NEW BENDING GOLD DREDGING COMPANY.

Otago Witness, Issue 2676, 28 June 1905, Page 27

NEW BENDING GOLD DREDGING COMPANY.

The directors of the New Bendigo- G-old. Ih edging Company have addressed the following circular to shareholders who have not yet contributed to the levy of 3s per share , zrade by the directors in August of last year:— " The directors have, to say that owiing to the shifting of ihe courso of the river during th* summer both the headlines of- the- dredge were covered deep with ■silt. The n«w* dredgemaster thought that he would be able to release the lines in a few days, and so he kept , dredging away, but not deep enough to getgold. However, now he expects that he will have the lines uncovered £n three days. When ha has succeeded in. freeing these lines the • dredge- wijl ; be taken to a part of the claim where- it is known that gold can- be got in payable quantities. Unfortunately, the com- . pany's funds are now getting very low, and" therefore an appeal is made to- those- sihare- ' Holders who ha.v& not jet contributed aaiy1 ishing to the levy. They are asked to forward to the secretary (Mr J. B. Brugh)-~their quota of 1 3s pea* share, o-r as much as they can con- ' veniently contribute before- the end of the j resent, month. If £150,, at least, is not con- ' taibuted before that date the trustees- for the . mortgagees -will' foreclose in ordisr to protect those who have already contributed. All those -who now contribute will,, in like manner to those who have already contributed, have, as security for the- repayment of -flieir money, a mortgage over the dredge, the claim, and the whole of"the assets of the company. The ievy "money will bea-r interest at the rate of 100 per cent. If £150 altogether is net now contributed,, tha contributions will be returned without delay." In connection with the levy above referred i to the trustees of the levy have addressed the ,' following circular to those w-ho have sub1 acribed to it : — ) " Owing, to the liver changing its course- : last summer, the headlines of the- dredge r became very badly, silted 1 up, andf practically ' not dredging: on solid, ground has. been possible. All the working, capital has- been spent in trying to clear the headlines and get tire i dredge- out into the stream. It is expected ■ that the headlines will be freed in a few days, ! andi the dredge placed in, a position to start ;in virgin, ground. Prom, the- statement, which ' your trustees, now beg to submit to you foi -your consideration, subscribers to the abov^c . fund wills sea that the- trustees cannot take [ tie* risk of allowing the dredge- to' work any longer, and therefore they have to ask your ' co- operation in the matter so as to give the I claim, which isi highly spoTien. of by those t "who- know it,, a fair trial. Preferential, liaoilitdea axe represented aa follows: — W-ages owing, say, £35; credit balance, £31 (total, r£66); and! the assets — credit balanca at bank, ' £5&; moneys* owing to the company, £10- (total, feejr-leaving, a. credit balance of some £31, r and", besides this, the directors- have paid for ■a> fortniglifs ooal ire advance ; but if the ; dredgemaater doesn't strike-- payable gold ia . a day or two* your, trustees will have to foreclose, and the whole concern wiill be crippled. In our opinion,, the best w>ay to prevent suck a crisis, mere especially, now in the middle of winter, and with, the- pxoapect of a favQivrabla river, -would ba fox. -the subserrbers to the above fund 1 to pay an' additional levy of, 1 &»y, la- per share, sue& levy to- ranS- equally with . tha Isßft levy of 3& par si-are, carrying 100 per cent, interest. If subscribers are ■ willing to fall in. with thfe proposal, and pay a further subscription of Is per share, the directors are oh the opinion; that this would .PJftV&ft Sufficient capital to gj.v« tho claim

a further trial, and most likely says the company freni liquidation. '

j THE WEEK'S DREDGING RETURNS. During the week ended Monday, June 26, returns were reported from the following 51 dredges, the tola! yield being 17350z 4dwt 23gi, or an average of 330z per dredge: —

