OUR KOMARA LETTER.

Greymouth Evening Star, Volume XXXI, 8 March 1901, Page 2

OUR KOMARA LETTER.

(our own correspondent.)

Quito a number of curious and interested sightseers visited the Greenstone Junction dredge last evening, the occasion being the lighting of the vessel with electricity. Mr Edwards having worked like a Frogan from 5 a.m., had everything in readiness and at dusk switched on the light. As the gloom deepened the light shone out with fine effect. This was especially the case with the large globe at the poppet heads. It contains a light of 2000 nominal candle power or 1000 actual. For miles around it could be seen like a brilliant meteor hung in mid air. The effect was heightened by contrast with the kerosene lamps emitting their feeble rays from the odd dwellings in sight. The plant consists of one chandelier engine direct driven with switch board and volt-metre complete. The insulator consists of the following one long-life Jandus ark, light 2000 candle power nominal on the top of the poppet heads, 12 incandescent lights suitably fixed on the dredge and one hand lamp. All these are 1.6 caudle power at ICO volts. Foley’s Extended Gold Dredging Company have issued a circular to the shareholders fixing the statutory meeting for Thursday 21st March. Business is set down as follows‘’To fix number-of directors and their remuneration.” Thie is rather interesting reading when wo remember that the annual statement issued on December Blst last, showed a credit balance of 2s on the bank account. “To elect directors, fix date of annual

meeting, appoint an Auditor and General is also set down.” Whoever authorised the issue of this pamphlet, surely looks forward to a long lease of life for the company. The feeling of local shareholders rather favours winding the business up and putting an end for ever to the name and memory of the thing. Its existence will but servo to recall memories that must be ever distasteful to Coasters, and hurtful to their interests as far as the outside public is concerned. The notice referred to above concludes with the fol-

lowing:—“No members shall be entitled to vote at any general meeting, unless all calls duo from him are paid.” From this I infer that no one will bo entitled to vote, as it is not to bo supposed for a moment that shareholders are going to pay calls

for the doubtful privelego of keeping alive a company that has no excuse lot alone reason for existence.

The belated annual statement of Foley’s Crock reached the local shareholders a couple of days back. From it 1 gleam the following facts. Nominal capital .£IO,OOO of which £8,300 is contributing and £2,700 paid up shares. The paid up shares were never alloted in this company. Actualamount received in cash £5,512 10 arrears £1,127 10. The number of shareholders at registration was 82, the present number is 97. The total expenditure since registration amounts to £7307 3s sd, cash at bankers on Dec 31st 1900 was £37810s 3i From this statement it will be seen that

the company has spent £1,85-113s 5d more than has been received. Even with the arrears there would still be a deficiency There is cue gleam of sunshine however,

there are no debts and no contingent liabilities. The last act of the tragedy so far is a 9th call notice which if not paid by March 15th, the power of the law is to be invoked per medium of the company’s solicitor to compel relacitrant shareholders to shell out.