FOURTEEN-MILE BEACH GOLD DREDGING COMPANY.

Otago Witness, Issue 2604, 10 February 1904, Page 25

FOURTEEN-MILE BEACH GOLD DREDGING COMPANY.

The Fourteen-mile Beach Gold Dredging Company has had a most chequeerd career, and, owing to one misfortune coming after another, the claim (which it is believed is a very good one) has been woiked but very little. The original capital was £16,000, but this proved insufficient to develop the claim, and in order to place the finances on a sound footing 6000 preference shares were issued. The original dredge, which was worked by electricity, was unequal to the task cf working the claim to advantage, and eventually the directors decided to procure another machine. The M-ain Lead Hercules dredge was secured and shifted to the Fouiteen-mile Beach claim, but unfortunately the re-erection of the machinery occupied such a long time that the whole of last winter was lost to the company. The expenses, however, continued to go on, and the company was soon in financial difficulties again ; and though an effort was made to ease the position by the issue of debentures, the shareholders would not respond to a sufficient extent to pay the debts. The mortgage which exists over the company's assets will fall due shortly, and the directois realise that if anything is to bs done to conserve the interests of shareholders prompt action must be taken. It is proposed, therefore, to form a small company, with a capital of £4000, to pay the liabilities and to take over all the assets of the present company. A meeting of shareholders has been called for the purpose of considering the advisableaess of liquidation, but in the meantime the directors are taking Bteps to ascertain whether shareholders are m favour of making an attempt to reconstruct. Some very good returns have already been won from the claim, and it is confidently believed that the new dredge, which can be woiked either by electricity or steam, will be quite capable of treating the ground to good advantage. A few repairs will piobably be necessary before operations are commenced, but if the new company is foirued these can no doubt be pffected before the river is low enough for dredging. According to the statement of affairs for last year, the company was in debt to the extent of £1419 14s Id on December 31, the cash In. the bank on that date being £173 Ss Jld, while the liabilities amounted to £1593 3s. The quantity of gold won from the claim to date is 802oz 9dwt sgr, valued at £303S 3s , while the expenditure from the date of registration until December 31 was £24,786 18s, of which sum £5086 9s lOd was spent last year. Shareholders will bs.v« tc act jjiometli ii they, slts

desiious of saving fheir piopeity arcl giving the diedge a luiiiiii ii.i 1 .