MAORI GULLY G.D. COY.

Grey River Argus, 16 June 1936, Page 6

MAORI GULLY G.D. COY.

ANNUAL MEETING. At the second annual meeting last evening of the Maori Gully Gold Dredging Coy., at the office of Messrs M. J. Fogarty and Co., over fifty shareholders were present, the chairman of Directors, Mr. M. J. Bunt presiding, and there being also present, Messrs. A. A. Shannon, W. L. Gittos, C. Richardson (Greymouth) and 11. A. Martin (Christchurch) directors, and Caithness (dredgemaster). The annual report and balance sheet were unanimously adopted, on the motion of the chairman, who pointed to a favourable comparison as between the figures of the company and those of other companies on tho West Coast, lie announced that the company proposed paying a third dividend next month, involving £2OOO, and making £6OOO so far distributed. It was intended to give consideration to proposals for either reducing capital or acquiring additional ground to dredge when the present holding was finished. There was an interesting discussion of the company’s operations and prospects, Messrs. Broadfoot, P. Beck, C. Watson, McKeon, N V. Lovell, Costigan, O’Farrell, taking part, as well as Messrs Martin and Shannon of the directorate.

Among points dealt with were the question of whether directors should be present at the washing up, which was stated not to be a rule on any field; the flow of water for the dredge which Mr. Watson described as even more than adequate; the question of pulverising pug that might adhere to wash-dirt; and the question of dredging the bottom. Boring figures went to show that the dredge was cleaning the bottom.

Speakers were agreed that the dredgemastor and staff had been most sfticpes.sfful in negotiating the gorge with the dredge, and on the motion of Messrs. Linsen and Lovell. Mr. Caithness was voted £lO 10s in recognition of his able work, and a similar grant was voted to the, staff.

Mr. Watson paid a tribute to the manner in which the dredge was maintained. Discussing the market value of the shares Mr. Martin remarked that while they did not desire to have a speculative element, the scrip of all mining companies had had a setback. The comintr year would see the company’s stock unaffected by any uncertainty as to the negotiation of the gorge.

The chairman and other speakers, expressed the view that the ground yet ahead of the dredge should prove even more payable than that already dealt -with. The chairman remarked that the formation of a Union among dredge employees and their demand for better pay and conditions would adversely affect the company’s bill of costs.

The secretary, Mr. M. R. Bunt, and the auditor, Mr. E. Souter, were reappointed.

The election to fill two vacancies on the directorate resulted in the re-elec-tion of Messrs J. M. Bunt and W. L. Gittos, Mr. W. Burns being also a candidate; and the meeting concluded with a vote of thanks to the chairman. The directors subsequently re-elected Mr. Bunt as chairman.