THE KOHINOOR GOLD DREDGING COMPANY.

Press, Volume XLVIII, Issue 7880, 3 June 1891, Page 6

THE KOHINOOR GOLD DREDGING COMPANY.

The first general meeting of tho Kohinoor Gold Dredging Company was held at Warner's Hotel last night, when forty shareholders were present, Mr R. C. Bishop being iv the chair. He read a description of the claim, which is situated at Mikonui, about four miles south of Ross. He stated that the claim, which comprised about forty-five acres had, previously been worked by pumping and sluicing, and that out of tho area of tho ground, about an aero, worked by the original Company, gold to the value of .£2io2 had been taken. The cause of the claim being abandoned by the original holders was the influx of water from the Mikonui. This influx of water frequently drove tho miners from the claim, and at, last a heavy tlood broke over the shaft, and so disheartened them that they abandoned the claim altogether. Since then the river has changed its course and cut a new channel fully 6uoyds from the workings, leaving the claim in a good position for working. Also, hew methods ot mining by dredgirig have come into vogue, and as the ground about the Kohinoor is known to bo rich in gold, and suitable for working by this system, a Company under the' above name has been formed to work the claim by a bucket dredge. Mr C. McQueen, who inspected the' claim, offered to construct a special dredge for the sum of £5000, and to take one quarter of this sum in contributory shares. The dredge is to be constructed to work to a depth of 35 foet, or 7 feet deeper than any other dredge that has yet been made m New Zealand. Up to the present 3-195 shares have been applied for aud alloted in addition to those agreed to be taken up by Mr McQueen. The business of the meeting consisted of tho election of the permanent directors, and the passing of the balanco-shoet. The balance-sheet, which was passed, showed receipts for shares and first calls j}3o2 10s, expenditure for floating of Company, prospecting, &c, £163 5s 4d; balance in Bank, JU39 4sßd. The following gentlemen were elected as Directors '—-Messrs R. C. Bishop, S. Hardey, J. Goss, H. N. Anderson, J. D. Pidgeon, ( A. F. J. Mickle, H. Thomson, G. T. White,- E. Parkereon. Various gentlemen spoke on the value of the mine and as to the construction of the dredge. During the election of Directors several shareholders doubled their interest in the venture, and a large number of new snares was applied for in the room. Votes'" of thanks were'passed to the Chairman and scrutineers, and the meeting closed.