GOLDEN LINK DREDGING COMPANY.

Otago Witness, Issue 2509, 16 April 1902, Page 25

GOLDEN LINK DREDGING COMPANY.

An extraordinary general meeting of shareholders in the Golden Link Dredging Company •was held at ths office of Messrs Hamilton and M'Kerrow on Monday evening, and was attended by about h«lf a dozen shareholders. Mr G. L. Denniston (chairman of directors), who presided, said that when they met at last fiinual meeting in January or February they discussed the accounts, and did not then think that they would bo called together to consider such a resolution as that before them. Yet so it was. At that time the dredge had been getting gold, and there was every prospect ot successful work before it; but, as they would have noticed by the papers, the gold had given out, and though they had tried several parts of the claim they rould not get it back, and their money had run short. Of course the mortgagee took possession, and it became necessary to call the present meeting. They did not bl?,rne the mortgagee, because he had got to look after his own interests. The position of the company that that they owed £1300, of which £785 was due under a first mortgage to Mr Kyle. It had been £1000, but when they were successful they had paid off £250. The second mortgage was to Mesars A. and T. Burt in consideiation of that firm granting time over paying their acco\int. That was for £170. Of course the mortgagee was liable fov the wages, which amounted to £148 4s 9d. The dredge was a good one, and, if there was any demand for it, should sell well ; but he ccnld aiot promise shareholders anything in connection with the sale. It was not pleasant for •he directors to have to call them together -for such a purpose at the present one. Besides having lost money, they felt aggrieved that a concern, which they had done their utmost to make a success, shou'd terminate iv this way. To show them that the directors had perfect faith in the claim, he might mention that Mr Leijon, one of the number, was the largest ehaicholucr, and had been buying in, so that it must be a matter of great concern to him to see the company in its present position. He (Mr Donniston) would move the following motion : " That it has been proved to the satisfaction of the shareholders that the company cannot, by reason of its liabilities, continue its business, and accordingly that it is advisable to wind up the company voluntarily." Mr C. G. V. Leijon seconded the motion. Mr Wardell, who appeared on behalf of Mr 3vy!e, said that gentlemau had asked him to <oine along to put his position before the meeting. If there was any serious attempt on the part of shareholders to get back the dredge lie (Mr Kyle) was quite prepared to meet them in any way. The Chairman said the directors were confider.t that the gold which they lost could be pot a»ai!i, but of course that could not be done without money. There was a piece of lavd — a. sm.-rll flat — near the township where good gold was f,ot, and where there was probably some good gold stiii to be got, but to do, so" meant certain work which wou-ld involve spending several hundred pounds, and this money was not forthcomiiig.,"lf any shareholder had any scheme for getting the money the meeting ■would be glad to hear him. Mr Loijon said, with respect io this piece o{ giound, that the dredgemaster had unfortunately blocked it up with tailings, and the dredge could not get back there. The Secretary (Mr Hamilton) mentioned that ai! ths directors were heavy losers. . A Shareholder supposed they could give the claim away. They would not get anything for it. The Chairman was afraid there was nothing to be got for it, and mentioned that the total gold won was equal to £2301 7s 9d. The motion for liquidation was then carried unanimously. Mr A. Hamilton was appointed liquidator at a fee of 25 guineas, and, with a remark from the Chairman that the dredge had cost £6349, the meeting terminated.

REPORTS FROM- WORKING DREDGES. The secretary of the Waiinumu G.D. Company repor-ts a return of 320z.13dwt for 100 hours' dredging. The secretary of the Central Mataura Company reports a return of 30oz 7dwt from thea\o. i diedge for 125 hours* dredging. The secretary of the Spec Gully -Dredging Company reports a return of 17oz 4d\vt for 130 liom ■,' dredging. U'ic secretary of the Point dOr G.D. Coin310:1:' reports a return of 21oz for 174 hours' dredging. . The secretary of the Wrimunni Extended G.JJ. Company reports a return of ISoz 2dwt foi 103 hours' dredging. The secretary of the Waiinumu Ceatral Company .reports a return cf 21oz lldwt for 130 iiouia' dredging. 'liie secretary of the Royal Maori G.D. Company reports "a return of 20oz lOdwt for 115 Loits* dredging. The secretary of the Buller Junction Company advised the Dunediu Stock Exchange yesterday that the return i 3 430z for 300 hours' dredging. The secretary of the Lady Charlton Company reports a return of fioz for 110 hours' dredging. The stricping is heavy. ' -The secretary- of the Inch Valid Gold Diedji-

