FOURTEEN-MILE BEACH GOLD DREDGING COMPANY.

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

FOURTEEN-MILE BEACH GOLD DREDGING COMPANY.

An extraordinary general meeting of shareholders in the Fourteen-mile Beach Gold Dredging Company was held in the Dunedm of considering a resolution in favour of voluntary liquidation. There weie 21 shareholders present, and Mr E. A. Tapper (chairman of directois) presided. An apology for unavoidable absence was received fiom Mr C. R Smith. The Chairman stated that, as shareholders were aware, the directors had done all in their power to get shareholders to take up the debentures, but they found., after waiting for a considerable time, that only £620 woith of debentures out of £3000 worth had been taken up. They then decided to wait for a week, but during th.it time only one application, and that for two debentures, was received. The speaker thought, therefore, that nothing could be gained by waiting, and he would move as follows: — "That it has been proved to the satisfaction of this meeting that the company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the s-arne, and accordingly that the company be wound up voluntarily under ' The Companies Act, 1903.' " The motion was seconded by Mr J. Moloney, and carried after a short discussion.

On the motion of the Chairman, seconded by Mr Paterson, Mr W. T. Monkman was appointed liquidator, at a fee of 20 gumeas. It was also decided, on the motion of the Chairman, that the liquidator be authorised to sell all the assets of the company to a new company to be formed by the sha-reholdeis in the old company, at a price sufficient to pay all the debts of the old company and the cost of liquidation.

The Chairman intimated that more than 3000 shares in the proposed new company had aheady been bespoke, and if any other shareholders wished to take up shares it would be as well for them to send m their applications at once. All the directois intended to apply for more than their quota. The list was a good one, which showed that shaiehoidei"3 still had faith in the company. Shaieholdeis had already piomised to take up all the shares except 800. A meeting of the picference shareholders was afterwards held, when it was decided that a new company, to be called the New Four-teen-mile Beach Gold Dredging Company, be formed, with a capital of £4000, to take over tho assets, consisting of claim, plant, and diedge, of the old company, and to woik the same. The shares m the now c n mpcny will in the first place be offered to the piefeiencc akaxeh.old.era. in the old comuany.

1 It was also decided that tneie be five proi visional chrccioiM, ar.d the gentlemen appointee} weie Messrs T. Ste-I, E A Tr.pper, C R Smith, R. T Cocmei, a.\d F. W. Platts.