EARNSCLEUGH No. 3 DREDGING AND ELECTRIC POWER COMPANY.

Otago Witness, Issue 2524, 30 July 1902, Page 25

EARNSCLEUGH No. 3 DREDGING AND ELECTRIC POWER COMPANY.

An extraordinary general meeting of the Earnscleugh No. 3 Dredging and Electric Power Company was held on the 22nd in the office of the comjjany, Crawford street. In ths absence of tho chairman, Mr Blair presided, and about a dozen shareholders attended.

The Secretary explained the ttcps which had led up to calling the meeting. Early m June a circnlar was issued to debenture-holders asking them to postpone the payment of their interest in view of the probable early completion of the dredge. It was fair to assume they would agree to this, as only one had ob"jected, and the rest had not replied. Later -on it was found that matters were not progressing as was expected, and the dredgemaster reported unfavourably on the state of the dredge. Up to the present time the amount of subscribed capital was lls ; debenture money, £2970; sundry creditors (including £300 interest money), £1355 12s 9d ; —total, £23,469 3s 3d. The company still had £596 to their credit in the bank. The d rectors had been •nticipatmg for a long time that the dredge would start. It was to have been—finished last August, and a very large sum had been expended in wages alone during the last six months. The secretary read a report of an unfavourable nature by the dredgemaster on the machinery, in which he gave details of alleged faults in various portions of the machinery. He alao read Mr Reynold&'s detailed leply to these objections to the machinery. Mr Kelman, as the local director, said he was very sorry the necessity had arisen for calling the meeting. They had been struggling with the company for four years, and had wasted a very large amount of mcaey. Originally this machine was to coat £15,000 or £16,000, and they had now spent £23,000, and had got nothing for it. Mr Kelman, like Mr Weaver, then proceeded to comment on the machinery with a freedom that certiinly precludes any newspaper from publishing his remarks

A-good deal of discussion then ensued on the position of the company, and eventually a resolution deciding on voluntary liquidation was decided on. Mr A. J. C. Brown was appointed liquidator et a fee of £25.

A vcte of thanks was passed to Messrs Kelman and" Weaver for the ttouhlo they had taken in looking after the shareholders' interests.