MINING NOTES.

Star (Christchurch), Issue 7587, 22 December 1902, Page 3

MINING NOTES.

The " Crom-well Argus " states that the small company that took jip the Fendigo tribute 'has hod to abandon it, after lour months' 'hard work, having lost considerably over the venture. It is still of opinion that the ckiin is very rich, but it cannot afford to advanca the ne-cessary capital to make the undertaking successful. It has, however, put tho venture on the highway to a successful issue, and it is possible tih-at someone else may -complete the work. A meeting of debenture-holders in the Garioajdi Gold-dredging Company was held in Dunediu on Friday evening- to consider the financial position. The Secretary reported that 740 of rhe 800 debenture-holders had 1 announced their willingness to take up shares in a new company, and! it was reported that a thorough investigation of tha claim 'had shown very good prospects. The Secretary suggested that a circular should ba sent out -io debenture-holders, proposing that reconstruction should be effected on the basis of a capital of £3(WO, consisting of -1000 shares of 15s each, 2503 fully paid-up shares to be given to tho debenture-holdeo-s in lien of their debentures, 1250 preference shares to be issued, carrying preferential dividends to the extent of 15s per share, ar.d afterwards to rank as ordinary shares; 1000 of these shares to bo offered to the debenture-holders and 250 io the company's ered-Hors, and the -balance- of 250 shares to te offered to the old shareholders. This suggestion was adopted, with the amendment that the last 250 shares should be left ■to he dealt with as thousrht fit. It is reported! that the Buller Junction Company's return .for last week -was 234 0z for 13 1 hours' work. Thi& far exceeds all expectations, and is one of tho best return* got on the West Coast this- year.