NEW BENDIGO GOLD DREDGING COMPANY (LIMITED).

Otago Witness, Issue 2686, 6 September 1905, Page 27

NEW BENDIGO GOLD DREDGING COMPANY (LIMITED).

An extraordinary general mcc.ting of the Hew Bendago' • Gold Dredging Company was j flield ai the registered office of the company, j FindlayAs- Buildings, ,1 Morayjplaoe,<on Wed- j mesday. for.4hej|urpqae of considering -a resolution if oi'..winding ui^the/affairs of the • company. . The j&areholdere.qotesent were Messrs A. Kyle . (cbairnisn),lH?^North,:-J". 'Samson, F.. JW>,JMer,,"G.M3^;Cripps> N. Smith,. W. Snedd*n,;s'.,v'VCells) JD.jjJ.-Fjfe, and, Captain Snndstrpm'. - -•-"*, , The.Secretary; (Mr.J. Bi-Brugh) reed^ the circular, convening - the- meeting: and also' theformal notice '"providing-- for -the winding-up of the-jßompany. 1,;-. >. '-~-> •- •• - 'I The Chairman said the" directors of the com- ] ipany were Very sorry'to call the shareholders together for the .purpose of that meeting and to pass the resolution which they would be called-^upon to pass. He stated briefly the iistory of' the' difficulties the company and drodge had to contend At a. time when the. company was in financial "difficuLiiea, and i tho debts amounted to £380, the dredgemaster ■was ordered to put the dredge in a safe place and moor her, and this was done, and tho dledge was moored and a caretaker appointed.' The headlines were getting silted over, and a new dredgenwster was appointed to •endeavour to get tho -lines up, and he reported that he could dredge at the same time that he was^trying to get the lines up, and that he thought gold would be obtairued. Tha" result of the dredging for some weeks proved that the anticipations as to getting gold were not realised, and the dredgemaster thereupon offered to work the dredge for a month without-pay if he was unsuccessful in getting gold, and during this period he got one of the lines up but did not get gold. In order to allow of these and further operations two levies, which brought in about £2000, were m-ade. A trial was also made of ■the ground below the basin, but without success. They had now spent so much, that at was not thought advisable to go further. Although they had beerr 1 unsuccessful the dir-ectoaie still thought there wa3 gold in, *he claim, but the three yeaars' experience *was against them. The position of the company •was this: That when /they went into liquidation- the trustees for\tjhe debenture-holders ■would probably take possession of the dredge s.nd jxroperty, and hd suggested, if the resolu--tion in favour of liquidation was carried, the d-ebentuße-holders, of *whom thero were a. munbor present, should • afterwards meet and ctecide what .was to be done. He concluded ly moving the customary- formal resolution in favour of wind&g up the company. (Mr G-. G-. Cripps seconded the resolution. In Toply to-Mr 1 Inder, The Chairman said the company had not 'tried the whole af thp basin. A large island «f shingle in the 'claim had now disappeared, and on each side of this good gold had been got, and it was possible that if the locality •whera the shingle had been was dredged good returns might be obtained, and if a. new company waa formed there would be a good opportunity for trying the centre of the basin. In reply to further questions, the Chair- j snan staled that there 4wd been no opportunity of trying the pa*ts of the claim he referred to previous to closing down. He also stated thjit the dredge was a good one, and! would dredge to 45ft.

The motion,in favour of liquidation waa *heu put to the meeting-, and waa carried j without dissent. I On th© question of tho appointment of si , liquidator being raised, the Chairman suggested that as the trustees for the debenture- ! holders would probably seize all the property | there was 'scarcely any need for such an appointment. • After discussion it was decided to appoint ' Jlr J. Samson as honorary liquidator. ' In reply to a question, the Secretary of the Company stated that the amount of i 'liabilities outsacie debenture-holde-rs was £116 25s 3d. and the cash* in hand £30 12s lid. > The business of the company; then teraninated. A meeting of debenture-holders was held •t the conclusion of the above business, and after , discussion it. was resolved —"Tha* the trustee (Captain Sundstrom and Mr Brugh) i lie instructed to take posisession of the dredge, claim, assets of the. company, etc. and realis-o jso the best advantage."