REEVES PROPRIETORY COMPANY.

Greymouth Evening Star, Volume XXXI, 21 December 1901, Page 3

REEVES PROPRIETORY COMPANY.

We understand that a deposit of £2OO has been paid into the bank by Mr Harper as an option on the Reeves's Proprietary Gompany!a property. Mr Harper has ■ince ‘ left for England, and during the nine months allowed him will endeavour to float the concern on the London market. If successful, according to the sale terms, shareholders will receive £1 cash per share for their present holdings, and one paid-up share in the new company pro rata of their existing interests. The new company must find by provision £BO,OOO working capital, with which to place dredges on the property. As the latter comprises about 500 acres, this should mean at least five dredges, and if the whole of theground is good as some turned over lately the outlook seems satisfactory. The present company will retain all gold won until the new company are actually floated. If this proposition is favorably received by British investors it will constitute the first attempt on a large scale on their part to enter the dredging lists. We know of only one previous British-owned attempt to tackle this branch of gold getting, and we fancy that the venture was not a pecuniary success. We refer to the Kawarau Dredging Company, launched in London, whose dredge, after dodging round the Kawarau (Otago) finally got silted up in the Nevis, and, as far as we know, stuck there—at least for some time.