GOLDEN TERRACE DREDGING COMPANY.

Otago Witness, Issue 2401, 8 March 1900, Page 20

GOLDEN TERRACE DREDGING COMPANY.

The annual meeting of shareholders in tha Golden Terrace Dredging Company wa3 held in the Board Room of the Agricultural Hall Buildings on Monday afternoon, tlicio being about 15 shareholders present. Mr John Mill, chairman of directors, presided.

The following is the annual report presented : —

" The directors, in submitting their second annual report, regret thay have not a more' satisfactory statement of accounts to place before you. The yield of gold very materially fell' off in the month of June, the ground then/ entered upon by both .dredges, and subsequently,, worked, having proved very poor. Prior to this, good profits ,were earned -a-nd distributed:* in dividends. The gold obtained from the_ dredges during the year amounted to 10920z Gdwt 14gr, .of the value of £4140 17s 3d. The cost of working, repairs, etc., amounted to £4122 16s Id, leaving only £18 Is 2d as the profit , for the year. The directors have sold the No. 1 dredge to the Shotover Gold Dredging Company (Limited) for the sum of £2250, and have also applied for abandonment of the upper claim to save needless rent. The sale of this dredge will enable a substantial return of capital to shareholders, and, at the same time, will leave the company with one dredge and an unworked claim of 86£ acres. Mr Ford has lately; visited the claim, and, in reporting on the same, advises the prosecution of dredging on this lower claim. Since his visit the No. 2 dredge has been moved on to this claim, and the directors hope for payable returns therefrom."

The Chairman moved the adoption of the report and balance sheet, and expressed the regret the directors felt at not having a somewhat better balance sheet to lay before shareholdera. He could assure them it was no fault of the directors, who had given their time and attention to the affairs of the company, and had done what they thought best. During the year one of the dredges had been sold at a very fair price, and they were now shifting the other down lower, where it was hoped they would get on better ground. As a result of the sale, the directors had come to the conclusion' that it would be best to pay a dividend of '5s out of the money received. That would still leave them a balance in hand to go on a little further with the remaining dredge. The directors had thought of selling this dredge and - abandoning the claim, but had decided it was " better to go further, and see if they could strike the gold. However, this was a matter for the" meeting to decide. Mr Ford has been at the ' claim, and would give a.ny information required. Mr Glendining seconded the motion for the adoption of the report and balance sheet. In reply to a question, the Secretary (Mr R. T. Whseler, jun.) said they had received £2250 for the dredge, and, deducting what they' owed, there was a balance of £1750 left, out of which the dividend would come. Then-. they; had the other dredge and the claim. Mr Ford explained that after going down 13ft or 14ft they reached a sandy clay, in which, there was no gold. They dredged 6in or Bin into this stuff, so as to make sure they were leaving no gold-bearing material. He was quite satisfied from what he saw that- both the dredgemasters were saving all the gold. With regard to the underlying sandy clay stuff, it was in some parts of the -river as deep as 100 ft, and " miners said that gold was never got out of this. Thousands of pounds had been spent in trying ' it, but the result had always been a failure. With regard to the further working of the claim, it was very problematical whether it would pay or not, but he certainly thmight the attempt was desirable. Mr T. Brown said it must be borne in mind that the dredge had been five or six months working its way to the place which had not yet been tested. The dredge had been practically cutting her way to this" point, and expenses were now reduced to a minimum. He thought a very good business transaction had been accomplished in getting rid of the other dTedge, and that it would be unwise if they did not prospect the ground it had cost them so much to reach. They had not lost anything yet. Though the piofit had been small, yet it had been a profit. At the suggestion of Mr J. H. Morrison, it was finally decided to leave the matter of going on in the hands of the directors, they to report as to the progress made later on. Mr James Brown was elected auditor, and' Messrs T. Brown and T. Glendining directors. -