LONG VALLEY GOLD DREDGING COMPANY.

Otago Witness, Issue 2556, 11 March 1903, Page 26

LONG VALLEY GOLD DREDGING COMPANY.

A meeting of shareholders in the Long Valley Gold Dredging Company (Limited) was held in the office of Messrs W. Powell and Co., Princess street, on Monday. There were 12 shareholders present, including" Messrs Craig md Jackson, directors of the company. Mr A. Tapper was voted to the chair. - The Chairman said the circular sent out by the directors had no doubt come as a surprise to a good many shareholders, and one or two had spoken to him and suggested that it would be better probably to call a meeting. It would be a, pity, he thought; if a company such as the Long Valley, having such a claim as they had and such a first-class dredge, went into liquidation at the present stage, and efforts ought to be made to keep the concern going. He had thought the matter out, -and it appeared to him there were three methods, one of which might be adopted; but in order to get the views of the shareholders it would be well to send out a circular, giving shareholders an opportuuitv of expressing an opinion as to the best method of keeping the company going. One method was similar to that adopted by the Fourteenmile Company. That company had tc raise £6000, and the benefits were made such that the whole of the amount was subscribed by the shareholders. Another method was the New Biver Molyneux' s, whose directors issu&S 2000 preference shares among the shareholders, each share taking with it two other shares. The third method was that a levy should be made of Is 6d or 2s Gd, as the case might be. If they adopted the levy scheme they would have to make the amount to bear something more than an ordinary levy, otherwise some shareholders would take it up and others would not. In addition, the sanction wouM have to be obtained of the directors that \**y would allow the" company to go on to properly test the claim with the dredge. The levy should therefore be put into a separate trust account to pay the wages and working expenses. Tho directors woul dhave to be asked to issue the circular to shareholders, and he understood the directors would have to be asked to issue the going if any satisfactory method could be proposed for doin? so. ■ In reply to Mr Adam, Mr Jackson said the directors had absolutely no proposal to make, but if the "hareho'.ders could devise some workable scheme for parrying on it would have the hearty support of the directors and of the vpcountry shareholders. S3ever.il shareholders ezpresged the opinion

that an effort should be made to give the claim a proper trial.

After a discussion of the affairs of the company, it was unanimously resolved — " That the directois be respectfully requested to postpone liquidation for a month, aud in the meantime issue a circular putting in as concise form as possible the position of thp company, and asking shareholders to subscribe to a levy of 2s a share, returnable on or before the 31st March next; and, failing a response, liquidation to take place forthwith ; said levy to bear interest "at the rate of 50 per cent., to be paifi out of gold obtained from the claim; failing the amount being subscribed, the directors to return all payments made, less actual expenses incurred, said expenses not to exceed 5 per cent."