THE LORD NELSON, MAJOR ROBIN, AND DUKE OF WELING COMPANIES.

Greymouth Evening Star, Volume XXXI, 2 November 1901, Page 4

THE LORD NELSON, MAJOR ROBIN, AND DUKE OF WELING COMPANIES.

Meetings of the shareholders of the Lord Nelson and Major Robin G.D. Companies were held a(i Dunedin on Tuesday to consider the draft agreement proposed to the following effect: — “The Duka of Wellington, Major Robin, and Lord Nelson Gold Dredging Companies, all of whose claims immediately adjoin each other, combine for the purpose of completing the dredge now being built for the Duka of Wellington Company, estimated to cost complete £72oJ, on the condilions shortly as follows:—

(*) The Duke of Wellington Company, estimated to contribute twenty-thirtieths, parts or shares, of the total cost of the dredge, which, based on a total cost of £7500, would be £5000; 'the Major Robin Company to contribute seventhirtieths, parts or shares as aforesaid, which would bo £1750 ; the Lord Nelson Company to contribute three-thirtieths, parts or shares as aforesaid, which would be £7so;—total, £7500. If the dredge did not cost £7500, then the proportions would be less pro rata. (b) The dredge when completed and payments as required from the companies are duly made, shall belong to them in the shares as set out in clause (a) hereof.

(c) The dredge will prospect each of the three claims for a period of say. three months, the rotation of the claims to be arranged. (d) The Duke of Wellington Company will have the power to manage the dredge but the other comprnies have the right of appointing a local agent or to be considered on any important points affecting the working of the dredge, and also have the power to direct the operations of the dredge on their respective claims. (e) During the period of prospecting all expenses of working the dredge, including repairs, to be borne and paid by the company on whose claim the dredge shall be working. (I) Daring the period of prospecting all proceeds of the gold won by the dredge to bo paid into a special account with the Duke of Wellington Company. At the end of each period of prospecting the net profits of such working shall belong and bo paid to the company on whose claim such profit shall have been earned. (g) The Duke ofWcd’ington Company shall furnish at such times as required a statement of accounts in connection with the working of the dredge. (h) After the three claims have been prospected the Duke of Wellidgton Company shall have the first option to purchase the dredge, acd if they decline to exerciso the option within cno month after the three claims have been prospected, then the other companies shall have the option to purchase the dredge, the priorty of option to be determined by lot.

(5) If none of the companies elect to purchase the dredge then it will be offered for sale, and the balance of the proceeds shall bo paid to the three companies in proportion according to their respective interests. The Lord Nelson Company has in hand, allowing for expenses to October 30th, £399 12s lid ; and there are calls in arrears up to 4s (amount called up), al'owing for calls considered bad on 200 shares, £240 ss; making a total available of £639 17 lid.

A long discussion ensued after wh : ch Mr Adam for the Major Eobin Company moved - “That this combined meeting cannot see their way to accept the proposes laid before them by the Duke of Wellington Company,” Tnis was carried. A similar motion was carried on behalf of the Lord Nelson Company. Mr Morton then moved—“ That the Lord Nelson Company appoint a committee of four contributing shareholders to consult with the directors as to the best course to be taken to find money to prospect the companies’ claims, and report to a meeting of shareholders called to receive their report. This was carried, and Messrs A. Crow, jun., J. A. Findlay, M’Hettic, and Morton were appointed a committee to represent the Lord Nelson shareholders.

Mr W. G. Don moved a similar motion, which was carried, on behalf of the Major Robin shareholders, and a committee was appointed consisting of Messrs J. Gall, "W. H. Adams, J. Thnrgarland, and J. Bewley.