STAFFORD-WAIMEA GOLD DREDGING COMPANY.

Otago Witness, Issue 2561, 6 May 1903, Page 25

STAFFORD-WAIMEA GOLD DREDGING COMPANY.

Tha following circular has (says the Alexandra Hera.d) bean issued by the directors to shareholders in the Stafford-Waimea Gold Dredging Company : —

'/ No doubt you will remember that at the last annual general meeting of shareholders your directors were recommended to endea-vour to procure a stronger and more efficient machine to work the company's claim; and, although anxious to carry out the wishes of the shareholders, nothing in the shape of a suitable machine was available unt'l a few weeks ago, when the Greait "Woodstock Company's dredge came into the market. This dredge was strongly recommended to the board as being suitable in every way, and the following will give an idea of its capacity and strength: — Pontoons, 101 ft by 31ft by 7ft to 6ft; ladder, 68ft centres; buckets, 4J cubic feet; elevator, 42ft centres; screen, 26ft 9in by 4ft Gin (Jin plate); engines, 16 horse-power; boiler, 25 horse-power. The lo^vasfc price at which this ffredge was procurable was £1500. and, to provide this sum of money, your directors (with one exception) and two outside shareholders —namely, Messrs Robert Ross and Thomas Steel— having unbounded faith in the claim, and rather than lose the chance of such a good m-achine, agreed to give the bank security for the advance, m the shape of a joint and several guarantee, taking in turn a mortgage over the company's property to secure themselves. The work of dismantling, shifting, and re-erecting will be started almost at once, and is estimated to cost £1300, which will bs provided for by uncalled capital. The o'd dredge will shortly be disposed of, either by auction tr tender, and the amount realised will go towards reducing the cost of the new dredge. Notice of the ninth call is enclosed herewith, and your directors ask for evidence of co-opera-tion on the part of shareholders by prompt payment of calls, and. «f given, the issue will b<s beneficial to all ; if not, the company must go into liquidation."