THE HARTLEY AND RILEY BEACH DREDGING- COMPANY.
The directors of the Hartley and Eiley Beach Dredging Company, in their third anual report, state that they are confident thai the results, -which have far exceeded their highest anticipations, have been fully appreciated by the shareholders. The report goes on as follows : — " The policy of maintaining the dredge in an efficient condition by . keeping duplicate parts of machinery and material needed for repairs in hand has been continued, resulting in a minimum loss of working time throughout the year. The present condition of the dredge reflects the greatest credit upon the dredgemastor and his staff. The dredge has recently been shifted lower down the claim, about 100 yds below where she obtained the large yields of last year, and' Mr Geofge M'Lay, the 'dredgemaster, is satisfied that good returns may reasonably be expected. The profit and loss account discloses some very remarkable figures, the amount of dividends for the year- totalling £44,687 10s, equal to the splendid return of dB6 17s 6d per £1 share, or 687.5 per cent. — a dividend, so far unique in the history of dredging. The wages sheet shows the considerable, sum of £1439 4s lOd distributed, while renewals and repairs ,(£1169 2s) indicate the great wear and tear inseparable from this industry. ' Rents, rates, and taxes, although large, being chiefly income tax, are cornmenFurate with the volume of returns. Under employees' bonus the stim of £1098 15s has been paid, made up largely by the dredgemaster, who receives 2 per cent, of all dividends paid. It will also' be observed by shareholders that there is a substantial sum on deposit, and out of this your directors purpose to appropriate the amount of £1500 by way of a reserve fund, and the board believe that a policy of caution by creating this and adding to it from time Is time if necessary will
commend itself to the shareholders generally. An extraordinary general meeting of shareholders will .be held at the close of the annual meeting for the purpose of considering the advisability of reducing the qualification of a director from 50 shares to 25 -shares. While your directors can hardly hope for a continuance of the exceptional returns of the past year, they are thoroughly satisfied with the XJrospects of the claim, and believe shareholders will continue to receive very substantial returns on their capital. During the year ; there have been several changes on the board, Messrs T. Brown, J. H. Morrison, and J. Haz- , leU retiring, and their places have been filled ' by Messrs J. Whitbourn, H. Stokes, and ?R. T. Wheeler, jun. The Hon. Thomas 1? erg us was granted leave of absence during his visit to Britain. The retiring directors are Messrs : R T. Wheeler, jun., and J. Whitbourn. Both are eligible, and offer themselves for re-elec- ■ tion. Mr Thomas Callender, the auditor, also offers himself for re-election." s REPORTS PROM WORKING DREDGES. ; The Hartley and Riley Company's return : for the week ending on Friday is 3560z 17dwt of gold. ' The Dredgemastsr reports that there will be no dredging for a few days. The Secretary reports that the return from the Shotover Gold Dredging Company for the week is 6oz lOdwt 3gr. The secretary of the Vincent Dredging Company reports a return of 940z for three days' work. The Mataura Ensign states that the Waimumu Queen dredge obtained 28oz amalgam '■ fo - 90 hours' dredging. The Secretary of the Clyde Dredging Company reports a yield of 2Soz. The dredge was stopped foi a day owing to a breakage. The river is 15in above the so-called normal mark. The Dredgemaster of the Golden Beach Hydraulic Elevating and Dredging Company r (Limited) reports that he washed up 3602 18dwt [ 9gr gold for 126 hours' dredging. j The Secretary of the Junction Electric Gold ! Dredging • Company reports a return of 640z ! 