MOLYNEUX KOHINOOR DREDGING COMPANY.

Otago Witness, Issue 2842, 2 September 1908, Page 29

MOLYNEUX KOHINOOR DREDGING COMPANY.

Art extraordinary meeting of shareholders .in the Molyneux Kohinoor Dredging Comjpany was held on the 26th ult. to coneider the question of formally winding up the company. Mr Hugh Adam (chairman of directors) presided, and there -were seven shareholders present. The Chairman said he regretted that they had been compelled to call the shareholders ■together to that meeting, but the. position had been forced upon them. At present *hey' owed £299 17s sd. The dredge was now at the top of the claim, and they did not;6eeany prospects of getting any more -gold out of it. They thought there was some gold at the bottom of the claim, but the ground there was too deep for their dredge to touch. Since the company was floated they had recovered' £16,508 19s 5d worth of gold, et a cost of, say, £20,000. They had paid back over £4500, so that from a shareholder's point of view it had

not been a very good speculation. The amount of capital subscribed was £7325, and thus the shareholders had got back some 12s 6d in the pound for their money. He would formally move the following resolution: — "That the company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and that the company be wound up accordingly under "The Companies Act, 1908.' " After the motion had been duly seconded, Mr Campbell asked the chairman when they had thought it advisable to offer the dredge for sale. The Chairman: After our last meetings We considered it would gave time and the expense of wages. Sir Myers asked the chairman if he thought it would be advisable for the directors to borrow as much as they could and mortgage the dredge, and then witl that money prospect the shallow ground. The Chairman 6aid he dfd not think so. The claim had been thoroughly prospected from the bottom right up to the top. The dredge_ could work to a depth of about 45ft, and there was but one little piece of ground on the west side that they could .not touch. He thought it would be throwing money away to spend any more on the claim.

Mr 'Campbell said he did not think tihey could borrow any more thaor they could get for the dredge. He thought that operations had been carried on too long. The dredge had not been paying its way for a long time. Formerly- there had been a reserve, but that was now all eaten up. __ It would be foolish to go on borrowing any further. The Chairman pointed out that the necessary uncertainty of the industry had led them to go on in justice to the shareholders. On two previous occasions they had had circulars printed calling a meeting similar to the present one, but in each case a return had come to hand which justified them in continuing. The motion was carried unanimously.

Mr A. James moved — " That Mr H. Shrimp-ton be appointed liquidator, at a fee of £25, and that the action of the directors in advertising the dredge for sale be confirmed."The motion was seconded by Mr Campbell and carried.