MINING MEETINGS.

Lake County Press, Issue 978, 5 September 1901, Page 7

MINING MEETINGS.

MYSTERY FLAT GOLD DREDGING COMPANY. The first annual meeting of the above company was held in the Dunedin Stock Exchange last week. The Chairman, in moving the adoption pi the report and balance-sheet, said that in the face of so many mining failures the directors had caused the claim to be further prospected. The second prospecting had been carried out under the personal supervision of one of the directors, Mr John Hessey, and had proved very satisfactory. A contract for a dredge to cost £4,250 had been let on satisfactory terms to Messrs Morgan, Cable, and Co., and the work was now being pushed on expeditiously. The vendors' consideration for the claim had been reduced from 1,500 to 1,000 fully paid-up shares owing to the acreage being reduced from an estimate of 150 acres to 100 acres. The capital of the company was now only £4,900, owing to the names of two persons who held 500 shares being removed from the share register by order of the Supreme Court. The pontoons would be ready for launching in ten days' time, and the "engine, etc., was now upon the ground. Mr Downie seconded the motion. In answer to Mr Beeson. the Chairman stated that the reason the dredge had not been completed up to contract time was owing to the difficulty of getting kauri timber.

Mr Beeson : That is a very lame excuse. We are like other companies—in the hands of contractors and other people. Is there any penalty for non-completion of contract up to date? Ths Chairman: No. The company have never been in a position to demand such a condition. Mr J. M'lndoe : How many shareholders are there? The Chairman: One hundred and ten. Mr MTndoe : And the outstanding calls amount to £532 lis? The Chairman : The secretary states that £IOO of arrears has come in since the bal-ance-sheet was made up. Mr MTndoe: I gather from the balancesheet that we are at present £950 to the bad, and unless arrears of calls are paid up promptly we shall soon be in a bad way. How many shareholders are in arrear ? The Chairman: About twenty. Mr MTndoe : Then ninety have pud up and twenty have failed to do so. It is a fact that two-thirds of the amount outstanding is owing by vendors of the claim and directors?

The Chairman : The directors have taken all necessary steps to get the money in. It is a fact that two officers of the company owe a very considerable amount, Mr MTndoe : "Several officers of the company have not paid up, and that position should not be allowed to go on any longer. He understood there was not the remotest chance of getting in some of the arrears, and the amount should be written off; the company should not encourage dummy amounts on the balance-sheet. Personally he had very much faith in the claim, but he had not much confidence in the way the company was being financed. The Chairman: It is quite true that directors owe money for calls. Personally he could not do any more than he was now doing. In one case—an assigned estatehe thought the amount could be looked upon as a bad debt. Mr MTndoe had ieniarked that the finances, owing to arrears, were in a very bad way, but the company would be in' a much worse way if the dredge did not get gold when she started. Mr John Hessey, a director, thought i\lr MTndoe was quite right in calling attention to the arrears, and also to ttiose by whom the arrears were owing. He had much confidence in the claim, and had shown that confidence by taking up 2uo contributing shares. He had personally supervised the second boring. Eleven bores were put down, and they yielded an average of sgr to the yard from top to bottom. One grain to the yard was equal to 20oz per week with such a dredge as tney had. The gold was on the claim for a certainty. Bores put down previously gave similar results. It was ideal ground for dredging, and when the dredge started she should be upon gold in two days. The bottom was very soft and easy to work, and the depth averaged about 17ft, The greatest depth was 25ft, He thought the shareholders should be asked to take up additional shares. Mr J. Beeson complained that " poor Pilgarlicks" like himself were pressed and thUatened for their calls—for insignificant sums—while gentlemen who lived in big houses had every consideration shown to them. He had hitherto allowed himself to be fleeced like a lamb, but he did not intend to stand it any longer.—(Laughter.) Mr MTndoe said if" directors and officers of the company could not or did not pay up arrears they should not occupy their positions. He knew of one mining company where the directors had authorised that arrears of calls should be sued for, but the directors had not paid up themselves. The Chairman said shareholders could depend upon it that directors would do everything possible to get in arrears. The report and balance-sheet were adopted, Messrs R. Allen and William Hessey, retiring directors, were re-elected, Mr James Brown was appointed auditor, vice Mr C E. Anthony, and the meeting adjourned. KAWARAU BRIDGE COMPANY. The annual meeting of the Kawarau Bridge Gold Dredging Company was held ia Dunedin last week. The Chairman, in moving the adoption of the annual report and balance-sheet, said that the balance-sheet showed a very favorable state of affairs. The dredge had perhaps not been so successful as she might have been. During the last fortnight she had been working on a high reef, but up to the time when the report and balance-sheet were made mi —or, at least, for the first three weeks she had been working—the dredge had done very well. Unfortunately, none of the directors hud been able to visit the claim before that meeting, but some of them would do so as early as possible. They, however, had had 'reports sent down every week, or oftener, from the local director and dredge-master. From these reports they gathered that the dredge was working very well, and had not been subject to those breakdowns which were customary with most dredges when they first started. The dredge was started at j the centre of the claim, just at the bridge where ehe was built. The reason why

