lepoit from an expert aniner which induced him to tske up shares in the company. Everyone seemed to give glowing accounts of the prospects found for many years past, and then their working engineer was asked if he ronld construct a dredge to thoroughly woik the ground, and he had assured them it would work the ground to perfection.

Mr Wetheri't endorsed Mi Brown's statejnent. It was at the least a mis-statement lo Bay there was no gold m tho led wash. He was confident the gold wps there in the clsuni, but there had been terrible bungling there latterly. Mr A. C. Eroad said their troubles had begun \'/iih the engineer. He had sent down, an mi'perative OTder for a screen, which had been ■supplied at great expense, and was not wanted. The directors had done all m their power for the good of tho company. Theie was no other •way cut of the r difficulties except to pass the resolution. The motion was then put, and earned unanimously. A Shareholder said that, horn what they had leard that evening, the hull: of tiie shareholders roust be thoroughly sat^W that ttiey had a pcod c'aiai, but they had not a machine to pet the gold v.ith. It was undoubtedly there. The claim rr.lcht ba good ard gi\e fairly gcod >eturns, but he was convinced the amount for repairs to the dredge would swallow up everything, together with the cost of management, and in Ihe face of that liquidation was inevtable. The dredge at the present moment was little better than s-crr.piron. The Chairman We have a ihoioughly gocd machine. Mr Bioad. It is one of the best dn-la".d dredges, and one of the largest. Mr WMhcn't said it v:aa one of the best Inland dredger on the poldne'.d^. He hod inspected 63 dredge^ on the Mo'.yneux, and »i 3 an a. ponton to judge. After ;■ little further discuss. o:\ Mr G. MacLean was appointed liquidator, at a remiii!er«tion of £sgs, and the uifet'vg terminated. ' liOY-LL CHARLTOX (JOLD DREDGIXG COMPANY. The adjourned qnnual meeting of the Royal Charkon Gold Dicdgmg Comply was held a* j the office cf Mosei-. Dunca.i and Po\-er on the | 31th ; nst. The an .ual repoit has already been pub!. shed. Mr J. N. Lawson, who was \oted to ihe chair, aai-d s,harelio!ders had had the report and balance sheet in their i-an'di r or som<* t me, •ml knew the company was rot -'i operation. 'It vms formed originally for the purpose of | wcrkiug the claim, but they weie now await- j ing t'na deve!opm»i.t of the adjoining claims j ,They had intended gomg into liquidation, but j owing to the pTespnrp from shareholders at "fSoie they had decided to let the company continue on. As it was they h.id pract.cahy got nn extended option ovti the claim free oi charge. As to the finances, the balance .=hcet Bpcke for itsell. On t'no motion of Mi D J. Bews sefor<.>d by Mr P. B»n, the leport ar.-cl balance sheet *7cre adopted. For the position of dnectoi-, v.huli the chairman po'.rted out was a piuely hoi oraiy oi.e, as was tha> of sectatary, Me»iis 1?. V .Wall is sik! A C. M'Georsje weie nominated and duly elected, and M,f l ssrd Barr. Leuiv, and Co. weie appointed auditois. Just befoie tho flo'c of the meeting the Chinman n:rrr.o->ec:l thifc 2* had been called up, and t'izt it wa» unHke'y thu' any moif c ipital would be c'ltd n\>. unless they decided to isioc.'ecl v ill dt d^n.g opfratio:">. THE HISTORY OF THE DI'XEDIX HTOCK KX CHANG li. The buildnn; krown as the Colonial Bank of Now Zealand has ii ranif, at all cve'its, tiisanpeared fiom our nud°t, uiid during th" ]ast few da\s the work of pub'ilitution of iiomenHatuie on the extenor of tlio premises Sias been goii.g on. Apropo- of this it may not be out of place to give a short history of the TJuned") Stock Exchange. The present Dunedin Stocl: Exchangp h.itl its origin when tho (foHowi,.g, wl/o v/eic then practising as brakeis-, formed thcirsel"es into an association --MeFsrs J. B. Bri'dshaw. J. A. Chapman, A. Ci . Fe-<-i wick, J. wid V\*. C^age, T. Grose, Androiv {Hamilton, l{ ard A. J. Paik, ard \V H. '<3uick. Ihtt, took p!..ce in June, ISBS. B»«iaitss \va° small m comparison to what it is Ijiow, and li wa.s found .sufficient to hold the ' 'calls at the members' offices in totation. The (anenibersinp gradually u-creascd, and in IPBB jt wa% found n.eces-<<iv to luue a. call-room, ivrbich was obtained m the A.M. P. Buildings, uln 1833 it v/as lesolved to leconstiuct under Jhe tit'? of the DiMicdin Siock Exchanjn, and |the sau:e loom wag uiained. In 1896 it vas jthought ad%iaab!e to secure moie central premises, and opportunity v. as taken of scenrdng the loom known as the manager's loom in khe Colonial Bar.k, and, as it has since proved, ./this was a \U3e step. Simultaneously the resignation of some of the members took place, [and thfy formed themselves into the Duiijedin Brokeis' Association, retainirg the loom , in the A.M.P. Buildings, t< In January, 1837. the members of the Otago .Stock Exchange (formod m 1895) joined the ■parent Exchange, and m October of the same year the numbeis of tho Dunedin Brokers' lAssociation -also jon cd. During tho height oi .^he dredging l-ooiu there v.as ,i laige accossioa tot members, and peat 1 - ro<=e in puce till the jpost of admission was fixed al I"250, at which It at present stands. The Dunedin Stock Exkhalige can be congratulated on having foi its habitation a building which, for th* purpose, jSompares favourably with'tiny iv Aiutralasia. * CALEDONIA GOLD DREDGING COMf PANY. 'An esiraordinary geneial meeting of the CaleEonian Gold Dredging Company was held m the Dunedin Stock Exchange on Thursday Weningy and was attended by about two dozen Shareholders. The uieetmg, as was explained In the notice sent out, was for the purpose of tonsidering the positioi of the company, f Mr J. Inghs Wright, chairman of directors, *sud the directors had called the shareholders logc-ther in order that they might consult them in regard to the present position of the cointoauy. Befoie going into the matter, he would Tike to refer to a ciicular which had been issued, (ft. ciicular was sent out in the name of MiAdams, which the directors thought in sonic *\ei«i« ini=leadui^ au<J to. genie giteut reflectma

