MINING NOTES.

Mataura Ensign, Issue 1144, 3 February 1903, Page 2

MINING NOTES.

CENTRAL MATAURA GOLD DREDING COMPANY. The second annual meeting of the shareholders of the Central Mataura Gold Dredging Company was held at Dunedin on Friday night, when Mr J. C. Thomson (chairman of directors) presided, and seven other shareholders were present. The Chairman, in moving the adoption of the report and balance-sheet (previously published), said that during the year the directors had had to face increased expenditure on account of the action of a certain number of shareholders at the last annual meeting. There had also been an undercurrent of opposition to contend with from a section of the shareholders, and they had also had, as the report showed, very direct opposition from one of the vendors, or one who was supposed to be related to a vendor, by trying to acquire from the company one of its claims. As far as the actual operations went, the report showed a small debit balance, but if they bore in mind all the additional expenses, the account would have come out about square—which was not, of course, a very satisfactory st-.te of affairs at any time. In their dredgemaster they had a very capable man, who kept tho dredge in a high state of efficiency, thus ensuring tbe expenditure of a less amount in repairs than it tho dredge was allowed to run down too much. Tbe action of the shareholders last year in appointing a shareholder out of town—Mr Anderson, of Timaru—also added to tho expense by reason of his expenses to Dunedin having to be paid whenever he attended a meeting. Not only that, but Mr Anderson was not available for consultation on matters of detail. At the time the report was sent out there was £744 19s arrears, but of that amount £420 15s had since been paid, leaving £321 4s outstanding, which no doubt the new board would tako steps to get in as as speedily as possible. Those funds would go to reduce the advance account; the interest paid last year amounting to £263 19s 4d. With satisfactory returns thoy could carry on with the hope of an improvement taking place. The return for that last week (Kioz 3dwt) had just been wired up. It was not a very satisfactory one, and no comment was made in the wire as to tho prospocts. The last annual meeting recommended tbe removal of the office of the company. Tho directors gave consideration to that matter, but owing to tho number of special meetings that had to be held the directors concluded that it would be inadvisable to make a change at a time when there were so many matters of detail to be dealt with. Mr Robert Lee seconded tho motion, which was agreed to. Mr A. James, oue of the trustees for tbe shareholder:,' loan, said that during the year £llsO had been paid off the mortgage from the proceeds of special claims Nos. 1 and 2, and there was an nmount of £430 16s available for further reducion of the mortgage. Messrs J. C. Thomson, Robert Lee,"j. R. Jones, A. James, and J. C. Stephens were elected directors, and Messrs Barr, Leary, and Co. were re-elected auditors.