THE SKIPPERS SLUICING COMPANY.

Otago Witness, Issue 2524, 30 July 1902, Page 24

THE SKIPPERS SLUICING COMPANY.

The following circular has be;n issurd by the directors of the Skippers Sluicing Company to the shareho r ders with the object of raising funds to put th? company in a satisfactory financial position, and enable work to be continued : —

•' T ho directors regret that the year's working ha 3 been very unprofitable, chiefly owing, as fotind during progress of the work, to the gTound operated upon having been previous!^ driven out, and in consequence the season closes with a large deficit over working expensss. The manager and directors still believe that the property ia a good one, and thirt if once free of old ground the returns would: amply repay for working. As it is, the cost of a good deal of Head work in the way of snipping ?.t both ends of the terrace is included in the expenditure for the year j\isfc closed, and this stripped ground is now available for working at reduced cost as soon as operations are resumed. In view, however, off the funds being insufficient to meet present liabilities, and of the claim being mortgaged to secure the debenturt^hoiders, the directors are uiif.tta to carry on, and have accordingly ttetei mined to call the, shareholders together to consider a scheme of reconstruction. They propose that a new company be formed with a capital of £2000 in 2000 snares of £1 each i that the debenture-holders be asked to accept repayment of their debentures and interest in, paid-up shares— absorbing about £1058, — and, that the balance bo offered for subscription, present fhareholrters to have fir3b offer. About £250 will be required to pay preference clatms and wages, "and the balance subscribed over that figure will provide for future working expenses. Should the schenio for reconstruction find favour with the meeting, the liquidation of the present company may be postponed until details tiro arranged, but, if not, the notice for liquidation will b? submitted."