THE CRAIG'S FREEHOLD GOLD DREDGING COMPANY.

Greymouth Evening Star, Volume XXXI, 5 July 1901, Page 4

THE CRAIG'S FREEHOLD GOLD DREDGING COMPANY.

0 — An extraordinary general meeting of the Craig's Freehold Gold Dredging Company was held at Christchurch on Tuesday. Mr J. A. Flesher, Chairman of directors, presiding. The chairman said he took it they had all received the circular (a resume of which had already been published) in which the position of the company had been put clearly and concisely, The directors felt that it was impossible to work the property profitably by tributers with such a heavy loading as 8000 paidup shares. The amount they had received from the tribute parties since November last was at the rate of £6OO per annum, and this wou d only pay about four per cent, on the present issued capital of the company—2l,ooo shares. The proposals before the meeting were that either the purchase of the property should be completed, and the claim worked by tributers in the method at present adopted, or that the company go into voluntary liquidation. Whilst, personally, opposed to going on with the company ho moved, pro forma, the motion that the purchase should be completed and the claim worked by tribute!^.

A lengthy and desultory discussion ensued, in tho course of which the merits of the different persons who had prospected or reported upon the claim were criticised. Mr E. C. Hutton, one of the vendors, was present with another shareholder from Dunedin, representing almost all the Dunedin shareholders. He expressed great faith in the property, and advocated that there should be further prospecting to check that dono by the Zealandia Syndicate. The Chairman had pointed out that Mr Hutton had been tho only vendor who had declined to forfeit his paid up shares; but Mr Hutton stated that he had not been officially approached upon the matter, and that as he had been to some trouble and expense in putting the property on the market, he was not willing to throw up all his paid up shares. The Chairman said it would bo unfair to ask tho contributing shareholders to find the cash to pay for the property, and make the paid up shares of some value especially as 84 or 9s would require to bo called up. The present directors had paid about £2OO in prospecting the property. Mr Faithful's report had been paid for by the vendors.

Mr Hutton moved, a? an amendment, that the me3ting be adjourned for eight weeks, to allow of further prospecting being done. This was lost by 3 votes to 2. On a poll being demanded, the requisite number of shareholders—five—did not demand it. Tho motion was then put and lost. The Chairman then moved that the company'go into voluntary liquidation. After lengthy discussion, the following amendment wa3agreed to:—"That the meeting stand adjourned for four weeks to enable the vendors to further prospect the property at their own expense."