upon their pledges and their management of the affairs of the company. They felt contrained to Bend out another circular asserting that they were prepared to give all informat on possible on matters with which they were entrusted. They felt that if the first circular was allowed to go unanswered it would be misleading, especially to country shareholders, and they therefore sent out the second circular. Since then they had received a letter from Mr Adams in which he stated that there wps no desire to carp at the action of the directors. Until the directors saw how things were going, end had some definite information to lpy before shareholders, they had not considered it necessary to call such a meeting as the present one, and it now seemed that there was a desue that there should be reconstruction, and that the dredge should be shifted to some other claim. From the letter of Mr Adams (which he read) they would see that the whole matt-r was practically the result of a misunderstanding. The directors had not made eveiything public, because if they had done so they felt that they would probably have had to pay a higher price for another claim than they otherwise would. After tae am ual meeting they had gone steadily to work, and got the dredge started. Theic were many hindrances, but these were finally surmounted about the beginning of November, and they made a start. They had been fortunate vi getting such a dredgemnster as they had, arcl \-ere justified in anticipating excellent redilts with the tvo certificates which appeared in the prospectus. After working for a time 't was apparent the gold in the claim was not payable, "t leas* in the pail in which the dredge was working. The gold was always uniform in quality— light drift gold,— and the sustained nature of the returns showed that it was drift gold that was being obtained. Seeing that the returns were only equal to about half the working expenses, they looked round and cons.dered the position m order to Fee what was to be done. They then had a meeting to hear the different views of shareholders. There were those who wished the dredge to be closed down at once to save further expense, there weie tho3e who wanted a meeting "called at once with a view of getting a liesh clain\ and another section who ln^istsd upon the claim being more thoroughly tried. They gave their men a month's notice on the 14th" or 15th February, calculating that if theieturas were nol moie payable they v.ould c'oae clown on the 15th Maich That was, tomoirow tlie dredge would cease woik. Tho directors lied done the best they could, a.r.d felt aggiieveJ that they bhould have been misled by repoils. On the other hand, it was held that boring «as of no utility at all in showing if gold Ki' m a claim. No bettei dredge than tliens lay on the West Coasc. and there was no better crew, find no belter dredgemaster than they had, so that whatever fault there was it was "ot on the part of the diedge, the crew, the dredgeirapter, or the directors. In shuttirg down to-monow t ; icy had given the claim a fair t'.ial, and they had now a wire in which the dredeemapter s?'d the leturn would probably be about 6oz. At present there were two proposals before them. The first was to go mlo liquidation, pud put up the diedge to auction, the second was to shift her down to another claim. If they decided upon the lattei course they had to consider the question of how moi.ey was to be raised. The company m:ght be leconstriuted—that was lo say, they might sell the pssiHs to a syndicate to be formed on behalf of the sheieholders. lie, thought the best plan would be to issue something like 2000 preferential shaics. The vendors held something like 2000 vendors' shares, and the idea was that the vendors should be approached and asked to cancel half of these, which would reduce the number to 1000. With these they proposed to purchase anothei claim, and he thought it probable they cculd gei> one on those terms. The (o^ of sh' f tms the drs3ge would be from JEI2OO to £1500. regard to their pie«ent financial position, he might tell them that they had ra.sed a small loan of £200. They had a liability up to the 15th March of pomething like £455, and against that assets that left a debit ba'ance of £313 10s. Then there was a contingent liability of about £25, po that £3!0 was their debit balance at the pie3ent time.

