STILLWATER GOLD DREDGING COMPANY.

Greymouth Evening Star, Volume XXXI, 20 May 1901, Page 4

STILLWATER GOLD DREDGING COMPANY.

The adjourned annual meeting of the Stillwater Gold Dredging Company, held recently at Dunedin, was attended by eight shareholders. Mr James occupied the chair.

* The Secretary read the report and balance sheet, which were adopted. The report was as follows: —"Your directors have deemed it advisable to make independent inquiries as to the claim which the company,had acquired, and ultimately to "take steps to have the claim bored. Some considerable time elapsed before a suitable man could be obtained to do the boring. The work was entrusted to Mr J. Nelson, a man in whom your directors had every confidence, and the work was done to their satisfaction. Unfortunately, the result of the boring was such that your directors felt that they would not be justified in proceeding with ths work of constructing a dredge. Mr Nelson's report was forwarded to the vendors for their information, and they were asked to furnish any explanation they could as to the want of success in boring, but up to this date no explanation has been forthcoming. Your directors do not seo that there is any other course open to the company but liquidation.'' Tho balance sheet shows that £599 8s 8d has been expended without return, and the sum of £670 17s is outstanding on calls. The retiring directors—Messrs Cleland and Tidd—were re-elected, and Mr Jones was appointed auditor. A letter was received from the ygndors (received after the annual report was printed) in reply to a communication which had been sent them enclosing the report of Mr Nelson, who had been engaged by the company to bore the claim. The venders advised that the proposed liquidation of the company be deferred until the claim adjoining the Stillwater Company was proved. Other claims cuttiDg that head of country, they stated, were payable. Tho Stillwater Creek contained the richest gold in its terraces, which have been worked from one end to the other,

Tha question as to the expense of waiting was discussed, an offer was made by the directors to act in the meantime withoat fees, while the secretary also offered to carry on his work for a time at a reduced salary. Both offers woro accepted, and the following motion, moved by Mr Cleland, and seconded by Mr Johnson, was carried ;—" That the request of the vendors, that matters be allowed to remain inabeyance until the adjoining claim has been proved to agreed to,"

The usual vote of thanks to the Chairman terminated the meeting.