they started her there was because there was a road down to the river at this place, and coal could be taken on board easilv. In view of the possibility of breakdowns, they had thought it advisable to start the dredge where they did, as it would be less difficult to effect repairs there than at other parts of the claim. As regards arrears of calls, these were only on the second issue, and they represented a very small sum. The amount had been reduced since the balance-sheet was issued. When all debts were paid the company would be practically out of debt. The chairman then read a letter from Mr Andrew Reid, the local director, who testified to the suitability of the dredge for the work, etc. Continuing, he said that on receipt of the letter the Dunedin directors made what inquiries they could with reference to the cost of petroleum for fuel. Coal was one of the things they found very difficult and very expensive to get a constant supply of. The coal at Gibbston was of a very good quality, but the pit being situated on a high hill, and a tramway to it not having been constructed, there was a difficulty in getting a constant supply. At first they got Nightcaps coal across the lake to Frankton. This supply, however, was very expensive, and it would never pay them to get coal in this way unhss they were getting a good deal of gold. It would be a question for the directors in the near future to determine what sort of fuel was to be used. Of course, nothing could be done in the matter of using petroleum instead of oil until it had been recommended by their engineer. He might say that the New Zealand Coal and Oil Company had met them very fairly, having expressed themselves willing to give them 40gal for experimental purposes. If oil were suitable for dredges, there was certainly a splendid market for it. He moved the adoption of the report. Mr Brotherhood seconded the motion.

In answer to questions, the Chairman said it was difficult to make out the weekly expenses. They had not yet got in their coal bill. The expenses at first would be heavier than later on. Probably wages would come to 7oz a week, and reckoning coal and other expenses at 7oz they would be well within the mark. He could not say if it were true that some of the crew had not worked on a dredge before. As soon as one of the directors could get up to the claim he would make it his business to inquire. The dredge-master so far had given satisfaction, and appeared to take a great interest in bis work. The motion was carried. Messrs Johnstone and Shrimpton were re-elected directors, and Mr Callender was appointed auditor.

MOA FLAT GOLD DREDGING COMPANY. The Moa Flat Gold Dredging Company held an extraordinary general meeting in Dunedin on the 29th ult. The Chairman said that the shareholders had failed to take up the debentures that it had been decided to issue, only ninetynine debentures (representing £495) haying been taken up. As the amount they wanted was £2,500, this was no good at all. Thus, liquidation was forced upon the company, for they could not carry on any longer without additional capital. The total liabilities of the company were £2,239 17s 6d, of which £1,822 19s lid was owing to the Bank of New Zealand. It was a sorry end to the company, for the directors had entertained great hopes of the claim, and they were told that the company's dredge, which cost them £9,025, was one of the best on the river. She had been well built, and had proved herself very capable for a dredge of her size. He mentioned that the dredge had worked in all thirty-two days, obtaining during seven days of that time £ls worth of gold. They could not go on without the additional money, for it was a. costly thing to work a dredge—amounting to £SO or £6O a week. He would move the adoption of the resolution, which was—" That it has been proved to the satisfaction of the shareholders that the company cannot, by reason of their liabilities, continue their business, and accordingly that it is advisable to wind up the company voluntarily." Mr T. Hunter said he had very much grief in seconding the motion, which was thtn carried without material comment. Mr A. Hamilton was appointed liquidator of the company at a fee of £2l.