GARDEN GULLY DREDGING COMPANY.

Otago Witness, Issue 2815, 26 February 1908, Page 28

GARDEN GULLY DREDGING COMPANY.

An extraordinary general meeting oi anarholdcTs in the Garden Gully Dredging Company was held last evening to consider and, if thought fit, pass the following resolution: — That it has been proved to the satisfaction of the meeting that, the company cannot, by reason of its liabilities, continue its. business, «J3<l -th-st-t it is anl^-iit»l»l<» *o -turixiA np the san», anfl accordingly that the gam* b» wound up- voluntarily. Mr H. Ad»m occupied, ihe chair, and th*e was a fair attendance of shareholder*. - The Chairman, in moving the motion as above, said he and the directors were sorry to h*v« to call a meeting- of this sort, but as the liabilities of the company now exceeded the* cash in hand and on deposit by about £100, arid as there was no ground within rewsonabJe distance ©I the dredg* which wool<J pay far working, there waa nothing else for it. The company had started favour1 ably, the ground having been well prospected,

and shareholders had anticipated a fairfj* good investment. As far aa shareholders were concerned the claim bad been purely a ' wages " one. At the present time the prospects were not at all favourable, the ground was shallow, and the gold did not seem to be forthcoming. For the past two years the company had been struggling on whilst Bhorb of water. It was thought better, therefore, to liquidate and distribute the aseeta to the beat advantage-. Mr Ramsay eeconded- the motion. Mr G. R. Elder said he would like to see the 40 acres which had not beea touched dredged, but ho had not the confidence- in the claim to move in that direction. After a desultory discussion, the motion was carried unanimously. Mr J. B. Brugh was appointed liquidate* at a fee of £15 15s.