NEW ZEALAND GOLD DREDGING COMPANY.

Otago Witness, Issue 2368, 20 July 1899, Page 22

NEW ZEALAND GOLD DREDGING COMPANY.

The ordinary half-yearly meeting of the New Zealand Gold' Dredging Company (Limited) was hold on Friday evening, Mr Job Wain in the chair. The report and balance sheet were adopted. From the former it appears that since the new winches were pu'i, on the company's dredge, known as the Morning Star, over 2060z of gold have been won in 2101 houTs' dredging time, or at the rato of lloz 15dwt per week of 120 hours' dredging. The condition of the dredge has been reported on by Mr R. Hay, M.1.C.L., and it appears that, with' the exception of the buckets, Jinks, 'pins, and tumblers, the dredge is in go'bd working order. It was stated th'af owing to the small size of the present buckets (under 2Jft), and the great hardness of -tho wash, there were numerous stoppages, and that the dredge was only lifting 18 to 20 yards an hour. Mr Hay recommended {he company to procure buckets of 3£ cubic feet capacity, as the boiler and engine were quite equal to it. With this alteration, and stronger links and pins, the returns of the Manorburn claim, which adjoins the company's claim, should bo equalled, if not exceeded. A discussion ensued as to tho provision of further capital to make tho desired alterations. It was ultimately decided that, in the interests of the smaller shareholders, who were in the majority, and who would pfobably have some difficulty in subscribing further capital, that a new company, to be "called tho Morning Star Dredging, Company (Limited) be formed with a capital of £5500 to take over, the assets of this company, and that Messrs Cogan and Crawford be appointed the brokers.