ELECTRIC EXTENDED GOLD DREDGING COMPANY.

Otago Witness, Issue 2513, 14 May 1902, Page 23

ELECTRIC EXTENDED GOLD DREDGING COMPANY.

An adjourned extraordinary general meeting o.f shareholders in the Elextrio Extended Gold Dredging Company was held at the company's office on the 6th to consider the question of ! vohintary liquidation. In the absence of the I chairman of directors (Mr R. T. Wheeler, jun.), I who was unable to be present, owing to a prior j engagement, Mr A. James presided, and there ■were about 14 other shareholders present, including one lady. ! The Chairman, after apologising for the absence of the chairman of directors, stated that, in, accordance with the decision arrived at at the last meeting, circulars h,ad been issued to shareholders, and they now had the result before them. The response was that shareholders had agreed to take vp 659 shares in a new company, while they had agreed to take up 59 debentures should thffc form of financing be decided on. It would thus be seen that the views of the shareholders were decidedly in favour of reconstruction. The speaker had a letter from the Iscal director (Mr Carl Pretsch), who has a gced knowledge of the claim, and who is_ very desirous of giving the claim a (further trial, and he also had a telegram from the dredgemaster, who stated that should the company go into liquidation he -would -take the dredge on tribute. Tbi3 telegram showed that the dredgemaster waa of opinion that the gold was there, and those competent to judge still thought thgtthere was a, fair prospect of success. It was;- however, for the shareholders to decide whether they were willing to give the claim a further trial . or whether they would liquidate and sell the dredge. His own opinon was strongly in favour of giving the claim another trial, and! the replies received from shareholders showed. that they shared his view. At a meeting of the directors yesterday morning it was decided! to advise the shareholders to liquidate and form a new company, with a subscribing capital of £1500 and a total capital of £iSGO, every sha.eholder getting two fully paid-up shares for every contributing share taken up. H<; concluded by inviting a discussion in orcler to decide the best course to pursue. Mr Solomon remarked that a large i- inter of shareholders would be shut out of the nor company, as they would be unable to fake up shares, and asked if the directors had thought they could work another claim on tribute. If they were prepared to consider an offer to work another claim on tribute he v/ould submit an offer to them in the morning. The Chairman said he thought Mr Solomon's proposal should stand over until the business of the meeting was decided. In reply to questions, the Chairman stated

ihai; the amount owing to the mortgagee was aiow due, and the latter objected to have it increased. The directors could not obtain anything <for the dredge without giving a personal guarantee. He did not think it was possible tfor them to xeborrow the money. The dredgeanaster was of opinion that he could bottom op any part "of- the river at present. The total jclebt of the company at present was £750, and he did not think there would be any difficulty In getting shares taken up with a contributing capital of £1600. •■ The Chairman then moved that the company to into voluntary liquidation, the motion being parried. Mr David-Larnach(the secretary) was appointed liquidator, at » remuneration of £15. > On the motion of Mr Moss, it was resolved .that it be an instruction to the liquidator to ■ell the assets of the company to a trustee lor a new company at a price sufficient to pay the debts of the old company. It was also resolved on the motion of Mr {Moss that -a new company be formed amongst jthe shareholders, with a nominal capital of £1500, divided into 4500 shares of £1 each, 1500 feeing subscribing shares, and for every share subscribed two paid-trp shares be given. It is proposed that 103 per . share be payable on rpulication, 5s on allotment, and 6s as required. In reply to a question it was stated that the 'dredge should be able to resume work almost immediately. . ZTearly all those present agreed to take up their quota in the new company, the result being that nearly 1000" contributing shares have been taken up. The meeting closed with a v.oie of thanks to the 'chair.