REEVES PROPRIETARY GOLD DREDGING COMPANY.

Otago Daily Times, Issue 11925, 25 December 1900, Page 6

REEVES PROPRIETARY GOLD DREDGING COMPANY.

The first annual meeting of the shareholders of the Reeves Proprietary Odd Dredging Compuny was held on Friday at Christelnireh, Mr W. N. Macbeth, chairman of directors', presiding.

Tho Chairman moved the adoption of the report and balance sheet, and in reply to questions stated that the travelling expenses (£9l 3s) had been paid to two directors—Messrs Reeves and Harrison—Mr Beeves charging £7 for all expenses when he visited Cliristchurch, ond Mr Harrison £1 18s Gel. Mr Reeves lived in Nelson, and had paid several visits to the "West Coast, and could not be expected to do so for nothing.

A Shareholder wished to know if the directors were satisfied with the dredge. The Chairman said that Messrs Beeves and Harley had seen it, and spoke highly of it. It was quite a. new dredge when it was bought, ijut it v.'tis 21 ot ouitc so iJvrgc us some being* built on the Coast.

Mr Beeves said the buckets were capable of lifting three cubic yards, and of treating between SO and !K) cubic yards per day. At present, owing to the nature of the ground, the dredge was lifting only about five yards per day. The Chairman exhibited some gold taken off the tables by Mr Harley, one of the directors, on a recent visit. It was of a lumpy character.

Mr Beeves said that after consultation between Mr Phillips, Messrs Cuttcn Bros.' representative, and Mr Scott, the dredgemaster, it had been decided to cant the dredge more to the northward, where it was hoped she would get into softer wash. The absence of a report from the dredgemaster as to the condition of the machinery and the nature of the wasli was mentioned. The Chairman staled that it was an oversight that the report had not been obtained.

Mr Reeves seconded the adoption of ths report and balance sheet. Mr Harley, in supporting the motion, said he had personally seen the dredge working, and had been highly gratified with the progress made. Mr Reeves brought under the notice, of the meeting the desirability of putting down some prospecting shafts on the lower portion,of the claim, in the vicinity of Buvte's Creek, and below Whisky Flat, where the best gold in the whole, property, according to the, local miners, existed. If the prospects obtained warranted it, a subsidiary company might be floated to put a dredge on this portion of the claim, the parent coimxiny to receive a. percentage of the returns. Ho also referred to the existence of between 50,000 and 100,000 tons of quartz tailings on the claim, and suggested that they should be tested. He had"had some of the tailings tested at the School of Mines, and the test showed that they contained gold at the rate of 540z to the ton.

It was left to the directors to take such slops as they thought necessary in the mutter, and with respect to the prospecting shafts to cull another meeting of the shareholders, say about March next. The following telegram, received from the dredgemaster on the "day oE (he meeting, was read:—"Widening out. Little gold showing on mats. Washing up Christmas Eve for holidays. fioing Greymouth try to get boat." It was explained that (ho boat was to be obtained-in compliance with the Government regulations. The report and balance sheet were adopted. Mr S. Manning was elected a director in place of Mr A. Harrison, the retiring director. A hearty voto of thanks was passed to MiHarrison "for liis past services to the coinTho Chairman stated that as the stream on the boundary of the claim was not included in the freehold, three licenses had been taken out to protect the company's interest.