Mr Frost Does that include the £200 mortgage '

The Chairman Y^-s, it ; >icludcs ereiything. He then proceeded] to refer to several claims the directors had b'e'i liiqunwig about, and inentionpd that t'le dredge could work her way to one of these at a cost cf jC.jOO, jnovided, he continued, got the regulfli 50/ she had been getting. There had, he nientiorfed, been a paiagiaph m the newspaper. °ent from tho We-t Coast, which wes piob-il^y inspired, in which it v.as °t.ityd tliu' the Ciledonia and Dayl.r^ht Compame-i might ama'.gan'ate, but tluy !:i ew nn'.hinp; oi tins. R plying to a question, he said the dredgo lmd turned over something like li acre° of ground, and had worked it from a depth of fiom 2dft to 33ft. Their total return had been £232.

Mr A. S'igo said his opinion was that preliminary to coming to a conclusion as to v. hether they should shift tho dredge they muat have some money to do it with. He was not going to take any assurance as to these other claims being a;ond. The directors must be 111 the position of knowing that a claim v.-as worth having, and when they knew it was they must have money. He; thought that shareholders = hould be asked to contribute a small sum fur the puipo->e of ir instigating and pio/ing the claims, and th.it they p'lould not enter upon the work without hn\ing the asbtirance that the shareholder would itaiid by them.

Mr J. H. Carter asked if in the e\ent of liquidation the venders would participate in the apsets, to which Mr J. White, solicitor, xeplied 111 the affirmative.

Mr Shgo then mo»-pcl as follows- -"That in ahv proposal or aiiangemcnt for shifting the comuaiiv'* d:i"'g<» to ai. ether claim, anj payn'.eut fo l- such clsum must be 111 shares of the company, and v cordition precedent to any airangement for procining ai other c'aini must include an undeitaking to oe given by tho holders of vendors' shares to sunender not less than 1000 shares in the aggregate." He was quite prepared to rc-ign all he held. Rep'yiiig to a question, the Chairman said he had an estimate fiom a man on the We^t Coast for bpring, and the cost would be £14 per bore, going to a depth of 30ft or 35 f t

Mr Cartel .seconded the motion moved, by Mi Shgo, which was carried unanimously It v.as heie intimated by several hoUler3 of vendors' shares that they weie prepaied to hand them ovei to the company, the total number of shaie- icprceiiU'd by the piomise being about 300.

Mr Shgo t'len moved that (lie slmiclioldei 0 of the company lie lequ'e.-led to pay to the directors of the company a < ontnbvition of Cd per share as a loaii, bcarug interest at 20 per cent.

