MINING NEWS.

Press, Volume LX, Issue 11751, 27 November 1903, Page 3

MINING NEWS.

The return from the Welcome Company's dredge is 21oz for 160 hours' work.

j THB Al GOLD DREDGING COMPANY. [ The fourth annual meeting of the shareholders iv the Al Goid Dredging Company was held in this city yesterday afternoon, ilr G. King, Chairman of Directors, presided, and there were nine other shareholders present. Regarding a matter arising out of the minutes of the last annual meeting, the chairman stated that the fees of a director remained in the funds of the company, and waulcl bo paid over when the director in question satisfied the directors thart. he was entitled to them. Legal opinion was that whilst tho director in question had not forfeited his seat aa a director by his absence from directors' meetings, he had no claim to the fees. The report and balance-sheet, which have been published, were taken as Tend, and were adopted. On the motion of Mr Leslie, seconded by Hr M. At. Louisson, Mir E. Blake was reelected a director, and Mr G. W. Staniland was elected a director. Mr W. VV. Smith, one of the retiring directors, did not offer himself for re-election, as he intends leaving shortly dor England. Mr G. W. Hulme wa* re-appointed auditor at the same remuneration aa. the previous year. i The Chairman said that last year's operations had not been marked by unqualified success, although they had paid 10 per cent, last year ou tne capital invested, and, in comparison with other companies, ought _to feeil flittered. They hoped that something would develop thais would lead to better results this year. The pontoons bad given soma trouble, and Mr Blake found that they were in e> very bad state—his report confirming that of the dredgemaator. pontoons would be required in the near future. It appeared to him rthat the inspection of the timber used in tbe construction of the pontoons had been more imaginary than real. Tho timber should have been heart of rod pine, but ii appeared that sap timber, had been wted almost in the *t«te it had come from the bush. To all intents and purposes the ponloona were next door to useless, except for the next <three or four months. If certain Tepairs to strengthen them were carried out they would probably six or eight months, provided no undue srtarain was put on them. This would allow them time to get new pontoons. Tenders for hardwood pontoons had boen called for, and probably an expenditure .>£ £1000 would be required before the pontoons were completed, and the machinery transferred to them. It waa very unfortunate thaA their consulting engineer had not advised the company better with regard to the timber used in the original pontoon* Two and • half years' life for pontoon* that cost £1200 w*» vcrv short. Had tbe company been correctly advised red pme in any form would not have been used. The dredge, at present, waa at the lower part of tha claim, and to all appearances would have continuous work for * oonaaderable time. The ground was getting deeper, and tbe elevator and ladder would require to be lengthened, and on this account new pontoons would have been required even if the prenent ones had not been found in the state they were. Whilst visiting the claim four or five months ago. he had been struck by the indications of gold shown by the stuff obtained during weil-sinking operations on ground adjoining the claim. The man who sunk the well stated that he had tested the ground, and he (the chairman) had got the Jesuits, and had formed the opinion that the run of gold abutted on the company's olajni, and went through the cemetery. Application bad been made to the Warden for 20 acres of tihe ground on which the well had been sunk, and also for the use of the cemetery. They did not want to dredge up the bones of the departed, but only half of the ground devoted to the cemetery had been used, and the residents had raised no objection to the company having the use of the unused portion, provided an equal » r e» w as found in the vicinity. Thw mean* that they now had thirty acres in addition to original claim and from the latest advices from the dredgemaster he w!*B of opinion that the gold would run into i». With this additional ground, the company's cls ; m should have a long life before it. ConohuJm?. he mentioned that the item iaiL for bueh-falling, had not been included in the assets, 'nor £50 worth of oil on hand. ... ~ , , Mr Staniland a-ked if any allowance had been made for depreciation. The Chairman said that no allowance had been nsde, but the m*ebin«ry was up-to-date. The screen hsd just been renewed, the tumblers were better than when they started operations the ordinary case tumblers having been replaced by steel ones. The new pontoons would cost between £1000 ar.d £IW, and it was hoped that the dredge would, during the year, earn sufficient to pay for this. A vote of thanks _to the chairman terminated the meeting.'