MINING MEETINGS.

Evening Star, Issue 11605, 19 July 1901, Page 1

MINING MEETINGS.

PRffiE OF TUAPEKAi DREDGING y : ..-' t :; ; --":. v -.oonflPANY.;-, ■

The first annual general'meeting of share; holders of the above was Held last evening, when there -were six shareholders present. ; Mr Fred. CalveH, chainnani In moving the adoption of the report and ' sheet, said that early in tie history of tie claim doubts'were 1 thrown, on the value 61 foe company's claim at Tuapeka Flat, aha' £BO .'was mproßpectlng the claim; with the result that it was decided to aban-" don it and take up the* present property on v the Poiiiahata River. The local paper thought highly of the claim, and he was confident that| they had a good property. Right ■ from Ythe beginning the directors had difficulties in financing. Before they took office an agreement had been made to pay for the dredge, £I,OOO within a'month' and another £I,OOO within four months; but owing to the difficnlty.of getting the calls in they were seven months in paying the first £I,OOO, and had only so far-paid £3OO of the second £I,OOO. These financial difficulties resulted in a charge on the company of £IOO for interest, and nearly another £IOO had gone in law expenses incurred in' endeavoring to get the calls In, and there was still unpaid the large sum of £I,OOO out of a total capital of £3,500: The time for. payment of the balance <f £7OO owing on the dredge had been ox-t tended, three.months, before the expiration of which time the-dredge was expected >o be at work; but in the meantime £4OO must be found for the re-erection and carnage contracts. The engineer reports that the dredge is a good one," that the pon-. toons are sound and faithfully built, and that,, given good weather, they should te readyf or dredging in a month from date! Mr Betts,. in seconding the motion, was confident that their dredge would do. well, ■ as their neighbors' dredge had got returns of; from 9oz to 230z. - . Mr Charles' Todd, of Hcriot, was elected as local director, and Mr Robertson win-' re-elected. Mr Charles Grater was reappointed auditor at the usual fee of .£5 ss. The following resolution was then carried—- " That the name of the company be change:, to the Greenvale Dredging Company." ~ ELECTRIC EXTENDED GOLD DREDU ING COMPANY v The second annual meeting of the above was held yesterday. Mr R. T. Wheeler, jun,, chairman of directors, presided, and there were about twenty shareholders piesent. The annual report, which was adopted, was as follows -. —" Your directors, in/handing you their report and balancesheet for the past year, 'have to congratulate; shareholders on the very satisfactory start made by the dredge, though we have had the usual difficulties to contend with before .the .dredge could be got properly to wprk. The dredge started dredging in October last, but after two weeks' work the river rose, and suspended operations until December, when, after start in' 3. again, only one week's work was done when the river again rose, and operations, were again suspended until March- During March and April dredging was done for, five weeks, and the returns were ■satisfactory. The gold won totalled 500oz"6dwt 23gr for riiue weeks' dredging, and considering that most of this time the river was high and opening-out work had to be done and'drib contended with, your directors feel sure that shateholdprs../will' consider -the/return, hiphlv Satisfactory. Several of "fßJt¥?fi!R£tors nave from time to tame visited the d'redgo and claim. The dredge baa again started work, and your directors hope for a continuance of the good returns previously obtained. Mr H. L. Tapley has resigned his seat on the Board, and Mr H. Shrimpton-retires, but is eligible and offers himself for re-election. Mr Davie, the auditor, also retires, and offers himself for re-election." After reading a long report from the dredcre-master, and satisfaction < had been expressed at the position of the company, Messrs H. Shrimpton and J. C. Burrowes- were elected directors, and Mr John Davie re-elected auditor.