2dwt from No: 1 dredge for last week, and 770z • from No. 2 dredge. The Secretary of the New Alexandra Dredging Company reports a return _of 7oz 15dwt. I The Secretary of the Vincent Dredging Company reports a return for the week of 178oz. | The dredgemaster reports that the ground as keeping good. He hopes to have the relipping of the buckets completed in a fortnight. The Secretary of the Waimumu Central Di edging Company reports a return of 230z for | 122 hours' dredging. | The Dunedin Stock Exchange report the following returns for last week: — Golden Treasure Company, 250z; Otago Dredging Company, 14oz 15dwt for eight days. I The Secretary of the Magnetic Gold Dredging Company reports a return of 340z for 72 hours' dredging. ; The Secretary reports a return of 330z 7dwt 18gr from the Earnscleugh No. 1 dredge, and a : return of 220z Bdwt 6gr from the No. 2 dredge. ; _ The Secretary of the Manorburn Gold Dredging Company reports a return of 17oz'6dwt for last week. TL> Secietary of the Waimumu Extended Dredging Company reports a return of 290z 3dwt for 235 hours' work. ! The Secretary reports a return of 420z lodwt from the Golden Gate dredge. The 'river is low and steady. ( Mr J. J. Gibson, Lawrence, reports a return of 250z lldwt from the Success dredge for [ 136J hours' dredging. I The Secretary of the Dunedin Gold Dredging Company reports a return of lOoz sdwt. Mr Laurence Ryan, Alexandra, reports the •following returns: — Molyneux Hydraulic, 30oz sdwt; Nil Desperandum, 7oz 7dwt; Perseverance, 51oz lOdwt. The of the Cromwell Dredging Company reports a -return of 690z sdwt for 131 hours' dredging. The Secretary of the Chicago Dredging Company reports a return of 12oz 12dwt for 135 hours' work. The wash was > improving last shift. The Secretary reports a return of 340z Bdwt from the Enterprise dredge for the week ended Saturday. > The Secretary of the Morning Star Dredging Company reports a return of 7oz 4dwt for 126 hours' work for the week ending Friday last. T.he Secretary of the Matau Dredging Com-
pany reports that a new screen is being fixed on the dredge, and work will not be resumed for a, few days. The Dredgemaster of the Inch-holme dredge reports being occupied all last week fitting new save-all aaid other necessary improvements. He hopes to commence regular work to-day. Very fair gold is showing on the mats, and the dredgemaster is very pleased with his prospects for the few hours he has been working, and also that he has only been engaged opening out, and mostly dredging silt. The Empire Gold Dredging Company's dredge obtained 390z 3dwt 17gr of gold for last week. On Thursday last the pinion on the in- | termediate shaft stripped on No. -1 dredge, and she will be laid up for repairs until Wednesday. The Secretary of the Charlton Creek Dredging Company reports a return of 220z lOdwt for eight days' dredging. ' ' The Secretary of the Chatto Creek Dredging Company reports a. return of 16oz 6dwt llgr for 113 hours' work. The Secretary of the Golden- Point Dredging Company reports a return of 14oz 15dwt 15gr for four days six hours' dredging The Secretary of the Inch Valley Gold Dredging Company reports that there was no washup last week, the dredge being laid xip for repairs. It is expected that a start will be made to-day. The Upper Waipori Alluvial Gold Dredging Company (Limited) obtained last week lloz 12chvt of gold for 134 hours' dredging. The Jutland Flat (Waipori) Gold Mining Company (Limited) obtained last week 14oz 7dwt of gold for 144 hours' wages time, 132 hours' actvial dredging. Mr J. J. Gibson, Lawrence, reports that the return from the Lawrence (Jompany's dredge for last week was Boz 16dwt. The Secretary of the Tuapeka Dredging Company reports a return of 19oz. The Secietary of the Evans Flat Dredging Company reports a return of 18cz 4dwt. The Gold Creek Dredging Company's return for the week ending 20fch inst., for ilO hours' work, was 7oz 15dwt retorted gold.
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Bibliographic details
Otago Witness, Volume 26, Issue 2419, 26 July 1900, Page 22
Word Count
1,316THE HARTLEY AND RILEY BEACH DREDGING- COMPANY. Otago Witness, Volume 26, Issue 2419, 26 July 1900, Page 22
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