EXCELSIOR GOLD DREDGING" COMPANY.

Otago Witness, Issue 2433, 31 October 1900, Page 20

EXCELSIOR GOLD DREDGING" COMPANY.

The first annual meeting of the shareholders of the Excelsior Gold Dredging Company (Limited) was held in the rooms of the Dunedin Stock Exchange on Friday evening. Mr W. T. Talboys (m" the unavoidable absence of the chairman of directors, Mr D. J. Bews) occupied' the chair, and theie were about 20 shareholders present, including some ladies.

The directors' report for tho year ending September 30 stated that — " Immediately the board was appointed, the company's engineer (Mr Roberts^ was instructed to proceed with plans, etc., and without any delay contracts were let i as follows : — Machinery : Dunedin Engineering Company; date of delivery, end of November. Pontoons: M'Kechnie and Fleming. These are all ready, but as tb/ey are in advance of ' the other work, it has been decided to talcs advantage of the weather thoroughly drying the timbers, and get therm caulked and finished just before they are required to be put into tha water. Engine: This has arrived, and btett sent forward to the claim. The engineer, in his I latest report, says the contractors for the machinery state that they will have no difficulty; to complete within contract time, and the di- ! rectors sincerely trust this will be fo. The I cost of Ihe dredge will exceed available funds, but ns the canital of the company is only | .£,7000, shaickolders will see there is a margin I for increasing this, and thus permit the com■pany to start free from debt — a different posi-~' t;on to" a. large number of companies starting . operations now. As the company has a substantial aim'ount to its credit, it is not proposed | to increase the capital meantime." 1 The Chairman, in moving that the report &n& balance sheet be. taken as read, expressed pleasure at seeing some ladies present at the meeting. Shai'eholders had had the report and balance sheet before them for some time, and' no doubt they had given it their=> attention. The poitoons had been built for some time. He was up-country about a month ago, and the rontoons were finished, except the caulking. It had been thought better to leave them unraullccd in the meantime to allow them to dry. Tho machinery contract would expire abouS November 25. As they were aware, it was very, hard to get the machinery up to time, but he thought tho contractors would do this in their case. The cost of the dredge, pontoons, etc., would be about ,£B-100. There would be a deficit of something like £1500, but he need hardly point out that it would be something wonderful for a diedge to start out of debt. It was due to the fact that everything had gone up so much in price — something like 25 per cent, more than was paid about two years back. He thought they should finance matters, not increase the capital. A Shareholder: What ai-e the prospects of the claim in a general way? The Chairman : The claim has never been worked. It is next to the JLt brick Gold Dredging Company, and that company has paid about 16s in dividends. There was no reason to doubt but that the Excelsior .ground would! be equally as Ejood as "the Ettrick Company's, or any other thereabouts. A Shareholder What authority have dirpctors«to incur expenditure outside of the subscribed capitsl of "the company without calling shareholders together? The Chairman said that directors were ap-. pointed to look "alter 'the interests of share-, holdeis. They were usually fairly large- share- ; holders. Regarding the matter of the increased expenditure, thvs was clue to the fact' that' the price of dredging material had gone tip to euch an extent that"' scarcely a dredgoi started under £1500 or £2010 iu'debt. The di T lectors thou-lit they should put on a dredga that would work the erourd properly. Ho believed the uUtrick dip:"!c;e would have jpaicl' 303 oi in dividends had she bsen an up-to-date di.edge. A Shareholder asked if the shares would 58}

increased without calling a meeting of shareholders? The Chairman t Certainly not. In reply to a question, the Chairman said the dredge should start work about the end of February or the middle of March. ..The following report was submitted by the engineer regarding the progress made by the Dunedin Engineering Company: — "Ladder plates laid out for marking ; bucket plates all cut and being marked; bucket links all being forged; bucket lips being cut; elevator links forged; main bearings and sole plates cast; driver for main friction made; ladder shafting Nearer in yard ; ladder extension buckets cast ; screen plates being marked off, and all patterns made; the boiler is being made in Sydney ; the winches are in hand. With regard to date of all contracts being finished, this I am unable to say for a certainty, but I believe they will be up to contract time. — (Signed) Edward Roberts." The directors' report and balance sheet were adopted. Messrs J. Burton and D. J. Bews were re-elected directors, the remuneration of directors to be the same as last year. Mr Blyth was appointed auditor at a fee of five guineas. The meeting concluded with a vote of thanks to the chairman for presiding.