LIVELY MEETING IN DUNEDIN.
Another Claim Proved Worthless.
(Special to " Stab.")
Dunemn, This Day. As an invitable result of the collapse of the mining boom, the Cardrona Valley and Mikoniti Hirer Dredging Companies decided on Saturing night to go into voluntary liquidation. The latter meeting was lively. There were some 35 shareholders present. The Chairman said the company was formed 14 months ago, and boring had proved unsatisfactory. His own opinion was that the Mikonui claim was worth nothing, and it would bo madness to incur more expense on it. Before the claim was put on the market, he thought it should have been tested in some way by the vendors. The Government were much to be blamed for not having made provision of that kind long ago. However the claim had been prospected, and was worth nothing. The vendors were a syndicate—some of them living on_ the West Coast and some in Duncdin—formed 18 months ago to take up ground on the West Coast. They subscribed £SOO to take up some claims and one of them was the Boss Flat, which lately had gone into liquidation and another was the Mikonui.
Several shareholders protested against the syndicates' glowing account of the claim, and opposed their gelling any money from the shareholders at all.
It was moved that, in the event of the vendors insisting on compensation, the liquidators submit the prospectus and report of the Keystone Boring Company to some leading counsel, other than the solicitor for the Company, with a view of taking proceedings against the promoters for misrepresentation. To this an amendment was moved that if the vendors will accept £IOO as compensation for foregoing all their rights to their 2,250 paid-up shares, the liquidator be recommended to pay £IOO to them.
The amendment was negatived on a show of hands, and the motion carried ; but, on a ballot being demanded, the motion was rejected, all vendors' shares being included in the vote.
It was then resolved, on the majority, that the liquidator be empowered to settle with the vendors for a sum not exceeding £IOO.
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Greymouth Evening Star, Volume XXXI, 3 June 1901, Page 4
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349LIVELY MEETING IN DUNEDIN. Greymouth Evening Star, Volume XXXI, 3 June 1901, Page 4
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