THE WAKATIPU DREDGING COMPANY (LIMITED).

Otago Witness, Issue 1920, 4 December 1890, Page 24

THE WAKATIPU DREDGING COMPANY (LIMITED).

At the meeting of tbe Wakatipu Dredging Company (Limited), held at the company's office. Princes street, An Tuesday evening, the 2nd met., the report and balance-sheet were adopted, and a new board of directors elected. The Chairman, In moving the adoption of the report, stated that the dredge had been only six weeks fairly at work, and that during that time there had be«n sundry delays and stoppages from want of coal and from the highly flooded condition of tha river. In spite of these difficulties there had ben about £300 worth of gold gained, and so far as could be ascertained the working expenses of the dredge were about £50 weekly, so that she had about paid her way since the completion of the alterations in the machinery. A full report from Mr Cutten on the condition of the dredge was read, and numerous questions by shareholders were answered. The directors retired under the terms of their appointment, and a new board was elected, consisting of Messrs Hardie, Pateraon, Wm. B-own, Glendlning, Tucker, Saw Hoy, and Dr Burns. Mr W. Hislop was re-elected auditor, and the proceedings closed with a vote of thanks to the outgoing directors.

The report was as follows :—" Your directors, in presenting their report for the past year, regret that unforeseen delays und necessary alterations to the dredge have prevented operations on the cl*im being begun till within the last few weeks, and that the dredge has only been able to start work fairly as recently as the 20th of last mouth Since that date work has been carried on under great difficulties, as the river has been in high floid, and there has been much trouble In securing a supply of fuel in oonsequence of the strikes ; but taking these advei cc aircumstanteß into consideration, the results have been encouraging, as the machinery has worked well and fairly continuously, and for the fir^t 11 days' work we obtained gold to iha value of £'.'0 sterling. The alterations c ffecto 1 on the dredge have had the result of vory materla'ly reiluclrj/ ou- working excensos, and our drfdgeimater reports that when some further contemplated small alterations are completed and the diffi iulty about fuel is overcome, he hopes to be able to tre\t a larger quantity of washdirt, with a corresponding incresiee in tho returns. The g'oldsaving apparatus has bsen much im roved since the dredge -was launched, and now seems to be doing its work satisfactorily. Yo-rdirecbors wish to express their feeling of high approbation of the manner in whinh the dredgeruß&ter, Mr W. H. Cutten, has fulfilled his duties to t lie company during the paat months."