WAIWHERO SLUICING COMPANY.

Lyttelton Times, Volume XCIX, Issue 11540, 29 March 1898, Page 6

WAIWHERO SLUICING COMPANY.

The first half-yearly meeting of the Waiwhero Sluicing Company was held in the Caledonian Society’s Rooms last evening. There was a large attendance of shareholders, and Mr J. Trent occupied the. chair. In presenting the first half-yearly balance-sheet, the directors reported that during the six ' months they had been in office quite a number of difficulties had arisen with respect to the company’s property and affairs which could not have been anticipated or foreseen, and which had since been arranged. In the first place the company was involved in litigation in the defence of the rights held by the company in Canoe Creek. But the suit had been settled so as to leave the company with an unassailable right to thirty heads of water out of the right hand or main branch of Canoe Creek. Again, the race, instead of being three miles long as anticipated,, was found to be more than double that -length, which would entail a far greater expense on the shareholders than was foreseen when the company was first formed. Under these circumstances, it was thought that the vendors ought to make the company some concession in v the original contract to pay their purchase money out of the first gold won from the Claim. Upon representations being made to the vendors, they agreed to allow the gold won by means of the Dovery and Lawson’s Creek water-races, which were nearly completed, to be used in the construction of the race to Canoe Creek. They also refunded the sum of J 2600 paid for Devery’s claim and water-rights, the vendors being satisfied to await the connection of the whole of the races before receiving one shilling on account of their purchase money. Messrs Trent and Ritchie had visited and made a thorough inspection of the claim and rights. They had found water plentiful, and in their opinion the company would always have more water available than they could take out with a thirty-head race. The ground had been proved hy previous workings to be a most valuable property, and it only required ■capital and pluck to complete the work and obtain" large returns for many ■ .years to come. The greater portion of the moneys on the balance - . sheet had been used in payment of the purchase of sub-options and M’Keown’s properties, and Mr W. Morris, the mine manager, deserved every credit and the thanks of the shareholders for accomplish- ,, ,ing so much in a short space of time. Tb.e mine manager’s report, detailing the work completed and in progress, was also laid. on the table. The balance-sheet showed the receipts to be .£19,779 7s 6d, and the expenditure .£19,194 11s Id, leaving a credit balance at the bank of -2585 16s sd. In answer to a question, Mr Trent said that past results on a section of the claim had proved that it should sluice at leasts jjgOOO worth of gold per acre, Mr J. Trent moved the adoption of the report, which ‘was seconded by Mr Hill Fisher, and carried. The election of director's resulted as follows : —Messrs James Trent, P. W. Thompson, H. P. Hill, P. H. Pyne and George Harris. Special votes of thanks ware passed to the retiring Directors, and reference was made to the trouble taken by •tho Chairman and Mr Ritchie (solicitor ior the company) in visiting the property. A hearty vote of thanks was passed to the vendors for the manner in which they had met the Directors in the matter of arranging terms.