NOKOMAI SLUICING COMPANY.

Otago Daily Times, Issue 19198, 14 June 1924, Page 2

NOKOMAI SLUICING COMPANY.

TWENTY-SIXTH ANNUAL MEETING. IMPORTANT DEVELOPMENTS FORESHADOWED. The twenty-sixth annual meeting of shareholders in the Nokomai Hydraulic Sluicing Company was held at the secretary’s office. Stafford street, yesterday afternoon. 'Die chairman of directors, Mr IT. Crust, occupied the chair. In presenting their annual report the directors stated that the gold produced by the company’s operations for tho year was 1071 oz 18dwt, value £4513 6s Id. No. 2 claim -returned 8260 z Id.wt and No. 3 2450 z 17dwt. Owing to the severe winter and following dry summer, No. 2 claim lost three months’ working time, while No. 3 from the same causes and necessary removal of plant from Victoria Gully, where its ground was worked out, to Nokomai flat, lost fnllv six' months’ sluicing time. Both claims had been working full torm since the weather broke some 10 days ago. In moving the adoption of the annual report and balance sheet the Chairman said the directors had again to express their regret at having to meet shareholders with an unfavourable report on the year’s operations. As explained in the annual report, a total of nine months’ working time was lost between the two plants owing to weather conditions and the removing of No. 3 plant, from Victoria Gully to Nokomai flat. Of the total gold won during the year (1071 oz 18dwt, value £4513 6s Id), No. 2 produced 8260 z Idwt and No 3 2450 z I7dwt. No. 2 wa s still on profitable ground with good prospects ahead, and had about 18 months’ work in front of it, where now situated in Victoria Gully, while No. 5 on the new ground it was shifted to on Nokomai flat had taken out one small paddock for a return of 330 z 7dwt. and fair prospects were showing ahead. There were 11 acres of ground for this plant to work, which should take from two to three years to finish, provided a fair proportion of it was of a payable description. The manager of No. 3 plant, owing to ill-health, had recently to resign, since when the manager of No. 2 had supervised both plants. So far this arrangement had been satisfactory, and the directors propose continuing it. Regarding the future of the company, the directors, after careful consideration, decided that the lower Nokomai flat offered the best prospects for the company’s operations. One paddock was taken out on it by the Lion Company, and from a small area of bottom and some driving fthe ground is deep, abont 100 ft) obtained about 40ffoz of gold, while all tho spurs, running into the flat on the west side fthe site of the main old Nokomai diggings of 60 years ago) proved highly auriferous. The companv held 17 acres of ground on the lower .vokomai flat, but considering that area small, and taking into account the cost of extending water races and removal of plant, etc., to work it. the directors surrendered the 17 acre® and applied for an area of 70 acres and for licenses to extend its water races to enable them fo work the ground. These applications had been before the court, and the warden had recommended them for the Minister’s approval _ The™ were no objections to the applications, and thev would no doubt be _ granted m duo course. The next question was finance. After the annlicab’ons were granted work woo'd require to be started on the raees within two months to maintain their rights, not necessarily on an elaborate scale, as ’t would be two years before they wo--e readv to work the ground. There would be in all six miles of no-- race to construct and four miles and a-hnlf of old race to renew at a total estimated cost of fISCX). tho removal of plant and purchase of some new plant required on account of tho greater denth of the creupd to be worked wou’J cost another £l r off, making a total of £9OOO. to be provided within the next two years 'Hiis would he a matter for the consideration °f shareholders at an extraordinary general meeting, which it would be necessary to call. Mr H. K. Willc’nson. in seconding the motion said that the prospers from the piece of ground that the No 3 dred-ro was now working looked somewhat Promising. Ho hod looked over piece of 70 acres that the eon-many had in<” taken over, and ho was quite satisfice' th-t tho purchase was an excellent one. He rhd not. see how the scheme con'd Twssiblv fail if *ho shareholders provided tho necessary funds. The motion was carried. The retiring directors, Messrs TT Trust and H K. Wil'-lnson. were ™.pW e d. The -auditor. Mr R. T. Wheeler, was also reappointed. fhe remuneration of directors was fixed at £1.50 as previously. vf»rv r'YT’fliM voto cJ thn-ntes corded to the chairman, the secretary the manager, and staff on tho motion of Mr L. D. Ritchie.