OKARITO COMPANY

Evening Star, Issue 21284, 13 December 1932, Page 5

OKARITO COMPANY

THE ANNUAL MEETING The fourth annual meeting of shareholders in the Okarito Five-mile Beach Gold Dredging Company was held last evening m the Chamber of Commerce board room, Mr J. E. Wheeler, chairman of directors, presiding over a failattendance. In moving the adoption of the annual report and. balance-sheet, the Chairman reviewed the activities of the year. At the time of the last annual meeting, he said, they had been working for about five months, and tho dredge was then working north along the lagoon side of the beach, and good returns, up to about 1340 z per week, were being obtained. The last return of the year was a record one of 18Soz. Continuing on this cut, trouble was mot with in a peat bench. Buried timber was also the cause of delay. It was then decided to narrow the face and cut out the . peat, and this . narrowed the return face. In February a fatal accident occurred, a carter being lost in the sea while bringing in material. The directors were not satisfied at this time with the efficiency of the dredge, which was handling only 60yds in the time m which it should handle 75yds, Mr F. W; Payne, a well-known dredging engineer, was asked for an opinion, and he inspected the dredge on March 19. He recommended alterations to the float line, the elevator, and the hydraulic pump. In May returns were down to about 40oz a week, and it was decided to turn the dredge south and work down ■ the sea side of the beach. It was then decided to commence making alterations to the dredge, and Mr R. Lee was appointed supervising engineer to oversee the work. He then resigned from the directorate. Ou the cut south, hard ground and heavy stones Were encountered, and, while about 80 per cent, ot the. material had been gold-carrying on the other side of the beach, here only about 20 per cent, could be put oyer the tables. The boxes were becoming choked frequently, and the dredge had often to be stopped while they were cleaned.’ The alterations to the dredge ’were carried on, and were found to be very successful. The chairman detailed tho work done in this direction, and explained th© effect on the working ot the dredge. The company had been trying to improve the living conditions of the men, and these efforts were greatly appreciated.- In about five weeks* the dredge would be back at the point where it had turned, and it was confidently hoped that better returns would then be obtained. The motion was seconded by Mr J. M. Stewart, who said that shareholders had naturally been disappointed with the small returns, but he was confident that tho returns would improve going south, and they could look for an improvement in the near future. A shareholder asked how tho results obtained compared with tho values shown by the test bores. The Chairman said that in the past six months no bores had been encountered, and if the proposed route of the dredge were followed none would be met with for about eighteen months. It was reported that £6 15s per ounce had . been obtained for the last shipment of gold. . . Mr J. M. Stewart, the retiring director, was re-elected, and Mr B. H. Nees was appointed to fill the vacancy on the directorate caused by the retirement of Mr R. Lee. , , The refiling auditor, Mr C. E. Richards, was re-elected. At the conclusion of the business of the meeting Mr Lee gave a brief summary of the working conditions at present and the intentions of the directors for the immediate future. A shareholder inquired if it would not pay to bore the portion of the claim which it was proposed to work. The Chairman said that the question had been considered, but no decision had been reached as yet. He explained what expense would be necessary. Another shareholder expressed the opinion that it would be better to go to the expense of boring rather than to gamble on what was ahead of the dredge. Ft was agreed that the matter should have further consideration by the directors.

Several other speakers expressed opinions on the question, and Mr B. H. Nees said that the reason for the poor results which were being obtained from the seaward side of the claim lay,in the dredge itself. Mr P. W. Stabb, on b'ehalf of the shareholders, expressed appreciation of the work done by the directors and staff during the year. Tn conclusion, the Chairman said that when the dredge got back on to good ground it would not be long before there was another dividend.