GREY RIVER CONSOLIDATED DREDGING COMPANY.

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

GREY RIVER CONSOLIDATED DREDGING COMPANY.

A number of the debenture-holders in the 'Grey River Consolidated Dredging Company have still a good deal of confidence in the claim, and are desirous that the dredge be placed in commission again with the object oi iollotring up the best of the leads of gold crossed by her in her progress from the duck pond to the river. The debenture-holders, who nave held several meetings, have appointed a committee to confer with their trustee with a *i*w of realising the asspts to the beat advan-

tage, and for this purpose seeing if • small company could be formed among the debenture-holders, shareholders, and others to purchase the dredge and claim. A circular has now been issued to the debentureholders and shareholders proposing that a new company be formed with a capital of £2250, of which from £200 to £250 will be required to pay off preference claims and put the dredge in good working order. The flotation of the new "company will be contingent on the debentureholders converting their debentures into shares, and for its successful flotation it will be necessary for each of the 121 debenture-holders to take up a few of the extra shares. In order that shareholders who are not debsnture-holders may have the opportunity of coming into the new company, their applications will in the allot- [ ment receive the same consideration as those I from debenture-holders. The dredge is moored a comparatively short distance from the lead that gave 250z for a week's work, and it is anticipated that when once on the lead, which should bs accomplished in a fortnight, this return will be maintained. If the dredge be submitted to auctior. without reserve the chances are that the dredge and claim would not fetch mete than 5s to 10s in the pound of the debenture issue; it therefore behoves all debenture-holders to put another few pounds into the company to protect their own interests. The company will be registered if 2009 shares are apphed'for, but if the applications fall short of this number the application money will be returned m full. As the dredge will be submiUed to auction shortly it is ! imperative that those interested reply immediately as to whether they will support the movement or not.