STAFFORD-WAIMEA GOLD DREDGING COMPANY.

Alexandra Herald and Central Otago Gazette, Issue 364, 30 April 1903, Page 5

STAFFORD-WAIMEA GOLD DREDGING COMPANY.

The following circular has heen issued to shareholders by the directors cf the above company:— "No doubt you will remember that at the last annual general meeting of shareholders, your directors were recomnended to endeavour to procure a stronger and more efficient machine to work the company's claim; and, although anxious to carry out the -wishes of shareholders, nothing in the shape of a suitable machine was avail- * able until a few weeks ago, when the Treat Woodstock Co.'s dredge came t into the market. This dredge was strongly recommended to the board as being suitable in everyway, and the following will give an idea of its capacity and strength :—Pontoons, 101 ft by 31ft by 7ft to 6ft; ladder, 68ft centres; buckets, 4| cubic feet; t; ©levator, 42ft centres; screen, 26ft. Pin. by 4ft. 6in. (£-inch plate); en- , gines, 16 h.p. ; boiler, 25 h.p. "The lowest price at which this Iredge was procurable was £ISOO, and, to provide this sum of money, your 1 Jirectors (with one exception) and two cutside shareholders (viz, Messrs * llobert Boss and Thomas Steel having inbounded faith in the claim, and 'lather than lose the chance of such a good machine, agrad togive tlit Btofc

security for the advance, in the shape of a joint and several guarantee, taking in turn a mortgage over the company's property, to secure themselves. The work of dismantling, shifting, and and re-erecting will be started almost at once, and is estimated to cost £I3OO, which will be provided for by uncalled capital. " The dd dredge will shortly be disposed of, either by auction or tender, and the amount realised will go towards reducing the coat of the new dredge. " Notice of the 9th call is enclosed herewith, and your directors ask for evidence of co-operation on the part of shareholders by prompt payment of calls, and, if given, the issue will be beneficial to all; if not, the company must go into liquidation."