BIGNELL'S NO TOWN COMPANY.

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

BIGNELL'S NO TOWN COMPANY.

An extraordinary general meeting of shareholders in the Bignell's No Town Gold Dredging Company was held in the company's office last evening for the purpose of considering the question of voluntary liquidation. Mr W. K. Guthrie occupied the chair, and there were seven shareholders present.

The Chairman said it was with & considerable amount of regret that the. directors had decided on calling the shareholders together for the purpose of recommending the winding up of the company. They had had * considerable amount of misfortune in connection with the working of their dredge, and that he supposed was the main reason for their present position. They had no sooner got properly on their feet after one trouble than they had met with another serious mishap, which took away all their savings* and threw them back to the starting-point again. Since they had started the claim they had taken about 5000oz of gold from it, the result of four years' work. That made an average of about 250z per week, which was not a bad average to take rig>ht__through. Had tihey been clear of these inevitable accidents they would have been able to have paid another 10s in dividends. The last mishap to the dredge a little while ago cost them something like £1200. The directors had to assume the responsibility of that expenditure in order to put the dredge in a marketable condition. Their present position wa» that they were owing £25, and against that they had the dredge and claim for sale. The last return they had got was 16oz for a portion of a week, and there were in it pieces weighing from 4dwt or sdwt downwards, but since then they had run out into worked ground again. It was possible that if they incurred further expenditure they might get ahead a bit and run into the gold again, but the risk was there, and it was a matter of who was going to take the responsibility. The airectons had given the matter very careful consideration — he himself was the largest shareholder in the company, and he did not see his way to take the risk for the company. At* the present time in the mining industry it- was a rather difficult matter to get sufficient money for a guarantee. They could see also by the small attendance at that meeting that shareholder* were not ' generally favourably disposed towards further expenditure. Mr Wylie their dredgemaster, was present with them, and would be pleased to supply any further information.' He would formally move — "That BigneJl's No Town Gold Dredging Company (Ltd.) be wound up voluntarily."

Mr J. H.- Haneoclr seconded the motion

Mr Gillies said the motion required no discussion. If the directors, who were most interested in the company, thought it was expedient to place such a motion before the shareholders, he thought that was all that could be done.

The motion was carried unanimously.

The Chairman intimated that the dredge had already been advertised for sale by auction.

Mr Hancock rose to say a few words with reference to their dredgemaster Mr Wylie had had a very arduous and trying time on the claim, and it was certainly not his fault that the gold was not there in sufficient quantity to pay handsome dividends. He had done hia best, and it was due to him to pass him a very hearty vote of thanks, and wish him " &od-speed " and better success in the future.

The Chairman aleo spoke in very complimentary terms of Mr Wylie's work, and stated that the directors had already formally recorded their appreciation of his services.

Mr Wylie briefly returned thank?, an<3 expressed regret at having to sever his connection with the directors of the company. It was announced that the resolution

would be submitted for confirmation at a second special meeting, at which a. bauidator would be appointed.