Untitled

Otago Witness, Issue 2516, 4 June 1902, Page 22

the act differently. He holcta that the act does not insist upon the actual publication of names, and in the annual report of his company only i the numbers of the folios on whirh the share- j •holders' names appear in the register are published, with the amounts owing. Doubtless j anany.shareholders in the company in question I ■will rejoico that their secretary so reads the ] act. In the formidable li<jt representing £2189 5s arrears, one shareholder owes £250, fieveral £80; and quite a number over the respectable liguro of £50. . ' The dredgeaiaster of the Upper Magnetic dredge reported on Tuesday, 27th, that lie had j measured the part of the claim that could be } v.-orked below the falls, and found that it contained 22 chains. Up to the beginning of lP3t ■>veek he had worked three chains and 50ft. Vhe part above the falls will be practically proved shortly, when the Grand Junction <lredge gets to work. If the ground is not too Uoep for the latter company it should prove a j very rich claim. Last week's return was not j very high, but this was not due to the nature oi the gronnd. The wash was a bit rough on the road side of the river, and that hampered operations a good deal, bo the usual amount of > jaaterial was not put through. The dredge has 7>een stopped this we?k for repairs, but it is expected that another start will be made at j midnight on Sunday. The financial position j of this company has been materially improved, ; and the outlook is exceedingly bright as compared with what it was a few months ago. i Arrangements have now been fcnade for th-e i redemption of all the debentures, bearing hi- J terest at the rate of 100 per cent, per annum, j and in lieu thereof the directors have con 1 - ; pleted negotiations for obtaining a. loan of £1000, bearing 20 j>er cent, interest. The de- I hentures will be redeemed on Monday next, ' June 2. Thh company is a striking example 1 of whet can b? effected even under unpioimsing ' conditions. At one time it appeared that hqui- ! dation was inevitable, and as si last resource ! it was agreed to issue debentures bearing 100 per cent, interest. After a few months' work the financial position has improved to such au extent that these debentures and accompanying : interest will no longer be a strain, and the jiecessary money has been arra-nged for on satisfactory terms. If thepresent returns keep ■up , there 13 every promise that all the company's indebtedness will be wiped off very shortly and a surplus in hand. ; The Mount Lyell Mining and Rs>ilv:ay Company has declared % dividend (the twenty-first* of 13 per share. The return from the Davis's Bend dredge i? ' looz 18dwt for 120 hours. The dredge has been i opening out the east side or the river. anJ v as j to stop on Monday for repairs and ur ore- \ ments. ' There was no wash-up from the Otago dredge la3t week »3 repairs were"bemg effected. The dredgemaster of the Kiver Mo'.ynpux dredge reports that there was no wash-up laet \ week. The drift is bad, but the dredge is ! working well. I The secretary of the Reliance Company reports that owing to the breakage of the crown wheel there was no wash-up last week. The secietary of the Royal Waimurau and Wainrumu Qusen Companies rrporls that the drpd^es did not wash-up last week. The dredgemastcr of the Junction Elect: ic I*Co. 2 dredge wires that the wheels necessary j to enables him to complete the repairs have been pot aboard, ar.d he expected to resume work on Monday. The Me~ ou'l Annie d'edpp in now undergoing an overhaul, and it wil* probably be the j «»nd a\ t'np current or the middle of the following v.cek before dredging ib resumed. | Tile drod;»cma>)tor of the Woodstock dredge reports that the dredge i<t working ncro3s a ridge of reef, but he expects to get into deep ground in three weeks. He will uot wash-up , \miil Friday next. 1 There was no wa=ii-rp iiora the Central Miitsura Ko. 2 dreJ-e last v.eck as the dredgema'stcr v.-23 l;u«y lPntunng. He v. ires that | dredging was resunitd at 7.30 p.m. on Friday. i A very satisfactory 11 umber of shares have bec£ tojeou i\p m the Xciv Golden Gravel Gold Dredging Company, ?ud its succe3t>£ul flcta- ' tiou is -now assured. There are still a few shares available to ary s.'us.rcholders m the old company who may rlesire to come in. The , company will probably in site an attempt to jecine Ih' 1 dredge, which v. ill bo sold by auction to-day, and, if successful, bo Uni' will bs lost .11 fitting to work attain. ' Tto dieHmeu&faf P* the i£ 0 Town Creel;

! djcdg" arlvi=ps the secretary that dredging itu~ it'umed i<t 4 o'clock on Tbuisday afternoon, after the top ' tumbler shaft and bottom tumblers had beea but unfortunately the spur wheel driving the top tumbler broke 011 Friday nigiit, sna vGrk cannot be started again until a ur-v; wheel as 'procured. The dredgemaster stated that lie could get one shipped from Mr Anderson's, but a deiay of a week will piobably be entailed. The directors of the Moonlight G-old Dredging Company have issued a circular to the shareholders, intimating "tlmt they have a definite offer of £1250 on mortgage, but they find it necessary to raise come further capital. It has, therefore, been decided to issue 750 shares (that will be forfeited on the 12th inst.) as preference shares, and a meeting of shareholders h<is been called to pass a resolution to enable this to bs done. The terms on which it is proposed to issue the shares are that after the redemption of the mortgage over the company's pioperty the holders will be entitled p?ri passu to receive the whole of the net profits until an aggregate of 20s per share lias been paid, after which they will rank as ordinary shares. In the event of liquidation any surplus assets will be applied in the direction of returning 20s j*er share to the preference shareholders before the ordinary shareholders receive anything. The capital paid up on the preference shares will not be liable to cancellation or reduction in respect of loss or depreciation until 20s per share haa "been paid. The proportion to which each shareholder will be entitled is one to every 12 ordinary shares held. It is satisfactory to note that the Wist Coast venders are in sympathy with the project, and have promised to take up their quota of the issue. Our Christchurch correspondent telegraphs . " The secretary of the Al Company (Mr Ro'htt) states that the explanation of the decreased return fioai the dredge this week is due to the fact that the drsdgc is being turned with a view of taking half a. cut down the ciaira. It is intended to wo; k the top part of the claim during the winter months, when there will be sufficient water. It will probably take Iwo or thre? weeks to turn the -3redge, and at the end of that period the returns will improve." The Leviathan Geld Dredging Company have declaied a dividend of Is per share 011 ths'pieference shares. The dredgeniastsr of the Sailoi's Bend dredge wired on Monday that he resumed work on i Sunday night, and bottomed at 7 o'clock 011 ! Mouday morning. The drodgemaster of the Royal Maori dredge ■ reports that he started dredging on Saturday 1 morning The prospects are fair. The amount voted by the Dunedin Stock Exchange to the \anous patriotic movements slid the equipment of contingents during the |i!o^ross of the war has leached an aggregate of (.lose on £1000.