THE MOTGOMERRY TERRACE HYDRAULIC SLUICING COMPANY.

Press, Volume LIX, Issue 11189, 1 February 1902, Page 5

THE MOTGOMERRY TERRACE HYDRAULIC SLUICING COMPANY.

The first snnusl v rneeting of- the-shareholders of the Montgomery's Terrace Hydraulic Sluicing Company was held last night. * Mr G. B. Ritchie, chairman, of directors, presided, and seven shareholders were present. The number of snares represented by proxies was 1523. The -annual report, which was taken as read, stated that the race is in course cf. construction. tw«* separate 4ead«x* having been Ist.

The survey of the race had been delayed owing to the rough -weather experienced on the Coast early last year. -Mr Hay, the manager, had prospected the whole of the property, and the results of his operations had been highly satisfactory, the Terrace carrying coarse gold of a> very payable nature. Dish prospects went Jdwt to . the yard . and S3 loads put through in bulk averaged 14gr to the load. Three of the directors, with the engineer and manager, visited the claim and it w>B decided to: bring in the available water from Healey's Gully immediately to work part of the new ground recently token up. The water can be brought in at small cost and is expected to more than pay: the expenses and open up the ground .where' it is intended to continue operations with the permanent supply. Appended to the. directors' report was a report from the Company's engineer, Mr J. D. Gillies, and c. report from the mine manager, Mr J. Hay. In moving the adoption of the> report and balance-sheet, the Chairman explained the reasons for the delay in getting work started. The result of the survey by the engineer has been that the original line of race was abandoned and a new line, better and cheaper to construct, had .been adopted. This necessitated an application. * before the Warden's Court. The delay caused by this and s other causes had. been, they had come to consider, a blessing in disguise as it gave time for the mine manager to prospect the ground »nd to discover e> better site for commencing operations. The race contracts would bring the water .to the top of the terrace from whence it would be conveyed by pipes to the place where operations would _be commenced. He could not say .what this would cost, but tenders for the work Sad been called. A had been received that day,from tite mine manager stating that he bad 'commenced the race from Healy's Gnlly; that 25 chains of ditching had been completed, and that he expected to complete the whole within a, months-Concluding, the Chairman congratulated'shareholders on having a very promising- property and one ,fhat, in his opinion, was one of the most valuable hydraulic sluicing claims on the Coast. !Mr T. D. Harmon seconded the motion.

Mr S. H. Graves eaid that since thef ioompany was formed -they had doubled the amount of ground to be worked without extra expense save that of wages. From tests made it was pretty certain that the .gold lived right through. He had spent two days on. the claim with the mine manager, who had had twenty" years' experience of sluicing, some time of which was in the .locality of the company's claim. There had been no troaLlo In> getting in calls from the shareholders which ,waa a rare in these oevs.: The report ond balance-sheet were adopted. Messrs C. K. Meredith-Kaye ned uthn Thornton were re-elected directors.

Mr R. O. Duncan was Te-*n>> >»ai3l eudiior.

On the motion, of Mr Harcflwi it was decided to place on record the company's appreciation of the services reniforad i"y the mine manager, Mr J. Hay, to the company. A vote of thank's to the directors and secretary terminated the proceedings.