GOLCONDA GOLD DREDGING COMPANY.

Greymouth Evening Star, Volume XXXI, 24 October 1901, Page 2

GOLCONDA GOLD DREDGING COMPANY.

A general meeting of shareholders in the Golconda Gold Dredging Company was held at Alexandra on the 11th inst., for the purpose of deciding whether the results of recent boring operations were sufficiently good to warrant the placing of a dredge on the claim.

The Chairman paid it was for shareholders to say whether, in view of the report by Mr Appleton (boring expert), they were prepared to go on. Personally he had had groat confidence in the claim, and still was of opinion that it contained payable ground, although the boring did not show good results where it was thought the ground was payable. The neighbouring claim (the Leviathan), which was expected to turn out well, had not so far been a success, and this had had the effect of causing shareholders in the Go'eonda to lose faith in their property. Ho regretted, af er having carried on so long if shareholders thought it advisable to go into liquidation, but he would accept the decision by a majority. Tho Secretary read a letter from Mr P. Suther'and (manager of the StaffordWaimea dredge) giving an unfavourable account of tho prospects of the company as gleaned by him from, the results of the boring operations. A letter was also read from Mr Gillies, of Grcymouth, who spoke highly cf the value of the company’s property and its prospects. Mr Gloss said that the reports before them did not warrant the construction of a dredge, and, in view of the failure of the adjoining claims, ho favoured liquidation. Tho first loss was the easiest to bear.