Mr G. A. Efther mc-od as an amendment that the directors be authorised to bonow an amount rot exceeding £VM for the object appearing in a subsequent lesoluUou, ahd this v as corned.

Mr Shgo move'l fuither that the money ?o obtained be used polely for the purpose of making inquiries and investigations with a view to obtaining another claim for the operations of the company, aiid of caußing to be prospected and reported upon any c'aim selected by the directors to be so prospected and reported upon, lhat a specal pereral meeting of the cornpanv be called at the earliest pos-g-ble date— not to exceed foui moutliß fiom the present time — to consider a report from the directors in respect to the inquiries, etc., made, iittd, ha ia >li? 4g£u&feJeji£i»* 01 gUierwj£& aL JJu.

company starting operations on another claim. That the directors print and eend to each shareholder, with the notice convening the meeting, their report on the irquiries, investigations, etc., made by them That m order that the future of the company may be definitely settled the notices col. veiling the meeting also contain a notice that, if neces3a r y, a proposal for the liquidation of the company be submitted to the meeting as an alternative proposal to the eontnmance of the company's operations.

The motions were carried, and the meeting then concluded.

MARSEEN No. 3 GOLD DREDGING COMPANY. The directors of the Mnrsden No. 3 Gold Dredging Company finding themselves unable to proceed any further at present owing to want of funds, aie now taking the necessaiy steps to h?ve the company leconslructed, and 111 this connection the following circulnr is being l^med to shareholder 5 —" As all the shareholders are aware, every effort has been u=cd to obtain the necessary capital to finish the chedge ar.d leave sufficient funds in band to te't the claim. The Rum required for this purpose is £''000, part of which would go to meet payments for woik done by the contractor up to the time when further work was stopped. It will be recollected that it wss endeavouied to raise the capital required by means of the res?rve shaies and debentures, but without success The duectors then endeavoured to airange for a. loan on mortgage of the company's assets, but la this also they have been unsuccessful. Thore is no alternative, therefore, bul to wind up the present company. As, howevei, the directors and some of the shareholders have fa th in the claim, the directors .ire prepared to make an effort to form a new company to take over the assets of the old couipany and finish the diedge and test the c'aun. Such a company would, of course, be entirely a new company, ar.d independent of the old compaiiy. The capi+al proposed for the r.cw company is £2300 in 2500 shares of £1 each, half r ciown payable on application, half a irown on nllotment, and the balance 111 monthly payments of half a ciown per share. The position of the old company is as followsAmount due to the contractors, £1025, other debts, £275, estimated sum required to complete and equip dredge ready for starting, £300, to prov'de for one month's lunniug, £2*o;—total, £2000. The assets consist of tho claim, machinery, and mateiials for the dredge 60 far as completed, and an ears of calls of the nominal value of £4GT, but estimated to produce only £200. If the new company is formed it would take over the present company's asssts in consideiation of the new company paying the old company's debts, the directors being of opinion that the as=ets of the old company would, in Winding up, be sufficient to meet its liabilities. The duectors propose that the shares of the suggested new company phall be offered to all the existing shareholders 111 proportion to then .holdings. That would be one share for every five shares in the old. The shares to be applied for within 14 days fiom the time they are offered. The quota of any shareholder who docs not apply within that time will then be at tho the absolute disposal of the directors, who may cither issue them for subscuption by strangers or mpy use any of them towards discharge of liabilities to ciechtors willing to accept same. If the majority of the shareholelers consider that no more can be got for the company's assets in the event of winding up than sufficient to pay the company',^ debts, and aie willing that the company's assets should be sold to the new company as proposed, it would be necessary for the present company to pasa a resolution to go into liquidation and to appoint a liquidator, and to authorise the liquidator to se'l to thf new company on the terms mentioned. In the alternative of these resolutions not being passed, resolutions for the winding up of the company will be proposed as set out in the notice annexed." An extrpoidinary general meeting of shareholders has been called for the piupose of formally putting the company into liquidation as a pi elude lo reconstruction, but in the event of the resolutions necessary for this not being earned, other resolutions 111 favour of liquidation without reconstiuction will be submitted.