WAIPUNA GOLD DREDGING COMPANY.

Greymouth Evening Star, Volume XXXI, 23 July 1901, Page 4

WAIPUNA GOLD DREDGING COMPANY.

An Extraordinary General Meeting of Shareholders in the above Company will be hold at the Albion Hotel, on Friday, the 16th day of August, at 8 pm.

The Directors’ report is as follows : “ Your Directors, following the advice of their dredgemasters, have done all in their power to keep the dredge in operation with a hope that payable ground might be met; so far, their efforts have not been attended with success. Your Directors have reason to believe that the property is worthy of further efforts being made.' With ,this object in view they suggest that the new Capital be created and applied as follows : 1. To payment of the Company’s Overdraft, £IBOO.

2. To putting in hand some systematic prospecting, either shafts or bores, or both. Estimated cost £2OO.

3. Overhauling dredge and effecting necessary repairs of damage caused by wear and tear. Estimated cost £3OO.

The expenditure on renovation of dredge to be done, only, if continuance of operations arc warranted by the prospecting.

Your Directors place these propositions before the Shareholders as the only solution short of liquidation. They do not feel justified in involving themselves personally in greater liabilities unless [it is the desire of the shareholders to further exploit the property by subscribing the additional capital.—J. G. Thomas, Chairman. The following resolutions will bo considered

1, Tfyat the capital of the Company be increased to £9OOO, by the issue of 3000 new shares of £1 each, to bo issued upon the terms and with rights and privileges following: — a. Such Shares shall be called Preference Shares; and the holder of such Shares shall be entitled to preferential dividends to the extent of 10 per cent, in addition to the dividend that may bo paid on ordinary shares. b. Jn the event of liquidation of the Company, the holders of Preference Shares shall be entitled to have their capital returned to them before any dividend is paid on - ordinary shares. 2 ; Such preference shares shall be offered to : the members in proportion to the existing shares held by them, ‘but if not applied for on or before the 30th day of September, 1901, the Directors may dispose of the same in such manner as they think most beneficial to the Company. 3. There shall be payable in respect of such Preference Shares the sum of l/- on application, and 1/- on allotment, and the balance in calls as required.

4 Should the resolutions be passed by the required majority, they will be submitted as special resolutions to a gecond extraordinary meeting which •will be subsequently convened. Shareholders will be entitled to 1 preference for every 2 shares now held.