NEW HALFWAY HOUSE COMPANY

Otago Witness, Issue 2690, 4 October 1905, Page 30

NEW HALFWAY HOUSE COMPANY

An extraordiiKury general meeting of the NeW Halfway House -Gold Dredging Company wa3 field at the company's .registered office on j afternoon. Mi A. James presided, and 'six shareholders were present. The purpoao-of the meeting -was to consider a resolution to ibe effect that the company, by reason of its liabilities, oould not continue iis business^ and that it he -wound up voluntarily. " The Chairman said he would not detain tho meeting long. On October 17 last, at an extraordinary meetirjr of shareholders, a liesciuticrn was passed aivthorisina the directors to shift the dredge up to Mr Pretsch's olaim or uny other claim they could arrange +« work. Arrangements v.'ere ma.dk> with Mr Pretsch to work rhis claim on tribute, and an agreement "Was ■entered iuto for this i-urpose. On November 14 a staa-t was made to move dredge up the river. .The river kept rising from time to i liroe, and* dredging was only commenced on I June 9 Up to Septembr 19 go.d to the value hi J226? was obtained In April funds were >xhausted, and £300 was borrowed by the Eiiiectors on the security of the dredge. Ho fidd noi think thca'a was any d&ubt that i.hey Vave the new claim a fair trial. They resolved lo go on till Soptemoer 15, the dre'dgemaster being in expectation of better returns. The last wieek showed a return of a little ovev 6oz, *nd the dredgemaster telegraphed thai the proapects werp poor. The directors had no•thrng left but to close down at once and call that day's meeting. Tfhe position now was that, taking everything into account, they 1 owed about against which they had the dredge, vrinfih he hoped would realise considerably , more than that. He need not say low sorry i .Unj- directors were that the position was as it was, but they had done their leveil best to give thtf claim a trial, and no other conclusion could be comic to thaa that the gold was not there. The only course was now to go into liquidation. They might remember that nearly a yoa.r ago the directors practically resolved on that course, but tixß shareholders wanted to have another run. He would move formally that the company go into voluntary liquidation. Mr Thomson seconded the motion, which was carried unanimously. It was also unanimously resolved that the

directors aot as liquidators at the sanne foes paid in the ordinary course.