GARIBALDI GOLD DREDGING COMPANY.

Greymouth Evening Star, Volume XXXI, 29 August 1901, Page 4

GARIBALDI GOLD DREDGING COMPANY.

An extraordinary meeting of tho shareholders of tho Garibaldi Gold Dredging | Company was held in tho offico of Messrs | Mitchell, Leslie, and Don at Duncdin last Friday evening. Into the small office were packed quite thirty people, all but two of whom where shareholders. Mr H. Crust, who was in the chair, said that the resolutions which the meeting were called to consider had been placed in tho hands of all present, and these resolutions would explain the position of affairs. It was rather an unfortunate position to be in, but it was a common complaint amongst dredging companies at present that they wore short of capital. The actual shortage was £1,853, 14s lid, but against that was the sum of £7OO odd out iei calls. Of this amount about £l2O was doubtful, and looked upon as a bad debt. This broughttho shortage up to close upon £2,000 and the directors thought it advisable to have a little over, and therefore proposed raising £2,500, so as to have a little to come and go on,when they made a start. In reply to a question from a shareholder as to hiw tho deficiency was made up, tho Chairman said that *lif*> was owing on machinery, against which thoy had £6OO to come in on calls. The cost of erection, freight, tools, etc, was estimated at £1,150, and the balance of tho engineer's commission at £230. This totalled £2,625, less tho £6OO already referred to.

A desultory discussion followed, the chairman being bombarded with questions on various points. The engineer was blamed for under-estimating the cost of construction, ono member suggesting legal action against him.; the directors were blamed for not acquainting tho shareholders sooner of the shortage, and also for not estimating the cost of liquidating the company ; tho vendors were blamed because they had not come to the rescue of the company ; and blame was hud on tho shoulders of nearly every person it was possible to b'amo. At last Mr Calvert s voice aroso out of a babel of discussion and after pointing out several grievances, and doubting whether they could subscribe tho amount needed, he moved—- " That tho company debentures to • the value of £2,50.), such debentures to be secured by mortgage of the company s assets, to bear interest at the rate of 20 per cent., to have a currency of two years, redeemable at three months' notice ; no debentures to bo issued unless 2 000 are applied for ; the debentures to be first offered to the shareholders in proportion to their holding."—Mr W. Fea seconded the motion, which after further discussion was carried.

Mr Hatton moved and Mr Pilkington, seconded—-" That no debentures be issued unless tho vendors take up their proportion of debentures according to their vendors' holding."—Mr Calvert pointed oui that this meant the breaking up of the company—Mr Hatton argued, on tho other side, that if the vendors did not choose to take up their quoia their shares would get an added value at tho shareholders' expense—After still further discussion the motion was withdrawn, and Mr Hatton substituted this motion—''That a comrniitoo consisting of Messrs Calvert, Fea, and Hatton be appoiated to confer with the directors with a view of getting the debentures issued and taken up."—Mr Knox seconded, and the motion was cariod.