JLH.E VV £i&X V/.»iWli Jamiescn's Reward: ...... 54 0 0 Pactodua No. 2, 116Hr3 .... 53 15 0 Pactolus No. 1, 116hr3 .. .. 51 10 0 No- Town- Creek, 4£ days .... 51 0 0 Blackwater Biver, 85hrs .... 29 7 0 Nelson Creek, 1201irs ...... 29 0 0 Mokoia, 123hrs 27 11 0 Callaghan's Ciesk, 131hrs .. 24 0 0 Three-mile (Greenstone Creek), 1301ns „ „ 23 7 0 Bignell's 2fo Tatra, 92hxs . . 21 4 o Eoeves's Proprietary, 2so. 1, lOShrs - 16 10 0 Eeov*s's Propri&tai-y No. 2, 140hrs .. .. .. 8 0 0 Total .. „ 389 * ©

Oz. dwt. gr. Clj-cle, Alexandra, week .. „ 211 0 0 Electric No. 2, Cromwell .. .. IGO 5 0 Oiago No. 2, Island Block, HOhrs 92 0 0 New Roxburgh Jubilee, Roxburgh, 142iirs 80 12 0 Lady Annie, Waikaia, 167hrs .. 56 2 6 Junction Electric No. 1, Cromwell 46 0 0 Golden Treasure, Miller's Flat, HOhrs 44 0 0 Enterprise No. 2, Alexandra, 5 days 43 14 0 New Perseverance No. 1, Alexandra 42 10 9 Rising Stm, "Upper Clutha, 124hrs 40 10 0 Sandy Point, Alexandra, 124hrs 40 3 0 Waikaka United No. 1, Waikaka, 126hrs 37 14 0 Waikaia, Waikaia, 142hrs .. „ 37 0 0 Central Charlton, nr Gore, 135hrs 33 3 0 Kiley's Bea<;li, Cromwell, 79hxs 33 2 21 Masterton, Waikaia, 167hrs .. 32 17 0 Hessey'a, Waikaia, 128hrs .. 32 12 0 Dunstan Lead', Alexandra, wk .. 32 10 0 Majestic, Miller's Flat, 131hrs „ 32 4 0 Matau, Clyde 31 10 0 Muddy Creek, Waikaia, 125hrs 29 0 0 Chicago, Alexandra, 125hrs .. 28 14 12 Charlton Creek, nr Gore, wk .. 26 6 0 New Fourteen-mile Beach, below Alexandra, 02hrs 27 5 0 Garden. Gully, Waikaka, "(h. days 27 4 0 Electric No. 1, Cromwell, odys 26 11 0 Alpine No. 2, Cromwell . . > . 24 11 5 Junction' Electric No. 3, Cromwell' 24 10 0 Royal Waiimumu, near Mataura., a24hi3 23 11 0 Manuherikia, Alexandra, 140hrs 22 7 0 Otago No. 1, Miller's Flat, 125hrs 22 0 0 New Perseverance' No. 2, Alexandra 21 14 18 Punt, Upper Clutha, 106hrs . . 21 5 0 Upper Waipori. Waipori, I3ihrs IS 8 0 Waimumu, nr~ Mataura, 105hr3 17 14 0 Waikaka. United. No. 2, Waikaka', 134 his 17 5 a Waikaka, Waikaka, 131hrs .. 16 16 0 Ettrick, Roxburgh, week .. .. 16 13 0 Waikaka. Queen, Waikaka, lllhrs 16 4 0 Lady Roxburgh, Roxburgh, wk 16 1 0 Golden Gate, Miller's. Plat .. 15 19 0 Nugent Wood', Wadkaia, week .. 13 14 0 New Alpine Consols, Cromwell, 5 days 13 2 0 Clutha River, Clutha River, 37hxs 13 0 0 MacCharlton, near Gore, 128hrs 12 8 0 Junction Electric No. 2, .Cromwell 12 0 0 Taniwha, Tuapeka River, week. . 11 6 0 Waikaka. Syndicate, Waikaka, wk 10 18 0 Olrig, Manuherikia, 1361rrs .. 9 14 0 Gabriel No. 1, Tuapeka Flat, wk 9 11 0 Unity, Glyde, 84hrs 3 a 0 Total 1735 <t 23