SANDHILLS GOLD MINING COMPANY.

Otago Witness, Issue 2010, 1 September 1892, Page 15

SANDHILLS GOLD MINING COMPANY.

The annual meeting of the Sandhills Gold Mining Company (Limited) was held at the office of the company, Colonial Bank Buildings, on Friday afternoon. Mr T. Brown presided, and there were 16 shareholders present.

The annual report, which was submitted to the meeting, contained the following clauses :—

"The dredge has been steadily at work from Bth August last year to 25th June of the present year. ,At this latter date, owing to the frosts and heavy falls of snow, which blocked the race, it was found necessary to lay up the dredge. The weather has now moderated, and the dredge master expects to make a start before the date of meeting. During the year gold to the value of L33U 13s lOd hasHbeen obtained, out of which two dividends have been paid. The dredge and plant penerally continue to give satisfaction. The part of the claim that has been worked so far, has chiefly been old ground. The dredge is now approaching what is said to be unworked ground, from which better results are anticipated. Accordingtothe articlesof association, two membersof the board — Messrs James Smith and John Mitchell — retire from office, but are eligible, and offer themselves for re-election. The auditor, Mr Henry Rose, also retires, and offers himself, for reelection." The Chairman, m moving the adoption of the report, said the shareholders had to congratulate themselves on the fact that electricity had proved a great success as a motive power, and that the dredge was probably as good as she was the day she commenced work. The company had had a rare immunity from any breakdown or trouble in connection with the dredge ; and the dredgemaster was of opinion that they might look forward to being able to get along perhaps better with the motive power they had than other dredges had done. The report stated that the value of the gold got during the year was L 3300 odd. Out of that L 849 18s lOd had been distributed amongst the shareholders, and the directors hoped for the future, now they had got out of their difficulties so far as debt was concerned, to be in a fair way of grappling with the whole question of management. Shareholders would observe that instead of there being a debit balance, there was a sum of L2OO on the right side of the ledger ; and in addition to that the directors had been able to wipe off L 250 for depreciati&n. Of course this was rather a matter of figures than anything else ; but seeing that the dredge must depreciate somewhat, it would be a mistake to keep her up to her full value if they could afford to take off a little now and again. The great difficulty the company had to contend with heretofore was that they had to work ground out of which so much gold had been taken before. Those who took up the claim originally supplied the company with si great deal of data as to what had been done, but this had proved disappointing, and the anticipations of the directors had not been quite realised. Nearly the whole of the ground that had been gone over had been worked before. Mr Hood, the manager, however, seemed to think that he was approaching virgin ground with the chance of getting something like fair returns ; and if the company

, wanted more ground t^hey might be able to get it, as there was a long stretch of river before them, and it was not likely, in the face of the disappointments that other dredges had met with, 'that anyone would contest with the company the privilege of working tho ground. During tho year tho company had lost one of their directors (Mr Boot), who left for England at the beginning of the year, and shareholders' would be sorry to hear that intelligence had reached here of his death. Since then the remaining directors had looked over the list of shareholders to get someone who had a large interest in the company and of sufficient business capacity to fill Mr Boot's place, and they had asked Mr Ryley to do so. He (Mr. Ryley) had now become a business man, and as he had a very large interest in the company, the directors were very pleased that he nad "accepted the appointment, as he would look after nis own interest and that of the shareholders. The motion for tho adoption of the report on being, put to the meeting was carried unanimously. On the motion of Mr H. Rose, seconded by Mr T. M. Wilkinson, Messrs James Smith and John. Mitchell were re-elected as directors.

Mr Henry Rose was re-elected as auditor. . Mr Rose referred to the advisability of creating a reserve fund, and after some slight discussion with regard to the matter, it was agreed" to alloAy further consideration of it to stand over for, ( another year, the chairman having previously t intimated that the directors had not lost sigh.V6f the desirability of establishing a reserve fund ,at. some future time, but they were of opinion tnaj^ it was not advisable to do so this year. . r ,t, t