MINING NEWS

West Coast Times, Issue 12345, 29 October 1902, Page 3

MINING NEWS

-BIGNELL'S NO TOWN GOLD DREDGING COMPANY. The aanual report and balance sheet of the Bignell's No' Town Gold Dredging Company just issued; shows the straightening up of the Company's affairs, which has been effected since the last general meeting, when they were in a very weak state. On the -machinery ' contract alone ihere was a liability of about £4000, and the contractors for the supply of timber ffor the pontoons were pressing for their aceoont of £398". The balance sheet shows that tiw whole of the debts owing by the company only amount now to £124 13s 9d • the machinery contract having been cancelled and th 9 timber paid for. The assets consist of nearly £5000 of uncalled mad unpaid capital, £398 of timber delivered at the claim, and £6 12s Id in the bank and although" £1799 was paid on the machinery contract, loss on sale of engines, and engineer's commission, etc., .the directors consider that they are justified in congratulating shareholders on ithe present position. Had the contract for the dredge been allowed to run on the company, undoubtedly would have been forced into liquidation. The promoters, who were allotted 1800 fully paid up shares, have nearly all agreed to reduce their holdings . by , half —29 have aigned en agreement and the others are being communicated with. The promoters' shares to be surrendered, and a large number of the contributing shares winch will be forfeited, will considerably reduce . the capital of the company, and there should be no difficulty in coming to some arrangement with the owners of one of the dredges at present in the market, of whom one party, possessing a complete first class dredge only want £100 cash, are willing to take shares forth 3 (balance, provided the capital does not <exceed : )610,b00, and that the directors „ .can satisfy them there will be plenty of available capital to dismantle, re erect, and commence operaecma fre© of a e bt A fresh fcitle in the name of the Com" jpany was granted on 24th September, 1902, - giving nearly two miles of the «reek, and all dredgeablejjround. DUNEDIN DBEDGING MARKET DUNEDIN, Oct 28 (QUOTATIONS . buyers, sellers, s. d. s. d. Callagbans ... 40 • ErWksons... ... 11 £ Wokoia (ord) ... 5 6 » v Mojito../ ...200 210 No Town Creek... 21 9 22 9. No Town No. 2 ... ' , 27 6. . Trafalgar, « ... 17 6 .19 0 „ ■[Victory 2 6.^ . .