MILLEE'S FLAT ELECTRIC DREDGING COMPANY.

Otago Witness, Issue 2413, 31 May 1900, Page 20

MILLEE'S FLAT ELECTRIC DREDGING- COMPANY.

A well-attended meetr.ig oi '•hareholders in the Miller's i-'iai; Electric Diedging Company (Limited) w<k U?ld on Tuestlay night, the tin'd. i.'ny, in the Diii-cain Stock Exchange Room, Colonial Bank Bnildn 1 "?, at which Mi iL. 'Jhoinas (chairman of onectors) presided. The Chairman, in moving the adoption of the report and balance sheet, said: You will notice ■.hat the date appointed for the ammpl genejal .nesting la past, and this meeting has been called as a:i ex era ordinary one iv its place. Th^ icasou for ilus is that from the time we cillcd t.ou together last we had little inorfe to lcpoit than what we had already explained at the meeting on +he slh December, and also your directors wished to complete the work they had undertaker, if possible, so as to leave a clean sheet for the incoming directors. The arrangements we had in hard at the time were the exchange of our dismantled dredge for what uced to be the JSdma .d-edgc. By this exchange your directoi s had Jior.ed to have been able by now to have i'l" ciarm working, but owing to tho ineflici° l t state of the Kdina's machinery numerous orealtc'owiis occurred both on the way dowu and while dredging nvio our property, thus delaying us considerably. There 13 one thing,, however, we may tay, that the exchange is, we consider, of immense benefit to ihe company, having, saved a considerable sum of money in carriage and the cost of xe-erecting tho diedge, besides bringing the time of working the claim within ineasuiable distance, ivnerens, hud we h?d to continue our first arrangements, it would have been indefinite as to when operations wovild have commenced. We may here say that another seven acres have been applied for, and as no objections have been raited, we may take the application as granted, an addition which will bung our area up to 30 acres. Referring to the financial position of the company, the balance sheet now before you was made out to the 31sl January last, and as some time has since then elapsed, it is necessary to explain some o£ the items and give you a supplemental y report. You will notice the item-3 " calls unpaid " and '• uncalled capital," £1G29 10s. The balance of the cajsital has since then been called 111, paid, with the exception 01 S.2SO, has ail been paid. '" Bills payable " is jiow £324. The origin of this account was, we explained before, to release our cash and enable us to complete the purchase of dredge and claim by means of the gold won. On making the exchange of dredges, however, it was necessary to xelease our dredge, and in accordance the bills for its purahaso were paid, leaving the one to P. Laffey for the property unpaid. The bank account now stands in credit £230 odd. The dredge will, however, be completely overhauled and seveial parts replaced, and allowing that this will mil into £1000, the position as compaied with ether companies may be consideied fairly satisfactory, as the assets will leave such an ample margin that there should be little difficulty in arranging for this amount without in any way calling upon the shareholders to increase the capital. I may say the estimate of the cost of renovating the dredge is a matter of presumption only, as we have not yet obtained^, an estimate fiom the engineer, but it may be taken as a possible outside amount. Before concluding, your directors desire to express their appreciation of the services lendered by the manager, Mr Robt. White. To his indefatigable energy and care wo certainly can attribute our present position The directors, as you will see, fiom the balance sheet, have drawn no fees for the time of thentenure of office. Taking into consideration all th^igs, the directors are satisfied with the excellence of ths properly, which is proving itself to be, fo far a,s it had been prospected, very profitable and consistent thioughout. The position of the company under the encumstances cannot be taken as otherwise than satisfactory. The directors hpve decided not to make any distinction, but all will retire and are eli°ibfe for re-election. Mr White, the dredgemasler, telegiaphs — '• Fare open on solid giound. Down 18ft; unable to bottom yet for tailings. Notwithstanding this, yaospeets sue splendid and consistent thioughout. Will bottom next cut."

The retiring directors, not having drawn any fees, were awarded a bonus of £50. Mr Alexander Bartlenian was re-elected auditor-.

Ihe balance sheet and report were p dotted

Messrs Edward Thomas, ' John "Rylcy, "j. O. White, Wm. Adam, ai-^l James Dick were appeinted. directors for the ensiuufi 12 mouths,