WATTERSON'S CONSOLS GOLD DREDGING COMPANY.

Otago Witness, Issue 2511, 30 April 1902, Page 22

WATTERSON'S CONSOLS GOLD DREDGING COMPANY.

Ar extraordinary general meeting of sharchcidcrs m the Watterson's Consols Gold Dredging Company was held on Monday evening to considet- the following resolution: — " That the luCH unissued shares and 150 forfeited <uiEnes in the capital of the coinp a7 . r hs issuecl -upcm the following ternis ■ (1> That they bt> called preference shares, and that the holders thereof shall be entitled pari passu to receive the whole of the net profits of the company until an aggregate amount of 20s shall be paid out of such profits in respect of each of the said pie>i-2iice shires ; (2) that when and as soon as the aggregate amount of 20s 3hall have been paid out of the ret profits of the company in respect of each of the said piefevence shares, the same shares shall cease to have any preference or prior'ty as to dividends, and the said profits shall thenceforth be divided among all tha members of the company pari passu in proportion to the iesp»ctive srnounts paid up or deenied to be paid tip v.pon the shares held by th°i:i icspect:ve'.y ; £ that in case the comparj shr.ll be wound op, the surplus assets (if any) of the company shall be applied iii the fhs't place in :oturning to the holders of the other shares ir the company a like amount p.ir share; and lastly, the residue (if any) of the said surplus assets shall be divided among all the members .'n proportion to the nominal amount of capital held by them respectively." There were seven shareholder present, and Mr A. S. Adams (chairnrn of directors) preEided. The resolution was formpDy moved Tsy Mr Clulee, seconded by ilr 'Thomson, and carried unanimously. It was decided to call anather meeting for May 19 to confirm tho resolution.

ALDIXOA UOLD DREDGPNG COMPANY. The- following report for the year ended March 31 wiM b? presented by the directors of the Aldmga Gold Dredging Company at the second annual mpeting of shareholders — "As ihe shareholders s*re all aware, some t;niL after the last annual moling it was found necessary to issue debentui?s to the extent of £2000, bearing interest at 23 rer cent., and after considerable difficulty, owing to several companies requiring to take the same steps, vcur directors were enabled to allot the full issue Immediately the financial position was assured, st«ps were taker to have the machinery ercted, and the corh-a-t was placed with Mr H. Nelson. Several delays occurred in Retting the pontoons completnl, ovnr.g chiefly xn the difficulty of making tli' dam on account of continual floods ir> the creek Tbe pontoons ferp finally taken over on the 14th March, and the contractor for erect' on notified to proceed. IT is time will cxDire on or about 10th May, and yoirr dire-tors trust thai the contract v.ll be completed up to time, fo as to enable nn parly start beiiip made to w^rk th p claim. Anticpptinff the erection contract bein«r completed up oo time, ycur directors had no hesitation m tppoiiiting a dredgrmaster. and from a large number o £ applicants Mr Norman K. Sl'go was appointed to the position, and your dire?^or= 'efl confident Una appointment will be fully justified when tho dredge rommences vcik Mr W. T. Wailaco resigned from the board during the year, and M v AY. F. Sligo was appointed to th° \acanrv. In accordance with the articles of association, three directors retire. They are Messrs G. M Marshall. C Ackroyd, and AY. H. Adams. All are eligrib'e, and offer themselves for re-election. A resolution wae passed at last annual meeting to amend the articles of association; in tins respect, but it was found not 1o be legal in consequence of not having bfen notified. Y"t>tir directors ncv. recommend thn.t artnies 79 and 80 of the art-cVq of association of the company be RTr-p-^ded so as to t)Tovi-de that two inptoad of thrt'P directors for the time being shall retire frcm office in every >oar An cxtraordir.aTy ri'pt'ng of pnprehoM^rs will be held at the .oi..Lta ni t.Vir. oiilu^ia? mealiaa t£ ass& a. ac"*i»*-

{ tion to that effect. Mr AY. E. C. Reid retires as auditor, and offers himself for re-election." The profit and loss account snows that the year was commenced with a deb.t balance of | ilo 1 9s 3d, nnd the expanses du v n;g the 12 months amounted to £'27-2 7s sd. thus making a deoit balance of £723 16s 8u to be ciur.eti forward. The company has sucdrv creditois to the extent of £322 3s 2d, and ihe contingent liabilities (as per i ngmeer's estimate) are £772, but there are sundry debtors (against continI pent liabilities to the amount of £150). The j \alue of the plant and machinery is set down at £6312 ISs There is a deport of £'500 in the Post Office Savings Bnnk, £11 6s 2d in the National Baiik, ?nd €'2 5s m hand.