MATAKITAKI GOLD DREDGING COMPANY.

Evening Star, Issue 8609, 1 September 1891, Page 1

MATAKITAKI GOLD DREDGING COMPANY.

The first annual meeting of the Matakitaki Gold Dredging Company was held in the Chamber of Commerce last night. M r N. Y. A. Wales presided, and there were twelve shareholders present. REPORT. The following report was submitted to the meeting :—" The directors, in laying before the shareholders a statement of the receipts and expenditure for the year ending 22nd hut., have to state that, owing to the delay of completion and launching of the dredge by the can tractors, work has not been commenced. A crew to work the dredge has been on the ground for two months, and all the gold-saving appliances are fitted up, and everything is in readiness for commencing work when the vessel is launched. The directors express regret that so much time ha 3 been iost, but are in daily expectation that a change may take place in the weather, ; and operations begun. The directors wonld call attention to the fact that the bulk of the outlay is really preliminary expenses, to bo recouped by what they hope will turn out to be profitable returns in the coming year. All information tends to confirm the good opinion held of the claim. Mr Wales and Dr Ferguson are the retiring directors, and offer themselves for re-election." The balance-sheet showed the receipts to be: Calh paid, L 3.21 2; interest, LS9 la lid ; cills unpaid, L 6; total, L 3.257 Is lid. The expenditure amounted to L 2.587 9i lOd, the principal items being : Working expenses, L 226 17s 9d; plant, L 2.090 7s 4d : wages, LI 10 sa. The sum of LBOO had been deposited with the Milburn Lime and Cement Company, L 244 0s 2d was due to the company on bills, and L 123 10a 31 had been placed in the Colonial Bank. The Chairman said the dredge had been launched Bines the printing of the report. There was no news yet that it was at work, but a telegram was expected that day stating that it was successfully at work. When the dredge was launched everything was in readiness for beginning operations, except that some gold-saving apparatus had to be put into it. He did not think that it would take many days to get a start made. The placo where the dredge was launched, ao cording to the manager, was not exactly the best place for workicg, but he proposed floating the dredge down to where he considered the best ground was, and beginning at the lower end of the claim and working upward?. The manager, as they knew, appointed by the directors was Mr Cowan—a man cf preat experience in gold mining. The dredge was said t-3 be an excellent one, strongly built, and well fitted for the work she had to do, and they hoped that Bhe would go to work right away, without any trouble, and that before long they would hear something about dividends. The shareholders would see that there was no profit and loea account presented to them. Tiiey would, however, notice that there was a profit account, as the directors had made L3O 1h Hd. They would also notice that the expenditure had been kept down as closely as possible. The directors had entered into no engagements so far that they could not see their way to meet. The capital was certainly very limited for an undertaking such as theirs was, but if gold was forthcoming they should be able to meet all expenditure, Even at the present moment they could meet all expenditure. If they did not get any gold they could pay for their dredge and pay their hands; but it would be necessary to get gold now so that wages could be met. He moved the adoption of the report, which was seconded by Mr T. Brown, and carried. OFFICIALS, Mr Wales and Dr Ferguson were reelected directors, and Mr A. Cargill was reelected auditor. It was resolved that LSO per annum be divided among the directed for the ensuing year, and the question of remuneration to the directors for past services was left over until the next general meeting.