MINING.

Dunstan Times, 28 December 1900, Page 6

MINING.

CROMWELL GOLD DREDGING COMPANY. The second annual general meeting of shareholders in the Cromwell Gold Dredging Company was held in Dunedin last week. The following report for the period ended October 31 was presented:—"The directors have to congratulate the shareholders on the success which has attended the company's operations since the dredge began working. A ccmmencement was not made so soon as was anticipated, owing to divers vexatious causes of delay; but all these were eventually removed, and a start was made about the middle of July last, since which date £2,625 has been distributed in dividends. This must be deemed satisfactory when it is borne in mind that the company has paid out of gold won fully £2,600 "of liabilities due at the period of the completion of the dredge. Things have on the whole worked smoothly on the dredge since it started under the management of Mr Kloogh, the dredge-master, who has proved himself a capable, practical man. During the year Dr Batchelor resigned his seat on the Board, and the directors filled the vacancy by appointing Mr Geo. Mondy. The present "directors—Messrs Bathgate, Hocken, .Talboys, Mondy, and Andersonretire from office, but offer themselves for re-election. Mr A. Bartleman, the auditor, also retires, and is eligibie for re-election." The Chairman, in moving its adoption, referred to the delay which had occurred in getting to work, entailing, as it did, a partial loss of the dredging season. Notwithstanding that, the results had been distinctly favorable. They commenced operations with a pretty heavy overdraft, but the returns were so good that that was .. 'oon cleared off, and they were able to deIyear a couple of very satisis. The directors decided ) to shut down the dredge, s high and a good deal of and they were consequently tie gold. Ttie run of gold ;> far as the company had in the middle of the river, e, it was deepest, and to ig seemed burning coal and for no result, and so it was down. That was done, and ison they had not seen any lapers recently. The direcifter the New Year holidays be in a more favorable conning, and that the results ag season would be as good than, they were last year. >conded the motion, Avhich —" That the annual general company shall in future be nth of December in every meeting shall' be held on £ said month and at such e determined by the direcThat this meeting shall be he annual meeting for the thgate, W. T. Talboys, G. lerson, and Dr Hocken were ors, and Mr A. Bartleman PROSPECTING, DREDG[INING ASSOCIATION. seting of the above was held lentine (chairman) presided, ig remarks referred in terms ;he gratifying result of the ork. Their balance-sheet ds at the rate of 228 per ker gave a resume of the rious claims and options, of y held five, aid like to know what they l: The only one I know is The others have no names, une them. , Mr Neill, said one was on :, one on the New River, were on the Coast itself. . as prospecting claims, n: As we want them we to special claims, ick asked what interest the 1 in the Kapai and Waiau a: Five hundred in each, ake everything as clear as report. "When we got the half the loading, and we :, The Daylight and Bigd here. Others were sent , and we had to make terms s, so we get 500 shares and ;ame applies to the Kapai, ted in Wellington. In the Bigrrell's we took all risk, Ivliave a larger interest in v'light dredge is practically "constructed at the present e shall not have to wait so starts. She will be working ignell's is being constructed :d Co.. of Christchurch, and >een in their hands for over ft is only a question of a l the.price of shares will go was adopted. It was also the fully-paid-up shares be dividends to the shareholders fourteen Bignell's and six -erv 100 Association shares, n:* A hundred Association ms that they are fully paid is really for every £25 that shares, son was re-elected a director wn auditor. JHARLTON DREDGING COMPANY. eeting of the above was held ; week, mniston (chairman of direcded, in moving the adoption ind balance-sheet, said that d purchased the Ophir ComAt the time they bought •ed they were making a good is second-hand dredges went, aost universally experienced, o be done to the dredge than I, the winches being much of repair than the engineer ey ran the dredge for a few re obliged to stop to put the orough state of repair, which igs would cost about £2BO. mirs were effected the direchat the dredge would be a d one, and fit to cope with The next trouble was with d as a consequence the price 11. The farmers complained ag fouled the stream, and the >mmon with others, tried to ir to petitioning Government :on Creek declared a sludge j endeavored to get the farmi to fall in with this, and the ilved for some time pending The farmers had, however, all in with the idea, which he thinking unwise, for by option they would get no comhe farmers were now asking ion against the companies ; tell the issue of that. He thinking it was a very tuition for the farmers to take ie land (••efore dredging ortfc £2Aan acfcr-and now.

owing to dredging, it had risen to be worth £l7 to £25 an acre, and notwithstanding that the companies had directly caused this advance in the value of their properties, the farmers determined to harass the companies so that they could not carry on their work. The petition had gone to Wellington, and the shareholders must await \he issue. If Government or the Rivers Commission granted the company's 'request, the present difficulties would be" considerably lessened ; otherwise they might expect trouble ahead. He had received a letter from the dredgemaster to say 'that he was slightly discouraged at first, but that he was quite satisfied that when the repairs were completed the work would go .along swimmingly. Mr R. Binnie, in seconding the motion, complained of the " infernal " waste of time, and whilst believing that the ground was good, he did not think the management was equally so. The Hon. W. M. Bolt largely agreed with Mr Binnie, and thought that buying old dredges was bad policy. After a little more discussion the report and bal-ance-sheet were adopted. Messrs G. L. Denniston and Mr R. Binnie were elected directors and Mr Geo. Blyth auditor, Mr W. E. Reynolds preferring not to take a place on the Board.