THE VINCENT EXTENDED GOLD DREDGING COMPANY.'

Otago Witness, Issue 2426, 12 September 1900, Page 23

THE VINCENT EXTENDED GOLD DREDGING COMPANY.'

The first annual .general meeting- of shareholders in the Vincent Extended Gold Dredging Company was held on Thursday in Messrs Reeves and Co.'s office, Vogel street". Mr Hugh Adam presided, and. there was "a- good attendance of shareholders. The following is the annual report: — • " Your directors have pleasure in suhmiliing to the shareholders the first balance sheet ior the period ended, 31st July, 1900. They regret not being able to report the completion of the dredge, but it is entirely owing to the contractors -for the machinery" not being upto time and' the delay in'g'etting the machinery carted from Eanfurly, but everything is "being /pushed forward with as] much speed as possible, and they hope in the course" or two months to have the dredge- completed and •working. Following is the latest report of the company's engineer (Mr Payne) as regards the ■gjogress of the dredge:. — 33ie contractors

(Messrs W. Baskett and Son) have finished the pontoons. Messrs Johnson and Sons, of J\J elbourne, contractors for the machinery, have completed their contract, and the following material is now on the claim : Elevator, screen, ladder, ..winch, and most of the gearing. The balance is in transit, and will be on the ground i.'hen wanted. The engine and boiler, both Marshall and Sons' make, are on the claim. Mr W. H. Scott, of Clyde, has taken over the pontoons and commenced the erection of machinery, and, as nearly all the material is on the ground, no delay is likely to occur to hinder rapid completion. Two of tho directors (Mr Thos. Rodger and Dr T. G. M'Kellar) retire from the board, but are eligible for le-election. Mr James Brown, the company's auditor, also retries, and is eligible for lc-election."

The Chairman, m moving the adoption of the report and balance sheet, outlined the progress of the company duiing the year. Those who were original shareholders would -remember that their engineer (Mr Payne) repoited that a suitable dredge could be put on the claim for £5000. The directors had grave doubts about this being done, and on again consulting him were met with the answer that prices had gone up considerably since his first report was made, and he furnished another estimate of £6500. In the face of this there was nothing for it but to get the shareholders to increase the capital of the company. An extraordinary meeting was hold on August 18, 1899, when the contributing _capital was increased by tho creation of 1500 shares of £1 each. To the shareholders then on the register 067 of these shares were allotted, leaving 533 to be dealt with by the directors; 250 ot these were sold at a premium of £373 17s 3d, as shownin the profit and loss occount in tho balance sheet. In addition to this 283 wore sold last month, at a premium of" £297, making a total pipfit to the company of about £671 on the 533 shares, which must bs considered satisfactory. Wh^n tenders wore accepted for the machinery and the pontoons in October last it was stated by their engineer that tho total cost of the dredge, steam up and at work, would bs ±7434, which shareholders would notice was £934 in excess of his estimate when the capital was- increased. The directors therefore had to go thiongh with it, as a small dredge would have been useless to work the claim. Owing to the heavy freights and plague charges, the engineer's estimate had been much exceeded, and they now found that it -world cost at least £3000 before" the dredge ivas at work. To give on idea of how the freight -charges were trying to cripple the mdustiy, he might mention that tho totdl weight of the machinery imported flora Melbourne was 97 tons oewt, for which they chaiged £220 15s lOd for freight, or at the rat? oi £2 5s 4d per ton! The total shipping charges from Melbourne to the Dunedin wharf were £497 Brf 7d. This would give directors who thought of placing orders for their machinery in Melbourne an indication of what it would cost them to land it in Dunedin. The items were made tip thus: Freight, £220 15s ]0d; duty (5 per cent, ad valorem), £203 10s; insurance, £11 6s lOd; fumigation, £8 0s Id; harbour dues, £13 0s lOd; clearing, £10 15s; — total, £497 Ss ,7d. Mr Adam also mentioned that the revolving screen, weighing 4 tons 12cwt, cost £43 3=s-10d alone for freight. In legard. to the balance sheet, the item " sundry creditors, £755 13s -9d," on the liabilities side, included an account owing to Messrs- Johnson and Sons, of Melbourne, and amounts owing for cartage, which had since been paid. On the. assets side they would see that there were np- ' calls, in arrears." Tho last call was made on June 3Q, and by the middle of JAily-i everything had been paid. The item " pl-anty £7135 10s 3d," was made up as iollows : — Cartage, £3GO; duty, freight, etc., £483 15s; engine and boiler, £710; boats, £61 12s Gd; pontoons, £1479 16s; engineer, £200; ropes, £135 17s Id; Johnson and Sons (for machinery), Melbourne, i£3704 9s Sd;— total, £7135 10s 3d. , ii\: Adam also read a report from Mr Scott, stating that it would take six weeks from date, to complete the dredge, but a good deal depended on the machinery coining to hand as 'wanted. Mr G. M. Grigg seconded the adoption of the report, and mentioned that in his opinion the company had done well to secure such a capable man as Mr Scott to erect the dredge. Tho report was adopted unanimously. It was decided to reduce 1 the directorate to five, and the retiring directors (Messrs Thos. Rodger and Dr T. E. M'Kellai) were re-elected Mr Jas. Brown was re-elected auditor. The next annual meeting was fixed for September next; the date to be arranged by the directors.