'• ing Company reports a return of IQoz 6dwt for 126 hours' dredging. Tho i^dgema-ter of the Globe Company's dredge wires a return of 13oz 3dwt for 133' hours' dredging. The secretaiy of tho Endeavour Dredging Con.pany Teports a return of 260z lOdwt for 90 hourrf' work in opening out. Tho dredgemaster reports that the ground is very rough, and he has not got bottom yet. The secretaiy of the Enterprise Gold Dredging Company reports the following returns- — Ko. 1 dredge, 440z lOdwt for 13-2 hours' dredging ; No. 2 dredge, 260z 2dwt logr for 131 hours' dredging. The dredgemaster of the New Halfway Hou=e diedge reports a return of 6oz for 54 hours' dredging, opening out at the bottom pegs. The ground is covered with boulders. The dredge touched the bottom, partly reef and partly pipeclay, in the middie of the cut on Thursday afternoon, and the dredgemaster considers the indications satisfactory. The secretary of the Upper Magnetic Company repoits it return of lOloz ldwt for 137 houio' dredging. The secretary of the Electric Gold Dredging Company reports a return of 50oz Bdwt. Tha secretary of the Junction Electric Gold Dredgij]g Company reports a return of 1370z odwt from the No. 2 dredge. There was no wash-up from ths No. 1 dredge, which is engaged in cleaning out the paddock. The dredgemaster of the Unity dredge reports a return of 620z for the week ended April 12. The dredgemaster of the Golden Run dredge reports a return of SOoz Sdwt for 135 hours' dredging. The return from the Shcddan's Waikaka Fi«hold dredge last week was 420z. The secretary of the Olrig Company reports a return of 530z 18dwt for 126 hours' dredging. The dre-dgemaßter of the Golden Gate dredge reports a return of 31oz 13dwt for six days' work. The river is iow. The secretary of the Meg and Annie Gold Dredging Company reports a return of 80oz for 125 hours' dredging. The secretary of the Majestic Dredging Company reports a return of 360z lOdwt. The secretary of the Empire Gold Dredging Company reports a return of 50oz. The secretary of the Waikaka Queen Gold Dredging Company reports a, return of 20oz for 124 hours' dredging. Mr W. E. C. Reid, secretary of the Mystery Plat Gold Dredging Company reports a return of 3Zpz 18dwt for 135 hours' dredging. The Dunedin Stock Exchange reports the following returns for last week : — Otago dredge, 17oz sdwt; Golden Treasure dredge, 14oz 6dwt. The secretary of the Dunstan Lead Dredging Company reports a return of SOoz 2dwt for 126 hours' dredging. The secretary of the Alexandra Lead Dredging Company reports a return of 290z 14dwt for 130 hours' dredging. The secretary of the North Beach Dredging Company reports a return of 240z for 127 hours' dredging. The secretary of the Three-mile (Greenstone Creek) Gold Dredging Company reports a return of 350z for 170 hours' dredging. The dredgemaster states that the snags are still troublesome. The secretary of the Mokoin Gold Dredging Company reports a return of 25Joz for 130 hours' work. The secretaiy of the Earnscleugh Company reports a return of 38oz 15dwt from the N«. 1 dredge for 120 hours' work. The No. 2 dredgedid not wash up owing to- working broken time. The dredge was stripping loam. The secretary of the Monte Christo Dredging Company reports a return of 28oz. The secretary of the Matau Dredging Company reports a return of 28oz for the week, the Xi eater part of this being obtained during the last three days. The dredgemaster of the Leviathan dredge (Mr D. Sutherland) wires a return of 30oz 13dwt for 73 hours' dredging, from Clough's side of the paddock. The secretary of the Erickson's Reward Dredging Company reports a return of 30oz for 100 hours' dredging. The return from the Mosquito dredge last wsek was IGoz for 70 hours' dredging. The dredgemaster of the Grey River Consolidated dredge (Mr John C. Ray) wires that he washed-up for 14ioz. Opening out. The silt is troublesome. The dredgemaster of the Ahaura River dredge (Mr W. J. Sanders:) wires a return of 18oz 2dwt for 132 hours' dredging. Mr Laurence Ryan, Alexandra, reports the following returns: — Perseverance No.. 1 dredge, 240z 18dwt 3gr ; No. 2 dredge, 290z 18dwt 12gr. The secretary of the Greenstone Creek Gold Dredging Company reports a return of 13oz for 124 hours' diedging. The secretary of the Cornwall Gold Dredging Company reports a return of lloz for 105 hours' dredging. For the last fortnight the dredge has been working on a shallow bar. Considerable time has been lost owing to stoppage for coal and replacing the bottom tumbler and several new buckets. Mr Gibson, Lawrence, reports the following returns: — Success dredge. 16oz Jldwt 19gr for 123 hours; -Lawrence dredge, 12oz ldwt for the week. The secretary of the Ngapara. No. 3 Dredging Company reports a return of 14oz lldwt for 130 hours' dredging. The secretary^ of the Magnetic Gold Dredging Company reports a return of 12oz lOdwt. The dredgemaster reports that the ground is getting deeper. The secretary of the Royal Waiinumu Company reports a return of 19oz lldwt for 125 hours' dredging. The secretary of the Waikaka Gold Dredging Company reports a return of 15oz 14dwt for 128 hours' dredging. The United Morven dredge has now got a fair start under favourable conditions, and appears to have struck good wash. The dredgemaster wires the secretary that he. bottomed on Tuesday, and washed-up on Friday, obtaining 15oz 12dwt. Work" has been suspended in the meantime owing to the winch breaking down, but it is expected that another start will be made about Tuesday or Wednesday. The Upper Waipori Alluvial Gold Dredging Company obtained 10oz 18dwt of gold for 161 hours' dredging. The secretary of the N«lson Creek Gold Dredging Company reports a return of 141oz for 121 hours' dredging. The dredge h?.s been stopped owing to the tumbler having broken down, but another start will be made this week. The secretary of the Gold King Dredging Company reports a return of 31oz 14dwt for 150 hours' dredging. The secretary of the No Town Creek Gold Dredging Company reports a return of 40oz. Mr J. J. Rarasay reports that the rpturn from the Waikaka United- dredge last week was , 260z. The secretary of the Premier Buller Company reports a return of 3Soz Sdwt foi 122 hours' dredging. The dredgemaater of the United Morven dredge advises that he resumed work at midnight on Sunday. The return of 15oz 12dwt 1 was obtained for about half a week's dredging, j as the dredgemaster bottomed on Tuesday and j washeel up on Friday.' - - j A Wellington telegram states that the return from the Welcome dredge is 650z. The Waka- j marina Golden Point dredge obtained 2Soz 14dwt. Mr J. J. Ramsay Teports tha return from Paterson' « Freehold at 3192 /or. tha week* I