GOLDEN CHAIN DREDGING COMPANY.

Otago Witness, Issue 2510, 23 April 1902, Page 24

GOLDEN CHAIN DREDGING COMPANY.

The following c-iicu'ar. ha\mK leference to the sale of the- Golden Chain drrdge and purchase of the Golden Standard claim, pontoon', and machinery, has b<-pn i<.-uod to -harehoideia in the Golden Chfcin Company — "A c most of tho eharclio'dera are awaie, the directors, niidii'K that the dredges in the vicinity of the Go'.doti Chain claim v ere not doing so well as wa= expected, and (hat thr crni'p.'ny'^ dredge cou'd no' be complete] without extra capital (e«timatcd -at £2500), -o'd th.- dredge to the Pacto'us Compnuv for ir'. Ijo. The liability of thr- GoMen Chain Company under thispale -vas £2")^0 tli"'- leaMiig an ultimata bahnce nf, <.ay, XS7O. Youi directois, aftec caic-ful foiiddrriit. cm and roc ogni<=ing that even m tho r-vpnt of liquidation the halaure of capital would have to be called up and distributed amongst <-bai eholders, including vendors, have purchased the claim, pontoons, and machinery of th" Uo!(liii Standaid Company at the low (o ,t ri f xnoo (on terms) and £500 in paid-up <.) Ydr e~ lhe \endors of the Oo'den Chain, claim have agreed to reduce their holding to 500 <=harrs. The Golden Standard claim is hicrlilv spoken of in the Cromwell district as a mobable vielder of vdv payable returns. Those

ehareholders who are now in arrears are requested to pay the same, as the capital is "urgently needed." A half-yearly balance sheet for the period ended March 31, which accompanies the circular, shows that there is a debit balance of £4624 10s 8d on the profit and loss account, as against a debit balance of £728 2s 9d on September 30, 1901. This large increase is, however, accouptc-d for by the payment of £3793 -Is 2d on the plant account, with the exception of which the expenditure was small. Some shareholders have mot paid very much attention to 'the payment of their calls, the arrears aggregating the sum of £149.4 15s, but now that there is a better ■prospect of getting to work this default will no doubt be remedied to a. co-isiderab!u extent.